個人財務(wù)與投資分析

1、Suggesttions on Anndrews invvestmeentIntroduuctionnTo havee comffortabble liife, iit is imporrtant for oone too earnn moree, butt no lless iis thee righht mannagemeent off moneey, ass accllaimedd by CCarloss (20009). AAndreww is ffacingg the probllem off manaaging his mmoney effecctivelly, soo thiss

2、 repoort iss writtten tto givve himm somee sugggestioons. BBeforee writting, the wwork oof refferrinng to the iintrodductioon of his ssituattion aand thhe cheeckingg of thee inteernet for iinformmationn of pproperr finaanciall prodducts and sservicces haas beeen donne carrefullly.As was writtten too

3、 illuustratte thee factt thatt how tto schhedulee yourr finaance aand hoow to invesst effficienntly, this reporrt is not oonly ffit Anndrew very well but wwill aalso bbe hellpful for ssomeonne whoo is uunfamiiliar with finanncial serviices aand prroductts butt wantt to mmanagee theiir weaalth mmore

4、eefficiiency.The repport firsttly annalyzeed thee finaanciall struucturee of AAndreww; in addittion, It workked ouut thee futuure fiinanciial neeeds oof Anddrew; then, It checcked tto finnd prooper ffinanccial pproduccts orr servvices mainlly by interrnet; and ffinallly, Itt comee up wwith aa conccl

5、usioon whiich inncludees a sseriess of ffinanccial pproduccts annd serrvicess thatt fitss Andrrew weell, aalso IIt helpped hiim on how tto deaal witth it effecctivelly.Analysiis of finanncial serviicesCurrentt finaanciall struucturee of AAndrewwSavingsAccount5,000Current account1,800Royal Bank of Sc

6、otland60,000Prudential6,000Aberdeen asset ManagementSavingsAccount5,000Current account1,800Royal Bank of Scotland60,000Prudential6,000Aberdeen asset Management30,000InterestIncomeDividends$500/monthInterestIncomeDividends$500/monthInvestmentInvestment? Portfolio? PortfolioPensionsTable 11. Anddrewss

7、 finaanciall struuctureeForm taable 11 we ccan cllearlyy knoww whatt Andrrew haas andd how much are tthey tto invvestmeent. TThe caalculaation of hiis asssets aand neet inccome iin dettail iis as folloowing:As he hhas buuy a ppersonnal peensionn for five yearss, andd he ddoes ccurrenntly ppay 6% of

8、hhis grross ssalaryy intoo it, so inn totaal he has pput $114400 into the ppersonnal peensionn scheedule.Accordiing too the Tax rrelieff on ppersonnal peensionns, hee endss up tto havve $ 118000 in hiis pennsion pot.His asssets iincludde somme orddinaryy sharres off threee commpaniees, mooney iin ba

9、nnk acccountss and a flaat. The nummber oof orddinaryy sharres iss as ffollowwing:Aberdeeen Assset Maanagemment30,000Prudenttial6,000Royal BBank oof Scootlandd60,000Money iin hiss currrent aaccounnt is 1,8000 andd in hhis eaasy-acccess savinngs acccountt is 5,0000. Thee flatt is aa 2-beedroomm flatt

10、 nearr the centrre of Edinbburgh.His debbt is the mmortgaage off his flat to paay in five yearss.He may pay ttax inncludee incoome taax andd tax on saaves aand innvestmments.Accordiing too the rule from the wwebsitte of UK (22011), to ccalcullate hhis taax on incomme, wee shouuld fiirstlyy calcculat

11、ee out the ttaxablle inccome wwhich is grross iincomee of ssalariies annd invvestmeent; tthen lless ddebt aand peensionn conttributtions, and lastlly to find the rright basicc ratee to ddo thee finaal callculattion. The pprocesss of calcuulatioon is illusstrateed as folloowing, Andrrew annd callcula

12、ttes itt out by hiimselff withh furtther iinformmationn on hhis fiinanciial coonditiion. HHe cann alsoo searrch foor onlline hhelp bby vissitingg the websiite off HMRCC Onliine Seervicees.Taxablee Incoome48,0000Less PPersonnal Alllowannce ? ? ? Less Peensionn Conttributtions3,6000Incomee tax chargge

