What was your best investment?
Breaking away from conventional financial advice and setting up my own lifestyle financial planning business over six years ago.
Are wise investors born or made?
Education is key and you need to learn how to cut out the “noise” – wise investors are definitely made.
Do you believe it’s become harder for entrepreneurs to make prudent investments since the crash of 2008?
Not at all. The crash was part of an economic cycle driven by cheap money and Britain (and America’s) obsession with property values. It is harder to raise cash, but if you have a robust business plan it shouldn’t be a problem.
What advice would you give to entrepreneurs who are looking to make a major investment?
Please, please, please ensure you crunch the numbers with an objective third party and create at least three “what if” scenarios with the investment – it does ok, it does nothing or it’s a total loss.
What’s the worst investment you’ve ever made?
Kingston Communication shares – bought at IPO, bought more at £9. Now worth pennies.
What lessons did you learn from your worst investment?
Never invest in individual shares with your serious investment money.
Which sectors are most likely to offer handsome returns for investors?
Their own business – it’s the only sector they can control.
Are there any sectors you feel should be avoided?
Active money management – with most active management fees of over an eye watering 0.75 per cent most investors are being ripped off.
What’s the best piece of investment advice you’ve received?
From my dad – “You’ll never make any real money or a life for yourself working for someone else.”