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wealthth

About wealthth

https://www.wealththatmatters.co.za

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Tax Season

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People have started to receive Auto assessments from SARS. Here is my 2 cents to caution you:

  1. First check of all you personal details are correct, ID number, address , banking details, email, phone number etc.
  2. Check if they have all your income correctly.
  3. Check if all you deductions and rebates are correct, is medical aid recorded correctly ( did you have extra expenses that were not paid by your medical aid), are all your retirement funds recorded. If you get travel allowance, have you submitted your business KM to ensure you get the tax charged back. Do not get excited for just receiving a refund that one day can be reversed and you might need to pay it back because you didn’t verify your assessment. It is your responsibility as a tax payer.
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Closing the Will months

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As we are closing the Will months i challenge you to go check your policies, update a will or get one.
It is so sad to see people dying and their asse are not distributed correctly or the estate take for ever to wind up because you did not leave clear instructions for your assets.
Those who have children, don’t let your children suffer even after you have worked hard to accumulate funds for them and when you are dead, those funds don’t reach them .
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Financial Independence

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Some simple rules I made for my finances to get closer to my financial independence:

I promised myself to never take debt for the following things : I will always buy them cash
1. Food and clothes
2. Electronic devices (phones , laptops, tvs etc)
3. Furniture
4. Holidays or travel
5. Any lifestyle related spending
6. Supporting family

But I am willing to take debt, manage it and pay it off for the following:
1. Property
2. Car
3. Business

With finances, it is important to have rules, have a plan, and know your limits. But before all this understanding where you want to be and having clarity of your goals is key.

Define your financial freedom and financial independence ( don’t copy others) and work from there.

Financial Discipline

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As the new generation, we lack financial discipline and financial management so much so, that even with better opportunities and better jobs we are still struggling financially.
Instant gratification, competition and envy of other people’s lives makes us live way beyond our means.
Our parents had little income to work with but you know how they were able to take 5 children to school and still maintain a household? Financial discipline and “knowing usizi lakho” and face it.
People take loans, credit cards and overdrafts to go to vacations they do not afford, rent properties they don’t afford, take kids to school they do not afford, buying luxury brands they do not afford, all in the name of fitting in the elite squad or getting attention.
Until we learn good management skills , great discipline, some of us will never see or smell financial freedom in this lifetime .
Sharp ke 👍🏽