Isaac Becker

Do not lose! What did “papa” Kiyosaki keep silent about? Philosophy of common sense for the private investor

Editor Boris Safronov

Project Manager N. Kazakova

Technical editor N. Lisitsyna

Corrector E. Aksenova

Computer layout A. Abramov

© Becker I.I., 2009

© Alpina Business Books LLC, 2009

© Electronic edition. Litres LLC, 2013

Baker I.

Do not lose! What did “papa” Kiyosaki keep silent about? Philosophy of common sense for a private investor / Isaac Becker. - 2nd ed. – M.: Alpina Publishers, 2009.

ISBN 978-5-9614-2825-4

All rights reserved. No part of the electronic copy of this book may be reproduced in any form or by any means, including posting on the Internet and in corporate networks, for private and public use, without the written permission of the copyright owner.

Foreword by publishing partners

Dear friends!

I am very glad that we are URALSIB | Bank 121, operating in the field of Private Banking, supported the publication of the book by Isaac Becker “Don't Lose! What did “papa” Kiyosaki keep silent about? First, the author is well known and respected in the professional community. We have been reading his columns in Vedomosti for many years. Secondly, our bank has experience of cooperation with Isaac Becker, and in practice we are convinced that we are dealing with a wise man and a highly qualified specialist.

In my opinion, the book you are holding in your hands is relevant and multi-layered. Each reader will be able to find in it what interests him most. So, for young people, the chapters on personal finance management and the main investment tools, their pros and cons will probably be the most exciting and useful. The attention of older and wealthier people will certainly be attracted by the material on global investments and the "English" method of organizing investments. A meticulous reader will read this book from cover to cover, and a busy business person will be able to instantly grasp the essence, having familiarized himself with the advice that the author gives after each chapter. In general, I am sure that everyone who is seriously concerned about the issues of preserving and increasing their capital, this book will not leave indifferent.

If, after reading it, you realize that it's time to take your personal and family finances more seriously, if you want to become a more efficient and modern investor, then know that we at URALSIB | Bank 121 will always be glad to see you and will provide comprehensive assistance in any of your endeavors.

Happy reading!

Sincerely, Andrey DegtyarevChief executive officerURALSIB | Bank 121

Introduction

Who is this book for and what does it not teach?

I have been writing this book for a long time. The idea has matured for a long time, but her plan lay on my desk for about a year. And only when I realized that this, in principle, is what, in my opinion, is needed, I began to cook it. I carried her like a woman carries a child.

Working as a financial consultant, I often have to meet people, listen to their problems, tasks, prepare proposals for them, and then cooperate with them for years. Many become close friends for me, I know their families, birthdays and problems. And every time I walk the same road.

As a rule, a person who comes to me for advice has little knowledge in the field of personal finance: how best to organize their money, where it is best to invest it, how to secure it, how to pass it on to the next generation. Sometimes it even seems surprising: a professional in his field, who has managed to build an excellent business that brings good income, is lost, it is worth touching on the issue of organizing his personal money. The success of these people in business does not give them knowledge and experience in working with personal finance. Each time we slowly begin to go through this school, I explain simple things to them, answer their questions.

These questions are usually the same. So I decided to put them together and try to answer them in this book.

This is a definite benefit for me. With a person who reads this book and comes to me for a consultation, I will spend less time on educational program, leaving more time to solve specific problems.

This, of course, is not the point. My goal is to paint a complete picture of the organization of personal finance and investing based on my many years of practical experience as a financial advisor.

How it all started

The story of this book begins in the fall of 2002. I was invited to participate in one of the first exhibitions dedicated to private investment, which was held in Moscow. I gladly agreed, especially since it was promised that wealthy people would visit the exhibition: owners and top managers of various companies - people who were interested in placing their money profitably, including abroad.

We prepared for a long time, trained the staff, made various booklets. And now the Radisson Slavyanskaya hotel, the exhibition opens. The first thing we see is strange-looking people with large packages that go from booth to booth, raking up literature, pens and other souvenirs. It seemed that this stream would never dry up. An hour later, half of our supplies were gone.

