"Three weeks isolated in your home - do NOT waste this free time"

"It is now a good time to Analyse your Finances & Redirect your focus"

There are three major steps involved:

1. Getting all the information together:
   1. Know what you spend: Review your last 3 month's bank statements and determine an average
      - Focus on 80% of the money and ignore the small amounts
   2. Take note of what our Income is:
      - Review your total Income & ensure your total Spend is less than your Income
   3. List your Assets & Liabilities:
      - Your Assets will include the larger items like house, cars, 2nd property (Don’t include furniture)
      - Your Liabilities are amounts owed like Bonds, car finance, credit cards & personal loans
   4. List value of Investments:
      - Retirement Funds
      - Unit Trusts / Cash value of policies
      - Cash deposits
      - Other
      - Calculate how much you are investing on a MONTHLY basis. This should be between 12%-20% of your Gross Income.
   5. Life Assurance: (Dare to take a Look)
      - List values if you Die, Get Disabled, Suffer a Dreade Disease
      - Details of your Medical Aid
   6. Short Term Insurance:
      - Are you covered - Properties, cars valuables
   7. - Your Estate:
      - Get a copy of your Will - Is it up to date?


2. Deciding what needs to change:
   1. Spending:
      - Review each Expense item & decide if it can be optimised or eliminated
      - Debit Orders are something to take a careful look at
      - Plan for seasonal extra spending like school holidays, December, Easter
      - Insurance is a wasted purchase if it is not needed. This must be reviewed regularly
   2. Assets & Liabilities:
      - Compare these with last year to make sure you are going Forwards
      - Try to eliminate store cards and short term debt
      - Pay off the Debt with the highest interest rate first
      - Or the smallest accounts first, to feel the speed of progress
   3. Investments:
      - Where is your money invested & is it Diversified
      - Review your Asset allocation and your Offshore exposure
      - Are you maximising use of available Tax breaks - Retirement Funding & Tax Free investing
      - Are you saving enough to be Financially Independent when you can no longer work.
   4. Life Assurance:
      - Have you sufficient Life Assurance, Disability cover & Dreaded Disease Cover?
   5. Short Term Insurance:
      - Is the value of your house correctly insured
      - Have the values of your cars been depreciated so you are Not over-insured
      - Has the new furniture values been added
      - Do your security arrangements comply with the policy
      - Consider Gap cover to cover difference between hospital expenses and medical scheme
   6. Your Estate:
      - Read your Will & ensure it still fits your circumstances. If you don't have one - have one drawn up
      - Check that the beneficiaries are listed and still appropriate on Pension, RA's & Life Policies


3. Taking ACTION:
   1. List the items that need attention & diarise their IMPLEMENTATION

"Social Distancing is also social togetherness - Against a common enemy, for the Goof of All"

Please keep in touch Remember to contact me if your circumstances or needs have changed and your financial plan needs to be updated.

Regards Earl Don - earl@globalforexpert.com