When Martin Lewis was asked whether he invests in shares, he responded that he takes a different route. The finance expert told the Telegraph: “I invest more in funds. I fill my ISA allowance each year. “I have some shares in MoneySupermarket, of course. I have just sold a tranche of those. “That’s because nobody should have so much of their assets in one company, rather than it being a call on the company.”
The journalist and founder of Money Saving Expert then discussed stock markets, and a key mistake which can be made when investing.
He added: “I’m a believer in spreading your money around in different assets.
“I’m actually a barbell investor. I like to have very low risk investments and some very high risk investments. When I take risk tests it makes me a medium to high-risk investor, which isn’t right.”
In the 2015 interview, he was asked what his best ever business decision was, to which he replied “my website setup in 2003”. The consumer finance information website provides the public with reliable information on saving money in the form of deals, tips and journalistic articles.
The website proved itself to be extremely successful, making millions before it was sold to moneysupermarket.com in 2012.
On the website, Mr Lewis told the Telegraph: “I spent £80 to set up a website in 2003. It’s called moneysavingexpert.com. It was built by a chap in Uzbekistan, off-the-peg, with forums, and in only two weeks.
“It was the cleverest thing I did, but I didn’t know it was clever. My friend said it wouldn’t work, he said I needed to have adverts on the website and that ‘no one puts a face on a financial website’.
“I set it up because I thought the information should be out there, not to make money. It was only when the server costs became too expensive that I thought I should look at that.
“In the end, it’s turned £80 into more than nine figures, after tax. You also have to factor in the 90-hour weeks and the huge amounts of stress.”
It was while forming the site that Mr Lewis received his best advice.
It came from his Uncle Tony who warned him about the sudden rise in profits from the venture.
He said: “My Uncle Tony said to me: ‘A third of it isn’t yours so never spend it.’
“He said to put in a separate account so it’s there to pay the taxman. I probably would have done that naturally but it was good advice.”
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On whether he is saving for retirement, the journalist claimed that he did not want to be a billionaire, adding that it would be a “turgid ambition”.
He said: “I’m 43 and I’m lucky, I’ve made a lot of money so don’t need to. What is retirement anyway? I love my website and my TV work, and I have my charity work.
“I’ve no yearning to be a billionaire. That sounds a turgid ambition.”
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