MyMoney Online, Personal Finance with Warren Ingram

‘I’ll do it later’ – more wealth destroying than any market crash or recession

Every year, gyms are full in January.

However, by this time – only two months later – there is decidedly more breathing room.

Every year, right before the end of the tax year, investors pile into Retirement Annuities (RAs) and Tax Free Savings Accounts; then they largely ignore their financial planning until the following year.

Parents with minor children are always planning to get to their wills, but have many other things to do first.

A Survey in 2001 showed that 69 out of every 100 employees feel that their retirement savings are too low; 24 out of 100 of them plan to increase their savings, but only three out of 100 actually do it.

Many people prefer to “wait and see” during times of uncertainty.

Many people suffer from this procrastination problem.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram discussed a number of ways to get around wealth-destroying procrastination:

  • Break up your tasks into small, easily achievable steps.

  • If you are in a serious relationship – set joint goals and work together to achieve them (e.g. I will arrange the RA top ups; you make an appointment for a new will).

  • Tell a friend and set a deadline (e.g. tell a good friend that you will buy them a case of whiskey if you have not increased your RA by next Friday).

  • If you are uncertain about making an investment, because of volatile economic and political climates, phase in your money over time.

For more detail; listen to the interview in the audio below.

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


Recommended

by NEWSROOM AI
Read More
Western Cape has the most 'clean' municipalities in South Africa

Western Cape has the most 'clean' municipalities in South Africa

Only 18 municipalities (out of 257) got a clean audit. Twelve of them are in the Western Cape, says auditor-general Kimi Makwetu.

Datsun Go is the cheapest car to maintain in South Africa

Datsun Go is the cheapest car to maintain in South Africa

The Toyota Etios has the cheapest "crash parts". The Money Show's Bruce Whitfield interviews consumer journalist Wendy Knowler.

Space weather: sunny with a chance of destruction

Space weather: sunny with a chance of destruction

Solar activity could result in a rare and improbable event which could send civilisation back to the dark ages.

TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

9 tough questions you should never be afraid to ask your financial advisor

9 tough questions you should never be afraid to ask your financial advisor

Times are tough. Don’t spare her feelings! You must ask these questions of your advisor, implores Galileo Capital's Warren Ingram.

Popular articles
Datsun Go is the cheapest car to maintain in South Africa

Datsun Go is the cheapest car to maintain in South Africa

The Toyota Etios has the cheapest "crash parts". The Money Show's Bruce Whitfield interviews consumer journalist Wendy Knowler.

'Domestic workers are entitled to 21 consecutive days of paid annual leave'

'Domestic workers are entitled to 21 consecutive days of paid annual leave'

Socio-Economic Rights Institute's Kelebogile Khunou says for living-in workers you cannot deduct more than 10% for accommodation.

The EFF is behaving like Zodwa Wabantu in Parliament, caller tells Eusebius

The EFF is behaving like Zodwa Wabantu in Parliament, caller tells Eusebius

702 listeners on the Eusebius McKaiser show share their views on the conduct of the political parties during the Sona debate.

[WATCH] SA youth choir shines on America's Got Talent with 'My African Dream'

[WATCH] SA youth choir shines on America's Got Talent with 'My African Dream'

The Ndlovu Youth Choir's beautiful performance got 4 yesses from the judges, including Simon Cowell!

TymeBank CEO Sandile Shabalala quits

TymeBank CEO Sandile Shabalala quits

Shabalala says he wants to spend more time with his family. Bruce Whitfield interviews portfolio manager Kokkie Kooyman (Denker).

Average salary in SA is R6400 per month, but 70% of workers earn less

Average salary in SA is R6400 per month, but 70% of workers earn less

About 29% of workers earn less than the R3500 national minimum wage, says Anish Shivdasani, CEO at Giraffe.

Discovery Health acted illegally and a patient died - Medical law consultant

Discovery Health acted illegally and a patient died - Medical law consultant

Shafrudeen Amod from Medisyn Clinical Consulting says the scheme could have paid the patient directly.

Investec gives staff unlimited leave days and freedom to wear what they want

Investec gives staff unlimited leave days and freedom to wear what they want

The bank rewards innovation with substantial bonuses and pays according to output not hours at work, says Lesley-Anne Gatter.