Small means big with shares
HOW would you rather be paid for a months work: Either £1000/day or 1p on your first day, with the rate doubling each day?
According to farm business consultant Lynaire Ryan, the second option will yield £10.7m for a months work. "This demonstrates the phenomenal power of compounding. Small amounts of money will snowball into large sums when sensibly invested over a period of time."
Shares are Ms Ryans primary tip for off-farm investments. They provide high returns over the long term, require little time input and small amounts can be invested.
But before readers rush out to buy shares, there is a warning. "Do not take your eye off your core farm business.
"Focus on maximising returns from the farm and direct free cash into consistent high performance investments, returning more than 15%, with a low level of risk.
"But also spend a considerable amount of time learning – one year – before making your first investment," Ms Ryan added. *