Bank of Ireland Asset Management has produced a useful beginner's guide to investment called Investment Advice for Life which breaks down many of the myths and fears about investment and translates much of the jargon and terminology that surrounds the sale of bonds and equities and unit funds.

Aside from giving good, simple definitions about products and policies, it tries to identify the different types of risks that must be taken to earn higher returns, the tax implications of certain investments and the kinds of returns which can be expected. The guide, written by BIAM manager, Mr Mark Cunningham, also gives a potted history of the stockmarkets, discusses what happens during a crash, and what you should do afterwards and the importance of diversifying your investments. The last chapter "Ten things to remember about long-term investing" covers it all:

Maximise your returns within reason;

Stay flexible there is no such thing as a perfect investment;

Think long term and stay put;

Things change. . . bear markets do not

last forever neither do bull ones;

Stay critical;

History does repeat itself;

Keep a cool head;

Get diversified;

Keep liquid "as in, ready cash" for everyday needs;

No one knows everything about investments an investment expert who claims to have all the answers doesn't really understand the questions.

Investment Advice for Life costs £5 and is published by Bank of Ireland Asset Management. All proceeds go to the Multiple Sclerosis Society of Ireland.