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Revision as of 14:46, 16 August 2020
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Investments are confusing. They're also rather frightening unless you have a background in finance: you could invest in equities which seem likely to make your fortune, only to find that you've lost all your money. On the other hand , you could put all your savings into a nice, safe building society or bank account only to find that the interest is so derisory that your capital doesn't actually have the same buying power that it did when you opened the account. You could, of course, spend the money, but what about when you want to buy a house, replace the roof or retire? The roof might be relatively cheap but the other two are going to need a substantial investment pot.
Most people are going to need help. You could go to a financial adviser, but you'll incur substantial costs, which further reduces your savings. There's the alternative of picking an investment where your funds are managed - but there are costs here too. Then there's being a DIY investor, where ''you'' take control of your funds and decide on the strategies. It can be as simple or as complicated as you want to make it and needn't involve sitting in front of a screen all day - unless that's what you really want to do. You'd like to know more? Enter investing expert Andy Bell.
Bell takes us through what it means to be a DIY investor, setting your investment objectives and the products which you can use to achieve them, ranging from the simple, straight forward cash deposit in a bank or building society through to alternative investments. For each product , you get some history to put the investment into context and there's an analysis of the benefits and risks to the point where you'll be able to judge whether or not it's for you. All the usual vehicles are covered and I couldn't spot any omissions.
The final section of the book - ''Putting it all together'' covers being a tax-efficient DIY investor, what to do when it all goes wrong, building a risk-adjusted portfolio, strategies for investing and choosing a DIY investment platform and getting started.
Bell's strong on tax implications but adamant that you should never do something just to get tax relief: you should ensure that the investments you want to make are done in a tax-efficient manner. It's all presented in a way that's easy to assimilate. We've been DIY investors all our lives and have achieved our final goal - that of being able to retire in comfort - but I know that the road to this point would have been more easily travelled if I'd had the benefit of this book. I'd like to thank the publishers for sending a copy to the Bookbag.
If DIY investing isn't for you then you might like to look at [[Ausperity: Live the Life You Want for Less by Lucy Tobin]]. You might also be interested in [[Where to Open Your Business: Choosing Between Onshore and Offshore Free Zones in the UAE]].
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