Tag: financial planning

For many years, the concept of self-made success was considered by many to be the ‘making of the man’, with each generation expected to prove their self-worth by being at least as financially successful as the generation before. However, the adage of shirtsleeves to shirtsleeves in three generations continues to this day, with a recent Harvard Business Review article by Stark and Foley finding that 70% of wealthy families studied lost their wealth within the second generation, and 90% within the third.

Like it or not, money lies at the very core of modern society. When considering financial wellbeing as the balance point between life hurdles or hardships and comfortable adjustment, the importance of money matters is apparent, explains psychologist Dr Erika Hitge.

Conversations around black tax – the obligation placed on those who achieve a degree of financial success to provide for their extended families and communities – need to be centred around families rather than individuals. Frank conversations that involve clearly communicated boundaries are imperative to dealing with the emotional aspects of money management.

There are tens of thousands of financial advisors in South Africa, but there is considerable variability in the quality of advice they offer. Many will focus on investments and other financial products you may need, but a good advisor’s role is a more demanding one.

Taking control of your financial health through effective budgeting can be beneficial and liberating. By creating a budget and smartly managing your expenses, you can ensure that your hard-earned money lasts longer and works towards securing a prosperous future.

We urge government to fast track professionalisation of local government finance units. This follows the Auditor-General (AG), Tsakani Maluleke’s presentation on the 2021-22 Local Government Audit Outcome to the Standing Committee of the Auditor-General (SCOAG) on Wednesday, 31 May which continues to reflect poor audit outcomes as a result of poor financial planning, inadequate financial controls, skills and capacity, governance and accountability.

Purchasing a home is one of the most significant financial decisions most people make in their lifetime. This requires careful consideration and planning, especially in today's economic climate, where interest rates are skyrocketing, and income is not set in stone.

The importance of planning your finances to ensure that you protect your family’s future for a time when you or your loved ones won’t be around anymore is immeasurable. We believe in integrated advice, and one needs to consider the importance of protecting their family should the worst happen.

Many people say that the key to a good relationship with your partner is practising honesty and open communication, and this also applies to money matters. Many people struggle to talk about finances with their partners, which isn’t surprising as money is one of the most common reasons long-term relationships end.

Looking at global news headlines, we are inundated with negative news – from concerns about the war in Ukraine, the possibility of a global recession and uncertainty about the future of global inflation and interest rates. Locally, things appear equally uncertain and gloomy.