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financial planning

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Understanding The Financial Stages Of Life

Money is an intricate part of all our lives. Fortunately, financial freedom provides you and your family with the liberty to live securely.

Despite this, most of us know very little when it comes to money. Many of us are not properly educated when it comes to handling finances. The majority of graduates go into the workforce not knowing the importance of setting financial goals.

As your life changes so should your money. Different life stages call for different aspirations and different ways to manage your finances. Here, we aim to equip you with basic knowledge on how to handle your finances according to your life stage.

Entering The Workforce – Get Started Early

Female graduate holding degree scroll

It is important to take steps towards better financial literacy while you are still in your early career years. Create a realistic budget and begin tracking your expenses monthly. If you have any debt make paying it off a priority.

Building a good credit history while you are in your 20s will make your life much easier in the future. A favourable financial standing will make it simpler to purchase big assets such as a car or a house five to 10 years from now.

It might seem premature but the sooner you start planning your retirement the better. This ensures that your standard of living stays the same in your later years.

How To Start Your Financial Journey

Woman leaning against a wall

Achieving a well-formulated estate plan in your early years can seem overwhelming. But, it doesn’t need to be.

It is important to recognise products that can help you gain long-term financial success. Here are a few things you should be doing with your money in the early stages of your career:

  1. Start saving – build your finances when you are still young.
  2. Avoid debt where possible.
  3. Don’t overspend – make a habit of living within your means.
  4. Start planning for retirement.
  5. Get disability insurance.

Partnering with a reliable financial service provider, like our team at Maysure Financial Services, can help you plan for your future. Find someone you trust to help you get started on your money journey.

 Planning Your Family Finances

Young family playing on floor

Settling down and having a family comes with greater financial responsibilities. More people depend on your income at this stage in life (spouse, children, among others). Protecting your income becomes more crucial than ever. 

While saving is always a necessary goal, the majority of your investments should go towards safeguarding your family. One particularly useful tool for this is life insurance. Life insurance can save your family the heartache of financial hardship in the event of an unexpected death.

Purchasing health insurance and disability cover is also a good step in this stage of life. The worst can happen when you least expect it, and you need to be covered for any possible incident. Financially securing your health and wellness will allow you to rest easy in the event of crippling disability or illness.

Another crucial element of your financial plan is your will. At this stage of your life, a will helps make sure that your assets are divided in a way that suits you and your family’s best interests. It also plays a vital role in naming your children’s guardians in case you are unable to raise them.

Business Insurance

You may be planning to take a step in a different direction by starting your own business.

This process can be nerve-wracking and you may be challenged regularly as you bring your idea to life. Be careful not to let a heavy workload keep you from protecting your start-up. 

Business insurance should be the first step you take. This insurance is the first priority and should come before you purchase the business essentials. Your business is an asset and its protection is key in protecting your future financial earnings.

Taking Care Of Your Retirement Years

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In the years approaching retirement, the more you accomplish the better. You don’t want to be in a position where you have to extend your time working after the normal retirement age.

Your pre-retirement years should prioritise the stabilisation of your finances. This is so you can increase your financial security in your later years.

Ideally, this would be the time where you settle financial obligations. These obligations may include elements like paying off your mortgage or your children’s university fees.

Pre-retirement is also a good time to review your portfolio and ensure your investments are producing the desired result. You want to be certain that your money will give you the returns you need in future.

The Early Retirement Years

At the beginning of your retirement, it might be beneficial to plan for all of your potential expenses. Figure out how much you will be spending to help you determine the duration that your money will last.

Consult a financial advisor and look for low-risk investments that could potentially turn your pension into income. With the help of a professional, your savings will last longer.

Late Retirement Years

Couple signing documents around a table

Make sure you are updating your estate plan regularly at this stage. The legacy you leave is sacred. Be sure that the beneficiaries in your policies and will are selected as you intend.

Look for ways to reduce expenses regarding your estate. Products like life cover can reduce any debt or taxes on your estate. This will ensure your loved ones get what they deserve.