My lack of experience of participation in Russian exhibitions affected. All other participants knew that some people use such exhibitions to make money, but not in the financial markets, but ... by collecting booklets and handing them over for waste paper. "Well," I thought, "it's a good start, then it will be better!"

It was 2002, Forex was on the rise. It seemed to people that it was so simple - sitting in their kitchen, making money on fluctuations in exchange rates. Even then, this topic was well promoted. Now too. The bulk of visitors came for these services.

My disappointment knew no bounds: so much effort, money and time wasted. At some point, I stood in the middle of the aisle, calling on those passing by to stop and at least look at the opportunities that open up foreign markets.

In vain. People searched Forex.

I had already admitted defeat when a young man approached me. It turned out to be Boris Safronov, deputy chief editor of Vedomosti. At that time, the newspaper was preparing a new weekly section on private investment, Personal Account. There, in particular, a heading was supposed in which people who invest their money or professionals who help others to invest their money would share their experience.

Therefore, I would say that the fall of 2002 was the time when this book began to be written. It is based on the workshops that I have written for Vedomosti since 2003.

True, writing in a simple and understandable language for people who have never dealt with investment issues, such small workshops turned out to be quite difficult. I want to pay tribute and once again thank Boris Safronov, who took the trouble to work with me, with a man who has never written anything like this. Sometimes a page and a half text was prepared for a whole month. I had to learn how to express my thoughts more simply, make columns shorter and more specific, abstract from some things and highlight the main thing that will be interesting to readers. I went through this school thanks to the great patience and tact with which the employees of Vedomosti worked with me, so many thanks to them, and it is their great merit that this book was born.

What's up with rich dad

I am one of those people for whom the name plays a decisive role. I tend to think that it is important to name the child correctly, because by giving a name, we often determine the fate of a person. When I write my workshops, it is very important for me to give the right title, set the right problem and then solve it. Also with the book. It's not just a name, it's what is now called message - "message", this is the concept that I tried to present in this book.

The headline "What Did 'Papa' Kiyosaki Keep Silent About?" taken from one of the workshops that is in the book. By putting it in the title of the book, I, of course, wanted to introduce some kind of intrigue, to distinguish the book from many similar ones. But the main idea of ​​this book is in the title. "Philosophy of Common Sense for the Private Investor".

It's hard to imagine how many books have been written about personal finance, how to invest, how many strategies and mind blowing ideas about how to make big money in the stock market. Every year there are more and more of these books, new ideas are born. How can an ordinary investor, a person who has established himself, earned his money, understand all this variety of approaches, methods, tools?

Professional experience

Dr. Isaac Becker is a well-known international financial consultant.
He is a member of the Association of Financial Advisers of the United States, the Society of Financial Advisers of Great Britain (The Personal Finance Society).
Certified by The Chartered Insurance Institute (London) as an International Certificate for Financial Advisors.
Dr. Isaac Becker has been working in the field of financial consulting since 1991 (International Business Agency). Became a member of the FCP (Financial Management) Ltd team in 1999. Specializes in working with VIP - clients. He also actively advises banks and financial companies on issues of effective organization of Private Banking and Wealth Management.
Dr. Isaac Becker has over fifty publications on personal finance and investing.
He is the author of the "golden" book - the bestseller "Don't Lose! What did “papa” Kiyosaki keep silent about? Philosophy and practice of common sense for the private investor.
His articles and comments can be read in such well-known publications as Forbes, Vedomosti, RBC Daily, Smart Money, Arguments and Facts, Money, Firm Secret, Profile, Company, Popular Finance, International Millionaire, Nezavisimaya Gazeta, Family Business, Personal Budget, etc. .
Dr. Isaac often speaks at specialized conferences, seminars, participates in television programs.

Editor Boris Safronov
Project Manager N. Kazakova
Technical editor N. Lisitsyna
Corrector E. Aksenova
Computer layout A. Abramov

© Becker I.I., 2009
© Alpina Business Books LLC, 2009
© Electronic edition. Litres LLC, 2013

Baker I.
Do not lose! What did “papa” Kiyosaki keep silent about? Philosophy of common sense for a private investor / Isaac Becker. - 2nd ed. – M.: Alpina Publishers, 2009.
ISBN 978-5-9614-2825-4

All rights reserved. No part of the electronic copy of this book may be reproduced in any form or by any means, including posting on the Internet and in corporate networks, for private and public use, without the written permission of the copyright owner.

