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How to give yourself the best chance of achieving financial goals

With life expectancies increasing, you will probably need to live off your savings for 20 years or more after you stop working.

Saving for retirement is a top priority for most investors. With life expectancies increasing, you will probably need to live off your savings for 20 years or more after you stop working. That means you will have to build up a retirement nest egg of many times your final annual salary.

When the goal is this big and the consequences this important, it’s vital that you make the right decisions about where and how to save. To do that, you should be guided by real, long-term evidence of what works.

Fortunately, the evidence is easy to find. Many studies have shown overwhelmingly that investing in shares is the best way to grow your wealth ahead of inflation. But what does the evidence suggest is the most effective way of doing that?

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1st get out of DEBT !!! Utilize your pension or Provident plan at work! These brokers want to tie your money up for you when you are old so you can’t use it for school fees, debt repayments etc… With a home bond you are paying almost the 1st five years ALL INTEREST. Some broker trying to “help” you comes along and sells you a retirement annuity. So you pay R10,000 a month in interest to the bond and make R 1.73 for the month in your Retirement annuity. You are going backwards!! THEY PUSH THE RETIREMENT “SAVE ON TAX” ISSUE but lose on interest! Compare how much interest you pay every month versus how much you make. Nuff said. You need Financial Fitness

Agree with your first priority.

The second should be to stay away from these brokers, lenders, RA & insurance salespeople, financial advisers, etc., whose primary objective is to milk your remaining savings.

Best way to achieve this is to educate yourself on financial matters.

End of comments.

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