Goals are what you want to achieve with your investments i.e., 

  • to travel overseas once per year, 
  • buy a new car every five years, 
  • to have sufficient funds for your kids’ education
  • to generate enough income during retirement  

To understand your needs, ask your financial adviser to do a financial needs analysis.

Here you want to:

  • consider your will, estate, and other structures (e.g., family trust, endowments, etc.)
  • understand what your expenses are
  • create a monthly budget (spend within your budget)
  • understand your tax situation (income tax rate, capital gains tax, etc.) and how it may be affected
  • Once you understand your monthly expenses (e.g., R30, 000 per month) this allows you to develop a plan to understand how much money you will need to be able to retire comfortably after all your debt is paid. You can do this by asking your financial advisor to do a cash flow and financial needs analysis. 

Setting goals and understanding your needs can be overwhelming and many people may feel that their situation does not allow them to invest and save. Creating a plan is free and understanding your needs and wants will provide you with guidance for you and your family.

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