13、ablee on? ? ?Basic RRate aat thee fitttest llevel ? ? ?Tax paayablee = ? ? ? Tax raate onn earnnings by diiffereent waay or on diiffereent fiinanciial prroductts aree usuaally ddifferrent ffrom eeach oother. Any interrest eearnedd (on savinngs acccountts, ceertainn typees of OEIC etc.) is uusuallly

14、taxxed att 20%, whille invvestmeent inncome in thhe forrm of dividdends from compaany shhares, for exampple, iis onlly taxxed att 10% (Arthhur, 22009). Whenn he ssell hhis asssets, suchh as hhis fllat orr his ordinnary ssharess he hhas too pay for aa Capiital GGain TTax att the tax rrate oof 18%.His

15、 inccome iincluddes hiis aftter-taax sallary, dividdends and iintereests ffrom hhis baankingg accoount. But mmore aattenttion sshouldd be ppay onn abouut hiss net incomme or to saay thee cashh floww he ccan mooisterr to iinvestt. He has $500 pper moonth lleft oover ffrom hhis saalary that he caan sa

16、vve or invesst elssewherre, soo it aadd upp to $6000 everyy yearr he ccan coollectt to ssave oor invvest eelsewhhere, this is hiis nett incoome viia hiss salaary. HHe cann alsoo receeive ssome ddivideends bby hiss ordiinary sharee thouugh sttocks he owwn andd inteerestss thouugh hiis currrent accouu

17、nt annd eassy-acccess ssavinggs acccount. Interrests of hiis currrent accouunt annd hiss easyy-acceess saavingss accoount aare vaariouss fromm diffferentt bankks andd timee to ttime, but AAndreww and easilly finnd theem froom thee webssite oof thee goveernmennt of UK.2.2 futture ffinanccial aambitii

18、ons oof AnddrewHe wishhes too use the ffunds he haas avaailablle to traveel thee worlld forr at lleast two yyears when he reetiress, so the iinvesttment termss suppposed to bee totaally 110-12 yearss and of coourse he suupposee the much rewarrd thee bettter.He has to paay forr morttgage for hhis fll

19、at inn the next five yearss, so he shhould be cllarifyy in tthe fiirst 55 yearrs whiile inn the last 5 to 7 yeaars. IIn thee lastt 5 too 7 yeears hhe cann inveest innto soome fiinanciial prroductts whiich iss moree riskky bessides remaiins soome mooney ffor hiis livving. Afterr backking ffrom hhis t

20、rravel arounnd thee worlld, Anndrew has tto plaan forr his rest life, as hhe hass to hhave aa flatt to llive iin, buut do not nneed oone affter hhis deeath, I sugggest him uusing Reverrse Annnuityy of RReal EEstatee and life insurrance. So thiss repoort suuggestts him to diivide his iinvesttment ter

21、m into threee. Thee firsst onee is hhis fiirst ffive yyears, the seconnd onee is hhis otther 55 to 77 yearrs, annd thee thirrd onee is ffrom hhis baack off travvel too his deathh.2.3 Rannge off prodducts availlable to Anndrew The finnanciaal secctor iincluddes baanks, insurrance compaanies, finaance

22、 hhousess, invvestmeent trrusts, fundd manaagers, the stockk exchhange and sso on. Theyy provvide mmany ffinanccing ttools incluude innvestoor shaares, bondss, andd warrrants and sso on. As hhe hass no oobviouus inccliness thatt all thesee finaanciall prodducts and ttheir portffolioss can be avvaila

23、bble too Andrrew.Informaation in deetailss of ffinanccial pproduccts whhich mmay fiit Anddrew iis as folloowing,Pensionns: Pensionns aree desiigned to prrovidee reguular iincomee for peoplle wheen theey rettired. Blacckburnn (20007) haad disscusseed a ggloball penssion pplan wwhich incluudes aa vari

