![]() The program is easy enough to use that it is suitable for everyday personal finance management, but it is also powerful enough to meet the needs of small businesses. There are various commercial offerings to choose from, but Money Manager Ex is a free, open source and cross-platform app that makes it easy to track spending, plan budget, monitor assets and generally manage your money. Whether an OEIC is the right choice for you is down to your situation and preference.Although online banking has made it possible for all of us to gain far better insights into our finances than used to be possible, there's still very much a place for money management software. The maximum claim via the FSCS is £50,000 per person, per company, but remember this will not cover your investment losses, only if the company goes bust.įinancial Ombudsman website Is an OEIC right for you? OEICs are not directly covered by the Financial Services Compensation Scheme - but their parent company will be. OEICs are also regulated by the Financial Conduct Authority (FCA), which means services such as the Financial Ombudsman are available to investors if problems arise. Yes, each OEIC has a board called the Depository who ensure the fund manager adheres to company policy and government legislation. You can manage the risk by choosing a fund that invests in established sectors and companies rather than riskier markets.īear in mind you will be charged fees so the growth of the OEIC will need to cover these otherwise they will eat into the money you have invested. MONEY MANAGER EX REVIEW PROFESSIONALThe main risk is that the value of the OEIC could decrease.Īlthough OEICs attempt to manage risk by investing in a diverse portfolio and calling on the experience of professional fund managers, there is always a chance your investment could devalue. GOV.UK website - Capital Gains Tax What are the risks? MONEY MANAGER EX REVIEW FREEYou can invest in OEICs tax free through an Investment ISA so your profits will be free from Capital Gains and Income Tax.ĭuring the 2019/20 tax year you can invest up to £20,000 in a stocks and shares ISA. Find out more about on the GOV.UK website. They invest in securities, which can be categorised by:Īny profit you make when you sell your shares will also be subject to Capital Gains Tax. The fund managers choose which shares to buy, and they manage the OEIC fund on an ongoing basis to achieve the aims of the OEIC, for example long term growth or to earn regular profit. The size of the fund will grow or shrink to mirror this. OEICs are "Open Ended", which means shares are issued each time someone invests and you can buy or sell shares whenever you want. The value of an OEIC fund is linked to the performance of its portfolio: when the value increases, the value of your shares grow too, and the same applies if the value goes down. This reduces risk by spreading the money across a number of different investments. Pooling your money with other investors gives the fund manager more buying power to make larger and more diverse investments than you could make on your own. This is known as the fund's investment portfolio. Your money is then combined with other investors' and invested in a selection of stocks, shares and other assets by the fund manager. The total number of these shares changes over time as they are bought and sold. When you invest in an OEIC you buy shares in the company. MONEY MANAGER EX REVIEW HOW TOYour money is at risk and the value of your shares could decreaseįor more help deciding if OEICs are right for you read our guide how to invest in OEICs. ![]()
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