A global finance broker has revealed how to build your personal wealth in five easy steps – from what to know when you are borrowing money for things like your first home to why getting rich quick is a myth.
British entrepreneur Islay Robinson is the definition of a success story.
Coming from humble beginnings, he has built two successful companies, including Enness – through which he helps the world’s richest people get the cash they need to reach their goals.
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What the 44-year-old doesn’t know about wealth probably isn’t worth knowing.
Islay, who grew up in London, believes that anyone can improve their personal finance by adopting his key techniques.
And he’s sharing his secrets today, so that Brits have the best shot of boosting their bank accounts.
DON’T TAKE THE EASY ROUTE WHEN BORROWING MONEY
“When borrowing money, many people will just take the first option that is presented to them,” he said.
“In my experience, they will turn to their own bank when they need a mortgage, a business loan or a similar cash injection.
“If the bank says yes, they’ll often just accept this – because it’s easy.
“Or they’ll take advice from a family member or friend who has a ‘good’ recommendation and means well.
“Neither of these are good ways to approach your personal finances, because it is just that – personal – which means you might get different deals if you look further afield.
“Timing is also everything; the market and interest rates are constantly changing.
“You should apply this same principle to smaller purchases as well, like internet or phone deals or even your supermarket shopping.
“Research might cost you time now but it will save you money in the long-run.”
DON’T TAKE SHORT-CUTS WHERE IT MATTERS MOST
Number two on Islay’s top list to build personal finance? Pay for advice.
Islay said: “Some things cost money for a reason.
“Taking short-cuts when trying to grow your personal wealth could actually cost you more money down the line.
“For instance, say you are buying a house.
“You could ask your mate at work for the name of their lawyer because they mentioned they were ‘cheap and cheerful’ – but I don’t recommend making decisions on this information alone.
“The big question is actually: Did they do a good job?
“A good lawyer is more expensive but the job will be done quicker and better because you are paying for quality, so don’t skimp where it matters.
“Another example is if you are investing your savings – perhaps for the first time.
“You could use free tools online and they are helpful in some cases, but if you are trying to get the most out of a big chunk of cash, it’s better to consult an expert who will look out for you because that’s their job.
“Getting professional advice takes a chunk out of potential earnings but you need to weigh this up against the profit you could make.”
MONEY WILL NOT BE RUSHED
Islay, who has many self-made clients – from tech entrepreneurs to social media influencers – explains that while it might seem easy to start a business or ‘get rich quick’, that is usually not the case.
When starting any financial venture, don’t use a 12-month plan – look further ahead with a two-year-or-more plan.
He said: “Making money in one year is very difficult, regardless of whether you have a good idea or not.
“You have to come up with the plan, execute it and then build on that.
“It doesn’t matter if you are trying to boost your personal finance like investing money or if you are starting a business; you must give your project enough time to flourish.
“Growing wealth is allowing your assets to build in value, also known as compound investing.
“Let that Bitcoin or stock portfolio sit there for a few years.
“Meanwhile, the best entrepreneurs I’ve worked with look two or five years ahead because they know that hitting the big time and making profit isn’t an overnight game.
“To get rich quick this year, winning the lottery might be a way of doing it.”
STEP OUT OF YOUR SOCIAL COMFORT ZONE
A good contact book is worth its weight in gold.
Islay said: “As I’ve already mentioned, you shouldn’t just follow anyone’s advice – but that doesn’t mean you shouldn’t listen to others.
“The best way to expand your knowledge base is to network and build a circle of influence of people who are achieving what you want to achieve, and ask how they did it.
“Talking to people – not just your best friends or family but finding new information sources – is a fundamental part of personal finance that people often don’t really think about.
“Don’t rely on the knowledge you already have or Google results.”
DON’T SPEND MONEY WHILE TRYING TO MAKE MONEY
Islay warns to stay away from the temptation to spend your money on items that won’t grow in value – like clothes, cars or furniture.
While some rare goods might increase in value, many items don’t and you need to keep this in mind before you splash the cash.
And never spend money you don’t have.
Islay said: “I bought a Mercedes-Benz GLE a while back that was big enough for my family.
“I quickly discovered that, living in London – where you are often stuck in traffic – I wasn’t getting the full use of my car.
“I could afford the car but the cost of petrol and insurance was another dent in the benefits of having a luxury vehicle.
“What I’m saying is this: Don’t spend your cash on fruitless purchases.
“Cars depreciate quickly in value, as does furniture.
“There’s nothing wrong with treating yourself but if your aim is to build wealth, think long-term.
“Ask yourself if that expensive car, sofa or watch is something you need now or something that will hamper your financial progress.
“There are exceptions as some items do increase in value but this can depend on trends, so do your research if you are trying to make money from your purchases in later years.
“And don’t spend anticipated profits before you’ve actually got them.
“As for myself, I sold the Mercedes-Benz GLE and bought myself a Volvo.”