24、ious kkinds of peensionns whiich suuggestted thhat Thhere aare reeally many diffeerent typess of ppensioons, aand thhey arre traaditioonallyy beenn manaaged bby pennsion fundss and insurrance. Now, let us prracticce to find how tthe taax rellief oon perrsonall penssions workss: if Andreew putt 80 pp

25、ound in too his persoonal ppensioon schhedulee, he can eends uup witth thee righht to claimm thatt he ccan geet 1000 pounnd in his ppensioon pott. Thaat is to saay thee inveestor of thhe pennsion can cclaim tax bback ffrom tthe goovernmment aat thee basiic ratte of 20%.To checck wheether you ccan ge

26、et a sstate pensiion, yyou caan finnd morre infformattion iin dettails by thhe webbsite of UKK goveernmennt. Yoou cann alsoo findd infoormatiion onn perssonal pensiion innvestmment tthere. You can bbuy peensionns thoough ttwo waays: ggettinng onee throough yyour jjob, oor settting up yoour owwn. All

27、so, yyou caan chooose bboth.Reversee Annuuity oof Reaal Esttate: It is aa finaanciall prodduct mmainlyy desiigned for rretiree perssons. It woorks iin thee folllowingg way: whenn a peerson retirres, hhe cann get a payyment from the bbank ffor a certaain yeear, oor unttil hiis deaath. TThen iin thee

28、finaal of the tterm, or whhen thhe invvestorr diess, thee bankk willl get the rreal eestatee.Life innsurannce iss the most imporrtant way tto deaal witth unccertaiin sittuatioons, eespeciially for oold peeople who aare reeally easy to bee ill. Alsoo it ffits AAndreww welll whenn he hhavingg the trav

29、eel alll overr the worldd. He can gget innformaation easilly froom thee insuurancee comppaniess or oonlinee servvices of innsurannce innstituutionss.Suitablle taxx-freee prodducts incluude: ffixed ratess fundd and premiium baands oof bannks annd ISAAs andd Natiional Savinngs & otherr Inveestmennts.

30、TThey aare allways servee by tthe baank, oor havve cloose reelatioonshipp withh the goverrnmentt. Theey aree alwaays fiinanciial prroductts witth loww riskk and low rrewardd.As the very fast devellopmennt of finanncial produucts, now ddays jjust llike BBaddeppudi (2007) comees up with, otheer imppor

31、tannt finnanciaal prooductss such as ITTs, UTTs andd OEICCs aree playying aa moree and more imporrtant role in thhe porrtfoliio.IT heree is sshort for iinvesttment Trustt whicch is a pubblic llimiteed commpany to seell itts asssets bby shaares iin thee secoondaryy markket, iit mosstly uused iin thee

32、 UK. ITs aare cllose-eended fund. In ffact IIT is not iin facct a “ttrust” but aa sepaarate legall persson orr a coompanyy in tthe seense oof laww. It operaates aand trrades like any oother quoteed commpany. Peopple hoold itt by ssharess whicch aree tradded inn the seconndary markeet andd the sharee

33、 pricce is deterrminedd by ssupplyy and demannd monnthly. It hhas loow rissk butt highh rewaard whhen coompareed witth UTss and OEICss.UT is tthe abbbreviiationn of UUnit TTrust whichh is eequal to Unnit Innvestmment TTrust. In ffact, UT iss a Trrust wwhich brokeen dowwn a pportfoolio wwhich incluud

34、es llots oof monney innto unnit, tthis iis wheere thhe diffferennces llies bbetweeen UT and mmutuall fundd, acccordinng to Sharppe (19996). It iss soldd by uunit aand itt is eeasy aand chheap tto traade. FFor itts aveerage risk is eqqual tto thee porttfolioo it ccomes from whichh is llow, iits reewa

35、rd is allso loow.The mannagemeent coompanyy playys a vvery iimporttant rrole ffor a unit trustt to bbe succcessfful. TThe maanagemment ccompanny getts shaares fform ccompannies aand thhey puut theem toggetherr to fform aa capiital ppool, then they creatte UTss by ddivideed thee capiital ppool iinto

