In the late 1700’s when a man hit 40, he was thought to be old. Every year since the late 1800’s life expectancy has been steadily increasing.
Over indebtedness and a lack of basic savings and investing knowledge is a dangerous combination.
With con artists getting more and more sophisticated we have to be very careful about out banking habits.
Location. The most obvious criteria you would use for choosing a bank are location and charges.
Sometimes finances can spiral out of control if a calamity strikes. A job loss, illness or a big unexpected expense can send your finances into disarray.
Debit order: This is a service the bank offers that allows you to put in place an automatic monthly payment from your account to cover a long term financial commitment.
Automatic Telling machines ( ATM’s) Withdrawing cash from ATM’s is the cheapest way to get cash.
“If you had R10, 000 and invested it for 10 years at 10% interest you would be able to retire on an ocean going yacht, own your own island a drive a convertible”.
Think for a second about the average expenditure for a new car. Back in 1981 a new mid- sized car cost around R10, 000, a similar car today will cost about R140, 000.
Credit has been much maligned over the past few years because many South Africans are hopelessly over indebted.
Few people get through life without hearing a lecture about the merits of budgeting from well-meaning folks that have suffered the effects of money blunders.
Many people think that in order to get rich they just need a good job, a few lucky breaks and a good network.