Author: Craig Turton


Different life stage, different risk

Craig Turton, Head of the Wealth Creation team at Chartered Wealth Solutions, explains that each new life stage comes with its own risks, and a comprehensive Financial Plan takes all of these into account. Check your own list as you read through the article.

When you were a fresh graduate in a new job, you possibly shared a small dwelling with two roommates, had a second-hand car and three neat work outfits that you laundered carefully. With no dependents, your financial priority in terms of cover was short-term insurance for your car and some personal possessions.
Now you are a parent, with significantly more expensive assets, and have many more financial responsibilities. Not having enough cover can jeopardise you, your lifestyle and your dependents’ wellbeing.

Risks associated with each life stage

Within our Wealth Creation team, we see clients of different ages and in different stages of their lives and careers.

A complete Financial Plan should include the risks associated with being at these different stages. Risks include such unexpected life events as:

  • death
  • disability
  • loss of income
  • severe illness

In this article, we touch on potential risks in the different stages of our lives and career. It’s important to note that medical aid is excluded from the risks below, so we must ensure that, at all life stages, our medical aid covers what we need it to cover.


If you have student debt and you pass away, your family will inherit your debt. The solution would be to have some life cover in place to protect against this debt.

Young, single work-starter

Be aware of debt, such as study loans, as indicated. Your biggest asset at this time is your ability to earn an income. Consider the implications of not being able to work. Protect this ability through an income disability protection policy – your Financial Planner will be able to advise you.

In a committed relationship or marriage

If you buy a home together, ensure the bond is protected through a life policy. While it’s not romantic, it is caring to have a formal contract in place between the two of you, to make provision for the possible dissolution of your relationship. Ensure your Will stipulates what should happen to your share of the house in the event of one of you passing. Growing up is not easy and the conversations just get harder, but it is essential that you have them.

Married and considering having children

If you are both are income earners, will the survivor suffer financially without that income? If yes, you need to make sufficient provision to allow the survivor to maintain their standard of living. Education is a huge cost for one parent, so include this cost in the calculation.

Peak of your career

You may suffer a health risk; a severe illness benefit will assist with the financial demands of such an illness. An estate plan should address the costs in your estate when you die. Ensure your beneficiary nominations are correct and updated on your policies and retirement funds. Make sure your children will have sufficient capital to see them through varsity when you are no longer there.


A goal here may be to be relatively or completely debt-free by this stage; if not, ensure you have covered the remaining debt. Your Will should be up to date. A severe illness benefit is likely to be very relevant. In your Financial Plan, consider the costs of long-term care for when you are less independent, such as assisted living, frail care or in-house caregivers.

Finally …

If we live, we have risk. These risks need to be planned for and managed. Most importantly, having planned, live in the moment and enjoy each day you have with your families and loved ones.


What you need to know before cashing in your Pension or Provident fund

When you are leaving your employer, you may wonder what you should do with your Pension and /or Provident Fund.

The option of cashing in

Can you withdraw your retirement funds before you retire without being penalised?

The simple answer is yes, but be aware of the risks.

Living costs have gone up, with debt levels rising as a result. Household cashflow may be under pressure, and job security is an ever-present concern. These are all valid reasons to access some (if not all) the funds in your Pension Fund when leaving an employer.

Cashing in your retirement savings prematurely has a double cost: you reduce your tax-free lump sum when you retire, and you pay more tax on your retirement savings.

When you resign, you are allowed access to only R25,000 tax free – a SARS regulation. Any amount over that is taxed at a significant 18%. Withdraw more than R660,000, your tax rate is 27%, and 36% on amounts over R990,000.

Let’s look at an example. You are changing jobs and want to cash in a R400,000 pension fund. You will pay 18% tax on R400,000 minus R25,000 (your allowed tax-free amount). So, you will pay R67,500 to SARS.

Should you withdraw again on your next resignation … well, you can imagine the impact on your long-term savings. Please note that R25,000 tax free amount does not apply to every single withdrawal. On every pre-retirement withdrawal the amount will get aggregated to the previous withdrawal, and you’ll end up paying more and more in taxes.

