Funding life’s uncertainties

Emergency fund lending moneyAt Northwood Financial Services CC, we encourage our clients to have a diversified portfolio of assets. One of these assets we refer to as an Emergency Fund.

An Emergency Fund, as the name suggests, is used to cover any expense that you haven’t budgeted for. Such as car or home repairs, holiday spending money, a deposit on your next property or even retrenchment. Continue reading

When education is a waste of time

Education a waste of time?The South African Qualifications Authority (SAQA) is the official body that oversees the
development of the National Qualification Framework (NQF) in South Africa. The NQF is the system we use to determine different levels of academic achievement.

Registered training institutions offer programmes that provide specific, quality  outcomes. Doing a registered course also means that your qualification will be recognized by employers, in South Africa as well as other countries. Continue reading

One size does not fit all

women independent financial securityIn our country, financial planning is seen as gender neutral. The reality is that men and women are often not on an equal playing field and this approach can have serious consequences.

Generally, women live longer than men. This means the effects of inflation have a bigger impact on their retirement income, which is particularly concerning because women do not always earn the same as their male counterparts, which effects the amount of savings they are able to accumulate. Continue reading

Shoddy Short-Term Cover

Car insuranceDealing with insurance companies when trying to settle a claim is a nightmare many of us can attest to. The experience leaves many clients disillusioned, and they tend not to involve their insurers if the damage to their property is minimal.

In two recent incidents, involving MiWay and Auto & General clients, the claimants had no choice but to claim. The accidents were caused when they were rear-ended while stationary at a traffic light. They had done nothing wrong. The vehicles were towed to these insurers’ approved panel beating workshop after the collision. Four weeks later, repairs still hadn’t started on either vehicle. Continue reading

Financial Planning for Women

Financial planning for womenMost women take on the role of caretaker in their family unit. This makes them more inclined to tend to everyone else and their needs first. Often to the detriment of their own.

One area that sees the most neglect is financial planning. When analysing a married couple’s Financial Needs (FNA), a good financial planner will work on the assumption that the marriage will end, whether because of death or divorce. Both these outcomes must be taken into consideration. Unfortunately, the female often comes off as second best. Continue reading

Knowing when to ask for help

House soldAt Northwood financial services we have a panel of dedicated professionals that assist us and our clients with a host of different issues.

Recently I received an email from a home-owner. Having sold his property, he is now struggling to get occupational rental from the buyer who had taken early occupation. In this instance, it is much harder to help. Continue reading