Your Financial Forecast 35+Plan your life and provide for your family.
Life has taken on a more set pattern as you may be consolidating your career, managing the kids’ routine of school and extra-mural activities and generally not finding much time for anything else.
Demands from family relationships increase and you realise that you need to give more attention to your health. It is however a very productive stage of your life and proper financial planning now can add tremendous value to your future.
Planning to manage all your responsibilities must be balanced against proper time for relaxation and also having fun. You need a partner who is objective and has the knowledge and experience to help you make the right decisions.
Some of the things you would want to know, and how Delfin can help:
- What happens if I suddenly can’t earn an income anymore? Who will take care of me financially?
One of your biggest assets is your ability to earn a living and it is essential that you protect yourself against major traumatic events that reduce this income earning potential. Various insurance options are available.
- Does it really make a difference saving R1000 a month?
Time and compound growth makes a remarkable difference over the long term This is simply growth upon growth… earning interest on interest. So the sooner you start saving or investing even a small amount of money, the more you benefit from having more years of receiving growth on your investment.
- Consider the difference in the final value of a R1000 per month investment at age 65, when starting at different ages:
*Investment growth of 10% per year.
Age at start: Total contributions: Value at age 65: 25 R480,000 R6,324,080 35 R360,000 R2,260,488 45 R240,000 R759,369 - Can my family sustain their current lifestyle if something should happen to me?
Death or permanent disability will severely impact on the financial well-being of your family. Why leave them in this unfortunate situation? Insurance against such permanent events is the obvious answer to save you and your family from financial ruin.
- Should I buy or rent my home?
This is always worth exploring and different answers will arise for different people at different times in their life.
- How do I ensure that my children will have access to an education?
Giving your children the opportunity of proper education is the gift of self-sustainability. It substantially increases their chances of looking after themselves financially as adults one day. By starting an investment plan to afford their tertiary education is the right thing to do.
- What should I know about my company’s employee benefits?
It is important to understand what your employer offers you as part of your remuneration package, as this will enable you to make adjustments to your personal insurance and investment portfolios.
- Do I have the correct structures in place to execute my wishes at death?
Do I need a Will if I die? Do I need a Trust ? Can I create a family trust in my Will ? Who must be the executor of my estate so that my assets will be divided amongst my beneficiaries as I stipulated in the Will? How can I reduce estate duty taxation?
- How do I avoid and not evade tax?
Use the available investment vehicles to reduce your income tax. Are you aware of all the deductions that are available to you?
- Where do I get the best insurance for my assets?
Insure against theft, accidents and other events. A car financing company will not finance your car if it’s not comprehensively insured. Get different quotes and make sure your insurance adviser will assist you should you have a claim.