Learning to make good financial decisions
As a self-made businessman, Nick knows plenty about money management and the importance of stable finances and cash flow. It’s a lesson that he and his brother learned at a very early age.
“My dad wasn’t very good with money and my mum didn’t understand money at all, with the result that our house was repossessed in my early teens,” he says.
“We lived in some pretty grim rented accommodation after that. My parents separated, and me, my brother and sister and my mum shared one bedroom with mattresses on the floor. More than anything else, that taught me that putting a roof over your head is a top priority. We learned the value of sensible decisions first-hand.”
It’s easy to see why passing on good money skills to the next generation is so important to Nick. With James’s help, he’s organised ISAs and investments for his daughter, aged 25, and his son, who is 15.
“The more they understand about their investments and that it’s their money, the more they’re interested,” says Nick. His son’s already showing promise.
“George was asking James whether investing in Tesla shares was worth it recently,” he laughs. “He refers to James as ‘his’ financial adviser already.”
As a self-employed single parent, Nick finds that relationship especially reassuring.
“I know that if anything did happen to me, George will have someone he can speak to whom he knows personally and who knows him. I know any number of people who could give him bad financial advice. But I know that he can go to James for sensible advice.”
Nick isn’t up a ladder, or on the roof, quite so much nowadays. He’s still working through what his ‘big picture’ retirement might look like, with James’s help, but he‘s adamant that everybody should listen to financial advice to help them make the best of what they’ve got.
“I tell my kids – actually, I tell anybody who’ll listen – money is 30% what you earn and 70% the decisions that you make about what you earn,” he says. “My kids are probably tired of hearing me say it! But I’m reassured that they won’t end up in the same situation my parents did.
“To keep yourself financially secure, you don’t need to earn a fortune. You just need to make good decisions about the money you’ve got. That, for me, meant talking – and listening – to James.“
This is just one client’s story and each situation is unique. The advice given to Nick was provided after a full evaluation of specific needs, circumstances and requirements, and was correct at the time it was given. The solutions provided may not be suitable for everyone, and the information provided here does not constitute advice.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested. Past performance is not indicative of future performance.
The favourable tax treatment of ISAs may not be maintained in the future and is subject to changes in legislation.
