Don't gamble on the important things

After a fairly wet and cold start to Spring, we are expecting sunnier days for October so we can finally get the braais going for what promises to be a great Rugby World Cup. We decided, therefore, in this issue to talk about the gambling aspect of competition and some of the things we should never gamble on financially.

October is also Breast Cancer Awareness Month, focussing on this critical illness that affects a large portion of our female population in particular. The good news is that with precautionary measures and preparedness, we can greatly minimise the severity of the condition. This prompted us to talk about the vital importance of also being financially prepared for such events. It’s important stuff so read on…

Financially there are some things we should never gamble on

It’s common for many of us to take a bet on a few of the games of the RWC, just for a bit of fun. As long as it's money we don’t need why not??Let’s face it, there is always some risk in financial ventures and life but there are some things, from a wealth creation point of view, that we should never gamble on as to do so greatly minimises any chance of building wealth.

Death and taxes

These are two things you can’t change or avoid in life but you don’t have to gamble on them either! Rather than trying to cheat the taxman speak to me about the many ways you can take advantage of the tax allowances that the Government encourages. There are tax-free savings and Retirement Annuities, which are investment vehicles that saves you plenty in taxes too.

Death is also inevitable, but we should never gamble on when it will happen. With a Will and a good Life insurance policy in place, you can leave a legacy for your family and have peace of mind.

Critical illness and income protection

We can never gamble on always being healthy and accident-free, so we need to reduce the financial impact of this. Critical Illness Cover and Income Protection not only cover the costs of these but also ensure that whatever wealth we have created to this point is not badly eroded.

Critical illness can cripple your finances too ?

Breast Cancer is just one of many critical illnesses that can not only change one’s life from a health and lifestyle perspective, but if one is not financially prepared for such an event it can be financially crippling too.

Medical aids and even gap cover can assist but do not entirely cover extensive medical bills and if the illness renders the primary breadwinner unable to work for an extended period, the financial implications can be devastating. The only solution for this is, just as we take precautions against severe illness (like regular testing and undergoing annual medicals), we need to be financially prepared for such eventualities.?Once again, Critical Illness Cover and Income Protection are essential to ensure that we can not only meet the medical bills but we can prevent the erosion of the wealth we have managed to create up to that point. ?We also need to face up to the worst-case scenario and have Life Insurance in place to protect our families - and one other thing that can help is to have a good ‘nest egg’ of easy-to-access savings. Don’t waste money putting it in the bank though. Talk to me about Unit Trusts that can yield good interest and still be available to draw on within a few days.

Be prepared

Whether it’s the things you shouldn’t gamble on, or dealing with the things you can’t prevent it’s all about being financially prepared. Let’s work together to ensure that you are covered for everything the market, fate and life can throw at you, so you can still realise the dream for the future that you have always aspired to.

Enjoy the Spring – and Go Bokke!