Savings and Investments

Understand that investing is akin to running a marathon. It is not a sprint. If you want to succeed, you must plan carefully for the full distance, understand your destination and get there in good condition. And there are a few simple steps to ensure you make it:

• Set realistic investment goals.
• Decide how you will achieve your goals.
• Take a real assessment on your current financial situation and establish whether your goals are realistic and whether you can achieve your goals with the resources you have available.
• Be willing to adjust your goals if the need arises.
• Take action. It starts with a plan. A sound investment plan must be drawn up within your greater financial plan. The best approach is to do a 'financial needs analysis' regularly, with the assistance of a financial advisor.

Tax rates will influence your long term savings and investment plans and the repo rate will influence return on investments such as fixed deposits and savings accounts. Keeping an eye on what is happening in the local and global markets is of the utmost importance. Whenever you star worrying about your investments, albeit fixed deposits, stock market investments, money market investments or retirement annuities, it's always a wise idea to consult a financial advisor. If you are still not convinced, get a second opinion but keep in mind that you may have to pay additional fees to get additional advice.

There are so many different ways of securing a comfortable future that this site could not possibly cover them all. The onus ultimately falls on you, the investor, to research all your options and ensure you make the correct decisions. And, if you make a mistake, try again. Don't ever give up. Financial freedom is within your grasp and achieving it simply takes good planning, discipline and a little time… and good advice!