Plan Your Future Today

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No matter what stage of life you are in, it is never too early or late to secure your finances. A healthy estate plan will grow and adjust with you and your family. 

A crucial aspect of your financial journey is who you choose to partner with you. The right financial service provider will maximise your return on investment, every step of the way. Let Maysure Financial Services help you plan your financial future today.

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To find out more about the financial stages of life contact us here:

+27 11 839 2302

info@maysure.za.com

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Financial New Year’s Resolutions: Shape Your 2021

We’re sure you’re all aware of the classic New Year’s Resolution tradition: you start out full steam ahead with planning your goals for the year and two months later, you’ve lost all motivation. What happens? Naturally, you slip back into your old spending habits and procrastination becomes enemy number one.

It’s easy to fall back into comfortable patterns, especially when it comes to your finances. But, it’s detrimental to achieving your financial goals. Avoiding financial planning often results in far more stress than it would take to set aside some time to plan your finances for the New Year.

Remember, you don’t have to do it alone. We are here to help you by shedding some light on a few key financial resolution tips and how you can stay the course.

1. Evaluate Your Finances

Knowing your financial status is a good place to start when it comes to planning your resolutions. After all, you can’t create resolutions until you know where you’ve been going wrong. Aim to form a realistic baseline idea of your current financial health status, even if it’s not exactly where you want it to be.

This means evaluating your spending habits, calculating your net worth, and reviewing your goals. These actions will tell you more about what your money is doing.

Once you have an idea of what your financial health looks like, it becomes easier to create realistic resolutions and to achieve them.

2. Plan Your Money

Following your evaluation, you can move on to setting financial resolutions that work for your money. This will put you on the road to becoming financially savvy.

But, what exactly does this mean and how do you do it?

Successful resolutions incorporate clear goal-setting and focused timelines. Outline exactly what goals you want to achieve and set an executable timeline. You are less likely to procrastinate and fail at your financial resolutions when they are clear, simple, and doable.

This does not have to be done in a vacuum. It’s advisable to reach out to all your available resources.

A financial adviser can assist you in drawing up a financial plan that establishes clear goals with executable timelines. This goes a long way to creating resolutions that give you more confidence and less stress.

Contact Maysure Financial Services for help to achieve your financial resolutions.

3. Pay Your Debts

You are now well on the path to financial savviness. Armed with knowledge and determination, you can focus on the nitty-gritty of your goals. It’s time to prioritise debt relief and not get sidetracked by debt creation.

In your financial resolutions, outline an effective budgeting strategy that aims  “to ensure that you’re spending with a purpose”. This means paying off your credit card and other outstanding debts before you plan that next big holiday.

Procrastination is the thief of time. The beginning of a new year presents you with the perfect opportunity to get into financial shape and make more down payments to secure future debt relief.

4. Plan Your Investment

Paying off debt is not the only significant aspect to consider, another easily-overlooked area is long-term investment. You may be tempted to set goals exclusively for the now, but “big picture” goals should always be in the foreground of your financial New Year’s resolutions.

Each year that goes by gets you a step closer to retirement. So, make sure you know where you want to be in the future. Resolutions don’t need to be limited to the 12 months ahead. You can make them with the next 12 years in mind.

Investment and finances are a very personal affair. There are so many options to choose from, whether it’s putting money into an investment portfolio or paying off your bond. Make the right decision for you. Discuss your options with your financial adviser to make an informed choice.

5. Review and Relearn

Finally, the best way to stay on top of your goals is to regularly review your budget and always leave space for learning. The more knowledgeable you are about your finances and the financial world in general, the easier it becomes to tackle any unexpected issues that may arise throughout the year.

Another goal you can include in your resolutions is to expand your knowledge by reading more blog posts, newsletters and finance books. If you are armed with the facts, you are prepared for battle.

Another great idea is to have a checklist that you can revisit throughout the year to ensure that you’re staying on track with your goals.

