What our young really need to know about Financial Freedom

We’re in the thick of Winter now, still facing load-shedding and fighting rampant inflation but we are a resilient lot and determined to succeed despite our challenges and will celebrate our Youth and Father’s Days, forever hopeful of a better future. Perhaps these are the sort of qualities we need to impress on our young when we teach them about Wealth creation. Our first editorial looks into this.

We will also look into what really makes Dads happy. Apart from just chilling with their families, they would probably give anything just for some peace of mind – so we’ll look into that too. We are always glass-half-full kind of people so let’s convince ourselves that the water is just fine – and dive right in!...

More than anything we want our young people to learn about Financial freedom as this is so crucial to the future of our country. The more wealthy individuals we have, the more likely we are to build a strong economy.

Wealth creation is not just about budgeting, saving, investing etc. either. As important as these may be here are a few vital qualities we need to possess to succeed and these are…

Determination?

One needs to have a fierce determination and clearly set goals to succeed financially. Both long-term goals (primarily with retirement in mind) and shorter ‘milestone’ goals that we should regularly review together!

Resilience?

Life constantly throws a barrage of unexpected surprises our way. It is just too easy to cash in what one has made to make today's problems go away, but the tough keep their eyes on the prize and persevere with their intended plans.

Flexibility?

Well-structured portfolios offer the diversity and flexibility to enable one to deal with setbacks and still be able to move on. This is where the help of Financial Advisors is so critical as we have the knowledge to do this.

Foresight

When we look at the kind of instant gratification that our youth, and many adults too, seem to demand in this day and age we need to get our kids to understand what real inflation is about and what it could mean for the future. Here’s a teenager’s bedtime story they might want to read to make them aware of what it takes to retire well!

What Dad wants most of all for Father’s Day!

As much as a Dad enjoys the gifts and gestures imparted to him by his Spouse and offspring on Father’s Day I think most Dads would be very happy to opt for the greatest gift of all – peace of mind! Knowing that your family’s future is assured, with or without you, is what really good Dads strive for and it is possible by having a few important things in place…

An assured future?

Dads want a future that includes a good retirement package and a good education and financial freedom for their children. These can be achieved by saving and investing with a long-term view, including Tax-saving pension plans like Retirement Annuities and a wealth portfolio that outstrips inflation and includes savings for your children’s education.

Security against the unexpected?

Economic downturns and critical illness can derail all the efforts we have made to create wealth but we can protect ourselves by ensuring that the right insurance covers like Critical illness and income protection, for example, are also built into our overall wealth profile.

Security beyond life?

All parents need to have a legally binding Will and work with Estate Planners to ensure that their wealth will be maximised for their families when they die. Even if Dad never gets to create much wealth, Life insurance can ensure their children’s education and your Spouse’s financial freedom at a monthly premium that pretty much everyone can afford.?

Work with the experts?

Rich Dad, poor Dad, young Dad or old Dad, it’s never too late to start creating wealth, or at least optimise the wealth you have, to achieve some of your objectives to attain a better future for your family. It’s not only Dads that can get peace of mind either – maybe you know a working Mum who will find this interesting?

Talk to me and let me give you what Dads and Mums want most on any Day – peace of mind!?