When was the last time you reviewed your nominated beneficiaries? This is one of those things that we don’t really give much thought to.
Certain life events such as marriage, or the birth of a child, often come and go without us giving any thought to who would benefit from our Financial Planning. Forgetting to update a policy or plan could unintentionally create hardship for your loved ones.
Have you ever considered giving yourself an annual gift?
Or maybe a monthly one (on a smaller scale)?
I have a relative who has a very limited budget, but once a month when she achieves her goal, she treats herself by driving to the beach and ordering the biggest ice cream cone she can find. She savours every mouthful while listening to her favorite Gospel singers. If she feels really good, she will even sing along with the noisy gulls while they beg for food. Two slices of bread encourage them to stay close by.
Store Branded Credit Card
A large SA supermarket is about to launch a Store Branded Credit Card.
Existing loyalty card holders are contacted by telephone, and after a short telephone call are invited to apply for a Credit Card. Sounds like a good deal! So why am I nervous?
Clients are often confused by the various grand job titles used by consultants. Here is a simple explanation of who is who in the zoo.
1. Does their business card display an insurance company logo?
If YES, they represent a single company and the product they sell comes from their employer. Continue reading
Members in the financial planning and advisory industry have two different means of earning an income.
The industry standard – appropriated by most financial planners – is a commission-based model. With this, the financial consultant meets with the client, assesses the client’s needs requirement and then suggests and sells various policies to them. As the financial consultant works on a commission-based model, they will not earn an income in the event that no sale is made on behalf of the client. With this, there is a more aggressive approach to the selling of policies, and more often than not, the client will be heavily encouraged to buy a policy.
Earlier this year, we welcomed two new students from CPUT into the Northwood Financial Services cc family.
This is Naledi Loni’s recap of her internship thus far.
Getting married and starting a life with the person you love is a marvellous new chapter to begin, unfortunately, most marriages do not last. The divorce rate has increased by 5% and statistics from 2012 show that of the 161,112 marriages that took place in South Africa, 22,000 of those marriages resulted in divorce.
In most instances, the wife almost always ends up in a position of disadvantage. After experiencing a divorce, she will be forced to deal with emotional trauma and extra financial implications, and too, face the challenge of dealing with getting herself back to where she used to be and figuring out where she wants to be. Continue reading
Is all debt bad? To answer that question, we need to consider two concepts:
- What is the cost of debt?
- What is the reward to be gained as a result of that debt?
If you are prepared to enter into debt to purchase a pair of shoes valued at R10 000, the reward will be that you are the envy of many of your friends. Is this reward worth R10 000, plus interest on the debt? Continue reading
I have held a Private Banking account with a large South African bank for the past 24 years. Although this is an expensive account to have, I am provided with a Private Banker – which is one of the main benefits of private banking. However, after a long time of holding the account, I have come to the conclusion that for me, this is no longer good value for money.
My main concern is the overall lack of communication with my Private Banker. Whenever I try to phone her, I am met with a voicemail message which instructs me to contact her assistant. When trying to phone the assistant, who also doesn’t answer the phone, I am redirected again to the Call Centre. Here, after spending very long periods of time moving between the switchboard and related prompts, I am told to contact my Private Banker.
The cost of education in South Africa is at an alarming all-time high, and these rates are not showing any sign of decreasing in the near future. Budgeting for your child or children’s education is imperative, and need not be too much of an overwhelming task.
We suggest seeking the assistance and guidance from a trusted financial planner to set a long-term strategy in place through the use of carefully considered unit trust funds.