“While there will always be fraudsters devising schemes to trick unsuspecting members of the public out of their hard-earned cash, plying their trade becomes easier during tough economic times,” Leon Campher, CEO of the Association for Savings and Investment South Africa (ASISA) warns the public in a recent ASISA media release.
According to Campher the only place your money should be going is into ensuring that you have food on the table and a roof over your head. If that is covered, your next priority should be paying off your debt and ensuring that you have medical aid cover, life cover and disability cover.
Campher shares a few pointers to share with your clients) to improve their financial situation in the long-term – basically by consciously managing their everyday spending decisions and financial habits:
|1.||Live within your means|
|2.||Rid yourself of debt|
|3.||Pay yourself first|
Click here to read more about the detail of these pointers.
Campher’s 5th pointer points out the important role of the financial adviser during these times. “Consulting a trusted financial advisor instead of gambling with get rich quick schemes is one of the most important financial steps you can take for your future. A trusted financial adviser can help you to develop a long-term financial plan that will help you achieve your financial goals. Research has shown that advised investors remain more disciplined about decisions to spend, save and invest, better financially protected and have more assets.”