Michael Stanhope – Think Long-Term When Building Your Investment Portfolio

BIO: Michael Stanhope is the Founder & CEO of Hubbis, a leading provider of content and learning solutions for Asia’s Wealth Management & Private Banking Industry. The company has a business in Hong Kong and Singapore and operates across the region.STORY: Michael has made several investment mistakes, each caused by taking a short-term view on his investments as opposed to thinking about them in the long term. He shares a few of these investments gone bad.LEARNING: Think long-term when building your wealth. Get a qualified financial advisor to help you create a diversified long-term portfolio. “People need to educate themselves around the concept of investing, and thinking about the long term, financial planning, and wealth management.”Michael Stanhope Guest profileMichael Stanhope is the Founder & CEO of Hubbis, a leading provider of content and learning solutions for Asia’s Wealth Management & Private Banking Industry. The company has a business in Hong Kong and Singapore and operates across the region.Michael has an extensive background in financial services in Asia, Europe, and North America. He has been in Asia-Pacific since 1995, first in Hong Kong, then in Sydney and Singapore, returning to Hong Kong in 2007, and now is in Vietnam.Worst investment everMichael got a mortgage at the age of 23 and bought himself a house in Earlsfield, near Wimbledon. He paid 92,000 pounds for this house.Selling too fastA few years after buying this house, he decided to sell it. He was now living in Asia, and so it made sense to sell. He sold the house for 150,000 pounds. At the time, he thought he was smart for making money on the house. Now, when he reflects on that decision, it was not so smart because he sold it too fast. The home is now probably worth a million pounds plus. If he had held onto it, he could have been able to rent it out for a significant amount of money.Compounding his mistakesMichael went on to make other short-term investment decisions. He would buy houses and even businesses and sell them soon after instead of sticking at it for the long term.Lessons learnedThink long-term when building your wealthHave long-term objectives around building your wealth, or generating income, or whatever it is you’re trying to achieve.Get professional helpGet a professional financial advisor who is licensed, qualified and capable to help you especially, when it comes to taking a long-term view. Let them help you map a long-term view of the investment objectives that you have.Andrew’s takeawaysBuild a long-term portfolioSet a long-term goal and try to build a long-term portfolio first, then take a portion of that, as you built it up, and use some of it for short-term investing.Actionable adviceWhen investing, take a long-term view, diversify your portfolio, and save regularly. Also, if you have kids, have conversations with them about money, financial planning, and investments.No. 1 goal for the next 12 monthsMichael’s number one goal for the next 12 months is hopefully to survive the next nine months in this more restricted format in the hope of getting back to something resembling normal. He hopes to get back to enjoying personal interactions soon. [spp-transcript] Connect with Michael StanhopeLinkedInTwitterWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast