Here are further four actionable steps to enhance your financial health: 1. Focus on the future Owning your financial future starts with a solid savings and investment plan. Even modest, consistent contributions can lead to significant results over time. For example, contributing R100 monthly to a retirement annuity starting at age 22 could grow to R2.5m
Here are further four actionable steps to enhance your financial health:
1. Focus on the future
Owning your financial future starts with a solid savings and investment plan. Even modest, consistent contributions can lead to significant results over time. For example, contributing R100 monthly to a retirement annuity starting at age 22 could grow to R2.5m by the age of 70. Waiting until age 32 reduces this to R700,000. Regardless of the amount, the key is to start now.
2. Protect your income
Your income supports your lifestyle and financial commitments. Ask yourself: Would you be able to afford essentials like insurance premiums, household expenses and school fees if your income suddenly stopped? Income protection ensures you can meet financial obligations during periods of illness or disability when you are unable to work.
3. Plan for your passing
A will is essential for ensuring your assets are distributed according to your wishes. Without one, the state will make these decisions, and your loved ones might not benefit as intended. Keep in mind that even with a will, bank accounts may be frozen for years while your estate is finalised. To alleviate this burden, a life insurance payout can provide your dependents with a steady income to cover bills and expenses.
4. Partner with a professional
A certified financial adviser can be an invaluable partner in your financial fitness journey. They can suggest tailored savings and investment plans, help you select the right products for your specific needs, and guide you in managing risks effectively.
Beattie concluded that: “Your journey to financial wellbeing starts today. With determination, the right strategies, and an adviser at your side, you can begin building a more secure future right now.”
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Original Story by www.sowetanlive.co.za
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