Foreword by publishing partners

Dear friends!
I am very glad that we are URALSIB | Bank 121, operating in the field of Private Banking, supported the publication of the book by Isaac Becker “Don't Lose! What did “papa” Kiyosaki keep silent about? First, the author is well known and respected in the professional community. We have been reading his columns in Vedomosti for many years. Secondly, our bank has experience of cooperation with Isaac Becker, and in practice we are convinced that we are dealing with a wise man and a highly qualified specialist.
In my opinion, the book you are holding in your hands is relevant and multi-layered. Each reader will be able to find in it what interests him most. So, for young people, the chapters on personal finance management and the main investment tools, their pros and cons will probably be the most exciting and useful. The attention of older and wealthier people will certainly be attracted by the material on global investments and the "English" method of organizing investments. A meticulous reader will read this book from cover to cover, and a busy business person will be able to instantly grasp the essence, having familiarized himself with the advice that the author gives after each chapter. In general, I am sure that everyone who is seriously concerned about the issues of preserving and increasing their capital, this book will not leave indifferent.
If, after reading it, you realize that it's time to take your personal and family finances more seriously, if you want to become a more efficient and modern investor, then know that we at URALSIB | Bank 121 will always be glad to see you and will provide comprehensive assistance in any of your endeavors.
Happy reading!

Sincerely,

Andrey Degtyarev

Chief executive officer

URALSIB | Bank 121

Introduction

Who is this book for and what does it not teach?

I have been writing this book for a long time. The idea has matured for a long time, but her plan lay on my desk for about a year. And only when I realized that this, in principle, is what, in my opinion, is needed, I began to cook it. I carried her like a woman carries a child.
Working as a financial consultant, I often have to meet people, listen to their problems, tasks, prepare proposals for them, and then cooperate with them for years. Many become close friends for me, I know their families, birthdays and problems. And every time I walk the same road.
As a rule, a person who comes to me for advice has little knowledge in the field of personal finance: how best to organize their money, where it is best to invest it, how to secure it, how to pass it on to the next generation. Sometimes it even seems surprising: a professional in his field, who has managed to build an excellent business that brings good income, is lost, it is worth touching on the issue of organizing his personal money. The success of these people in business does not give them knowledge and experience in working with personal finance. Each time we slowly begin to go through this school, I explain simple things to them, answer their questions.
These questions are usually the same. So I decided to put them together and try to answer them in this book.
This is a definite benefit for me. With a person who reads this book and comes to me for a consultation, I will spend less time on educational program, leaving more time to solve specific problems.
This, of course, is not the point. My goal is to paint a complete picture of the organization of personal finance and investing based on my many years of practical experience as a financial advisor.

