Daily Maverick Articles #financial wellbeing

We often hear the term "make your money work for you", but very few people actually understand what it entails, and how to go about achieving it. Let's take some time and shed some light on this concept, using retirement monies as an example.

This industry is mostly filled with people who are eager to do the necessary for their clients to help them grow and achieve financial success. However, as with many other professions, every now and then there tends to be a snake in the grass. Let's take some time and discuss what you should be looking out for and how to go about picking the right options.

As we've spoken about before, death is never an easy topic to talk about, but every now and then, life forces you to face the music. It is, however, important to arm yourself with the relevant knowledge. Let's take some time to understand death benefit payouts and their relevant tax implications.

With many investors now adopting a more optimal approach with their investment strategy by having money offshore, an important thing to take note of is "situs tax". Let's take some time and discuss what it means, what implications it can have, and how it can be worked around with some careful consideration.

We've all heard of "not keeping all of your eggs in one basket", but is there any merit to it? If the single basket falls and the eggs inside break, you'd have no backup. Similarly, from a financial perspective, if your wealth is concentrated in a single investment space, any trouble in the waters could be devastating.

It's always a good idea to review your finances on a regular basis with your financial adviser, but unfortunately for some people, what seems like a good rendering of services could just be a facade. Let's sit down and have a quick discussion for warning signs to look out for and what little things you can do to ensure your own financial health in tandem with your adviser.

With countless studies showing exponentially growing numbers of dementia and related syndrome cases popping up worldwide, it's time to face the music. Let's address this cerebral killer and the impact it can have on your (and possibly your heirs') financial wellbeing.

Owning and running your own business can be one of the most rewarding yet challenging experiences that anyone can face. It is however important to have a plan in place that your business can continue to function and provide for your family should you pass away.

Running a business can be one of the most rewarding experiences, but should you want to step away from the business or retire you need a succession plan in place to pass the torch on to the next person while still extracting benefit. Let's address some of the things you need to put in place for this to be successful.

A family business is often a labour of love, and when the time comes for younger blood to take over the steers the owners can be a bit overwhelmed by the multitude of tax liabilities. Let's take some time and discuss what could lie ahead, and ways to navigate it.