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Wishnia's Word


March 2013

Hi,I hope your year is going well and your plans are on track.

Eight easy steps to financial freedom

Step 1: Set Financial Goals

Draw up a plan on how you will pay your debt off or invest. If we fail to plan, we will plan to fail. Speak to me if you are unsure of where to start.

Step 2: Get out of debt

Outline the "bad" debt you plan on paying off first. Pay the debts which have a higher interest rate first. You need to aim at keeping your debt below 40% of your income.

Step 3: Start saving

No matter what your debt is standing at, start paying yourself first. You can do this by opening a savings account that you don't have immediate access to and save monthly. This way, while you are paying off your debt, you are saving and as the debt becomes less, you are able to save more.

Step 4: Track every cent you are spending

One way to do this is to keep a cash log book which would require you to keep your slips and track it against what you have budgeted. Make this a habit.

Step 5: Draw up a budget

Draw up a monthly budget of your income versus your expenditure. Once your debt is paid up, continue tracking your spending habits and budgeting to manage your money.

Step 6: Before investing - do your homework

Be weary of investing your money in an investment that promises you an unrealistic and quick return. Speak to me regarding possible investment options and portfolios available on the market.

Step 7: Protect your wealth

It is vitally important to protect the wealth you create from events that might destroy it such as premature death, illness, relationship breakdowns and taxes. Good estate and tax planning will help preserve your wealth and speaking to me is key in getting insurance that protects your wealth.

Step 8: Set aside for retirement

The power of compound interest lies in the secret of your youth. Retirement is an important aspect as you would like to be self-dependent when you retire. A realistic figure that you should be saving is 15% of your salary.

Achieving financial freedom is possible - it just requires a bit of determination, focus and a little commitment.

Network Corner

Q&A Instruments
Industrial Temperature
Daniel Wishnia
060 379 7625
info@qainstruments.co.za

Printegration
 Sales, rentals & support of printers, consumables and software
Keith Fitchet
(021) 510 2822
keith@printegration.co.za

E-magination
IT Consulting in Business
Richard Bezuidenhout
083 556 1502
richard@e-magination.co.za

Vinallti
Category management of high risk FMCG products
Franco Polito
083 626 0697
franco@vinallti.com

Cheers

Stephen

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