How it all started

What's up with rich dad

I am one of those people for whom the name plays a decisive role. I tend to think that it is important to name the child correctly, because by giving a name, we often determine the fate of a person. When I write my workshops, it is very important for me to give the right title, set the right problem and then solve it. Also with the book. It's not just a name, it's what is now called message - "message", this is the concept that I tried to present in this book.
The headline "What Did 'Papa' Kiyosaki Keep Silent About?" taken from one of the workshops that is in the book. By putting it in the title of the book, I, of course, wanted to introduce some kind of intrigue, to distinguish the book from many similar ones. But the main idea of ​​this book is in the title. "Philosophy of Common Sense for the Private Investor".
It's hard to imagine how many books have been written about personal finance, how to invest, how many strategies and mind blowing ideas about how to make big money in the stock market. Every year there are more and more of these books, new ideas are born. How can an ordinary investor, a person who has established himself, earned his money, understand all this variety of approaches, methods, tools?
I consider investing to be a kind of fusion of art and science, where there is no formula for success. Therefore, it is best to be guided by the philosophy of common sense, and this philosophy I try to carry through the entire book, giving the investor - future or present - a semblance of a guiding thread that can help him in any situation related to the preservation and increase of his money.
This common sense philosophy determined the structure of the book. It is very simple and, I hope, understandable for anyone who has ever thought about their money: how to save it, how to protect it from inflation, how to save certain funds for a child or for study, how to secure a good pension and a decent old age.
First, we will talk about what needs a particular person has, what financial goals he has and how to set them correctly. Next, I will describe what tools can be used to achieve these goals. This will be the subject of the second and third chapters.
Many people, especially those who are just starting to invest their money in the stock market, are afraid of it, and rightly so. They do not want to risk their money, it is important for them that there is no risk of loss. Therefore, a special chapter is devoted to products that allow you to invest in this way.
The fifth chapter is about portfolio investment. It is more interesting for those people who have large investments, who do not invest in one or two mutual funds, but have the opportunity to organize their own investment portfolio. How best to do this, what types of portfolios are available, whether the ideal we are striving for is achievable - these are the main issues that are considered in this chapter, and it seems to me that this is quite enough for a person to get an idea of ​​\u200b\u200bwhat portfolio investment is and how best to approach them.
The sixth chapter is devoted to the organization of investments. It is not enough to know and use good tools, it is very important to properly organize your investments. Sometimes a skillful organization of investments solves almost all the tasks of an investor - even without investing money. In this chapter, I will talk about one of these methods, which I prefer myself. This is the "English Method" which has been very popular in the UK for decades.
All this is just a popular description of the problems of investing. It is better to solve your financial problems with the help of a professional - just like you go to the doctor for health problems. But a good doctor is “passed from hand to hand”, and the same is true with the “financial doctor”. Therefore, in the seventh chapter I will try to tell you how to find a good financial consultant, how to work with him, what you should pay attention to.
The last chapter is about common investment mistakes and how to avoid them.

Who is this book written for?

It is not intended for those who are looking for get-rich-quick recipes, it is not intended for those who want to learn a super-efficient method of working in the stock market. I do not believe in such methods at all, because the method that is described in the book, even if it was successful, as a rule, stops working after publication and is interesting only from the point of view of a certain experience. This book is not for those people. So if you're holding it in your hands at the store and have looked into the introduction, put it aside - it's not for you.
This book is for long-term investors, for those who make money in areas not related to finance. It is for those who want to gain an understanding of the personal finance management system, who want to talk responsibly and competently with their financial advisors. This book is for those people. I hope it will be useful for them.

How to read this book

The modern business person has little time. I want to read a lot of books - both professional, and artistic, and historical, but every time you put it off. This is especially true not for entertaining books, but for those that require the mind. Therefore, it is difficult to imagine a person who, no matter how much he needs advice, will take a thick tome and read it from cover to cover.
Therefore, I have compiled this book in such a way that the reader can use it regardless of how much time he has. Everyone can choose those parts that are more interesting to him.
You can read a book from beginning to end or skim through in half an hour. It's enough. If you read the introduction and then the counselor's advice at the end of each chapter, in principle, in half an hour you will have some idea of ​​​​the entire book and even be able to use the tips given.
Those who have more time can go the other way. Each chapter is divided into two parts: a description of the task (without complex conclusions, an abundance of figures and graphs) and a workshop for the investor, which deals with specific cases. Therefore, if you want to quickly read the entire book, you can, without reading the workshops, just look at the contents of the chapters.
For the prepared reader, perhaps the most interesting are the workshops - specific cases from my practice as a financial consultant.
I deliberately kept them in the form in which they were written for Vedomosti - they were not published, but they were written, because there is always not enough space on the pages of the newspaper, and many columns were reduced. Philosophy of common sense for a private investor does not exist "in general", but only in relation to a specific event. What is important is the knowledge that we had at that time, and what we were guided by at that moment when making a decision.
In conclusion, I want to express my gratitude to the people without whom this book would not exist, without whom I would not have succeeded as a professional financial consultant.
This is my first teacher Ros Pais, which recently celebrated 40 years of activity in the field of financial consulting. He taught me my first lessons in international financial consulting. I am very grateful Kevin Mudu, who led the OFS WorldNet financial advisory network where I started. He was very kind to me when I started my career and has supported me ever since.
I am also very grateful Donald Graham, one of the smartest and most talented people I've met in the financial services industry. This is an encyclopedia person: when I have a difficult question or doubts, I can consult with him and I know that I will always get the correct and necessary answer for me.
I am very grateful to one of my first teachers Chris Holly, former representative of the insurance company "Generali International" in Europe and the Middle East. I have never seen such sellers! This person cannot be refused, with his pressure and charm he can sell anything, he can present the material in such a way that it looks tempting and interesting, but at the same time he is an extremely honest and responsible person.
I want to express my special thanks to those with whom I work at Vedomosti, who help me prepare columns. Boris Safronov for me is a kind of tuning fork of my successes or failures. Lyudmila Koval, who has been editing Personal Account in recent years, is a person of great tact, her comments are always to the point and specific.
Special thanks to all my clients. Communication with them was a movement in both directions. I helped them in financial matters, they shared their experience with me, I learned worldly wisdom from them. As I interact with each of them, I add something new to my common sense philosophy, which I use for those with whom I work.
The book has been written. She begins her independent life. I will be grateful to everyone who sends me their comments and suggestions on [email protected] The best of them will be used in the preparation of the next edition, and their authors will receive free invitations to my seminars and master classes.
In conclusion, I would like to wish the readers of this book a good time, new ideas and well-being.
Good health to you and your finances!

