Wrexham Business Week: 'How can I make a lot of money quickly?'

THE question everyone wants to ask financial expert Justin Urquhart Stewart is: “How can I make a lot of money, quickly, and where can I put it to get a fast and vast return?”

His answer is simple and straightforward, although initially disappointing: “There is no magic stone you can rub – the only way to make money is by hard work and by dull, old-fashioned compound interest.”

The good news is, Justin believes that the people of Wrexham have a head start:
“People in Wrexham are used to working hard, used to spending their money carefully, good at saving, and good at working together as families and as communities. You only have to look at the coal miners – they worked hard, they avoided debt, they saved as families.

"That’s what people in Wrexham have been doing for generations, and that’s what we all need to do now, apply good old-fashioned Welsh family values, reduce our debts and build our money for the long term.

“Even if you only get a return of two per cent on your savings and investments, thanks to compound interest, year on year it will grow. Interest rates will eventually rise, and an interest rate of seven per cent would enable you to double your original investment at the end of 10 years.

“It’s vital to look after our family finances. We can’t rely on any government of whatever party to look after us in old age.

"We have to work together as families and build money for retirement, and to pass on to future generations. It’s important to educate our children about money and investing for the future.”

Justin practices what he preaches and visits schools to talk about the importance of savings, investments and pension funds, and the benefits they bring.

Even with his infectious enthusiasm for the subject, and the lively way he talks about financial matters, it’s hard to believe that even Justin can stimulate young people to start pension planning.

He laughs and agrees, but adds: “That doesn’t mean we shouldn’t give them the information. Young people need to know about money – at the moment many are leaving university with a massive debt of £30,000.

“We have a family trust that supports education in other parts of the world and my daughter is a trustee. She can’t benefit financially from the fund herself, but she’s involved in decision making on how we grow the fund, and what we spend it on. Any family can do this, or any community – get together and give something back.

“This is something else that you’re particularly good at in Wales – working together to preserve your heritage, to provide amenities, to make your communities better places.”

When it comes to business, Justin also sees many reasons why Wrexham has a competitive edge: “You’ve got a tremendous industrial heritage, you’ve got a direct rail service from London now, and sterling is weaker than it’s ever been, which makes it a great time to attract visitors to Wrexham.

"You should have special weekends where the train journey is part of the break, it might not be a fast train, but that means there’s time to serve a good meal, where you could feature local produce – use the train journey to promote your local food producers.

"There’s lots of heritage and superb scenery to explore – and the great thing about Wrexham is that people smile and make you feel welcome.


“Another benefit that you have is that Wrexham is a base for a lot of small businesses, and small businesses are able to be dynamic and flexible. We’ve lost some major, global companies in recent times, which is sad – but the dinosaurs didn’t inherit the earth, the small mammals inherited the earth, and it’s the small businesses that will succeed in the future.

“Manufacturing has moved to China. We have to accept that. But what we are good at in the UK is ideas, research and development. Wrexham should play to its strengths – develop tourism, support small businesses and encourage the growth of high-tech industries, specialist engineering and IT.”

If Justin Urquhart Stewart’s optimism and energy could be bottled, then he’d make a fortune, but it’s an optimism that is grounded in well-informed common sense. As Wrexham faces up to the impact of recession and looks for opportunities to develop its businesses and create new employment opportunities, his visit to Wrexham Business Week is a well-timed and welcome one.