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Life Planning

Paying it forward


Kim Potgieter

Kim Potgieter

September 26, 2022
This time of year normally inspires me to spring-clean – throw out the habits that don’t serve me and reorganise and focus my energy on the ones that add value to my life. This year is a bit different. In fact, it’s quite a challenge dusting down and sprucing up in the dark. Our current load-shedding schedule, combined with the energy crisis, the rising cost of living and the remnants and uncertainty around Covid pull our thoughts in a different direction entirely.

Most people I talk to are thinking about living a more versatile and balanced life, and almost everyone I speak to worries about money. The question is: have you taken control of your money? How are you doing around planning for your present and future financial goals so you can live your best life knowing that your money will enable it?

October marks a highlight for the financial planning industry with the FPI financial planning week running from 3 – 7 October. The theme ‘Live your today and plan your tomorrow’ is so appropriate for the real challenges we are all facing right now.

I want to encourage you to not only relook at your financial plan but to open up this conversation with your parents, adult children and loved ones. The fact is that your financial plan could potentially be impacted by what your parents (and adult children) are doing with their money, and how well they are planning for their future.

I have spoken and written about this often, but it really is heartbreaking when you meet clients who sacrifice their own financial security to support their elderly parents or adult children. I have sat with many people who are no longer able to live their lives on their own terms, no matter how much time and planning they have put into managing their finances, as a result of external circumstances and life’s what-ifs.

This year, instead of spring cleaning, why not sit down with your parents (and children) to talk about financial planning. Start the conversation by asking how they are doing with living their best life right now. Ask them if they have thought about their future lives. Explore their goals and dreams and talk about their financial plan. Do they know how much they have and how much they need to live out their lives? Do they have a will? And is it updated?

The best-case scenario is that your parents, at the very least, have a good idea of where they’re at financially and feel comfortable with their retirement funds. But they may not have a plan and may not be fully aware of how their money will last. If you do have adult children, you may find (especially if they’re just starting out) that they don’t have a plan – for their lives or their money.

Let’s use this time to inform, educate and have these conversations with our loved ones. Pay your knowledge forward and encourage them to find a professional qualified financial planner to help them take charge of their money and their lives. If you’re looking for some added inspiration, look out for their FPIMyMoney123™ campaign on social media during financial planning week. It promises to host many conversations, tips, videos and articles about children and money, managing risk, global and local investment planning and the benefits of working with a financial planner.

Wishing you an inspiring Spring!


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