1. What do you want? Draw a self-portrait and set a task

1.1. Personal finance management. We all want the same thing

professional look

There is such a thing as a "professional look". For example, a tailor, seeing a man, willy-nilly determines whether a suit fits him well, paying attention to all the flaws, or, on the contrary, noting that the suit looks great, is sewn by a good master from a very beautiful expensive fabric. Similarly, a dentist, looking at a person, pays attention to his teeth. But this is visible only to a specialist.
A fashionista will always, whether she wants it or not, scan a woman who has come to any reception. She will note how she is dressed, whether it corresponds to today's fashion, what is new on her, and what is from the past collection and which fashion house, she will appreciate her handbag and especially jewelry. People who value wealth and understand it will try to determine your wealth and financial capabilities by car.
This is a professional view of people on the world. It is also a financial adviser.
When I talk to my clients, answer their questions, I see some sort of floating craft in the ocean. On it is a person who came to me, his family, close people, his house, car, bank accounts, business, children from other marriages, possibly a mistress. Everyone who is connected by money with this person, whose well-being depends on his financial condition.

What are you sailing on?

As a rule, people start their voyage with something simple. Over time, the "raft" young man can turn into a ship or an ocean liner. In any case, it is difficult for me to imagine the "ship" of Bill Gates, Warren Buffett, Roman Abramovich or other super-rich people. But we are not talking about them, but about the principle, about the professional view.
I often ask myself the question: why did I develop such a view? The answer is simple: a person needs money all the time, no matter what he wants to buy - food, medicine, goods, services. That's how life works. Figuratively speaking, money keeps a person and his family afloat. The family's personal finances are the floating vehicle that helps people navigate the ocean of life.
Of course, money can't buy health or happiness, but we'll leave questions about the meaning of life to philosophers.
Everyone has their own personal finance system, whether they thought about it or not, they make efforts to improve it, or there is no such phrase as "management of personal finance" in their vocabulary. A poor student who is just starting his life path already has his own financial system: part of the money is given to him by his parents, part he receives in the form of a scholarship, and he may also earn extra money. Intuitively, without resorting to complex calculations, he knows his needs: his parents will buy one thing for him, and he will have to save up for another. The scholarship is not much more than the cost of going to a club with a girl, which means you need to earn extra money. Even at such a primitive level, when a person is still connected by the financial umbilical cord with the family, but has already begun to take serious steps towards an independent life, there is already a financial system that he has to plan.
The personal finance system is our "ship in the sea of ​​life." It must be sustainable and efficient. No adversity, no storm should interrupt the journey. The system should be designed so that, even if the ship is damaged, family members do not “drown”, but continue to do their own thing, eat, dress, study, work, etc.

Why I don't like "financial plan"?

