Charity commission unable to closely monitor all charities
You may not be able to monitor all your investments so it’s helpful to develop ways to target specific areas.
08:50 18 July 2013
The Charity Commission has announced that it cannot closely monitor all charities for proper adherence to tax codes with the limited resources it possesses. It argues that in order to be effective it needs to monitor charities based upon the possibility of risk.
While you might have similar problems with your investments, it’s still important to at least set aside a method to determine potential issues. Here are a few ideas for trying to work within your resources to achieve the best results when reviewing your investments:
- Go digital—many people may choose to still keep certain things on paper, but putting your investments on your computer gives you many more resources to work with. With a spreadsheet and a few formulas you’ll be able to highlight suspicious areas so that when you next update, you’ll know what should be looked at carefully. The trick to this is determining what criteria would be concerning, for example a loss above a certain percent might qualify.
- Second pair of eyes—we’ve all had that experience when we have searched a room for an object and called someone else to look over the room. Many times that second person finds the object within seconds because they have a different perspective. The same is true of investments and should propel you to get a second opinion from a trusted friend, relative, or financial advisor.
- Develop a plan—you should have a flexible plan that allows you re-invest a certain portion of your money so that you can achieve better results. If you have an option to take dividends, choose to use them for further investments instead of using the extra money if it is at all possible. This is a great way to capitalise off your success and achieve more without sacrificing income.
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