IN MY opinion, anyone who neglects to take good care of their financial planning is as irresponsible as someone who has a haphazard attitude to their family planning.
The risk of a dramatic effect on one's life is equal to either one of these mistakes. You decide whether that effect is positive or negative.
The common factor in every article I have written is the theme of effective financial planning. The reason is that I am so passionate about trying to help people achieve their due rewards in life.
I am relentless in my efforts to protect as many people as possible from ending up poorly equipped when they reach their retirement.
In my 48 years of experience in this industry, I have seen too many unfortunate cases that could easily have been avoided had those people got their priorities right from the outset.
What is the point in working so incredibly hard all your life if you cannot enjoy your retirement when the time comes?
My formula for success applies to everyone. If you are in your 20s, add 30. If you are in your 30s, add 20, if you are in your 40s, add 10 and so on.
Step out of your present situation and take a mental photograph of yourself at age 50. Take a long hard look at that photograph and ask yourself as many questions about your circumstances as you can.
"What will I look like at that time? If I look physically older than I should at 50, I can see a cosmetic surgeon and if I am not very well-endowed financially, I can see my bank manager. Or can I? What if my financial circumstances are so undernourished that my bank manager is not able to assist me with a loan?"
There are other more pressing questions: "What will my family look like? How many children will I have? What car will I be driving? What if I have got divorced? Will I want my own business by then?"
We are all different and have different concerns about our later years - believe me, age 50 is not far into later years.
By now you would know I am referring to ambition. Most of us will admit that without ambition we find it very difficult to function properly. It is the glue that keeps life's initiative on track and our purpose intact.
Once you have looked at your 50s photo and you have a clear understanding of your ambitions, where you want to be and what your broad surroundings will look like, you need to take positive action and start along the path that will enable you to achieve your ambitions. But take heed.
To achieve your goals, you will have to be disciplined, to stop and check your compass at least once a year to ensure that you have not deviated from your original flight path.
You will also need to co-pilot who will read the radar screen more accurately than you can, to take over the controls and steer you through the storms you may encounter. Your financial advisor must be the one person who has the knowledge, the experience and the interest to see that you arrive at your financial destination well on time.
- Bryan Hirsch is a financial advisor.
- E-mail bryan@bhca.co.zaweb. www.bhca.co.za
Plan now for your future
IN MY opinion, anyone who neglects to take good care of their financial planning is as irresponsible as someone who has a haphazard attitude to their family planning.
The risk of a dramatic effect on one's life is equal to either one of these mistakes. You decide whether that effect is positive or negative.
The common factor in every article I have written is the theme of effective financial planning. The reason is that I am so passionate about trying to help people achieve their due rewards in life.
I am relentless in my efforts to protect as many people as possible from ending up poorly equipped when they reach their retirement.
In my 48 years of experience in this industry, I have seen too many unfortunate cases that could easily have been avoided had those people got their priorities right from the outset.
What is the point in working so incredibly hard all your life if you cannot enjoy your retirement when the time comes?
My formula for success applies to everyone. If you are in your 20s, add 30. If you are in your 30s, add 20, if you are in your 40s, add 10 and so on.
Step out of your present situation and take a mental photograph of yourself at age 50. Take a long hard look at that photograph and ask yourself as many questions about your circumstances as you can.
"What will I look like at that time? If I look physically older than I should at 50, I can see a cosmetic surgeon and if I am not very well-endowed financially, I can see my bank manager. Or can I? What if my financial circumstances are so undernourished that my bank manager is not able to assist me with a loan?"
There are other more pressing questions: "What will my family look like? How many children will I have? What car will I be driving? What if I have got divorced? Will I want my own business by then?"
We are all different and have different concerns about our later years - believe me, age 50 is not far into later years.
By now you would know I am referring to ambition. Most of us will admit that without ambition we find it very difficult to function properly. It is the glue that keeps life's initiative on track and our purpose intact.
Once you have looked at your 50s photo and you have a clear understanding of your ambitions, where you want to be and what your broad surroundings will look like, you need to take positive action and start along the path that will enable you to achieve your ambitions. But take heed.
To achieve your goals, you will have to be disciplined, to stop and check your compass at least once a year to ensure that you have not deviated from your original flight path.
You will also need to co-pilot who will read the radar screen more accurately than you can, to take over the controls and steer you through the storms you may encounter. Your financial advisor must be the one person who has the knowledge, the experience and the interest to see that you arrive at your financial destination well on time.
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