In order for this mechanism to work, there is what is called Personal Financial Planning, "personal financial planning." This is a well-established name, a set of financial instruments and procedures that ideally enable a person to financially secure the achievement of those life goals that he sets for himself.
I never liked this name, because it does not reflect the essence of the process, especially for a person who was born and raised in the Soviet Union, in Russia. For us, the word "planning" will be rather dubious for many years to come. First, it discredited itself thanks to many years of planning practice in the Soviet Union. Secondly, making a plan is only part of any business. More important is the management of personal finances, following this plan, a reasonable attitude towards it, its constant monitoring and, possibly, change.
It is from this point of view, it seems to me, that it is better to consider all these issues.

Main tasks

As a rule, the following tasks of personal finance management are distinguished:
increasing personal wealth and improving living standards;
accumulation for certain needs;
protection of family members and property;
loan payments;
tax minimization;
inheritance;
investment.

Among the main tasks that have to be solved for successful personal finance management, I would single out the task increasing personal wealth and raising the standard of living. Sometimes these two tasks are divided, but I believe that they should be considered together. A person always strives to improve his standard of living: to eat well, improve living conditions, receive good medical services, etc. It is understandable to have more capital, to expand opportunities in business, in creativity. Perhaps for many people these tasks are not fixed anywhere, but when a person has a family, children, a natural intuitive desire to live better arises.
Among the tasks of personal finance management, a special place is occupied by the tasks savings for certain needs. Savings programs may differ in purpose, but in essence they are all the same. For example, a child is born in a family. We know that he will finish school at the age of 18, and we want to give him a good education and save up money for education. Some parents start doing this immediately after the birth of the child, some - when he goes to school. The task can be set in different ways, but in fact it is one of the tasks of financial management.
People also save money for a car, a house.
As a separate task can be considered saving money for old age. This is one of the most important tasks of planning and managing personal finances. It is solved with the help of so-called pension programs. Each person determines when he wants to retire and how much income he wants to receive. Based on this, he chooses a pension program and begins to implement it. In many countries, retirement planning has certain benefits: the state encourages people to prepare for retirement. In Russia, pension programs are not yet very developed, but in the life of every person there comes a time when he can rely only on his pension money.
The complex of tasks connected with protection of family and property. We cannot foresee everything. You can plan for retirement, buy a house in a few years, save a certain amount by the age of the child, and much more. But personal finances must be protected from unforeseen events. A person can get sick, lose their ability to work or lose their business. It can happen to anyone, and we must be protected, we must have enough money to get through these hardships.
It helps to solve such questions different kinds insurance: medical, accident, life, disability. In the same row are issues related to home insurance: from fires, floods, accidents. We are talking about a whole range of issues of protecting yourself and your family from unforeseen events.
The next task of protecting personal finances is pay off loans. In Russia, this problem is not yet very relevant, now the pressing issue is the size of the interest rate. In Western countries, where consumer lending has been around for decades, it is a problem for many families to get rid of their existing loans. Many, having fallen into this bondage, then work all their lives solely to pay off their debts. There is a Money Show program on American radio. Its host, Dave Ramsey, every time tells how not to get into loans and pay off loans faster. The program goes to live, people call there, tell their stories, the presenter answers questions. The culmination - those who have paid off all the debts, shout into the microphone, and this cry is heard throughout America: "I am free!" - "I am free". These people don't owe anything else.

Photo — Alexey Zotov

I have done many interviews with financial advisors, but this is perhaps the first meeting with an advisor who came into the profession back in the dashing 90s. I spoke with the head of the consulting firm FCP Financial Management Ltd about the prospects for cryptocurrencies, investments in ICOs, as well as tax auto-exchange, which will come into force in Russia in 2018. Isaac Becker. The interview took place at the Saxon + Parole restaurant.

The main trend in the investment market of 2017 is crypto, bitcoin. How do you feel about all this?

The emergence of an alternative currency is a very positive development. I think this is a breakthrough. Over time, the cryptocurrency will occupy, if not the entire market, then a significant part of it. This is the future.

I fully believe that some country will completely switch to cryptocurrency. This removes the issue of cash, gray money and may well solve the issue of corruption. We have already seen a trend, especially in the Scandinavian countries, for all settlements to be cashless, because everything is transparent.

