Personal Investiment
Personal Investiment
Author
Discussion

Exigeowner

Original Poster:

873 posts

231 months

Saturday 7th July 2007
quotequote all
Hi All, I have been running a good business for about 3 years now and making some good profits from year one,

After my first years profits I paid off my mortgage and now have a house I rent worth about 200K

Second years profits I used for a large deposit for a new much bigger house and fully decked it out with good stuff etc.

3rd year just got a new car and am still left with about 100K.

Hopefully all being well this will continue if I continue to have good luck and work hard, My accountant keeps advising me to seek some financial advise on what to do with the money and assets I have.

I hate the thought of Pensions and kinda thought that the first house was a form of Pension but form what I have been told the house itself can also be put into a pension.

My biggest problem is who do you trust to give sound advise I am shit scared that somebody will make a mug out of me and end up costing me tens of thousands in either bad advise or straight forward ripping me off.

Is there any database of reputable people to give this advise,

Also what should I expect to pay for the advise somebody told me that they will take a % of all future profits from savings etc, This is a route I really do not want to go down.

As it stands I have my paid off house, my business, some endowments, about 60 K equity in my current house, a very small pension already from years ago and about 100K just in the bank as although I know its not earning the best and I get taxed on the interest at least in my mind I know its SAFE there which is important to my peace of mind.



JustinP1

13,363 posts

260 months

Monday 9th July 2007
quotequote all
Exigeowner said:
My biggest problem is who do you trust to give sound advise I am shit scared that somebody will make a mug out of me and end up costing me tens of thousands in either bad advise or straight forward ripping me off....

...Also what should I expect to pay for the advise somebody told me that they will take a % of all future profits from savings etc, This is a route I really do not want to go down.


I would have a rethink on that one. If someone gives you advise on an hourly basis, it may be good or bad. If they are reputable and thinking of their future they will want to give you good advice so *maybe* you will come back in the future.

If someone out there is willing to risk their own wages by not charging a fee but taking a cut of total profit then you can be sure that they are going to make your money work hard for you as the more money you earn the more they will earn too.

I would suggest that if you make a killing then they will stand to make from you that if you had paid by the hour. However, on the other hand, this is from money that you may not have made without their help.

A good accountant should be seen as an investment not a cost.

Eric Mc

125,768 posts

295 months

Monday 9th July 2007
quotequote all
As an accountant, I would suggest that accountants are not the best placed individuals to give "investment" advice. That is generally not their forte.
At best, they can give an individual a general guide to the types of products out there but the actual investment products need to be sussed out carefully by the individuals themselves.

FUBAR

17,065 posts

268 months

Monday 9th July 2007
quotequote all
A self administered pension scheme and use the £100k as deposit/s for some (hopefully) high yielding commercial property rented out over a decent term ?smile

All IMO of course smile

TDIPLC

5,299 posts

238 months

Monday 9th July 2007
quotequote all
If I remember correctly, Donald Trumps number 1 rule for success goes sometihng along the lines of "avoid financial advisers like the plague"

I didn't understand that when I first came across it, but I do now wink

Common sense and a thorough understanding of the deal, it's risks and the costs are a crucial starting point I think.

Well done on doing so well so far - it's good to hear success stories cool

Edited by TDIPLC on Monday 9th July 16:02

TDIPLC

5,299 posts

238 months

Monday 9th July 2007
quotequote all
If I remember correctly, Donald Trumps number 1 rule for success goes sometihng along the lines of "avoid financial advisers like the plague"

I didn't understand that when I first came across it, but I do now wink

Common sense and a thorough understanding of the deal, it's risks and the costs are a crucial starting point I think.

Well done on doing so well so far cool

Edited by TDIPLC on Monday 9th July 16:03

emicen

9,243 posts

248 months

Monday 9th July 2007
quotequote all
Exigeowner said:
Hi All, I have been running a good business for about 3 years now and making some good profits from year one,

After my first years profits I paid off my mortgage and now have a house I rent worth about 200K

Second years profits I used for a large deposit for a new much bigger house and fully decked it out with good stuff etc.

3rd year just got a new car and am still left with about 100K.

Hopefully all being well this will continue if I continue to have good luck and work hard, My accountant keeps advising me to seek some financial advise on what to do with the money and assets I have.

I hate the thought of Pensions and kinda thought that the first house was a form of Pension but form what I have been told the house itself can also be put into a pension.

My biggest problem is who do you trust to give sound advise I am shit scared that somebody will make a mug out of me and end up costing me tens of thousands in either bad advise or straight forward ripping me off.

Is there any database of reputable people to give this advise,

Also what should I expect to pay for the advise somebody told me that they will take a % of all future profits from savings etc, This is a route I really do not want to go down.

As it stands I have my paid off house, my business, some endowments, about 60 K equity in my current house, a very small pension already from years ago and about 100K just in the bank as although I know its not earning the best and I get taxed on the interest at least in my mind I know its SAFE there which is important to my peace of mind.
Where abouts are you located?

I can wholeheartedly recommend our family's financial advisor but I doubt he'd be able to pop by if you're SE England!