36、uunit. The mmanageement compaany buurdenss the respoonsibiility to addvertiising and ssellinng thee UTs, and they make moneyy by ssellinng UTss. Theere arre lotts typpes off UTs, amonng whiich thhe mosst commmon aare caash eqquivallents, propperty, morttgagess and ssecuriities. Expeenses for iinvest

37、ting UUTs inncludee operratingg expeenses and ssales chargges annd enttrancee or eexit ffees. The ooperatting eexpensses off UTs are llow beecausee theyy are not bbuyingg or ssellinng by sharees. Buut diffferennt froom manny othher fiinanciial prroductts nammely IITs orr OEICCs, UTTs alwways hhas a

38、sale chargges annd enttrancee or eexit ffees. It iss alsoo callled paarticiipate Trustts forr bothh the invesstor aand thhe ownner off the capittal off unitt trussts shhares the rrewardds andd riskks. OEIC iss equaal to its ffull nname-Open-Endedd Inveestmennt Commpany. It ooperattes annd traades bb

39、y shaares llike IIT, buut it is ann openn comppany. It iss alsoo traddes liike a stockk. Thee sharres off OEICC of aa certtain ccompanny aree listted annd traaded bby thee Londdon Sttock EExchannge, aand hoow thee pricce of the OOpen-EEnded Invesstmentt Comppany iis samme wheen commparedd withh a st

40、tockiits prrice fformedd by bbide oof selllers and bbuyerss, andd its pricee channges ffrom dday too day mainlly deccided by thhe suppply aand deemand.To comppare IITs, UUTs annd OEIICs inn detaail, tthe foollowiing taable ccan beest illlustrrate iit.ITsUTsOEICsTypes Companyy Trust Companyy Degree o

41、f oppennesssClosedClosedOpen Share hholdShares UnitsShares Secondaary maarketYes No No Valuatiion frrequenncyMonthlyyDailyDailyLegal ppositiionLowHighLowRiskLowLow High RewardHigh LowHigh Table2. The ffeaturres annd diffferennces aamong ITs . UTs and OOEICs.2.3 To analyysis rrewardd of ddifferrent p

42、produccts orr prodduct pportfoolio To sum up, TThe fiinanciial prroductts shoould bbe claassifiied innto foour baasketss. Thee firsst onee is pproduccts whhich aare inn low risk and llow reeward: fixeed-ratted fuund annd preemium bandss, UTss. Thee secoond onne is produucts wwhich are iin higgh riss

43、k andd highh rewaard, llike IITs, OOEICs. The thirdd one is peensionn whicch is tax-eefficiient. The fforth one iis Revverse Annuiity off Reall Estaate. AAnd allso I will suggeest hiim to buy tthe liife innsurannce too deall withh unceertainnSuggesttions on hiis invvestmeentAccordiing too Abull (201

44、11), tto havve a ssustaiinablee and succeessfull inveestmennt, thhe invvestorr shouuld doo not put aall thhe egggs in one bbaskett whicch meaans thhat hee shouuld buuy botth savving aand innvestmment pproduccts annd do not iinvestt in oone goo, whiich meeans tthat hhe shoould ttry too avoiid thee ma

45、rkket riisk.3.1 Sugggestiions oon invvestmeent prroductts andd ratiios foor Anddrew.In termm onethe ffirst 5 yeaars, pput hiis intterestts andd diviidendss in ttax-frree acccountt, gett 40% of hiis cassh intto pennsion, 40% into UTs aand 200% intto ITss. Takke atttentioon of the ooperattion oof thee

46、 comppaniess he iinvestted annd putt somee of hhis cuurrentt bounnd intto invvestmeent, tthe innvestmment mmethodd can folloow thee ratiio aboove.In termm twothe rrest 55 to 77 yearrs, geet outt of aall mooney iin hiss tax-free accouunt, aand puut theem intto OEIICs, sstill put hhis innteressts annd

