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Black Friday 365 days? Five tips to make investments a bargain

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This November 27 the call has begun "black Friday", which will last all weekend. Black Friday is the best day of the year to find the most profitable offers. It is not always easy to choose products, sometimes we get carried away by our impulses when we see a 'bargain'. The same thing happens in the investment world.

On many occasions, we go to the shopping center without knowing what we are going to find and, once inside, we are surrounded by bustle, people and bewilderment … the consequence of this is overwhelm and, because of this, we end up choosing the first offer that we consider good. The same is true in the investment world.

With the aim that Black Friday can last 365 days a year and investments are a continuous bargain, EFPA Spain has written a guide that includes five keys to avoid the most common mistakes and be able to choose the ones products that best fit to our interests.

WE MUST SELECT THE BEST INVESTMENT VEHICLE

Before making an investment you have to have a clear factor, there is no perfect financial product. Depending on the interests and risk profile of each investor, there are many different alternatives that can be adapted to each person.

In this case, you can make a 'wishlist' with two basic columns: our financial goals and the products we are interested in. Therefore, one of the most important points is to select the best investment vehicle to achieve your financial goals.

COMPARING WILL AVOID MISPURCHASES

How many times have we bought a product thinking it was the best and, minutes later, we walk into a store and see a much better one? It is necessary to spend some time comparing different prices so as not to see ourselves in this situation and end up regretting it.

Given the high supply of financial vehicles and entities, a product comparator to select the best possible offer. Studying the conditions of each product is an essential factor to achieve our goal. A very clear example are mortgagesIn addition to analyzing whether we prefer a fixed or variable rate, the interests of each entity can be very different.

ANALYZE YOUR BUDGET

Once we are clear about what we want to buy, it is important set a budget. The multiple offers can mislead us and make us buy more than we can afford.

When setting an investment strategy, we have to analyze both our fixed expenses monthly as our income. In this sense, we must take stock of both before specifying how much to dedicate to savings and investment.

HIRE QUALIFIED ADVISORS

Security is essential when purchasing products. Online shopping has become an essential part of Black Friday. We have to make sure that the pages are reliable and secure. This way you can avoid scams by 'phishing' or misleading discounts.

When we receive any advice and contract an investment product, it is advisable to do it with qualified advisers, that they know how to explain every detail to us in relation to our preferences and personal situation.

LOOKING AT THE PURCHASE CONDITIONS CAN PREVENT FROM SCARS

When purchasing any product, the small print is always a factor that is forgotten. Behind the “Black Friday” offers there may be conditions that we did not expect. The same happens when investing. Terms, commissions, grace periods … are elements that we have to analyze to avoid long-term surprises.

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