MyMoney Online, The Personal Finance series with Warren Ingram

‘I’ll do it later’ – more wealth destroying than any market crash or recession

Every year, gyms are full in January.

However, by this time – only two months later – there is decidedly more breathing room.

Every year, right before the end of the tax year, investors pile into Retirement Annuities (RAs) and Tax Free Savings Accounts; then they largely ignore their financial planning until the following year.

Parents with minor children are always planning to get to their wills, but have many other things to do first.

A Survey in 2001 showed that 69 out of every 100 employees feel that their retirement savings are too low; 24 out of 100 of them plan to increase their savings, but only three out of 100 actually do it.

Many people prefer to “wait and see” during times of uncertainty.

Many people suffer from this procrastination problem.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram for his weekly personal finance feature.

Ingram discussed a number of ways to get around wealth-destroying procrastination:

  • Break up your tasks into small, easily achievable steps.

  • If you are in a serious relationship – set joint goals and work together to achieve them (e.g. I will arrange the RA top ups; you make an appointment for a new will).

  • Tell a friend and set a deadline (e.g. tell a good friend that you will buy them a case of whiskey if you have not increased your RA by next Friday).

  • If you are uncertain about making an investment, because of volatile economic and political climates, phase in your money over time.

For more detail; listen to the interview in the audio below.

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


This article first appeared on 702 : ‘I’ll do it later’ – more wealth destroying than any market crash or recession


Recommended

by NEWSROOM AI
Read More
Working abroad? New rules are coming! You're probably breaking the existing ones

Working abroad? New rules are coming! You're probably breaking the existing ones

Bruce Whitfield interviews Warren Ingram, a Personal Financial Advisor and Executive Director at Galileo Capital.

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

Dr Adriana Marais was on her way to the Red Planet. Then Mars One collapsed

The Money Show’s Bruce Whitfield interviews Marais, a quantum biology researcher with dreams to live on Mars.

'Get ready for tax levy to save Eskom, because the money is simply not there'

'Get ready for tax levy to save Eskom, because the money is simply not there'

Eskom has so much debt it threatens to break South Africa. Bruce Whitfield interviews Dr Adrian Saville of Cannon Asset Managers.

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

Meet Abel Sithole, the man in charge of R1.6 trillion in Government pensions

The Money Show’s Bruce Whitfield interviews Abel Sithole, Principal Executive Officer at the GEPF, Africa’s largest pension fund.

5 strategies for keeping calm when Eskom sheds a load (by Prof Renata Schoeman)

5 strategies for keeping calm when Eskom sheds a load (by Prof Renata Schoeman)

Psychiatrist Renata Schoeman has tips and tricks to help you cope without blowing a fuse.

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

Cheekily named load shedding app EskomSePush goes from 2500 to 400 000 users

It’s now the most downloaded IOS app and 2nd most downloaded Android app in SA. Bruce Whitfield interviews co-founder Dan Wells.

Popular articles
DStv subscription price hikes for 2019

DStv subscription price hikes for 2019

MultiChoice will increase the prices of certain DStv packages from 1 April.

'Bring back skilled engineers to Eskom' - Solidarity

'Bring back skilled engineers to Eskom' - Solidarity

Trade Union Solidarity says it supports Pravin Gordhan's idea that technicians who used to work for Eskom should be brought back.

Criminals targeting homes with aluminium windows, warns neighborhood watch

Criminals targeting homes with aluminium windows, warns neighborhood watch

The Panorama, Welgelegen and Plattekloof Neighbourhood Watch has identified a new house break-in trend.