August 26, 2024

The Dangers of Single-Spouse Financial Planning

The ability of families and retired couples to plan effectively to protect their financial future can be hampered when just one person is entirely responsible for all financial matters. Our team routinely consults with clients who are surprised—or even bewildered—when they find themselves to be the surviving spouse following a partner’s death. Particularly with the older Baby Boomer and Generation X population, financial affairs are managed solely by the husband, although this is less the norm with Generation Z. As it is statistically proven that most women outlive their husbands, leaving them out of important financial matters—particularly those specific details […]
March 22, 2024

Why Honesty Is the Best Policy When Dealing with Your Financial Advisor

The foundation of any relationship with a financial advisor is built on trust and transparency. Clients are expected to share intimate details about their financial lives, similar to how one would discuss health issues with a doctor. This level of openness ensures that advisors can provide tailored advice that accurately reflects the client’s financial health and goals. Shared life stages and understanding A unique aspect of the client-advisor relationship is the mutual understanding that can develop, especially when both parties are at similar life stages. This common ground facilitates discussions that are not just transactional but also empathetic, taking into […]
March 22, 2024

Three Innovative Approaches to Boost Your Retirement Savings

Retirement planning is absolutely key to your financial well-being, but let’s face it, as those golden years inch closer, a lot of us start to worry if what we’ve saved up is really going to cut it. Sure, sticking to the tried-and-true savings plans is essential, but why not think outside the box a little? There are some pretty smart, yet less traditional ways to beef up your retirement savings without taking on too much risk. Let’s explore three creative strategies you might want to consider: Leverage your annual leave Strategic use of leave days: In the corporate world, senior employees […]
March 18, 2024

Essential Financial Lessons Every Parent Should Pass Down

It’s true; financial literacy is as crucial as academic education, and many of us find ourselves reflecting on the lessons we wish were imparted by our parents. Growing up in South Africa, where economic challenges and opportunities coexist, understanding money management from an early age could have set a solid foundation for personal financial success. Here, we delve into the core financial concepts and practices that could significantly alter the course of our financial journeys, emphasising the importance of teaching your children basic financial concepts. Teaching your children basic financial concepts By engaging in open conversations about money, setting a […]
March 18, 2024

Maximising Wealth, Minimising Tax

A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably—to live confidently, knowing that there are enough funds available to cover your basic needs. Making regular contributions to a retirement annuity (RA) and supplementing it with a tax-free savings account (TFSA) can be an effective way of getting there. The golden thread: Cashing in on the tax benefits RAs and […]
January 18, 2024

Overcome Your Shopping Addiction

Shopaholism, or compulsive shopping, is a behavioural issue that has become increasingly prevalent in the era of easy online shopping access. While it may seem harmless initially, shopaholism can quickly escalate, significantly affecting an individual’s life in various negative ways. Can shopaholism be considered a real addiction? Shopaholism or compulsive shopping is recognised as a behavioural addiction. It shares many characteristics with other addictive behaviours, such as an inability to control the behaviour, continuing the behaviour despite negative consequences, and experiencing withdrawal symptoms when attempting to stop. The negative impacts of shopaholism Shopaholism often leads to severe financial instability as […]
October 5, 2023

Smart budgeting tips to make the most of your income

Have you ever found yourself puzzled by your bank statement, wondering where all your money went? Those daily coffees and occasional treats can add up faster than you think. The good news is that you can regain control of your finances and start living within your means. It’s not just about creating a budget; it’s about sticking to it. In this article, we’ll walk you through the process of how to create a budget and provide practical tips to help you stay on track. Understanding your spending habits Many of us avoid looking closely at our spending habits because we […]
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