Another question is what kind of cryptocurrency is the future? Bitcoin or Ethereum? Not sure. It's the first experience. Practice shows that there are certain holes, weaknesses. From the first time, it was not possible to make a completely flawless currency. Perhaps bitcoin will leave the scene and other cryptocurrencies will come in its place, which will take into account all the mistakes. Perhaps they will be launched already at the state level. I fully admit that the dollar or the ruble can act as a cryptocurrency.

If a client comes to you and says: “There will be one ICO soon, I want to participate.” What do you think?

I'll say no. I don't have clients looking for speculative investments. Perhaps some of them used to look for options with an income of 50% or 100% per annum. But now they have become normal investors who are happy to receive their 8-12% per annum annually. They do not need big risks, they have enough risks at work or in business.

If one of the clients wants to increase the level of risk, then I can offer normal IPOs. It is an IPO, not an ICO. Because relatively large, well-established companies, for example, in the IT industry or pharmaceuticals, constantly enter the stock exchange. They already have a real business, they are able to turn the world around, say, in a certain area of ​​medicine.

The problem with ICOs is that there is almost no verified information. At the ICO, you can cut big money, or you can lose everything. Therefore, I believe that it is safer and better to invest not in an ICO, but in an IPO. Of course, there are people who make good money on this, and I wish them good luck. But me and my clients are not one of them.

How are you doing in general, how is the business?

If you can evaluate on a 10-point system, then, in principle, somewhere in the region of 9.0-9.5. Things are going well. Those who entered the financial consulting business 10-15 years ago, or like me, back in the 90s, now feel very good. Worse for those who enter the market at the moment. It is not easy for young people and beginners. I am talking specifically about financial consulting for wealthy people, and not about those who recommend which bank to open a deposit in and where to buy an insurance policy.

It turns out who are your colleagues in the shop?

These are, for example, private banking branches of European banks, family offices.

Natalia Smirnova, Vladimir Savenok not in this category?

I would not like to evaluate who and where to be. They are very talented people, real pros who have achieved a lot. But we have a slightly different background, different schools and different people with whom we work. I will give a simple example: if a person comes to me and says that he has a million dollars and he wants to become my client, then I will ask if he is the last one? If yes, then I won't work with him. Although for other financial advisers, I think it will be a godsend. I just have a different business model.

In financial consulting, you can feel good, having, for example, 2 or 3 thousand clients who invest $ 100-200 a month, be happy and consider yourself the coolest guy. But there is a completely different business, where we are talking about piece work and not every client, as they say, is yours. Where do you choose the one with whom you will work for 5-10 years. Where you know the family, birthdays and even problems with the client's business, because people consult with you.

How much money do you need to become your client?

On the website of our company vip-money.com we write 500 thousand euros. In practice, we start working with 2-3 million euros.

How about a smaller amount?

Hardly ever. Wasn that was one case years 10 ago. A guy came to me and said: “I know that you start working with 500 thousand euros. I only have a hundred, but I'm sure there will be many more over time." I rarely bend my rules, but this time I made a concession. The person worked in the IT industry and eventually "shot", turned out to be a great fellow and earned a lot of money.

How much money do you have in management?

I will not say. I can only indicate that the number of clients I work with is not thousands, not hundreds, but only a few dozen people. Moreover, how to count money? If you count the funds that I invest, this is one amount. If you count the money on which I give advice, it is completely different.

How often do you review investor portfolios?

I look at client portfolios every day. The morning starts, I turn on the computer and literally look through brokerage accounts for half an hour or an hour. I review, change the structure of the portfolio 1-2 times a year. There are portfolios that I haven't touched for years. This is if there are no cataclysms on the market and normal work is going on.

I must say that during periods of crisis I am not always a supporter of noticeable changes in the portfolio. For example, the crisis of 2008. Then, in about a week, portfolios fell by 40%. Everything collapsed. The phone did not stop, everyone called me, everyone asked what to do? I said, “There is nothing to be done. Your money is invested in good assets. This is a crisis, they happen. Calm down, do nothing, everything will be fine. About 70% of people agreed with my recommendation. 30% said: “No, it will get worse” and asked to transfer money to more conservative assets.

