MyMoney Online

Can you survive your own personal Brexit?

What's Brexit all about?

It’s all about economic independence. Britain being able to sustain a standard of living for all citizens on it’s own without depending on the European Union. It boils down to Britain being able to grow (GDP) on it’s own which will enable it to generate enough income (revenue) to cover costs (expenditure) and improve the standard of living of its people.

Click on the audio below to hear Paul's chat with Sam and Africa then carry on reading!

The big question you should ask yourself

Closer to home, Brexit brings to mind a number of pertinent questions... To what extent can you financially stand on your own two feet? How dependant are you on the bank and other money lenders? If there is a financial crisis will you need family and friends to bail you out?

Currently 47% of South Africans at 65 are financially dependent on family.

The way forward to your own financial independence is to have a plan that ensures you have sufficient funds in place to maintain your standard of living no matter what life changing event comes your way.

The journey to financial independence can be a tough one as you need to compromise at times. If your expenses are too high then you need to adjust your standard of living. The Brits will probably have to do this in the short term as they find out where their economy will eventually settle. From that level they can then make a plan for growth, working on key aspects of their own economy.

So what's your vote?

We all have a vote in our own lives which we can take. Go it alone and become financially independent or depend on others for the rest of our lives.

How to do it is no mystery? Finding the will to do it and then committing yourself is the what it takes. The Brits have taken the decision. Good luck to them as they embark on a journey to establishing their own financial independence.

Read more from Paul Roelofse at www.investforlife.co.za

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