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Westside Financial: How to protect and build wealth

Westside Financial: How to protect and build wealth  supporting image

The latest from Westside Financial's Graham Green

The headlines this week - The FTSE 100 have plunged after a huge sell-off in the US sent shockwaves through global markets. 

 

The UK blue-chip index tumbled 159 points or 2.2% at the open, to 7,109. That followed the Dow Jones 1,175-point drop yesterday, its biggest one-day points fall in history.

 

This is nothing new so do not panic. It does however pale into insignificance if you think of the new high-risk investment Bitcoin which in December 2017 it was $20,000 a coin - today its $6,000.

 

What is important when you try to build wealth is diversification and eggs in a number of investment baskets – i.e. bonds, gilts, equities, property and cash. If you plan this way and have your portfolio split to match your longer term risk – your portfolio will do its job.

 

There is no such thing as a get rich quick –if it looks too good to be true it will probably go bad. Look to have long and steady growth to lower risk but still hit your longer term goals. – A good independent financial adviser will be able to guide you.

 

For more information, head to Westside Financial's Facebook page

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