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When Is The Right Time To Panic About Retirement?

Approaching the ages of 52 to 55, with bonds still to be paid off and kids’ tuition fees either for private schools or university, many people suddenly realise that retirement at 60 isn’t really an option. What to do?

Eamonn Ryan




There are a number of things to do, but first is don’t panic. Just a few generations ago pensioners spent on average five years on retirement, and all they needed was the interest on capital to survive those few years.

Today a pensioners’ portfolio needs to contain an element of growth and risk investment to cover not just five years, but the ten to 25 years that comes after that. Warren Ingram, executive director of Galileo Capital, speaking on Summit TV, explains that people should simply view retirement as another milestone rather than ‘the end’.

Allan Heynen, a director of BDO Wealth Advisers, says given the fact that people can look forward to as much as 20 to 30 years in retirement, long before any investment decisions are made, three key questions need to be answered to make available capital stretch further.

 “Pensioners are going to have to either: Work after their retirement age; take greater investment risks; or cut back their lifestyle,” he says. He claims many of his clients continue working post-retirement well into their 70s.

Ingram lists a few dos and don’ts: “My suggestion is to keep on working,” a suggestion echoed by Heynen and financial adviser and Entrepreneur columnist Bryan Hirsch.

“People still have value to contribute at age 60 — but they should not look only at the large corporate environment. SMEs need their skills and while they may not be able to pay R30 000 a month, they could afford R5 000 to R10 000 for a half day job.”

 A high proportion of retirees continue working and enjoy it — but Ingram advises they use their lifelong skills rather than embark on a new, untried business venture at that age.

All three agree you have to scale back your expenses as far as possible, and also take the existing low interest rate environment to cancel out all debt earlier rather than later.

The worst thing one can do is de-risk. Hirsch says the challenge is that pensioners typically want nothing more complicated than to have their capital placed in the money market.

He says “this won’t cut it,” and he has to continually enlighten clients that with pensioner’s inflation at 8%, their capital will halve in purchasing power every nine years.

Ingram says with 20 years of retirement, if a pensioner’s financial adviser says he should put his capital into cash, he deserves to be shot.

The reality, says Heynen, is that given the lifespan of people, few retire with enough capital even with the right investment products.

Another mistake people make is selling off assets such as their house at the worst possible time. Ingram says: “It may be the right thing to do to later downsize, but do not panic sell.”

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Don’t Get Left Behind. Why you should already be saving for retirement.


Before becoming a financial writer and freelance journalist in 1997, Eamonn Ryan was a legal adviser, company secretary and alternate director at listed company Cashbuild Limited from 1988 to 1997. Since becoming a financial writer, he has focused on the business and financial sectors, as well as personal finance, writing for Finweek, The Star Business Report, Sunday Times Business Times, Business Day, Mail & Guardian, Entrepreneur, Corporate Research Foundation (which brings out a series of books each year ranking SA’s best employers and best managers), as well as a host of once-off and annual publications such as ‘Enterprising Women’ and ‘Portfolio of Black Business’. He also writes media releases, inhouse magazines and sustainability or annual financial reports for various South African corporates and financial services groups, including the Ernst & Young annual M&A book.


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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