Common financial mistakes in your thirties

Saving in your thirties becomes increasingly difficult as your financial responsibilities increase. However, sound financial decisions during this phase of life can have profound benefits at a later stage. Here are some common financial mistakes to avoid: The first is failing to draw up a budget. A proper budget is the starting point of all financial discipline and should be physically written down for later reference. Include your partner in this process as it is important to ensure that you are both on the same page. The second mistake is do too much too soon. Before investing you need to […]

South Africans lack confidence when it comes to finances

Most South African consumers feel challenged by their finances, with relatively few saying that they are highly successful at sticking to their financial goals or are knowledgeable about financial matters. This was revealed when the Financial Planning Institute of Southern Africa (FPI) conducted a nationwide survey, in conjunction with the Financial Planning Standards Board (FPSB) and a global research firm (GfK), to determine South African citizen’s financial attitude compared to that of the average global citizen. Both primary and shared household financial decision-makers were surveyed, 19,000 participants from 19 countries around the world, the results revealed the following key findings […]

Retirement doesn’t happen at 65…

Retirement planning is only one component of a holistic financial plan and although retirement has a higher probability than all the other risk areas, this is the area we find people being the worst prepared for. Retirement doesn’t happen at 65… it happens when you make it happen! Planning for retirement is much like planning a flight in a light aircraft. Before you embark on this journey you have to check if your aircraft is in a good enough condition to make the trip, what the weather conditions will be like so that they can be used to your favour […]

Retail Distribution Review – Prepare for advice fees

For the first time in South Africa, financial advice is set to become a billable service. Known as the Retail Distribution Review (RDR), the first phase will be implemented later this year (2016), introducing some significant changes for both consumers and financial advisors alike.As with all change, some sound preparation and a positive outlook will make for a smoother adjustment. One of the main changes in mindset is to accept that making direct payment for financial advice is fast becoming a reality.RDR forms part of the Financial Services Board’s (FSB) framework that seeks to ensure fair outcomes to customers and […]

Three Trends set to Shape Professional Industries

I found a great article talking about some of the major themes that are predicted to influence professional industries this year. A big part of running a successful business is staying up-to-date with current trends that are affecting the marketplace.Here are three trends that are set to be prevalent this year:Trust as the key competitive advantageIt is said that no publicity is bad publicity, however that was before the dawn of the internet. The value of trust is increasing in all aspects of business and marketing. Nowadays, through digital media, there’s a far wider range of reference point to decide […]

Another 5 Financial Reflections for 2016

Looking forward to another year of financial success means embracing monetary mistakes of the past. More importantly, you need to be honest with yourself about where you currently are and where you want to be. Here are another 5 Financial Reflections from 2015, for 2016: Don’t let yourself be pressured into buying designer goods Branding is such a huge part of the modern consumer society, yet there are generic products that deliver exactly the same level of quality. Buying high-ticket items might make you feel good about yourself in the short term, but in the long run your frugality makes […]