个人财务与投资分析

1、熬Suggest昂ions on阿 Andrew昂s inve拔stment八Introdu巴ction斑To have伴 comfor瓣table l熬ife, it鞍 is imp佰ortant 笆for one拔 to ear案n more,哀 but no扮 less i摆s the r鞍ight ma碍nagemen胺t of mo凹ney爱, as ac八claimed稗 by Car般los (20碍09)扳. Andre俺w is fa绊cing th拔e probl癌em of m暗anaging扮 h凹is mone懊y effec阿tively,跋 so thi案s 爸r

2、eport百 is wri傲tten翱 to giv绊e him s暗ome sug罢gestion拜s. Befo艾re writ坝ing, 袄the wor袄k of re拜ferring笆 to the岸 introd败uct敖ion of 熬his sit埃uation 跋and the捌 checki颁ng叭 盎of 肮the int盎ernet f芭or info傲rmation案 of pro摆per 瓣financi捌al prod案ucts an叭d servi百ces has懊 been d挨one car柏efully.稗As was 矮written傲 to ill盎u

3、strate安 the fa八ct that稗 霸how to 背schedul挨e your 肮finance埃 and ho氨w to in伴vest ef笆ficient敖ly稗, this 矮report 瓣is not 柏only fi巴t Andre扒w very 疤well bu矮t will 挨also be斑 helpfu摆l for s扮omeone 瓣who is 背unfamil班iar wit碍h finan懊cial se鞍rvices 傲and pro阿ducts b板ut want啊 to man半age the啊ir weal背th more隘 effici爱

4、ency.背The rep岸ort佰 盎firstly拔 佰analyze哀d the f哎inancia笆l struc胺ture of坝 Andrew拌; in ad癌dition,傲 I芭t捌 worked埃 out th案e 搬future 笆financi艾al need耙s of An澳drew; t罢hen, I败t鞍 checke耙d to fi啊nd prop按er fina挨ncial p柏roducts奥 or ser百vices m柏ainly b拔y inter鞍net; an癌d final岸ly, I啊t败 come u般p with 傲a concl背usion

5、 w叭hich in叭cludes 吧a serie安s of fi搬nancial唉 produc案ts and 把service白s that 俺fits An斑drew we扮ll, als拔o I芭t颁 helped靶 him on拔 how to叭 deal w瓣ith it 芭effecti笆vely.拔Analysi邦s of fi搬nancial唉 servic隘es扳Current败 financ阿ial str隘uct唉ure of 哎AndrewSavingsAccount5,000Current account1,800Royal Bank of Scotland60,

6、000Prudential6,000Aberdeen asset Management30,000InterestIncomeDividends$500/monthInvestment? PortfolioPensions柏Table 1半. Andre昂ws fin暗ancial 敖structu哎re皑Form ta安ble 1 w袄e can c奥learly 芭know 肮what啊 Andrew芭 has 办and how耙 much a爱re they瓣 to inv奥estment耙. T版he calc瓣ulation鞍 吧of his 奥assets 稗and net搬 in

7、come跋 碍in deta摆il is a耙s follo俺wing:摆As he h版as buy 扮a perso昂nal pen袄sion fo肮r five 矮years,板 and 唉he does巴 curren埃tly pay暗 6% of 靶his gro扳ss sala八ry into癌 it, so皑 in tot版al he h班as put 拜$14400 斑into th爱e perso俺nal pen搬sion sc碍hedule.哀Accordi爱ng to t袄he Tax 凹relief 鞍on pers绊onal pe罢nsions,叭 he end半s

8、up to盎 have $氨 拜18000 i翱n瓣 his pe颁nsion p肮ot.白His 伴assets 暗include疤 some o袄rdinary败 shares绊 of thr氨ee comp敖anies, 斑money i坝n bank 扳account昂s and a佰 flat. 扒The板 拌number 扒of ordi懊nary sh敖ares is伴 as fol扳lowing:办Aberdee扮n Asset哎 Manage袄ment扒30,000笆Prudent瓣ial芭6,000阿Royal B拔ank of 靶Scotlan搬d扮60,000唉Mone

9、y霸 in his熬 curren耙t accou办nt 霸is 1,8半00 半and 俺in his 唉easy-ac背cess sa霸vings a安ccount 绊is 芭5,000百. The f熬lat is 哎a 2-bed跋room fl皑at near扮 the ce氨ntre of扮 Edinbu盎rgh.氨His deb暗t is th伴e mortg伴age of 扳his fla哎t to pa扳y in fi班ve year埃s.爸He may 熬pay tax伴 includ把e incom暗e tax a拌nd tax 懊on save瓣s and i背nves

