MyMoney Online

Can you survive your own personal Brexit?

What's Brexit all about?

It’s all about economic independence. Britain being able to sustain a standard of living for all citizens on it’s own without depending on the European Union. It boils down to Britain being able to grow (GDP) on it’s own which will enable it to generate enough income (revenue) to cover costs (expenditure) and improve the standard of living of its people.

Click on the audio below to hear Paul's chat with Sam and Africa then carry on reading!

The big question you should ask yourself

Closer to home, Brexit brings to mind a number of pertinent questions... To what extent can you financially stand on your own two feet? How dependant are you on the bank and other money lenders? If there is a financial crisis will you need family and friends to bail you out?

Currently 47% of South Africans at 65 are financially dependent on family.

The way forward to your own financial independence is to have a plan that ensures you have sufficient funds in place to maintain your standard of living no matter what life changing event comes your way.

The journey to financial independence can be a tough one as you need to compromise at times. If your expenses are too high then you need to adjust your standard of living. The Brits will probably have to do this in the short term as they find out where their economy will eventually settle. From that level they can then make a plan for growth, working on key aspects of their own economy.

So what's your vote?

We all have a vote in our own lives which we can take. Go it alone and become financially independent or depend on others for the rest of our lives.

How to do it is no mystery? Finding the will to do it and then committing yourself is the what it takes. The Brits have taken the decision. Good luck to them as they embark on a journey to establishing their own financial independence.

Read more from Paul Roelofse at www.investforlife.co.za

Read More
Earn peanuts? How to best invest very small amounts...

Earn peanuts? How to best invest very small amounts...

Got a spare R200 or R300 a month? Here’s how to make that money work hard and grow…

3 stocks that’ll boost your wealth this January (by Herenya Capital Advisors)

3 stocks that’ll boost your wealth this January (by Herenya Capital Advisors)

Looking for great investments? Herenya Capital Advisors’ Petri Redelinghuys says you need not look further than these three…

Financial advisor answers listeners' money questions

Financial advisor answers listeners' money questions

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram.

How I’m investing for my child’s education - share trader Garth McKenzie

How I’m investing for my child’s education - share trader Garth McKenzie

Share trader Garth McKenzie started a portfolio of 10 stocks when his son was born. It’s going quite well for him…

Invest yourself rich in 2017! 4 experts share some hot stock picks for the year

Invest yourself rich in 2017! 4 experts share some hot stock picks for the year

The Money Show’s Bruce Whitfield asks four portfolio managers for hot tips on where to put your money to work this year…

Moving? Getting divorced? Keep money in your pocket when change is in the air

Moving? Getting divorced? Keep money in your pocket when change is in the air

Personal finance consultant Samke (Sam) Ngwenya discusses finances in times of change.

Popular articles
Home Affairs takes on Oppenheimer family over VIP airport terminal

Home Affairs takes on Oppenheimer family over VIP airport terminal

The department's DG Mkuseli Apleni says Home Affairs cannot simply grant special immigration services to this wealthy family.

Photographer captures Cape's dwindling dam levels with a drone

Photographer captures Cape's dwindling dam levels with a drone

The latest figures show dam levels at 36.8%, which means they could run almost empty by the time 2017 the winter rains come.

Driving lessons to be incorporated into SA school's curriculum

Driving lessons to be incorporated into SA school's curriculum

Spokesperson for Transport Minister, Dipou Peters, says learners will be given an opportunity to become good and safe drivers.

LISTEN: I paid for sound system from my own personal account - Phahlane

LISTEN: I paid for sound system from my own personal account - Phahlane

Acting National Police Commissioner Khomotso Phahlane says he paid for his R80 0000 sound system at his house in Pretoria.

Medical students given deadline to accept placements or lose their spots

Medical students given deadline to accept placements or lose their spots

22 medical students who have declined placements for internships could lose their positions to foreign nationals.

Earn peanuts? How to best invest very small amounts...

Earn peanuts? How to best invest very small amounts...

Got a spare R200 or R300 a month? Here’s how to make that money work hard and grow…

How a family butchery became the first Pick n Pay in Diepkloof

How a family butchery became the first Pick n Pay in Diepkloof

The Monageng family started with their mom–and–pop corner butchery in 1972 and now have partnership with Pick n Pay in Soweto.

It's not the end of the road... Top tips to improve your matric

It's not the end of the road... Top tips to improve your matric

"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.