Financial advisor's tips for creating lasting wealth

You may have read in the media a few years ago about something called the 'slow food' movement. It followed the belief that the tastiest, most nutritious food is created slowly and carefully.

Secondly, do you have any expensive loans? There is no point in saving money that would be better used to pay off debts. Few investments earn more than it costs to borrow. Thirdly, are you budgeting properly? There is much to be said for adding up all your regular monthly outgoings, dividing by 12 and then transferring this sum into a special ‘budget’ account when you get paid. This should help you save cash over the course of the year.

Currently the best demand deposit interest rate is 0.25% - 0.1675% after DIRT tax. Is it any wonder the stock market is flourishing! You will notice, by the way, that locking your money away for a period won’t necessarily increase the amount of interest you earn by any noticeable amount.With money in the bank for a rainy day - ideally tthree to six months’ joint net annual income - the next stage in your wealth-building plan is to start a regular savings plan.

For instance, one might invest in the largest Irish companies, another in European companies, a third in Korean industries and so forth. In each case the ‘fund managers’ - the people running the fund and making the investment decisions - will indicate the type of risk involved. They will also provide you - on a regular basis - with written reports or statements explaining how your money is performing.

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