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Don’t Get Left Behind

Too often younger generations forget to plan for retirement, and need to scramble to catch up.

Bryan Hirsch



Saving for Retirement

We all hope to retire in comfort one day, however statistics reflect that only 4% of South Africans retire in comfort; 12% simply get by; 33% have to reduce their lifestyle dramatically; and an alarming 51% retire in circumstances that force them to supplement their income or rely on family members for financial support.

South Africa is not a welfare state and the basic pension does not provide sufficient money for retirement. The amount changes periodically and is currently R1 260 per month per person.

There is a means test to assess whether you are entitled to this, but in this year’s budget the Minister announced they would be reviewing this method as it seemed to be unfair to penalise those who have saved for retirement by excluding them from an old age pension. I’ll report more on this when we have further clarity.

Plan ahead

The few who retire at a relatively young age soon find themselves seeking other interests to occupy their minds and time. Actual retirement should be carefully planned and you need to think about it at least four years prior to retiring. What you will do with your time is more important than anything else.

Financial planning has to start 30 to 45 years before you plan to take your retirement if you want to be financially independent with options and funds to provide you with sufficient income in your retirement years.

Adjust for age

I like to divide life into four stages:

  1. The first 18 years are for education.
  2. Age 18 to 36 — further education and exploring opportunities to find out what you plan to do with your life.
  3. Age 37 to 55 — concentrating on your career and making changes that improve your situation.
  4. Beyond this, you are planning for retirement. In the first three stages, you can afford to take a lot more risk and be much more growth orientated than in the last stage when you require income certainty.

Don’t risk retirement savings

All too often, business ventures can fail. The younger you are the greater the ability to start again. But by the time you reach stage four, you are not in a position to take too many chances with the capital you have built up for retirement.

Statistics show that both men and women are living quite a few years longer than in the past — men to age 82 and women to 86 — and this is due largely to advancements in medical technology.

It’s virtually impossible to explain to a 20-year-old why he or she needs to start thinking about retirement. Think back to when you were in your 20s. What was paramount in your mind — getting your salary and buying the things you needed, or saving for retirement? No prizes for guessing what the last thing was on your mind!

In for the long run

In my experience, even being forced to join a retirement fund at your place of work seemed a waste of money. Why on earth would anyone want to be a member of a company’s fund, especially if you believed that there was no chance you would stay with the company until retirement?

Unfortunately, in most instances, staying on at a single job for a lifetime is very rare today. This, however, should not detract from the importance of retirement and other long-term savings options.

After a few years in the industry, my more successful clients started to look at this type of saving and to debate whether they could create any real wealth. But retirement planning and wealth creation are two very different strategies.

While it is true that creating wealth and amassing funds will provide many generations with their financial requirement — and it is very sad that this is done by so few of us — it’s important to remember that most of us have to try to save enough funds just to allow us to live from day to day in retirement.

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When Should You Panic About Retirement? We Explain


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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