A B3 released in August a survey shows that there was a 43% increase in the number of investors in the first half of this year compared to the same period in 2020: there were 3.8 million accounts. A large part of the new investors are individuals with investments in variable income that totaled R$ 545 billion, 55% more than in the previous year.
New investors, however, face doubts about where, how to invest and what their own profiles are: bold, conservative, whether they are looking for short-term or long-term returns. To resolve these doubts, the this is money spoke with two investment experts who provided basic tips for those just starting out.
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First, it is necessary to know what strategy to adopt in relation to risk, redemption period, grace period, initial capital invested, taxation and economic and political context.
“Usually the beginner wants to be more conservative. There are very risky applications that the beginner does not want to apply and is related to financial education. In the economic environment we are in, we clearly have an upward trend in the IPCA and Selic, so investments indexed to these variables are relevant”, explains Agostinho Celso Pascalicchio, economics professor at Mackenzie.
Generally, those who are unwilling to take risks invest in the traditional savings account, which becomes attractive with the high Selic rate. However, as the Monetary Policy Committee (Copom) is expected to increase again, still this month, the basic interest rate, the calculation of savings income returns to the same as it was until 2012:
Selic up to 8.5% per year: savings yield the equivalent of 70% of the Selic plus the variation in the Referential Rate (TR), which today is zero. An investment of R$ 100 reais will yield R$ 3.68 over 12 months.
Selic greater than 8.5% per year: savings will yield 0.5% per month plus TR, yield 6.17% per year. R$100 yields R$6.17 in one year.
CDI and tax-exempt bonds
Vinicius Machado, economist and investment manager at the Brazilian Securities and Exchange Commission (CVM), says that tax-free investments can be good options for new investors, such as the Interbank Deposit Certificate (CDI).
“Exempt bonds are great options because the income tax for bonds like the CDB is declining: it starts at 22% and drops to 15% in two years. This makes the exempt title a great advantage for individuals who will invest. In general, these bonds have an investment starting at R$1,000, accessible at all brokers, a safe investment that has the credit guarantee fund of LCI and LCA”.
The Central Bank determines that all banks must close positively daily. When this does not happen, the bank takes out a loan to close the surplus day. Interest on these loans is defined at the CDI rate. The CDI also determines the annual return on various types of investments – in 2020, the CDI rate was 2.75% per annum.
Taxes are collected in a regressive way: the longer the money is invested, the lower the tax levied.
The general rule to taxable bonds, such as Treasury Direct, Treasury IPCA, Treasury Selic, Pre-fixed Treasury, CDI, CDB is:
– Up to 180 days: 22.5%;
– Between 180 and 360 days: 20%;
– Between 361 and 720 days: 17.5%;
– Over 720 days: 15%.
Therefore, it is essential to plan that allows for long-term investment, without the need for a bailout to solve liquidity problems.
Fixed and post-fixed securities
Whoever buys a public bond through the Treasury Direct buys federal government bonds, that is, he becomes a government creditor. The title may also belong to a company – preferably one you trust. The return on this investment is the value of the investment plus accrued interest and corrections. All these securities have daily liquidity – they are deposited in the investor’s account the day after the redemption request.
You fixed rate bonds have predefined yield/interest when the investor buys the security. They are more interesting when the investor has the need to redeem a specific amount for each shorter period of time. An LTN (Prefixed Treasury), for example, lets you know how much you will receive per month. They are attractive when the investor thinks interest rates will fall – which is not the current context.
already the post-fixed title have the profitability attached to an index, such as the Treasury IPCA, linked to inflation (yield above inflation and long-term ideals) or the Treasury Selic, linked to the basic interest rate (indicated in the short term and with low risk in case of advance sale).
Post-fixed: profitability per index – more secure;
Prefixed: predefined profitability – riskier as it varies.
Pascalicchio says that “we are at the time of indexed investments, post-fixed in the variation – both Selic and IPCA – plus an interest rate”.
The Mackenzie teacher still remembers what he calls the golden rule:
– 50% of income from routine expenses;
– 35% for unforeseen events (gifts, leisure);
– 15% for savings, 10% for making dreams come true, such as traveling, buying a car, and another 5% for long-term investments.
“Depending on the age group, it is also interesting to think about retirement, investment funds or pension funds. Despite the pension fund, we have income tax exemption for these resources, but the profitability offered by the financial system is below the investment fund alternatives that are on the market”, points out Pascalicchio.
Machado also emphasizes the importance of being suspicious of large financial opportunities to avoid both fraud and bad investments.
“The best investments in the world return inflation plus 8%, something really spectacular. We have to be realistic: earning 30% a year is not very fair, an expectation far beyond what is plausible. Two-thirds of the funds yield less than the IPCA plus 3%, excluding income tax”.
Find out what your investor profile is:
Cash back in 1 year: every resource in an interest bearing bank account at 100% of the CDI.
Cash back in about 3 years: 30% in pre-fixed 1-year exempt bonds; 20% in IPCA + 3 years free; 50% in interest bearing bank account at 100% of CDI.
No prospect of rescue: it makes sense to seek moderate investments for the long term.
Cash back in 1 year: 50% in pre-fixed 1-year exempt bonds; 50% in your bank’s interest bearing account at 100% of the CDI.
Cash back in about 3 years: 40% in multimarket funds; 40% in IPCA over 3 years; 20% in interest bearing bank account at 100% of CDI.
No prospect of rescue: In the short term, the best option is to be conservative.
Cash back in 1 year: 10% in equity funds; 30% in multimarket funds; 40% in IPCA + 3 year exemption; 20% in interest bearing bank account at 100% of CDI.
Cash back in about 3 years: 10% in equity funds; 30% in multimarket funds; 40% in IPCA + 3 year exemption; 20% in interest bearing bank account at 100% of CDI.
No prospect of rescue: 30% in equity funds; 40% in multimarket funds; 15% in IPCA + 3 year exemption; 15% in interest-bearing bank account at 100% of CDI.
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