YOUR QUESTIONS ANSWERED: A holistic plan to manage money

By Supplied Time of article published Sep 29, 2021

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When it comes to a holistic approach to my finances, what are the most important aspects to consider?

Name withheld

Richus Nel, a financial planner at PSG Wealth, responds: A holistic financial plan consists of many aspects and can therefore take years to organise and finance. Although a plan is required to help you stay on your own personal financial path, the differentiating factor between financial success and failure lies with your own mindset. It’s also important to realise that the responsibility for your financial future rests on your shoulders alone.

Holistic financial advice starts with being prepared for financial eventualities. Examples include:

  • Understanding how illness, disability, death, redundancy, bankruptcy, and divorce might financially affect you and your dependants;
  • Protecting against losses, such as property damage and personal liability, that will ruin your financial plans.
  • Understanding the impact buying or renting a property will have on your financial position in retirement;
  • Actively planning your career, which remains the starting point for obtaining financial resources;
  • Considering these eventualities in your own business, if you’re a business owner.
  • Optimising retirement planning and estate planning for your retirement/succession needs in a cost/tax efficient manner.

A well-tested plan puts you ahead of those curve balls that life will throw at you. Always include a Certified Financial Planner when considering these possibilities, as the challenge remains in the detail of choice.

This letter appeared in YOUR QUESTIONS ANSWERED in Saturday Insider on September 25, 2021. The regular monthly feature is sponsored by PSG Wealth. Email money queries to [email protected]


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