4 Investment Opportunities

FINANCIAL SERVICES DISTRIBUTED WITH Exclusive interview — Dave Fishwick

East Lancashire’s best-known businessmen and self-made millionaire knows a thing or two about savings and investments. Sam Lewis asks Dave Fishwick how others can follow in his footsteps

Born in Burnley, you left school at 16 without any qualifications and made your first million in your 20s starting from selling one car and growing that into the UK’s largest supplier of minibuses. What’s your message to young aspiring entrepreneurs keen to make a million? Find something you’re really passionate about and have the courage and self belief to follow your dreams. Fro example, I love cars so that’s where I started. You’ve got to love what you’re doing because you’re going to spend a lifetime doing it and, if you’re not interested at the beginning, you won’t be at the end! If a lad from Burnley can do it, then anyone can!

During the 2008/9 credit crunch, when banks started refusing to lend money to your customers, you launched Burnley Savings and Loans (aka the Bank of Dave). Are you close to becoming the first ethical British high street bank for 120 years? Burnley Savings and Loans has been in profit for over six years. We’ve lent £20m to thousands of people and businesses in the UK, and I have an amazing and incredibly experienced

banking team. We’re currently deep in the process of building the first new ethical high street bank but, although I’m very excited, I’m not there just yet. Te ultimate goal is to have a bank and support across the UK and to use it for good. A bank run by the people for the people.

You’ve appeared on several TV programmes and documentaries helping people get out of debt. The latest one advises people how to invest or grow their money. What are your tips for first-time small investors? Most people don’t have spare money. First and foremost, to have money to invest, you need to save. Look at your lifestyle and outgoings — your mortgage, credit cards, loans and overdrafts. Cancel direct debits, move debt to companies that offer the best deal and if, for example, you need a car, think about renting or sharing one — I think buying is so last century. Every pound you save is pound

you can invest.

What’s the best way to get more money each month? Ask for a pay rise. Tat’s instant money. Most people are worried

about asking their boss, but the worst thing they’re going to say is “not now” and the best is “let’s talk about it”. Secondly, if you have extra time,

take a second job. I had three jobs and worked an 18-20 hour day when I was young. I worked at the market in the morning, sold cars during the day and at night I worked as a DJ in nightclubs. None paid brilliantly but it all added up.

What’s the best way to make money? Property up north, even if you live down south. Everyone looks to invest within 10-15 miles of where they live, but you can buy a house in Nelson or Burnley for £40k, rent it out for £100 a week and within eight years it’s paid for itself. Anyone in London might say it’s miles away but the train from Euston to Preston takes just two hours and if you use a good estate agent and rental agency, they’ll take care of it for you. Rather than putting £3,400 into a mortgage in London, why not buy six, seven, eight or nine houses up here. Can you imagine the interest I’d get if I opened an estate agent in

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Scotch Whisky (After costs) FTSE (All shares & Dividends)

London Property Source data: Scotch Whisky Industry Review (Alan S Gray), Nationwide.

Industry broking data (2006-2015) from the Scotch Whisky Industry Review. The data shown are net of storage costs and evaporation.


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