（财务分析）个人财务与投资分析.pdf

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(财务分析)个人财务与投
资分析:.
SuggestionsonAndrew’sinvestment

Tohavecomfortablelife,itisimportantforonetoearnmore,butnolessistherig
htmanagementofmoney,asacclaimedbyCarlos(2009).Andrewisfacingtheproble
mofmanaginghismoneyeffectively,sothisreportiswrittentogivehimsomesugg
,theworkofreferringtotheintroductionofhissituati
onandthecheckingoftheinternetforinformationofproperfinancialproductsa
ndserviceshasbeendonecarefully.
Aswaswrittentoillustratethefactthathowtoscheduleyourfinanceandhowtoin
vestefficiently,thisreportisnotonlyfitAndrewverywellbutwillalsobehelp
fulforsomeonewhoisunfamiliarwithfinancialservicesandproductsbutwantto
managetheirwealthmoreefficiency.
ThereportfirstlyanalyzedthefinancialstructureofAndrew;inaddition,Itwo
rkedoutthefuturefinancialneedsofAndrew;then,Itcheckedtofindproperfina
ncialproductsorservicesmainlybyinternet;andfinally,Itcomeupwithaconcl
usionwhichincludesaseriesoffinancialproductsandservicesthatfitsAndrew
well,alsoIthelpedhimonhowtodealwithiteffectively.


Current
account
£1,800
Income:.
???Portfolio
’sfinancialstructure
Formtable1wecanclearlyknowwhatAndrewhasandhowmucharetheytoinvestment.
Thecalculationofhisassetsandnetincomeindetailisasfollowing:
Ashehasbuyapersonalpensionforfiveyears,andhedoescurrentlypay6%ofhisgr
osssalaryintoit,sointotalhehasput$14400intothepersonalpensionschedule
.
AccordingtotheTaxreliefonpersonalpensions,heendsuptohave$18000inhispe
nsionpot.
Hisassetsincludesomeordinarysharesofthreecompanies,moneyinbankaccount
sandaflat.
Thenumberofordinarysharesisasfollowing:
AberdeenAssetManagement30,000
Prudential6,000
RoyalBankofScotland60,000
Moneyinhiscurrentaccountis£1,800andinhiseasy-accesssavingsaccountis
£5,-bedroomflatnearthecentreofEdinburgh.
Hisdebtisthemortgageofhisflattopayinfiveyears.
Hemaypaytaxincludeincometaxandtaxonsavesandinvestments.
AccordingtotherulefromthewebsiteofUK(2011),tocalculatehistaxonincome,
weshouldfirstlycalculateoutthetaxableincomewhichisgrossincomeofsalari:.
esandinvestment;thenlessdebtandpensioncontributions,andlastlytofindth

tratedasfollowing,Andrewandcalculatesitoutbyhimselfwithfurtherinforma

websiteofHMRCOnlineServices.
TaxableIncome£48,000
LessPersonalAllowance???
LessPensionContributions£3,600
Incometaxchargeableon???
BasicRateatthefittestlevel???
Taxpayable=???
Taxrateonearningsbydifferentwayorondifferentfinancialproductsareusual
(onsavingsaccounts,certaint
ypesofOEICetc.)isusuallytaxedat20%,whileinvestmentincomeintheformofdi
videndsfromcompanyshares,forexample,isonlytaxedat10%(Arthur,2009).Whe
nhesellhisassets,suchashisflatorhisordinaryshareshehastopayforaCapita
lGainTaxatthetaxrateof18%.
Hisincomeincludeshisafter-taxsalary,dividendsandinterestsfromhisbanki

$500permonthleftoverfromhissalarythath
ecansaveorinvestelsewhere,soitaddupto$6000everyyearhecancollecttosave
orinvestelsewhere,:.
dividendsbyhisordinarysharethoughstocksheownandintereststhoughhiscurr
entaccountandeasy-
dhiseasy-accesssavingsaccountarevariousfromdifferentbanksandtimetotim
e,butAndrewandeasilyfindthemfromthewebsiteofthegovernmentofUK.

Hewishestousethefundshehasavailabletotraveltheworldforatleasttwoyears
whenheretires,sotheinvestmenttermssupposedtobetotally10-12yearsandofc
oursehesupposethemuchrewardthebetter.
Hehastopayformortgageforhisflatinthenextfiveyears,soheshouldbeclarify

intosomefinancialproductswhichismoreriskybesidesremainssomemoneyforhi
,Andrewhastoplanforhis
restlife,ashehastohaveaflattolivein,butdonotneedoneafterhisdeath,Isug
gesthimusingReverseAnnuityofRealEstateandlifeinsurance.

ishisfirstfiveyears,thesecondoneishisother5to7years,andthethirdoneisf
romhisbackoftraveltohisdeath.

