Advise For Millionaires

[homerenter]

Advise for millionaires ... money psychologist Christine Thompson-Wells says "if I came into a £1m next week, I would go out and buy four £120,000 one-bedroom flats or properties in London or somewhere like Hertfordshire or Berkshire"

http://www.bbc.co.uk/news/uk-12058218

She runs workshops for £440 where you can get more quality advice like that...

http://www.christinethompsonwells.com

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[homerenter]

But she's already been bankrupt so maybe not the best person to give financial advice.

http://www.tvtalentsupermarket.com/prods/97.html

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[Bruce Banner]

"For what it's worth if I was in the UK and came into a £1m next week, I would go out and buy four £120,000 one-bedroom flats or properties in London or somewhere like Hertfordshire or Berkshire.

"That could bring in up to about £4,500 in rent a month. Whether that's something you could retire on is up to you," she says.

I make that just over 11% yield .

[(Blizzard)]

But she's already been bankrupt so maybe not the best person to give financial advice.

http://www.tvtalents...m/prods/97.html

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She claims 4 x £120k returns 4500k/month, or 11%/year.

Actual return on my 1 bed flat in London < 3%/year.

Inflation >3%/year.

This time next year Rodney.

EDIT: Scooped!

Edited December 24, 2010 by (Blizzard)

[Bruce Banner]

She claims 4 x £120k returns 4500k/month, or 11%/year.

Actual return on my 1 bed flat in London < 3%/year.

Inflation >3%/year.

This time next year Rodney.

Yup, BBC have excelled themselves on this one .

[dubsie]

Much better just to invest it with your bank, it would pay you over 40,000 a year

[R K]

'money psychologist' ??

Does that mean she has a Financial Services degree? Professional qualification to give financial advice? Is regulated by the FSA to sell financial advice? Has any financial qualifications at all outside of floristry?

Where on earth did the BBC get someone like this from to drop into one of their 'get into buy to let' articles?

Is she a personal contact of the article author? Has he/she piad £400 for one of her course?

Is their no editorial control whatsoever at the BBC?

BBC Radio seem to like her - alot!

Media CV - interviews / live links

BBC Radio Stoke

BBC 3 Counties Radio

BBC Radio Berks

BBC Radio Cumbria BBC Andover Sound BBC Radio ManchesterBBC Radio 5 Live - live interview

edit: Some priceless gems in this Mirror advis(sic)e article

http://www.mirror.co.uk/advice/money/2009/04/28/twenty-one-ways-to-earn-extra-cash-115875-21313658/

Sell your old cds and or old mobile phone - There's advis(sic)e worth paying for!

Edited December 24, 2010 by Red Karma

[Guest_FaFa!_*]

'money psychologist' ??

How dare you doubt her? She is also a trained florist!

Christine grew up in London, where on leaving school, trained as a florist. She moved to Australia in the late 60's. For most of her life, she lived in the capital, Canberra. She has owned and run florist businesses, established a vocational school, the Floral Art Guild and during her time as a florist, became the nominated florist to the Prime Minister and his wife at the Prime Minister's Lodge, Canberra. While her children were small she went to university where she majored in psychology. It was the experience of a recession, while in her last business, that brought her back to the UK; the experience completely changed her life and career. She loves her work as an author, mother, teacher, wife and business woman but the thing she most enjoys is spending quality time with the family and in her quiet time, painting large pictures of flowers.

http://www.christinethompsonwells.com/

Cracking!

[blackgoose]

If I could get 11% yield then (ignoring concerns about short term house price depreciation) I would invest the full million and borrow much more from the bank.

Her advice is inaccurate and on that base of inaccuracy is far too timid.

[homerenter]

> her advice is innaccurate

Her youtube videos feature "twigs in a vase" so she must know a thing or two about property prices...

and she's got a house to rent at £2250 so she's practising what she preaches...

http://planet-press.org/house.html

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[porca misèria]

Funny, must've missed that when my income was £5-6 million per month.

£ being Italian Lire, of course

[happy_renting]

Brilliant. The BBC must find it difficult finding a genuine financial adviser or qualified paychologist. Never mind, a failed florist will do.

Reminds me of when i was sitting outside a Surrey pub one sunny afternoon last year. Some **** drove up in a silver Smart car with 'Lifestyle Consultant' and a website URL plastered on the side of the car. Out he got with a blonde bimbo in tow (or maybe she was the 'consultant'). Everyone in the pub garden p***ed themselves laughing so they flounced back to the Smart car and drove off.

Edit: Correction, she has a teaching degree and majored in psychology. So she is a psychologist, well qualified to provide advice on investing in property.

One of her pearls of wisdom:

"Her books are an enlightening approach to Money Psychology, '...without psychology, money would not work at all...' she says."

*facepalms*

Edited December 24, 2010 by happy_renting

[Redcellar]

But she's already been bankrupt so maybe not the best person to give financial advice.

http://www.tvtalentsupermarket.com/prods/97.html

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That's hilarious.

The day I start taking financial advice from someone who couldn't manage their own affairs, is the day I deserve to be shot.

What next, the Robert Maxwell school for swimming?

[Papa Serf]

Like others have said, her expectations are ludicrous.

£200,000 flats in my area only gets about £800 per month rent.

What an utter load of b0ll0ckxs

[Cinnamon]

Advise for millionaires ...

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[thecrashingisles]

She's clearly just a hardcore HPCer who insists on referring to a flat that costs £300k by its true value.

[NEO72]

Is it worth complaining? Who would you complain to? Think someone here had some success doing similar recently. Sounds like this is grossly misleading 'advice' - does anyone have any hard facts re yields in the S.E. to send with the complaint which counter her claims?

[Bloo Loo]

shurely she could buy EIGHT flats for 120,000 if she won a million.

or maybe shes not so shure.

[A.steve]

If I had a million, I'd only put 50% into real-estate, too. I'd buy 50 luxury 4-bed penthouses in Mayfair for £10,000 each.

It's a buyer's market, innit?

[Bloo Loo]

If I had a million, I'd only put 50% into real-estate, too. I'd buy 50 luxury 4-bed penthouses in Mayfair for £10,000 each.

It's a buyer's market, innit?

I dont think you can have more than 4 houses in Mayfair....youd need to buy a hotel.