10、tme暗nts.翱Accordi扳ng to t班he rule拜 from t吧he webs笆ite of 凹UK (201爸1), t暗o calcu靶late hi板s tax o氨n incom颁e, we s芭hould f昂irstly 柏calcula扳te out 坝the tax罢able in拔come wh疤ich is 板gross i般ncome o拌f salar颁ies and绊 invest埃ment; t肮hen les白s debt 挨and pen袄sion co案ntribut啊ions, a翱nd last傲ly to f百ind the氨 righ

11、t 背basic r拜ate to 盎do the 稗final c巴alculat柏ion. Th暗e proce挨ss of c挨alculat白ion is 埃illustr班ated as矮 follow啊ing, An袄drew an阿d calcu百lates i疤t out b班y himse八lf with啊 furthe拜r infor胺mation 板on his 矮financi按al cond办ition. 颁He can 伴also se暗arch fo八r onlin叭e help 蔼by visi般ting th扳e websi埃te of 白HMRC On案li

12、ne Se皑rvices.叭Taxable澳 Income绊啊摆柏碍48,000罢鞍Less Pe阿rsonal 扳Allowan傲ce艾鞍百 ? ? ? 背 斑Less Pe八nsion C办ontribu袄tions叭爱矮3,600哀澳Income 叭tax cha办rgeable啊 on稗斑奥? ? ?搬Basic R暗ate at 板the fit耙test le半vel版翱捌 啊 癌? ? ?板艾Tax pay罢able =奥鞍摆阿矮 芭? ? ?隘 颁Tax rat摆e on ea皑rnings 扳by diff耙erent w靶ay or o艾n diffe安rent半 fina

13、nc板ial pro挨ducts a案re usua版lly 矮differe搬nt from埃 each o唉ther. A斑ny inte白rest ea伴rned (o版n savin绊gs acco岸unts, c搬ertain 白types o傲f OEIC 坝etc.) i办s usual败ly taxe挨d at 20拔%, whil搬e inves扒tment i唉ncome i坝n the f班orm of 凹dividen凹ds from靶 compan柏y share拜s, for 袄example叭, is on拔ly taxe按d at 10案%叭 (Arthu摆r,

14、 2009昂)坝. When 敖he sell袄 his as埃sets, s癌uch as 暗his fla扒t or hi八s ordin澳ary sha隘res he 安has to 案pay for伴 a Capi耙tal Gai懊n Tax a懊t the t案ax rate靶 of 18%翱.拌His inc把ome inc版ludes h氨is afte靶r-tax s啊alary, 办dividen阿ds佰 and in版terests啊 from h搬is bank版ing acc伴ount叭. But m背ore版 attent班ion sho笆uld be 般pay on

15、啊 about 板his net白 income稗 or to 班say the半 cash f肮low he 邦can moi芭ster to吧 invest搬. He ha白s $500 艾per mon碍th left吧 over f翱rom his芭 salary八 that h爱e can s八ave or 颁invest 疤elsewhe巴re, so扳 it add袄 up to 败$6000 e摆very ye拜ar he c案an coll挨ect to 巴save or凹 invest安 elsewh蔼ere, th芭is is h奥is net 啊income 凹via

16、his佰 salary稗. He ca八n also 搬receive拔 some d案ividend百s by hi傲s ordi巴nary sh把are tho爸ugh sto斑cks he 挨own and澳 intere艾sts tho败ugh his办 curren芭t accou案nt and 白easy-ac蔼cess sa疤vings a百ccount.颁 斑Interes挨ts of 班his cur笆rent ac皑count a百nd his 拜e鞍asy-acc隘ess sav吧ings ac背count a昂re vari胺ous fro班m diffe阿rent b

17、a颁nks and吧 time t笆o time,案 but An懊drew an把d easil哀y find 皑them fr熬om the 版website昂 of the扳 govern安ment of把 UK.肮2.2 跋future 哎financi笆al ambi八tions绊 of And肮rew岸He wish背es to u板se the 柏funds h绊e has a哀vailabl拌e to tr靶avel th盎e world肮 for at阿 least 懊two yea稗rs when半 he ret爸ires, s昂o the i岸nvestme靶nt ter

18、m扮s suppo芭sed to 霸be tota熬lly 10-啊12 year啊s and o疤f cours白e he su矮ppose t耙he much半 reward斑 the be澳tter.隘He has 阿to pay 敖for mor摆tgage f蔼or his 邦flat in搬 the ne耙xt five昂 years,白 so he 罢should 笆be clar霸ify in 盎the fir扮st 5 ye岸ars whi巴le in t爸he last矮 5 to 7安 years.罢 In the霸 last 5敖 to 7 y扒ears he哎 can

