As we near the end of Savings Month, it’s time to set a goal: put money into growing your long-term wealth, rather than accumulating more debt.
Wealth is created not by earning more money, but by spending less. Research conducted by the Bureau of Market Research at Unisa found that South Africans do not increase their savings as their income increases - we simply spend more. Professor Carel van Aardt, Research Director at Unisa, found that higher income households tend to buy a new car every two years and upgrade to new homes every five to 10 years, rather than reducing their debt. They then find themselves deeply indebted in their 40s and 50s – a time when they should be debt-free and saving their additional income for retirement.
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The information contained in this communication, including attachments, is not to be construed as advice in terms of the Financial Advisory and Intermediary Services Act of 2002 ("FAIS") as the writer is neither an appointed representative of Liberty, nor a licensed financial services provider as contemplated in FAIS. Please consult your financial adviser should you require advice of a financial nature and/or intermediary services.
