It’s up to you to earn money, budget, save, and spend your cash wisely. Personal Financial Planning, however, is a bit more in-depth.
A solid personal financial plan includes banking products, investments, insurance and income tax management.
Not everyone is an accountant or has a head for figures, which is why you need someone who can help – we at Oracle Brokers can help!
You need a Personal Financial Plan that looks beyond today’s bank balance, taking into account various financial risks and your future life events, like weddings, babies, school fees, and then hopefully a comfortable retirement to reward you for 40 plus years of hard work.
Retirement planning, in a financial context, refers to the allocation of finances for retirement. This means spending less and saving more during your working career, to fund the type of retirement that you’ve dreamed about.
Retirement planning is about getting organised at a young age so as to achieve financial independence later on, making gainful employment an option, not a necessity.
Keep in mind that you might be in retirement for longer than your working career. Only 6% of South Africans retire financially independent. Call us now to ensure that you are part of that 6%!
Not having Personal Insurance is like gambling – eventually your luck runs out.
What if you get retrenched, diagnosed with a critical illness, are involved in an accident and permanently disabled or worse, killed? What happens then?
Personal Insurance enables you to have the answers and the peace of mind of knowing that you and your family will be financially taken care of, whatever happens.
The amount of personal insurance you have is up to you but we can help you to determine the perfect fit based on your personal circumstances, your financial commitments and lifestyle expectations.
Preparation is key in following through and doing something properly.
Savings Planning is a planned process in which an individual contributes money on a regular basis in order to reach a financial goal. The first step is to have an amount equivalent to at least 3 months’ salary invested for the unforeseen.
When should you save, and how much?
Why a will?
You need a will – a legal declaration by which you name one or more persons to manage your estate and provide for the distribution of your assets after you’ve passed.
This ensures that your estate can be wound up timeously and accurately so that your loved ones can be looked after post your death in the same way you looked after them while you were alive.
What happens if you don’t have a will?
Defined as the process of legally structuring the future disposition of current and projected assets, Estate planning has long been seen as something that only the very wealthy need worry about. But it’s not.
While your estate may be a modest home, rather than a castle, estate planning is something that everyone should explore. If you want to make certain that your family and loved ones are provided for adequately after your death, Estate Planning can minimise uncertainties over who gets what and maximise the value of the estate by reducing taxes and other expenses.
Very simply it means assuring that what you leave behind goes to your family and not to the taxman.
Paying tax, like death, is one of the certainties in life. Which is why we see Tax Planning as a very important component of your overall financial plan.
Tax Planning should always be done in unison with your overall financial goals in mind because Personal Financial Planning – Features careful planning throughout the year can not only reduce the tax you pay but actually help you to achieve your financial goals. For example, accurately projecting your income taxes can help you determine the cash flow available to you in the coming year.
No nasty surprises, so maybe you can send some happy thoughts the taxman’s way for a change. We also help you to take advantage of any benefits offered to you by the taxman which you might not be aware of.
A Personal Financial Plan without a Risk Plan is like playing Russian Roulette – not wise and generally leads to disaster. As quickly as a portfolio can grow, it can shrink, which is why the very first investment you make should be in a Risk Plan.
Risk Planning expects the unexpected. A resilient, well-rounded risk management strategy incorporates a mix of vehicle insurance, homeowner policies, personal liability cover, medical insurance, disability insurance, life insurance and emergency savings.
It’s the golden rule of building – get the foundation right. Insure yourself first and then the assets you have created, but remember – You are your greatest asset.