19、 in癌vest in昂to some唉 financ绊ial pro摆ducts w鞍hich is胺 more r芭isky be爱sides r矮emains 柏some mo哎ney for扳 his li癌ving. 阿After b艾acking 颁from hi摆s trave哎l aroun摆d the w凹orld, A澳ndrew h矮as to p案lan for艾 his re岸st life跋, as he板 has to坝 have a埃 flat t肮o live 摆in, but傲 do not疤 need o安ne afte背r his d办eath, I捌

20、sugges挨t him u佰sing Re翱verse A板nnuity 皑of Real捌 Estate隘 and li傲fe insu扳rance. 班So 捌this re盎port矮 sugges盎t背s凹 him to暗 div盎ide his傲 invest叭ment te耙rm into半 three笆. The f斑irst 班one is 斑his fir暗st five奥 years,扮 伴the sec隘ond one唉 is his柏 other 俺5 to 7 案years, 凹and the搬 third 俺one is 隘from hi八s back 袄of t

21、rav拔el to h隘is deat板h.笆2.3 R罢ange of皑 produc阿ts avai胺lable t疤o Andre挨w 斑The fin芭ancial 皑sector 蔼include疤s banks版, insur肮ance co暗mpanies敖, finan拌ce hous碍es, inv吧estment鞍 trusts百, fund 安manager暗s, the 艾stock e白xchange按 and so艾 on. Th盎ey prov版ide man翱y finan跋cing to敖ols inc癌lude in绊vestor 凹shares,芭 bon

22、ds,绊 and wa般rrants 矮and so 扮on. As 办he has 按no obvi盎ous inc翱lines t氨hat all拔 these 芭financi白al prod皑ucts an扮d their懊 portfo按lios ca背n be av奥ailable安 to And肮rew.败Informa阿tion in挨 detail罢s of fi耙nancial肮 produc暗ts whic办h 唉may 白fit And按rew 版is翱 as fol靶lowing,版Pension氨s八: 懊Pension扒s are d邦esigned隘 to pr

23、o扒vide re埃gular i懊ncome f按or peop扳le when背 they r扒etired.袄 佰Blackbu昂rn扒 (2007)矮 had di胺scussed凹 a glob盎al pens熬ion pla矮n which澳 includ拜es a va扮rious k扳inds of跋 pensio八ns whic隘h sugge板sted th奥at 岸There a柏re岸 really哀 many d捌ifferen吧t types板 of pen哀sions, 颁and the瓣y are t把raditio懊nally b般een man拜aged b

24、y阿 pensio瓣n funds蔼 and in爱surance袄. 败Now, le爱t us pr伴actice 颁to find唉 how th昂e tax r伴elief o背n perso般nal pen暗sions w盎orks: i绊f Andre哎w put 8爸0 pound罢 in to 拜his per叭sonal p盎ension 颁schedul扒e, he c版an ends扮 up wit澳h the r暗ight to鞍 claim 澳that he澳 can ge敖t 100 p拜ound in佰 his pe哀nsion p瓣ot. Tha叭t is to

25、俺 say th疤e inves皑tor of 挨the pen氨sion ca把n claim瓣 tax ba绊ck from翱 the go败vernmen八t at th蔼e basic矮 rate o唉f 20%.凹To chec胺k wheth氨er you 白can get岸 a stat按e pensi疤on, you百 can fi隘nd more拔 inform版ation i阿n detai岸ls by t拌he webs坝ite of 癌UK gove叭rnment.佰 You ca耙n also 靶find in岸formati安on on p板ersonal盎 pen

26、sio碍n inves阿tment t摆here. Y斑ou can 叭buy pen靶sions t俺hough t肮wo ways翱:啊 gettin矮g one t癌hrough 笆your jo坝b, or s安etting 版up your佰 own. A坝lso, yo碍u can c班hoose b按oth.懊Reverse氨 Annuit半y of Re懊al Esta背te: 霸It is a邦 financ佰ial pro班duct ma坝inly de按signed 蔼for ret唉ire per笆sons. I爸t works爱 in the胺 follow版ing

27、way跋: when 蔼a perso捌n retir败es, he 扒can get按 a paym斑ent fro傲m the b霸ank for奥 a cert熬ain yea摆r, or u俺ntil hi捌s death奥. Then 矮in the 捌final o暗f the t艾erm, or敖 when t瓣he inve瓣stor di拌es, the岸 bank w芭ill get暗 the re袄al esta邦te.碍L癌ife ins埃urance 败is the 拜most im盎portant伴 way to绊 deal w叭ith unc扳ertain 懊si

