Do you have a lot of financial new year's resolutions for 2020?
Do you need some help to set your goals?
The Money Show asked Warren Ingram, Personal Financial Advisor at Galileo Capital, for some tips and a checklist.
It's human nature to forget your resolutions halfway through the year. You see it in the gym. The first few weeks of the year it's packed and then it gets emptier. For those who stay, the gym becomes the new normal. It's the same with money. At the end of the year we reflect that we did not do as much as we wanted to do. Then we want to take action. But it requires new behaviours, reprogramming the way we live, giving up on certain things.— Warren Ingram, Personal Financial Advisor and Executive Director - Galileo Capital
Five out of every 100 employed South Africans are able to retire with enough money. Probably the same proportion of our population can run the Comrades Marathon. So it is exceptional to stick to financial plans . But for those of us who are not so exceptional - it does not mean that we cannot be pretty good. Let's find a way to get to your first financial five kilometres...— Warren Ingram, Personal Financial Advisor and Executive Director - Galileo Capital
Number one is getting rid of debt. It's easy to use a credit card. If you are in the age group between 18 and 55 you most likely have debt. Get a game plan around debt. If you're looking only at your investments and you have loans or credit card debt - you're probably doubling the debt compared to the growth rate you can get on your investments.— Warren Ingram, Personal Financial Advisor and Executive Director - Galileo Capital
For more tips and advice on how to get your finances fit, listen to the full interview below.
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