As a result, those who did not twitch completely restored their capital in a few years. And those who went into conservative products remained in the red for a long time.

Do you invest only in foreign assets? To the Russian stock market are you sending something?

No. I believe that if a person has a business in Russia, then this can already be considered an investment. It is enough risk for him that here is his business, home, himself. In addition, if there was a Russian Facebook or Google, this is one thing. But I don't see it.

From 2018, Russia will start receiving information about foreign assets of citizens from 100 countries, including some offshore companies. Surely, there were requests from customers in this regard. What were they advised?

The time has come to live honestly. This is advice for everyone. In fact, they started talking about Russia's transition to the exchange of tax information somewhere in 2010, when at the G20 meeting, against the backdrop of the crisis, they raised the topic of combating money laundering and offshore companies. Even then, I began to advise my clients that they need to prepare for this.

I spoke like this: “There is a line. White money on one side, gray money on the other. There is a border between them. Now it has holes, various holes and tricks when you can turn gray or black money into white. But every year they will become less. At some point, the line will close, and you will remain on one of the sides. If you stay in black money, it is very bad. You won't be able to use them, you won't be able to give them to your children, you won't be able to pay for their universities. With this money it will be impossible to buy houses, apartments. You will fall into a trap and you need to work now to prevent this from happening.”

Continuing your thought, will the line close in 2018?

Probably yes. Of course, the last holes will remain, but it is a matter of time when they will disappear and all countries will start exchanging data. And then, it is likely that then they will get you retroactively. Those. an undeclared account somewhere in Thailand, for example, will be found not in 2018, but in 2020. But it will be seen that the money has been there since, say, 2010.

One client says to me: “What should I worry about? I have had money in a Swiss bank since 2005. I threw about a dozen."

Dozens of what?

10 million euros. So, I answer him: “Dear, the time will come, they will knock on you and ask where you got this money from?”. Because for every ruble you need an explanation of where you got it from. The nuts are already being tightened, and the last screw will be turned in the next few years.

The media wrote that in recent years, about a third of the 500 richest businessmen in Russia left the country, including in order not to declare accounts here. Are you also seeing this trend?

Yes, and it's very a big problem for the country. People sell businesses, start investing abroad, go there and take capital with them. If you take a hundred of the richest people in Russia and look at the change in the geography of capital over the past 10 years, you will see a bad trend. This is a problem and needs to be addressed.

If you go down “from heaven to earth”, where “ten” is not 10 million euros, but, say, 10 thousand rubles, what if a person has only 1 million rubles? Where to invest?

The main thing is not to run and strive to invest your money. Do you have a million rubles? Put it in Sberbank! Be sure to convert it to currency. Since 2014, the ruble has not been a savings currency. Once a million has been converted into foreign currency - and this is about 17 thousand dollars - do not run anywhere to invest them. And do not run to consultants, because, by and large, no one will help you. Let the money lie. And you work! Another million? They transferred it again and let it lie on a deposit.

Over time, start reading books, articles on personal finance on RBC, Vedomosti, Forbes. See how you eat? If you are 30, 35 years old, than investing somewhere, it is better to spend money on eating fresh fruits, eating less meat, more fish. Go to fitness. Get a check-up at a good clinic. That is what needs to be done first.

When you see that everything is fine with you, you have a house or apartment without a mortgage, you have a normal lifestyle, you have money for your son for a university, your daughter for a wedding, only when you have an excess, you can start investing money. And then, not immediately, but gradually.

But time is running out, I want profit “tomorrow”, and not for retirement.

I understand, but miracles do not happen, incl. in investments. The truth is that the most attractive and "profitable" investment products, which are now on the market in abundance, most often hide big risks. Maybe they are postponed for a year, for 2, for 3, but at one moment they are realized. Nothing happens without risk. It is most often hidden behind colorful attractive packaging. Your task is to find this risk so that you don’t have to look for your money later.

Other interviews:

• - the head of the company "Personal Advisor" on how he distributes his personal money and the role of intuition in investments
• — founder of the company "Personal Capital" about investing in hedge funds, exchange-traded funds, mutual funds and much more
• — Vice-President of the Golden Mint House on investing in gold investment coins and in general precious metals