Learn and grow with these financial tips

Experts in financial planning offer their tips to kickstart your saving and investment ambitions.

2021-10-27 11:14:00 PM

Experts in financial planning offer their tips to kickstart your saving and investment ambitions.

Experts in financial planning offer their tips to kickstart your saving and investment ambitions.

“Have you ever heard the Chinese proverb saying about planting a tree?‘The best time to plant a tree was 20 years ago. The second best time is now’. The same goes for investing,” says Gugu Sidaki, director of Wealth Creed. “If you have not started your investment journey, consider getting started as soon as possible as you reap the full reward of a good investment through time.”

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Keegan Pickard, a financial planner at SA Financial Planners, says you don’t have to start savingthousands and thousands of rands from the start — as long as you start somewhere.“There is no perfect, scientifically calculated age to start. The biggest step is just to start,” Pickard says. “We all live within our own means. I always encourage my clients to save whatever they can no matter how small it might seem. You can always adjust the amount that you are saving at any time in the future.”

Where is a good place to start?Sidaki says not all investments are suitable for everyone. Before you get started, consider your goal (what you are trying to achieve with your money), your investment horizon (the time you have to be invested), your risk appetite (how much uncertainty and fluctuations you’re able to take regarding your investment) and your budget (how much can you afford to invest). headtopics.com

Start investing small amountsSidaki suggest starting with small amounts of money on platforms where you are able to self-navigate with relative ease. She says there are many reputable platforms where the minimum investment amounts are affordable, including OutVest, Allan Gray, 10X Investments, and Coronation. “They also have very capable call-centre agents available to answer any of your questions, without providing advice,” she adds.

Traditional banking productsFor saving, Mhlongo suggests trying normal banking products which don’t really give too great a return but are safe if you can’t afford to take too much risk. Read more: Sowetan LIVE »

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