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When financial plans focus on a client’s personal goals instead of arbitrary benchmarks, it creates motivation and satisfaction. For these reasons, and because many investors appreciate the level of personalisation of goals-based financial planning, this approach is gaining popularity.
Goal setting is something we learn about in school and most people find the concept quite boring. However, when it comes to your personal finances, goal setting is one of the most important and useful activities you can do.
In this article, we take a look at the role a financial advisor plays in working towards and achieving financial independence in today’s difficult economic climate.
Growing up we’re told that we need to save money so that one day we will be financially independent. However, there is quite a bit more to it than just saving money for a rainy day. In this article, our financial advisors in Johannesburg have put together some of their expert tips for becoming financially independent.
Spending money on basically anything because you ‘simply can’, is one of the reasons why I believe most young adults are constantly in debt. Being controlled by social media and trying to stay on trends often leads most of us to living beyond our means.
Unfortunately, debt does not simply dissolve after you die. In fact, everything you have left to your name after you pass could be used to settle outstanding debt. What’s worse, in addition to mourning your passing, your loved ones may be faced with paying your outstanding debt if you have not taken the necessary steps to protect them.
Getting out of debt is not an easy task but, with hard work and commitment, it can be done. Our financial advisors in Johannesburg know that debt can be a slippery slope and, therefore, we offer debt management as one of our financial services.
When people talk about credit cards, there is often a lot of uncertainty that surrounds the topic and understandably so. They are a tricky thing to understand and, if not used wisely, can result in overwhelming debt. However, there are some benefits of a credit card which our financial advisors came together to discuss, and we will share them in this article.
The general rule with spending money is that you should only spend what you can afford to spend, on things that you really need. And, if you cannot afford to buy what you really need right now, take a few months to save up for it, rather than taking out unnecessary credit.
Although not all debt is bad, it’s important to know that even good debt can become bad if it’s not managed smartly and you cannot afford to pay it. The unfortunate reality is that South Africa is one of the countries with the most debt in the entire world. What’s worse is that South Africans tend not to save much either.
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