I have been in the financial services industry for a number of years now, and have encountered many different people, from all walks of life. Naturally, I have a few tales to tell. One particular encounter will remain with me forever. It was not a happy one.
I remember visiting an 85-year-old who had worked as a teacher. Her sole asset was her home in a rundown part of Goodwood. To make ends meet, she had sold her refrigerator, and on her kitchen counter was a tin of dog food. Continue reading
It always takes me by surprise when I find out just how long people manage to live with their money worries before seeking help. It’s almost as though they’re hoping their financial issues will be resolved automatically.
A financial advisor, or in more serious cases, a debt counsellor, should be able to help. After all, this is what they are trained to do. Naturally, as with any other service, there will be a cost involved. However, potential clients often balk at the cost, and choose to muddle on by themselves. Usually to their own detriment. Continue reading
As a somewhat public figure, I find myself fielding questions of a financial nature at the most random times. The latest one went as follows:
Question: Why is it so difficult to buy a second property? Continue reading
At a recent conference for self-employed accountants, someone asked, “Can you afford to live to 100?” Immediately they began looking up life expectancy figures, and concluded that the question was moot. What they did not understand is that life expectancy is increasing and in about ten years, the age in question may very well be 110. Continue reading
At a recent CCFM event, someone asked me whether I had ever been sued by insurers for my extreme statements.
Insurers do not always respond in a responsible manner when they first get a complaint and, over the years, I have taken about a dozen cases to the ombud. The outcome was favourable in each instance.
Here are some of my recent fights. Continue reading
At 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
Advertisers have conditioned clients to focus on costs, which is generally a good idea. However, sometimes that is the wrong focus point.
For instance, if a short-term insurer promises the cheapest rates for cover, clients could be tempted to sign up without realising why their premiums are lower. Continue reading
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
When it comes to retirement planning, the focus usually centres on savings and the accumulation of assets. The assumption is that when you plan for retirement, your only
concern should be replacing your salary with a pension.
I think there are five equally important challenges to consider:
In 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