By law, your registered adviser has to provide you with the most appropriate advice. This is your advice insurance policy.
- Make sure that your financial products are well priced; remember that like any business there is huge competition in the financial services industry. Ask your financial planner to review the costing of all your life, disability and investments.
- Remember that the financial services that you bought online or “direct“ are not necessarily the cheapest or most appropriate to your needs. Have a financial advisor look at them for you.
- Consolidate your debt aggressively with the lowest cost provider. If you have capacity in your accessible bond account, use that to pay off your credit card and other more expensive debt.
- Say NO to the e-mail loan offers. They are offered at very expensive interest rates.
- Shop your short term insurance around, but be careful of the cover you are really buying.
- Remember that by law your registered adviser has to provide you with the most appropriate advice. This is your advice insurance policy.
- Consider consolidating your accumulated savings. Like everything in life, you get discounts for the size of investments you make.
- Retirement annuities, Rand-for-Rand, are the most efficient investment available by a long way, use them aggressively.
- Pay off your credit card in full every month. An outstanding balance on a credit card is without doubt the most expensive debt you will ever have.
- If you are in financial difficulty, cut out “wants” in favour of “needs”. Gucci is a want and if you are in trouble a new handbag is not even a need!