Samke, known as Sam, Ngwenya, Private Banker and Personal Finance Consultant gives us top 5 financial mistakes to avoid when retrenched or facing loss of income
She says retrenchment is one of those difficult topics to address, but knowing these important points can help prepare you if that should ever happen.
Not everyone has a savings buffer. That's why you need to make sure that you have enough cash flow.
She looks at the following 5 points:
- Treatment of pension
- Avoid debt
- Try meet all your monthly repayments
- Be stuck in illiquid assets
- Try do it on your own
You get one week salary for every year you work for the company, but company's do have discretionary powers.— Sam, Ngwenya, Private Banker and Personal Finance Consultant