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Don’t Encourage Ungrateful Brats

It’s easy enough to make your heirs feel warm and loved. One way of doing this is to tell them you’ve nominated them as a beneficiary to inherit part of – or all of – your estate one day, when you pass on.

Bryan Hirsch




On the other hand it’s just as easy to transform the love and warmth into solid ice. Just omit to mention that they will not inherit the actual capital sum immediately, but a monthly income instead!

Avoid a family feud

You worked for it and therefore have every right to decide how you want your heirs to inherit your money. There are often legitimate reasons for electing the income route rather than the capital lump sum.

In the case of an heir with a reputation for lavish spending, it would be better to have a regular income paid to ensure the money will last for many years.

The answer to these questions (and others) will be found in the word ‘communication’. You need to communicate with your heirs so that all parties fully appreciate what the implications are, and you need to communicate regularly with your financial planner to ensure that your long-term financial objectives still meet all your requirements, and remain that way.

Throughout my career, I have encountered many contentious cases where beneficiaries have ended up fighting over the money someone has bequeathed to them. This can be avoided by communicating openly and candidly about your wishes.

The problem is that legislation governing matters such as inheritances and beneficiaries is often not fully understood by the person nominating  their beneficiaries, and one’s best intentions may not be sufficient to keep everyone at bay.

Sidestepping conflict

To complicate matters, a lifeline often obscures good intentions. Take the young man who affects his first life cover plan: With no heirs to consider at the time, he nominates his mother as the beneficiary on his policy.

He may later get married and if he forgets to review the beneficiary and premature death occurs, no matter what his will may state, the legal right of the beneficiary will usually take precedence over the will and his mother rather than his wife would inherit the sum assured.

The relevant life assurance company is required to pay the money directly into the bank account of the nominated beneficiary just as long as the policy has not been ceded to the bank to cover a subsequent loan.

Retirement benefits

This is not necessarily the case when it comes to retirement benefits. Regardless of whom you nominate as the beneficiaries to your retirement fund benefits, the provisions in Section 37(C) of the Pensions Funds Act require the benefits to be placed in the care of the trustees who have the power to change the proportion of the fund for distribution to each beneficiary if they deem it necessary.

Usually a full investigation has to be carried out before making this determination, but it is the trustees’ responsibility to reallocate the money amongst the beneficiaries, according to their assessment of each one’s needs.

You should include a full review of your estate – and your beneficiaries – as part of your annual review. Circumstances change, and so do your financial planning requirements.


BRYAN HIRSCH has been in the financial services industry for 47 years and is a director of Bryan Hirsch Colley & Associates. He has written two books, the first Bryan Hirsch’s Guide to Personal Finance and more recently, Steps to Financial Freedom. Bryan has written for many of South Africa’s top financial and business publications, has been a weekly guest on Radio SAFM for 18 years, and has his own weekly TV show You & Your Money on Summit TV.

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Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.



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If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

4 Ways To Become A Millionaire Even When You Start With Little

It costs nothing to take advantage of the limitless opportunities online.

Timothy Sykes




The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.

1. First focus on learning, not big gain

Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.

2. You can learn loads about any topic online


I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.

Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.

When you get into the habit of learning regularly you’ll find that you advance much faster.

3. Focus on the niche you love

These days you can learn about anything and target the niche you’re passionate about.

This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.

You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.

4. Prove your expertise by creating free content

Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.

Related: How To Become A Millionaire, Explained In 1 Minute

It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.

You can do lots with a little

The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.

Combine everything together and you can accomplish anything.

This article was originally posted here on

Related: 13 Habits Of Self-Made Millionaires You Could Adopt Today

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Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands



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Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

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