Financial Planning

Are you a financial prisoner?

We’ve all been there before, haven’t we? When money is tight and no financial plan is in place, we end up making desperate decisions. We abandon our budgets, dip into savings and max out our credit cards. And even with the best intentions of fixing things the following month, the situation often spirals even further.

Simply put, it’s in times like these that we become prisoners to our money, and unable to live life with financial confidence and freedom.

On a psychological level, money can be a trigger for depressive episodes. According to UK-based Mind, financial troubles can cause depression, anxiety, and even affect your sleep, relationships and social activities. In short, it can rob you of happiness in every sphere of your life and strip you of living life with confidence. When we look at statistics from South Africa for instance, it’s clear that the stress is real for many ordinary households:

Many South Africans are spending up to 75% of their take-home pay on debt.
Up to 55% of South Africans are unable to manage their debt.
70% of South Africans don’t have a legitimate will and testament in place.
Almost 50% of South Africans have no plan in place for a comfortable retirement.
27% of South Africans have no emergency funds or savings in place.

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How to reach financial confidence and unlock personal freedom.

According to the leading resource guide in mental health, HelpGuide, the vast majority of people from every walk of life experience some degree of financial stress. So if you’re feeling overwhelmed, worried or just generally depressed about money, it’s important to remember that you’re not alone. The good news, however, is that there are practical ways to unlock financial confidence, and by extension, enjoy a greater sense of personal freedom.

Start with education: according to Forbes, unlocking financial confidence and well-being starts with the basics of financial literacy. From good versus bad debt to budgeting, and everything in between. It’s important to fully grasp important terms to better understand where you are in your financial journey and what your next steps should be.
Identify your personal goals: it’s so much easier putting a solid action plan in place if you know exactly what it is that you want and where you’re heading in life. According to Investopedia, not having financial goals in place leads to spending money unnecessarily and causes real crises when life throws you with unexpected curveballs.
Speak to an expert: seeking the help of a trusted financial adviser ensures that you have peace of mind, especially when it comes to important (and more complicated) things, such as investing and retiring. As Smart Asset points out, a financial adviser also empowers you to make the best decisions when it comes to your children, building wealth, divorcing, as well as getting your affairs in order for the day you’re no longer there.
Trust the journey: the road towards financial confidence and freedom can feel a little difficult in the beginning. Sometimes the journey can include uncomfortable sacrifices or changes, but if you’re informed with basic knowledge and have spoken to a financial adviser, you can rest assured that it’s all worth it. The results will speak for themselves one day. It’s all about trusting the journey.

Your go-to resources for financial confidence and freedom

The renowned American boxer Joe Louis once said, “Money can’t buy you happiness, but it does quiet the nerves.” This is, in part, what financial confidence is all about. It’s not necessarily about finding happiness through money, but rather about using it wisely to quieten fears and provide security.

For the basics of financial literacy, read through this free, downloadable guide.
To stay on top of financial trends, listen to this podcast. Here you will get the latest insights into the world of finance, with insider tips on thinking wisely about money.
Speak to a skilled and trusted financial adviser, who can assist you in everything you need to know from the basics of monthly budgeting to planning for retirement.

Looking for expert advice?

Speak to a financial planner

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