Independent thinking is critical in lifestyle financial planning, and here’s why. Each person has unique financial needs, aspirations, and circumstances. When you think independently, you can assess your personal situation and determine what matters most to you. This helps you set goals that genuinely reflect your values and priorities, making your financial plan more meaningful and motivating. Also, the financial landscape is constantly changing. New investment opportunities, tax laws, and market conditions emerge all the time. […]
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Decoding the Language of Money
Just like our language influences our perceptions of the world, the language we use around money – especially the complex jargon and market commentary that often surrounds it – can significantly impact our financial behaviours, perspectives, and, ultimately, our financial planning. You’ve likely heard phrases like “money doesn’t grow on trees”, “time is money”, or “you have to work hard for your money”. These familiar idioms carry deeply ingrained beliefs about money that can subtly, yet […]
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More about your money story
Money is more than just a tool for transactions; it’s an emotional force intertwined with our identities, values, and sense of self-worth. Our money story is a tapestry of beliefs and experiences that shape our financial behaviours and attitudes. By exploring different elements of our money story, we can better understand our emotional connection to finances and work towards a healthier relationship with money. Financial Role Models: Our money story is greatly influenced by the role […]
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Investing with Heart and Mind
Embarking on and sticking to your investment journey requires a solid understanding of financial principles and an appreciation for the emotional roller coaster that comes with it. Asset allocation, a crucial component of investing, is about striking the right balance between risk and reward to achieve your financial goals. As you consider different allocations, it’s essential to recognise the emotional implications of your choices, allowing you to make informed decisions that align with your unique risk […]
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A short (not too boring) story about interest rates
This is the ancient tale of how interest rates change and the forces that shape their destiny. Once upon a time, in the land of economic stability, the ever-changing interest rates kept weaving tales of prosperity and struggle. Central banks, the guardians of monetary stability, navigated the twists and turns of economic indicators, seeking the delicate balance between growth and inflation. In a time when the dragons of inflation threatened the peaceful land of economic stability, […]
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Rising Above the Red
The rise of over-indebtedness is a growing concern not only locally but also for individuals across the globe. Legal action and bad credit records due to non-payment can have serious consequences on people’s financial well-being. In 2022, consumers in South Africa failed to honour a collective debt of R2.8 billion. Similarly, other countries have been struggling with debt issues. In the United States, household debt reached over $15 trillion in the third quarter of 2021, while […]
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Don’t ditch your insurance
In the current economic climate, a growing number of individuals are experiencing financial strain due to the escalating cost of living and rising interest rates. As a result, many are looking for ways to reduce their expenses in order to maintain a balanced budget. Insurance premiums, often perceived as an expendable cost, are among the first expenses that come under scrutiny. However, it’s important to carefully weigh the consequences of cutting back on insurance coverage. While […]
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Time to think about money – Part 1
Discussing finances can be a daunting task, especially when emotions run high. It’s important to remember that there’s a human element behind every financial decision – our dreams, fears, and values. Nancy Kline is an American-born author, business consultant, and personal development coach. She is best known for her Time to Think methodology, which emphasises the importance of creating a thinking environment that promotes independent thinking, deep reflection, and transformative change. By incorporating Nancy Kline’s Time […]
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Empathy vs Codependency
In lifestyle financial planning, striking the right balance between empathy and codependency is essential to building healthy relationships while maintaining personal well-being. A recent tweet by Dr Nicole LePera (@Theholisticpsyc) highlighted the differences between empathy and codependency. Empathy means understanding a person’s feelings and being able to put ourselves in their shoes. In the context of financial planning, empathy allows us to be aware of and attuned to the emotions and perspectives of others. By actively […]
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Common financial planning mistakes
Financial planning can be a daunting task, and it’s common for people to make mistakes as they navigate the complex world of personal finance. In this blog post, we’ll discuss some common financial planning mistakes that many individuals make, as identified by FinTwit contributor Jason Friedman. By learning about these pitfalls and how to avoid them, we’ll better equip you to make informed decisions and set yourself up for long-term financial success. Let’s dive in! Mistake […]
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