Financial New Year’s resolutions don’t have to become an exercise in procrastination, instead, they can be realistic, simple, and informed.

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Please do not hesitate to get in touch to find out how to make your money work for you:

+27 11 839 2302

info@maysure.za.com

1024 683 Maysure Financial Services

Blog: How to go digital with your financial planning

First things first, the world around us has changed, and most importantly, we have to look at how to adapt accordingly in the various areas of our lives.

Many people have found themselves in a position where they are attending online or virtual meetings for the first time! There are so many teething pains in terms of how we use tools like Zoom, Microsoft Teams, and Skype. Not always knowing the answers or how to use these tools can seem intimidating, but we have to be prepared to change our way of communicating so that we can adapt and thrive during this time.

Discovering new ways of connecting professionally has led to many children and pets inadvertently attending our meetings. Maybe you are one of those professionals who have had this happen, and at the time it’s quite distracting and embarrassing, but after the fact, it’s pretty hilarious.

We’re all seeing a new side of our friends and colleagues, and while these things may not fill in what’s missing – human contact, it helps us to all maintain our humanity, and our personal well-being.

Financial planning in this new digital era might seem daunting, most of us are used to discussing our financial plans face to face with our trusted financial planner, being able to ask all the questions and having them pop us as you go. While we might all miss that interaction, we can’t allow financial planning fall to the wayside because everything has changed.

With this in mind, we’ve put together a few pointers on how to stay connected with your financial advisor during this period and included links to videos that show how to use the three major virtual conferencing that will help to make your experience so much easier.

When it comes to your investments, updating or changing your policies, whether it be life cover, income protector, dreaded disease cover, or anything else, and if you aren’t sure what your policies cover, talk to us.

The most important thing is to keep in contact with us on any area of your financial planning so that we can work together to ensure your future is secured and no hasty decisions are made now that will be regretted later.

Now some of these points may seem pretty obvious, but just in case, here is a shortlist of how to go digital with your financial planning:

  1. Pick up the phone – if you have any questions you can call our offices, we can try to answer them right away
  2. Send an email with your questions

OR

  • Set up a Zoom/Skype/Microsoft Teams virtual meeting if you need more information

Next up, some instructional videos on how to use the various virtual platforms:

Zoom

Skype Desktop

Microsoft Teams

If you would like to discuss this further, feel free to get in touch with us.

☎️ +27 11 839 2302

📧 info@maysure.za.com

1024 683 Maysure Financial Services

Goal Setting 2020

We’re almost at the end of January and most of the dreams of keeping up with new years’ resolutions are beginning to fade… The unfortunate thing about the glitz and glamour about setting goals with unmanaged expectations over a period like this is that we often set ourselves up to fail.

Why is that?

Goal setting is so much more than just deciding to commit to doing something for 90 days, and while this can and does work, you need a strategic plan for anything you want to change in your life.

This is why the people who plan to go to gym for 90 days, but commit to doing after putting together a plan. They have a trainer, did the research, worked with a health professional on a plan that works for them, understand the foods that work for their bodies, and have the knowledge they need to understand what they need to do, what to expect, as well as what to do if things don’t go as expected – how to bounce back after a setback. These are the people who are more likely to succeed and achieve their goals whether they make the decision over December and implement it on the 1st of January or any other day of the year, they have gone in with all the information they need on what works for them.

While the start of a new year and a new decade are significant, they represent a new beginning, we can reflect not only on the past year, but the past 10 years, and what we have learned, they also aren’t the only time for us to look at starting something new. However, it’s a great time to asses where we are and look at how our personal goal setting strategies may have fallen short, or where we actually get it right.

Considering January is normally a time that people rush into commitments, take a few moments to ask yourself if this is what you do? Look at everyone around you and consider the impulsivity of the season, while spending seems to more of a December thing, as people go into January long terms spending is generally higher, people commit to spending money on things that they simply won’t use and don’t need. Could this be used for something worthwhile or invested in the future?