“It’s the wrong question to ask really Chris” I said as politely as possible.
I’d just been introduced to Chris whilst at a party and we were having the typical “first time you meet someone” type if conversation. After the usual introductions, the question we all ask each other came up.
“So Martin, what do you do for a living?”
“I’m a financial adviser specialising in helping SME business owners manage their wealth, so that they can exit and retire from their businesses”
The usual momentary silence before he followed up with another question
“So then Martin, where’s the best place to invest at the moment?”
You see Chris was not only a business owners as I later discovered, but he was also looking to retire in the next 15 years or sooner if he could afford to.
“It’s the wrong question to ask really Chris, everyone would like the answer to that one”
“What do you mean Martin?”
Again as politely as possible, “the reality for all of us, is that no one really knows the answer to that question and if they did, they probably wouldn’t be telling anybody where to do as they’d be doing it for themselves, sat on their super yacht in Caribbean, keeping it a secret.”
“I oppose you are right Martin, I’d never thought of it like that. So what is the right question?”
“If I had to put it into one question Chris, it would be something like this.
How do I structure my assets that I have available to invest, to achieve my financial goals?”
So what do I mean by that?
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So, before thinking “where is the best place to invest my money” deciding on your end goal is more important. And another really important consideration and question to ask yourself, is, “how long do I need to the money to last for”. Even if you are investing for growth now, at some point you may need to use that money, so knowing how long it will have to last is really important.
That will help you and/or your adviser work out, what type of investment structure you need, whether that be an ISA portfolio, unit trust type investments, investment, bonds, pension investments, Inheritance Tax planning investments, commercial or residential property.
Once you have decided on your overall goals and objectives, you can begin to plan. This is the point at which you can get into the more focused detail of answering the question of
“Where is the best place to invest my money?”
Part of that second step is of course to understand what level of risk you can take and are prepared to take.
In my next article I’ll be talking about that specific issue. “How much risk should I take with my investments?”
This article does not provide specific advice and you should always seek professional advice from a qualified adviser before making any decisions.
Contact Martin Dodd on 01902 742221 or email him at [email protected] if you would like talk about money issues.
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