28、tuati碍ons, es背peciall懊y for o耙ld peop瓣le who 跋are俺 really肮 easy t哎o be il半l. 拔Also it绊 fits A哀ndrew w哎ell whe凹n he ha稗ving th班e trave百l all o拜ver the碍 world.鞍 He can阿 get in疤formati笆on easi哎ly from暗 the in蔼surance搬 compan斑ies or 疤online 斑service邦s of in傲surance凹 instit暗utions.办Suitabl白e俺 tax-fr白ee p

29、rod扳ucts百 includ矮e:袄 fixed 啊rates f绊und and奥 premiu板m bands挨 of ban案ks拔 and 澳ISAs an版d Natio佰nal Sav岸ings &昂 other 败Investm板ents. T疤hey are哀 always懊 serve 昂by the 笆bank, o跋r 捌have扒 close 般relatio傲nship w懊ith the岸 govern鞍ment. T肮hey are鞍 always半 financ皑ial pro板ducts w皑ith low伴 risk a哎nd low 邦reward.隘

30、A伴s the v跋ery fas拌t devel板opment 颁of fina佰ncial p叭roducts班, now d澳ays jus哀t like 扒Baddepu版di 邦(2巴007) co安mes up 拌with, o摆ther im败portant哎 financ敖ial pro靶ducts拜 碍such as鞍 ITs, U奥Ts and 唉OEICs爸 are pl柏aying a俺 more a爱nd more板 import奥ant rol蔼e in th皑e portf袄olio爱.伴IT here扒 is sho澳rt for 哀investm氨ent Tr

31、u耙st whic昂h is 埃a publi摆c limit柏ed comp吧any to 罢sell it八s asset邦s by sh矮ares in暗 the se艾condary霸 market爸, it 班mostly吧 used敖 in the唉 UK.皑 ITs ar坝e close板-ended 拌fund. 敖In fact癌 IT is 阿not in 白fact a 哀“trust”般 but a 爸separat盎e legal耙 person熬 or a c板ompany 般in the 盎sense o爱f law. 靶It oper佰ates an奥d tra

32、de颁s like 拔any oth胺er quot巴ed comp安any. Pe瓣ople ho氨ld it b奥y share摆s which稗 are tr半aded in按 the se癌condary扳 market办 and th挨e share办 price 扒is dete坝rmined 捌by supp蔼ly and 敖demand 俺monthly搬. It ha八s low r敖isk but隘 high r凹eward w唉hen com袄pared w跋ith UTs澳 and OE把ICs.拜UT is t扮he abbr佰eviatio哎n of Un败it T

33、rus蔼t which巴 is equ背al to U昂nit Inv敖estment阿 Trust.绊 In fac办t, UT i半s a Tru敖st whic凹h broke败n down 摆a portf癌olio wh盎ich inc岸ludes l奥ots of 绊money i伴nto uni挨t板, this 按is wher澳e the d跋ifferen坝ces lie疤s betwe霸en UT a胺nd mutu挨al fund唉, accor胺ding to背 Sharpe拔 (1996)隘. 艾It is s凹old by 叭unit an蔼d it is摆 ea

34、sy a鞍nd chea霸p to tr敖ade. Fo哀r its a熬verage 凹risk is拜 equal 瓣to the 奥portfol霸io it c颁omes fr扳om whic隘h is lo摆w, its 坝reward 瓣is also暗 low.颁The班 manage蔼ment co爸mpany安 plays 俺a very 八importa把nt role蔼 for a 爸unit tr袄ust to 伴be succ捌essful.蔼 The ma背nagemen埃t compa拔ny gets背 shares版 form c疤ompanie爸s and t

35、白hey put凹 them t蔼ogether跋 to for暗m a cap唉ital po哀ol, the耙n they 澳create 啊UTs by 埃divided氨 the ca傲pital p扒ool int阿o unit.拔 The ma伴nagemen霸t compa摆ny burd皑ens the袄 respon翱sibilit袄y to ad班vertisi爱ng and 氨selling瓣 the UT败s, and 阿they ma癌ke mone皑y by se佰lling U搬Ts. The埃re are 凹lots ty扳pes of 白UTs, am靶ong

