Our guest speaker, Ms Jackie Palframan CFP®, a senior financial planning lecturer started off by sharing the mystery of money and asked the audience where our money tend to go every month.
She further explained the power that money holds and recommended for the attendees to make use of a piggy bank to help with the discipline of saving. She mentioned, “people spend more time planning their birthdays but not their financial future”. She further provoked the attendees to imagine reaching the age of retirement and not having enough money to sustain them throughout retirement. She recommended for every attendee to make use of the budget planner and keep track of all expenditures. She further went on to discuss the importance of building a good credit record. It is important to consider the cost of debt when thinking of purchasing something on credit because you may end up paying more money over the long term as compared to how much you would have paid if it was a once-off payment. Sometimes it might be better to delay the immediate gratification and save money for the item you wish to purchase rather than taking the item on credit and end up paying more for it. The amount paid over the 12-month or 24-month period of taking something on credit is usually higher than the money you would have paid as a once off payment.
The effect of compounding is very powerful and can be very beneficial for an individual.
She concluded by encouraging everyone to start investing for retirement from the age of 25 by investing 17% of your salary. Retirement is something that not many young people think about but it is very important to start working on it now rather than leaving it to a later stage in life.
The event was a success, and we are grateful for all who took their time to attend and also participate via our social media platform – Facebook Live. Special thanks to the whole executive team for their hard work in planning the event and a huge thanks to Mr Matchaba-Hove and Mrs Kinsman for their help and unwavering support.
We look forward to seeing you at our upcoming events.