Many people think that financial planning is only for the rich. Although some financial planning practices are geared towards wealthy people, having a financial plan is something everyone should consider. It’s not rocket science. Your financial plan should ensure that all your financial products work in harmony: your medical aid cover, short- and long-term insurance, short- and long-term investments, and estate planning arrangements.
Your plan should be rigid enough to guide you towards your goals, but flexible enough to accommodate life’s transitions such as marriage, having children, the loss of your job, divorce, and retirement (not necessarily in that order).
This month’s edition of the free IOL MONEY digital magazine focuses on the components of a financial plan and features advice from professional planners on how to approach your finances.
Now watch: