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Personal Finance

Effective Personal Financial Planning Guide

Having a mental image of what your life will be like at age 50 will enable you to be financially ready.

Bryan Hirsch




Neglecting to take good care of your financial planning is as irresponsible as having a haphazard attitude to family planning. Both can have a dramatic negative impact on your life.

I am passionate about trying to help people achieve their due rewards in life, and relentless in my efforts to try to educate, and therefore protect, as many people as possible from suffering financially when they reach their retirement years. The key is to get your priorities right from the outset.

Enjoying your golden years

What is the point of working hard all your life if you cannot enjoy your retirement? It is even more important to be financially independent so that you can make choices in your remaining working years. It’s not retirement but financial independence that gives you the ability to do so.

It’s not easy to predict the future.But we should never stop ourselves from thinking about what lies ahead and dreaming about the things we’d like to do.

A formula for success

My formula for success applies to everyone. If you are in your 20s, add 30 years. If you are in your 30s, add 20,if you are in your 40s, then add 10 and so on.

Whatever your age, you need to step out of your present situation and take a mental photograph of yourself at age 50.Take a long hard look at that snapshot and ask yourself as many questions about your circumstances as you can.

Ask Yourself these questions:

  • What will I look like at that time?
  • What will my family look like? 
  • How many children will I have? 
  • Where do I want to live at that time?
  • What if I’m divorced? 
  • What happens if I lose my spouse?
  • Will I want to have my own business by then?
  • What if my financial circumstances are so undernourished that I’m unable to even consider the possibility of being financially independent.
  • We are all different and have different concerns about our later years – and believe me, 50 is not so far away. I always thought that I would remain in my 20s and 30s forever, but time does indeed fly.

It’s about ambition

By now you will have realised that I am really referring to ambition. Most of us will admit that without ambition we find it very difficult to function properly and effectively. It’s what keeps our lives on track.

Once you have a clear understanding of what your ambitions are, where you want to be and what your broad surroundings will look like, you need to take positive action and start along the path that will enable you to achieve your ambitions. But, take heed.

Realise Your goals

To achieve your goals you have to be disciplined and you will need to stop and check your compass at least once a year to ensure that you have not deviated. You will also need a financial advisor with whom you have an open, trustworthy and long-term relationship.

Your financial advisor must be the one person who has the knowledge, the experience and the interest to see that you arrive at your financial destination well on time.

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.


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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Personal Finance

If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30

Five common mistakes entrepreneurs make when starting a business and how to correct them.



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Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.

So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.

From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.

Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.

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Personal Finance

5 Habits That Lead To Millionaire Business Success

You need the right habits if you’re going to succeed.

Timothy Sykes




What do all millionaire businesspeople have in common? Well, a lot of things.

I found from a recent study that 80 percent of all millionaires still go to work every single day. They’re working people just like me. But, they have to keep themselves in work or it all grinds to a halt. So what are the habits you need to make your business a success?

1. Patience

Nothing is ever going to come easy. You can look at the likes of Steve Jobs and Bill Gates, as well as the other usual suspects, to realize that success didn’t come with their first venture. Many of them failed time and time again. It took patience for them to become successful.

I read an article recently about 36-year-old teacher Andrew Hallam who became a self-made millionaire on a teaching salary. But, in his spare time he invested smart and lived frugally.

It proves you don’t have to inherit lots of money or become an instant success to make a millionaire business.

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

2. Dedication

You have to be dedicated to your craft if you’re going to become successful. Going back to Bill Gates again, he started his business in the back of his garage. Now that’s dedication.

It’s what I tell all my students. If they’re not dedicated to this, then they should leave. You need to be able to push through the barren periods if you’re going to reach the oasis of success.

3. Ambition and big dreams

Have you ever heard the quote, “Shoot for the moon. Even if you miss you’ll land among the stars”?

I take that to heart because even if you aim to become a billionaire and miss you still might be a millionaire many times over. Take the Wright Brothers as an example. Not content with creating a successful glider in 1902 they went on to create the world’s first airplane in 1903, making four brief flights in Kitty Hawk. It demonstrates the importance of dreaming big because you never know what you might achieve.

Related: 12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry

4. Learn from mistakes

Every good businessperson will mess something up. It’s inevitable. What’s important is how you learn from your mistakes over time. Do you adapt after making your mistakes?

Millionaire businesspeople always set some time aside to reflect. Then they create a plan of action for ensuring that it doesn’t happen again. Most failed businesspeople put it down to “bad luck.”

5. Focus on niches

This important! Try to take over a whole industry at once and you’ll inevitably get swallowed up by the competition. Start small and control your own niche before moving into another niche. When you master your small area, you can push on and expand.

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

You’ll be amazed at how much easier it is to expand after you master your own niche/audience first.

Do you have what it takes? That’s the question I always ask novice businesspeople. You need a plan and you need the right habits if you’re going to succeed.

This article was originally posted here on

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