We need financial advisors. It's a profession and they have to charge fees, commissions, They've got to live too. I lost a good few bob in AIB shares and Eircom back in the day. The money is gone, I knew the risks but thought neither could go pear-shape, silly me! Nobody could have stopped me gambling with AIB or Eircom, no matter what they said. Eddie Hobbs brought his roadshow to Cork and I went along to a large packed hall to see nearly every teacher, principal, public servant, civil servant, insurance clerk, etc in County Cork burying their head in a copy of the Sunday Times in case somebody would recognize them. Brash Eddie came on made a few jokes and his audience were gasping for more and how much can I invest and as soon as possible?
I spoke with a few people I knew there and all they wanted was a long term gain on anything Eddie was suggesting. "Hey Lep!" most of them said "What are you going to invest in?" "None of that" said I and off I went buying the first of two apartments in Spain. What could possibly go wrong for either of us?
There are government investment/savings schemes that guarantee income. You won't be going off to Cheltenham with the profit, but at least it's a profit and no commissions, fees etc are payable. I found them excellent when I accumulated a few bob after clearing of mortgage, completion of university education for our children. So, you want to use a financial advisor, the two questions on profit that come to mind on investing "How Much?" and "When?" If you are not satisfied with the projections and risks the kitchen is too hot for you, get out of it.
I'm not avert to taking risks. I visit my local bookie at least twice a week and "invest" in a few horses. Part of the fun losing is that I keep an accurate account of all my bets. And I'm losing, but having fun with fun-bets only. One of our grandchildren advises me on gambling a few bob on cross-channel football, League of Ireland and I come up with GAA bets too. Strangely, I've made a profit over the years on these. Pity about my choice of horses though.
My Own Investment Plan (no charge, no commissions etc) is to take no chances. With only two of us at home we have no food waste (almost) ever. We use every voucher known to man. We buy groceries only what we need. We plan early our many trips to Spain and back. Where prudent we'd even use Dublin or Kerry Airports. I won't go into the nitty gritty of our spending (couldn't suffer
@Purple advising me to fill out a Money Makeover). But, if you're loaded use Financial Advisors. If their advice doesn't deliver then move to another. But, don't invest beyond your means. You can do without the worry.
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