Important Money Lessons To Teach Your Children

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It is undeniable that we live in terrible economical times, where salaries do not match up to expenses, and debt in homes are as common as milk in the fridge.  It is important for adults to have basic financial skills to navigate through life, and it shocks me to see how many adults have very little to no financial understanding, merely because no one had taught them important financial lessons when they were younger.

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How To Be Become A Millionaire Upon Retirement From R25 000 Saving

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In our previous article (I need R16 Million to survive retirement) we spoke about how you should go about doing the calculations to see how much you need to have saved to survive your retirement when the time comes.  The result was grim for most of us, and since we don’t want this blog to only be the bearer of bad news, we are going to tell you how saving R25 000.00 over 5 years (R5 000.00/year) will give you over R1 Million upon retirement.

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I Need R16 Million To Survive Retirement

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A couple of years back, one of my colleagues had asked me if I had a retirement plan, and to her surprised I didn’t and had actually never given it any thought until that point.  I was in my 20’s and retirement felt like an eternity away.  Finding me completely irresponsible, she then followed by asking me where I was planning to get money from once I stopped working, and I had no answer for her.  I guess at that age, I was still naive enough to believe that ‘when I grow up’ I will earn enough money to save up for retirement.  However, now that I am 30 and understand money better, I have realised that you are unlikely to be able to ‘save up’ for retirement based on an average salary.

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