M
Mers
Guest
Hi. I invested €10k at the end of June with Irish Life in their Select fund (and received a €100 bonus for investing when I did). It's a 5 year term. However, withdrawals etc allowed with significant exit fees. My problem is, that although I understand investments can fall as well as rise, based on the advice from my financial advisor, I was fairly confident in its potential performance based on past performance (which I know is not a reliable guide to future performance). Since July, its value has dropped consistently. Including exit fees of €450, if I close it now, my investment is only worth €8560. The capital itself is only valued now at €9100 apx. So it has dropped by 10%. My inclination is to withdraw it now and cut my losses. My advisor assures me that it's not time to panic yet. But in my opinion, the global economic outlook is sufficiently bleak to lead me to believe that by the time it really is "time to panic", I'll have lost significantly more than €1600, with no-one to blame but myself. Can anyone advise me what they think I should do please? Withdraw it, and put it off my small enough mortgage, or leave it and hope for the best, or move it into something else?
Opinions would be really welcome.
Thanks for reading this
Mers
Opinions would be really welcome.
Thanks for reading this
Mers