With 2023 now well under way, the prospect of higher inflation, rising mortgage interest rates and continual loadshedding is a major concern to many. We would all like to start 2023 on the right foot and not repeat our financial mistakes of 2022 and sometimes this is very hard to do. The attached article published on Saturday by Moneyweb highlights the 4 major mistakes we make namely:
1. Do not withdraw from your investments to pay off holiday indulgence
2. Do not ignore the power of retirement saving to reduce tax
3. Do not postpone portfolio reviews [risk & investment]
4. Do not access emergency savings to fund extravagance
We would also like to add a 5th mistake that many see as a quick solution to all their financial woes
5. Do not get involved in a Ponzi scheme.
You can read the full article here>
As always if you are unsure about anything, seek professional advice. We are only a call away and look forward to hearing from you.
