If you’ve acquired a lump sum, through earnings, inheritance, or redundancy, there are lots of options available to you. You can spend the money or save it for a future expenditure. You can also decide to grow this lump sum, by placing it in an investment bond. Depending on the type of fund you invest in and the level of risk you’re prepared to take, you can see your capital grow over a period of time.
Saving versus investing
Regular saving is a great way to build up money over time to meet your financial goals. If you have already built up a lump sum, then investing could be a good option for you. You may stand to earn a greater return by investing in a fund rather than a cash deposit account.
At Honan FS we can tailor a product to allow you to invest a lump sum and continue to save into the same policy on a regular basis.
Making the decision to invest will be influenced by the kind of financial objectives you have. Do you want to save over a short time period, or over a long term? For short term goals, like putting aside money for a holiday, a bank deposit account may be your best option. For long term goals, like education costs, then investing could be a good option. Investing in a fund can give you the opportunity to earn an inflation beating return over the medium to long term.
Our Partners
TESTIMONIALS
My initial meeting with Darach was as a Lecturer in LIT who will have less than 40 years- service at retirement. After a completing a review, I had a clear understanding of how my pension worked and how best to optimize it going forward.
I have found Darach to be very friendly, knowledgeable, no way pushy and quite transparent in his recommendations. I would strongly urge you to have that initial consultation. My experience of Honan Financial Services has been a very positive one both personally and financially.
I was looking for alternatives to saving in the bank as there was little to no growth to be had in their savings accounts. Honan FS made it very easy to invest in a multi asset fund which meets my long-term goals. I’d recommend Honan FS to anyone looking for advice on any aspect of their financial planning.
When taking out our mortgage we were offered mortgage protection by the bank. After a review with Darach we found a policy which was more comprehensive and better value for money. We were also able to optimize our savings through a regular savers policy which has achieved far better returns than what was on offer with the bank.
At the start of 2021 we both decided to do a health check on our financial status. We both had occupational pensions schemes left from previous employers and we reached out to Darach for assistance and advice on transfer options. Darach was excellent in helping us map out our future financial needs , determining our outlook to risk , providing sound financial advice and discussing best performing options to suit us
Darach dealt on our behalf with the previous pension providers and their associated agencies and the whole process we felt was very professional and a seamless transaction to us. Because of interest rate returns on bank deposits /post office being virtually zero and essentially loosing money on deposit we also seeked advice on alternative investment products for the mid to long term.
We were looking for products that gave a good rate of return and that we could lock away for 10 years plus to help with education funding. Both requirements were met very professionally by Darach and his team. We are both very happy we reached out to Darach . The only regret was we didn’t do this a few years earlier but better late than never.”
Darach has looked after my pension for a number of years and once he setup Honan Financial Services, it was an easy decision to move my pension / financial planning with him. Darach continuously demonstrates a thorough and rigorous approach to customer service and his clients individual’s needs. He is thoroughly professional, exceptionally friendly and the best in the west in my opinion. I would highly recommend him to all.