36、 whi版ch the 绊most co耙mmon ar啊e cash 吧equival唉ents氨, prope皑rty, mo白rtgages挨 and败 securi挨ties白.皑 Expens耙es for 熬investi百ng UTs 挨include爱 operat搬ing exp隘enses a矮nd sale挨s charg百es and 坝entranc办e or ex哀it fees俺. The o案peratin皑g expen八ses of 稗UTs are耙 low be靶cause t败hey are敖 not bu芭ying or癌 sellin奥g by s

37、h拔ares. B耙ut diff敖erent f凹rom man绊y other芭 financ罢ial pro唉ducts n隘amely I邦Ts or O蔼EICs, U蔼Ts alwa扮ys has 靶a sale 肮charges鞍 and en耙trance 昂or exit皑 fees.蔼 瓣It is a霸lso cal扳led par澳ticipat埃e Trust阿s安 for bo柏th the 败investo岸r and t把he owne扒r of th般e capit瓣al of u拜nit tru蔼sts sha熬res the拜 reward敖s and r

38、搬isks. 颁OEIC is吧 equal 爸to its 白full na伴me-阿Open-En癌ded Inv熬estment盎 Compan佰y. It o哀perates昂 and tr白ades by扒 shares稗 like I巴T, but 盎it is a巴n open 袄company背. It is扮 also t懊rades l把ike a s柏tock. T盎he shar笆es of O暗EIC of 盎a certa坝in comp拌any are伴 listed爱 and tr半aded by哎 the Lo扳ndon St疤ock Exc啊hange, 拌

39、and how埃 the pr扳ice of 疤the Ope阿n-Ended昂 Invest盎ment Co坝mpany i胺s same 瓣when co熬mpared 埃with a 疤stocki盎ts pric霸e forme般d by bi八de of s百ellers 白and buy哎ers, an白d its p跋rice ch半anges f颁rom day罢 to day翱 mainly罢 decide哀d by th百e suppl把y and d耙emand.百To comp瓣are ITs办, UTs a袄nd OEIC癌s in de白tail, t拌he fol

40、l懊owing t佰able ca罢n best 靶illustr霸ate it.皑ITs皑UTs把OEICs斑Types 皑Company吧 俺Trust 疤Company岸 凹Degree 扳of open奥ness扮Closed肮Closed鞍Open 俺Share h斑old捌Shares 癌Units肮Shares 隘Seconda傲ry mark板et搬Yes 凹No 柏No 蔼Valuati敖on freq傲uency颁Monthly扒Daily碍Daily安Legal p叭osition耙Low碍High般Low颁Risk俺Low隘Low 熬High 埃Reward般High

41、耙Low唉High 耙Table2.熬 凹 稗The fea懊tures a巴nd diff芭erences懊 among 疤ITs . U蔼Ts and 扮OEICs.癌2.3 To埃 analys坝is rewa把rd of d俺ifferen安t produ岸cts or 拔product爱 portfo哀lio 挨To sum 叭up, 叭T把he fina挨ncial p挨roducts按 should艾 be cla奥ssified办 into f唉our熬 basket斑s. The 吧first o碍ne is p霸roducts罢 which 埃are in 矮low ris

42、艾k and l瓣ow rewa暗rd: fix哀ed-rate邦d fund 白and pre拜mium ba霸nds, UT坝s. The 柏second 碍one is 版product昂s which把 are in拌 high r昂isk and斑 high r版eward, 捌like IT耙s, OEIC颁s. The 拔third o拔ne is p邦ension 胺which i吧s tax-e佰fficien按t. 矮The for澳th one 跋is 疤Reverse按 Annuit澳y of Re阿al Esta碍te. And敖 also I胺 will s熬ugg

43、est 哀him to 罢buy the拌 life i扳nsuranc摆e to de袄al with按 uncert拔ain袄Suggest熬ions on矮 his in傲vestmen暗t昂Accordi扳ng to A叭bul (20百11), to败 have a八 sustai盎nable a肮nd succ埃essful 凹investm败ent, th岸e inves霸tor sho啊uld d摆o not p爸ut al安l the e跋ggs in 扒one bas哀ket whi摆ch靶 mean翱s that疤 he sho佰uld buy伴 both 按saving

44、 俺and inv癌estment班 produc耙ts and 俺d班o not i靶nvest i摆n one g奥o, whic霸h 百means 氨that 八he shou挨ld try 捌to avoi捌d the m搬arket r扮isk.霸3.1 澳Suggest版ions on隘 invest艾ment pr俺oducts 板and rat暗ios for班 Andrew懊.跋In term矮 oneth八e first安 5 year矮s, put 扒his int熬erests 拔and div碍idends 瓣in tax-奥free ac把count, 鞍get 4

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