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
'The South African stock market is massively hedged against a weak rand'

'The South African stock market is massively hedged against a weak rand'

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

3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

3 shares that’ll boost your wealth, if you buy now (by Cannon Asset Managers)

The Money Show’s Bruce Whitfield interviews Cannon Asset Managers Portfolio Manager Samantha Steyn.

6 tips on how to avoid overspending this festive season

6 tips on how to avoid overspending this festive season

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

3 shares you’ll do well to buy this week (by Cartesian Capital)

3 shares you’ll do well to buy this week (by Cartesian Capital)

It’s Stock Pick Monday on The Money Show. Bruce Whitfield interviews Cartesian Capital CEO Anthea Gardner.

3 shares that’ll grow you wealth, right now (First Avenue Investment Management)

3 shares that’ll grow you wealth, right now (First Avenue Investment Management)

The Money Show’s Bruce Whitfield interviews investment analyst Nadim Mohamed.

3 shares that should do very well, if you buy them now (by FNB Securities)

3 shares that should do very well, if you buy them now (by FNB Securities)

The Money Show’s Bruce Whitfield interviews FNB Securities Head of Research Chantal Marx.

Popular articles
So what exactly is radical economic transformation?

So what exactly is radical economic transformation?

Wits associate professor of economics Christopher Malikane speaks to Azania Mosaka about the term that is being bandied about.

Meet self-made millionaire (net worth – R400m!) property mogul Sisa Ngebulana

Meet self-made millionaire (net worth – R400m!) property mogul Sisa Ngebulana

How did Ngebulana build his empire? The Money Show’s Bruce Whitfield interviewed him for his weekly “ShapeShifter” feature.

Shop 'til you drop: The top 'Black Friday' deals this week

Shop 'til you drop: The top 'Black Friday' deals this week

Start your Christmas shopping off with a bang at these major retailers offering some impressive discounted sales for Black Friday.

How Naspers paid peanuts for Tencent (China’s most valuable company)

How Naspers paid peanuts for Tencent (China’s most valuable company)

In 2001 Naspers invested $32 million in (then tiny) Tencent. Learn more about the wildly profitable Chinese behemoth...

'The university degree is dead'

'The university degree is dead'

Flux Trends founder Dion Chang gives five reasons why he believes getting a degree is past its sell by date.

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?

5 ways the NSFAS funding model will change in 2017

5 ways the NSFAS funding model will change in 2017

The National Student Financial Aid Scheme (NSFAS) will pilot a new funding model in 2017. NSFAS chairperson Sizwe Nxasana explains.