Does anyone know if the Wealthy Barber was released in the UK with information relevant to residents there? I looked on the WH Smith website and it lists the book, but I can’t tell if it’s an import or not.
Secondly, do any financial institutions offer mutual funds (particularly index funds) of any kind there? More than a few people I spoke to there had never heard of them. What about taxes, do they have any sort of tax free plan such as the Canadian RRSP or would it all be taxable?
I want to give my sisters kids the book and some money each to start out if possible…
I think you would need to be looking at ISA plans.
One problem in the UK is that we tend to confuse saving with investment, so you will see financial product advertised in a way that makes them seem like fairly risk free, when they are based upon unit trusts or some such and hence carry stock market risks.
ISA’s are much too clever for me to explain, but they amount to a way of investing by using tax free income and gains from them are also tax free.
The amount that one person can invest in them is subject to fairly complex rules, I’d suggest you do a search on them, you will be inundated with information.