MyMoney Online

Money slips like water through our finger tips...

Don’t wait for it to happen

Do we wait for a life changing event to find out of if the provisions we have made are enough provision to see us through?

If you do, then you are treating water and money in a very a similar way.

Right now both money and water are running out. The water crisis is brought on by the devastating drought we are experiencing through the “El Nino” effect. Then there is a devastating financial drought which most South Africans are experiencing brought about through the global economic crisis which has left many with less money.

Listen to Paul's chat with Sam on Weekend Breakfast...

Anticipate the future

Well why didn’t we anticipate the need for water into the future and make provisions in advance instead of waiting for the crisis and then . The parallel to this is our lack of saving for the future. We tend to live for now and ignore the fact that someday we will need to rely on our investments to see us through. We react only when there is a crisis instead of planning our needs in advance.

Plan for the “must haves”

Water and money are both “must haves”.You cannot get through life without either and they both are becoming scarce.

Do you have enough set aside for the “must haves”? Money provisions for death, disability and retirement are “must haves” Just as we should be harvesting our water we should be harvesting our money. Both are vital provisions for now and the future.

The shortterm plan

We now have to cut back on our usage of water to make it last for the future. Similarly we have to cut back on our usage of money to make it last. Our attitude towards water will through necessity have to change, whereby we will learn how to recycle it and use it sparingly. The same applies to our attitude to money. While you can you should look for ways to save it rather than spend it.

The longterm plan

There is no way getting out of it. Both water and money are running scarce they both need careful planning to cater for our needs into the future. Just as the future planning of water needs to cater for an every increasing population we have to carefully plan for our financial future as we are living longer.

It’s about saving for a rainy day, which in the case of water we hope comes quickly.

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

Read More
Where to invest money you intend to leave to your kids

Where to invest money you intend to leave to your kids

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

How to survive retrenchment

How to survive retrenchment

Your rights (and their responsibilities) upon retrenchment. Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.

3 shares that'll bring home the bacon

3 shares that'll bring home the bacon

The Money Show’s Bruce Whitfield interviews Overberg Asset Management analyst Kirk Swart.

The best investment on the JSE right now and one from abroad (by Anchor Capital)

The best investment on the JSE right now and one from abroad (by Anchor Capital)

Bruce Whitfield interviews Anchor Capital Aggressive Long Short Fund Portfolio Manager Liam Hechter for his “stock picks” feature.

You’re wrong if you think you (or anybody else) can time the market

You’re wrong if you think you (or anybody else) can time the market

Don’t even try, because inflation will eat you for lunch, says personal financial advisor Warren Ingram.

3 best companies to invest in right now (by Nefg Fund Managers)

3 best companies to invest in right now (by Nefg Fund Managers)

The Money Show’s Bruce Whitfield interviews Nefg Fund Managers Chief Investment Officer Gerbrand Smit.

Popular articles
Banting, the drive behind butter shortage in the world

Banting, the drive behind butter shortage in the world

The shortage of butter is a global problem as more people are switching low-fat for full-fat milk, says Dr Koos Coetze.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

Opinion:  Bishop Lekganyane is right

Opinion: Bishop Lekganyane is right

Stephen Grootes weighs in on comments made by the Zion Christian Church Bishop at the weekend.

Getting to know MP, Dr Makhosi Khoza

Getting to know MP, Dr Makhosi Khoza

Dr Khoza is admired by South Africans for her role in the SABC inquiry as a ANC member of parliament.

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.

Who is Advocate Tembeka Ngcukaitobi?

Who is Advocate Tembeka Ngcukaitobi?

The EFF lawyer stole the show during the state capture report court battle.

How to make your first million

How to make your first million

Warren Ingram discusses his new book in which he shares practical ways for ordinary people to achieve financial freedom.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?