If you are shopping around for an investment option, be prepared to ask questions before you sign on the dotted line. A few simple guidelines will smooth your path to financial wizardry.

1. Judge how you would like your fund to allocate assets on your attitude to risk: if you want to guarantee your cash over a short period, look to bonds over equities.

2. Be aware that the higher the risk you're taking, the higher the allocation of equities in your fund is likely to be.

3. Keep an eye on where your fund is investing in geographical terms. Share-dealing charges are lower in the US than in the Republic, so funds may, in theory, be freer to chop and change holdings in US stocks than in Irish ones. Dealing costs can undermine performance significantly.

4. In an equity fund, ask your broker what kinds of specific companies are likely to form part of the fund's portfolio. This way, you can keep track of performance by keeping track of those particular areas of the market.

5. Read the information provided. Even if it's only to justify the felling of a thousand trees, at least cast your eye over your fund's updates and performance tables. Remember that it's your hard-earned money at play.