07/12/2014
Weekly note:
Mind your money.
We have all heard of the rich and famous people who have ended up penniless.
Contrary to popular opinion it's not that easy make money. It's not difficult to make a living, as most people do, but to make more than you need is hard. If you are lucky enough to have some extra funds put by - mind them very carefully.
I suggest your "extra funds" be put slightly out of reach otherwise they can easily be flittered away. Putting funds of this nature even in a separate account just out of everyday sight can be helpful and prudent.
If the funds are significant, or even enough, hire a professional reputable advisor to help you deal with these funds. Financial advisors generally help reduce your risk and increase your returns as they have knowledge of, and access to, a much broader range of financial products. This allows you to spread your financial risk and protect your wealth.
However there have been countless incidents of profession advisors not being very "professional" with their clients funds in the recent past. If you do engage a professional advisor be sure to meet and review your position and returns on a regular basis. If you are unhappy with what they are doing tell them so or leave them. I would suggest meeting every 3 months. Looking at your financial position in detail, keeps you informed and in control. Take time, ask enough questions that you feel happy because you are ultimately responsible for your personal and family wealth after all.
Even if you do entrust another professional with your money, it is still you money and you need to mind it. Its not a case of "they are handling that". There is no "they", its your money and its your responsibility to make sure its doing what you want.