Thefinancialsectorincludesbanks,insurancecompanies,financehouses,inve
stmenttrusts,fundmanagers,
ncingtoolsincludeinvestorshares,bonds,
iousinclinesthatallthesefinancialproductsandtheirportfolioscanbeavail:.
abletoAndrew.
InformationindetailsoffinancialproductswhichmayfitAndrewisasfollowing
,
Pensions:

ckburn(2007)haddiscussedaglobalpensionplanwhichincludesavariouskindso
fpensionswhichsuggestedthatTherearereallymanydifferenttypesofpensions,a
,letus
practicetofindhowthetaxreliefonpersonalpensionsworks:ifAndrewput80pou
ndintohispersonalpensionschedule,hecanendsupwiththerighttoclaimthathe

aimtaxbackfromthegovernmentatthebasicrateof20%.
Tocheckwhetheryoucangetastatepension,youcanfindmoreinformationindetai

:gettingonethroughyou
rjob,,youcanchooseboth.
ReverseAnnuityofRealEstate:

wingway:whenapersonretires,hecangetapaymentfromthebankforacertainyear,o
,orwhentheinvestordies,thebankw
illgettherealestate.
Lifeinsuranceisthemostimportantwaytodealwithuncertainsituations,espec:.


ecompaniesoronlineservicesofinsuranceinstitutions.
Suitabletax-freeproductsinclude:fixedratesfundandpremiumbandsofbanksa
ndISAsandNationalSavings&,o

swithlowriskandlowreward.
Astheveryfastdevelopmentoffinancialproducts,nowdaysjustlikeBaddepudi(
2007)comesupwith,otherimportantfinancialproductssuchasITs,UTsandOEICs
areplayingamoreandmoreimportantroleintheportfolio.
IThereisshortforinvestmentTrustwhichisapubliclimitedcompanytosellitsa
ssetsbysharesinthesecondarymarket,-end
“trust”butaseparatelegalpersonoracompany

lditbyshareswhicharetradedinthesecondarymarketandthesharepriceisdeter

thUTsandOEICs.

t,UTisaTrustwhichbrokendownaportfoliowhichincludeslotsofmoneyintounit,t
hisiswherethedifferencesliesbetweenUTandmutualfund,accordingtoSharpe(
1996).
altotheportfolioitcomesfromwhichislow,:.
Themanagementcompanyplaysaveryimportantroleforaunittrusttobesuccessfu

formacapitalpool,
managementcompanyburdenstheresponsibilitytoadvertisingandsellingtheUT
s,,amongwhichthemo
stcommonarecashequivalents,property,
rinvestingUTsincludeoperatingexpensesandsaleschargesandentranceorexit

,UT

Trustsforboththeinvestorandtheownerofthecapitalofunittrustssharesther
ewardsandrisks.
OEICisequaltoitsfullname--Open-
adesbyshareslikeIT,
haresofOEICofacertaincompanyarelistedandtradedbytheLondonStockExchang
e,andhowthepriceoftheOpen-EndedInvestmentCompanyissamewhencomparedwit
hastock—itspriceformedbybideofsellersandbuyers,anditspricechangesfro
mdaytodaymainlydecidedbythesupplyanddemand.
TocompareITs,UTsandOEICsindetail,thefollowingtablecanbestillustrateit
.
ITsUTsOEICs
TypesCompanyTrustCompany:.
DegreeofopennessClosedClosedOpen
ShareholdSharesUnitsShares
SecondarymarketYesNoNo
ValuationfrequencyMonthlyDailyDaily
LegalpositionLowHighLow
RiskLowLowHigh
RewardHighLowHigh
.

Tosumup,
toneisproductswhichareinlowriskandlowreward:fixed-ratedfundandpremium
bands,,likeI
Ts,-

lwithuncertain

AccordingtoAbul(2011),tohaveasustainableandsuccessfulinvestment,thein
vestorshoulddonotputalltheeggsinonebasketwhichmeansthatheshouldbuybot
hsavingandinvestmentproductsanddonotinvestinonego,whichmeansthathesho
uldtrytoavoidthemarketrisk.
.
Intermone—thefirst5years,puthisinterestsanddividendsintax-freeaccoun:.
t,get40%ofhiscashintopension,40%intoUTsand20%
heoperationofthecompaniesheinvestedandputsomeofhiscurrentboundintoinv
estment,theinvestmentmethodcanfollowtheratioabove.
Intermtwo—therest5to7years,getoutofallmoneyinhistax-freeaccount,andp
utthemintoOEICs,stillputhisinterestsanddividendsintax-freeaccount,get
20%ofhiscashintopension,20%UTs,30%intoOEICs,and30%
entionoftheoperationofthecompaniesheinvestedandputsomeofhiscurrentbou
ndintoinvestment,theinvestmentmethodcanfollowtheratioabove.
Intermthree—
l,heshouldsellhisflatandputthemoneyrewardintolifeinsurance,whenbackfr
omtheworldwidetravel,heshouldbuyasmallerflat(anone-bedroomapartmentis
better)andinvestthisflatintoReverseAnnuityofRealEstate.
.
Onlineattentionofinvestorsareimportantandefficiencynowdays,suggestedb
yBowden(2011).Togetapersonalpensionschedule,bysearchingthewebsiteofth
eUKgovernmenttofindinformationondetailsisthemostefficientmethod.
Tobuytax-freefinancialproducts,hecanuseonlinebankingforserves,hecanal
sochoosetogotothebank.
ToknowandtradeITs,hecanresearchfororsurftheproductsthoughafundsuperma
rket.
ToinvestinUTs,hecangetinformationandbuythefinancialproductsthoughmana
:.
ToinvestinOEICs,hecangetinformationofcertaincompanybysearchingforthew
ebsiteofthatcompanyandhecantradeontheLondonStockExchange.
Toinvestinlifeinsurance,hecanfinddetailsininsurancecompaniesandtheiro
nlineservices.
ForReverseAnnuityofReal