47、 divvidendds in tax-ffree aaccounnt, geet 20% of hhis caash innto peensionn, 20% UTs, 30% into OEICss, andd 30% into ITs. Also take attenntion of thhe opeeratioon of the ccompannies hhe invvestedd and put ssome oof hiss currrent bbound into invesstmentt, thee inveestmennt metthod ccan foollow the rr

48、atio abovee.In termm threeetimme sinnce hiis traavel aall ovver thhe worrld. BBeforee starrting the ttravell, he shoulld selll hiss flatt and put tthe mooney rrewardd intoo lifee insuurancee, wheen bacck froom thee worlldwidee travvel, hhe shoould bbuy a smalller fllat (aan onee-bedrroom aapartmment

49、 iis bettter) and iinvestt thiss flatt intoo Reveerse AAnnuitty of Real Estatte.3.2 Howw can he geet theese fiinanciial prroductts andd how can hhe opeerate to innvest.Online attenntion of innvestoors arre impportannt andd effiicienccy noww dayss, sugggesteed by Bowdeen (20011). To geet a ppersonnal

50、 peensionn scheedule, by seaarchinng thee webssite oof thee UK ggovernnment to fiind innformaation on deetailss is tthe moost effficieent meethod.To buy tax-ffree ffinanccial pproduccts, hhe cann use onlinne bannking for sservess, he can aalso cchoosee to ggo to the bbank.To knoww and tradee ITs, he

51、 ccan reesearcch forr or ssurf tthe prroductts thoough aa fundd supeermarkket.To inveest inn UTs, he ccan geet infformattion aand buuy thee finaanciall prodducts thouggh mannage ccompanny.To inveest inn OEICCs, hee can get iinformmationn of ccertaiin commpany by seearchiing foor thee webssite oof th

52、aat commpany and hhe cann tradde on the LLondonn Stocck Excchangee.To inveest inn lifee insuurancee, he can ffind ddetaills in insurrance compaanies and ttheir onlinne serrvicess.For Revverse Annuiity off Reall Estaate, hhe cann knoww moree fromm the websiite off the goverrnmentt of UUK by clickk in

53、too servve forr the retirrementt.3.3 Thee costts of finanncial produucts rrecommmendedd to hhim.Costs oof diffferennt finnanciaal prooductss mainnly inncludee threee parrts. TThey aare trrade ccosts whichh mainnly reefer tto opeeratioon cossts, mmaintaainingg costts whiich maainly referr to pproperr

54、ty taax andd capiital ggain ttax.Costs tto diffferennt prooductss are in grreat ddifferrence, penssions have a taxx reliief, sso theey aree tax advanntagedd, butt the goverrnmentt givee out a capp for tax rrelieff of ppensioons; ttax-frree prroductts neaarly nneed aany coosts; and IITs, UUTs, OOEICs

55、, Reall Estaate annd Inssurancce neeed higgher ccosts to innvest.Her Majjestys Revvenue and CCustomms (HMMRC) hhave eembracced innformaation technnologyy in tthat iindiviidualss who are rrequirred too filll in aa tax returrn cann now do soo onliine. YYou caan finnd morre infformattion iin theeir wee

56、bsitee.3.4 Howw can he moonitorr all the ffinanccial pproduccts byy compputer?He shouuld caare moore abbout tthe daaily ooperattion oof thee comppaniess he iinvestted inn, acccordinng to Olha (20100), hee shouuld allso reead abbout tthe reegulattions and rrules of tthe opperatiion off inveest inn EU

57、, finallly hee shouuld doo moree onliine trrade tto savve timme andd tradde feees.Check hhis innvestmment aand trry to find whethher itt is ook, orr whetther tthere are bbetterr choiice orr finaanciall prodducts to innvest in. uupdatee his invesstmentt ratiio wheen neccessarry.As to GGrundaamann (20

58、088), fiinancee servvices and ccontraact laaw devvelopss quicckly. He shoould nnot onnly, ccare aabout laws and rregulaationss of tthe fiinanciial prroductts he had bbuy, bbut allso taake atttentiion onn the updatte of the llaws aand reegulattions relevvant.Citizenns seervicees in the wwebsitte of the ggovernnment of UKK (Goverrnmentt of