The reasons for staying in

If you reach retirement, the retirement tax tables apply – that is, the rate of tax is determined by the taxable income. If you waited until retirement to cash in, your first R500,000 is tax-free.

South Africans are notoriously poor savers and our retirement statistics are poor. Only about 6% of South Africans retiring can afford to do so at age 65. A major contributor to jeopardising your financial wellbeing is the repeated drawing of retirement funds when leaving employers.

A full transfer from your retirement savings to your living annuity means no tax implications.

Avoid borrowing from your future.

Preserve your retirement funds for retirement. It’s not that far away!


South African citizens who emigrate are entitled to have their pensions paid to them in their country of emigration, or they may choose to take the amount in cash. If you emigrate before you retire, you may withdraw all your pension or provident funds with no penalty.

You know that you may not withdraw from a Retirement Annuity before 55, and, on retirement, may access only one-third of your funds. The rest buys a pension. If you emigrate, however, you may take the whole amount in full. From 1 March, 2019, the same concession applies to members of pension provident funds. Provident pension members can take their whole amount in cash.

It’s important to note that relocation is not emigration, and, without formal emigration, the usual tax rules apply.

This information is particularly relevant in light of reports of increasing numbers of South Africans considering emigration. For Craig Turton’s message on choosing to stay in South Africa, click here.


South Africa’s future: choose your focus

“Just do something” is the current cry rising all over South Africa.

The appeal for action has gained volume and momentum in the wake of recent violent attacks across the country, with xenophobia and gender-based violence being cited as reasons for the recent spike.

Of course, the call for action is directed to the man in power: the country’s president. Cyril Ramaphosa’s reaction to the attacks on women and children was first articulated at a BrandSA breakfast, before a Cabinet meeting where the urgent matter was promised to be raised. While his response was widely regarded to be delayed, his message was strong, and he placed the responsibility firmly with men to own their role in stemming this tide of violence against women and children.

In my business and social circles, there seems to be a belief in the positive intentions of the President, but a general pessimism regarding the trajectory of the country. Certainly, the country’s leader is battling on several fronts, including persistent corruption within his own party.

Amid this uncertainty, and committed to the future of our country, I keep my radar up for positive moves that suggest a more sustainable future for us.

The clean-up continues

There are currently two commissions actively working to clean up and rebuild government. One way is to free critical institutions from the previous regime. SARS, the NPA, the Hawks, SAPS have all seen high-ranking officials departing and even arrests.

We recognise that our SOEs (State-Owned Enterprises) are in turmoil and are encouraged by processes underway to seek accountability, among which we find: Brian Molefe and Eskom; the PIC and the Mpati commission; Dudu Myeni and SAA. Transnet’s top five are gone and another eight on suspension. The Denel CEO has also gone.

A significant clean-up has been within the formerly bloated and expensive cabinet: 36 ministers now down to 28.

I take hope from this. Those we thought were untouchable are falling from grace. The commissions are slow but persistent. We are getting convictions. President Ramaphosa is placing a strong emphasis on our economic renewal – without that, we will not eliminate unemployment and inequities.

I am staying in South Africa. I believe in this beautiful country and choose to look at all the positives around us, without discounting the fact that we have a mountain to climb to make us a thriving South Africa.


Building our economic future … together

I write this article in the wake of the national and provincial elections in South Africa, the results enabling the ANC to retain its ruling party status, though significantly weakened. The next five years will reveal if the President and the ANC is worthy of this ‘second chance’.

In the slew of political and economic commentary that followed, I saw a tentatively positive response to the relatively orderly and incident-free voting process, with the Rand appreciating 20c (also attributable to global factors), RSA ten year bond yields improving nine points and the big banking shares rising between 3% and 4%.

As a Financial Planner focused on helping clients in their wealth creation phase, it is a matter of concern for me that almost 10 million eligible voters did not even register to vote. Given our country’s history, and the cost at which the universal right to vote has come, this apparent apathy is worrying. Of course, it may be argued that a reluctance (or refusal) to vote shows no confidence in any of the 48 parties. The pessimism can be understood: the ANC’s recent kleptocracy and pillaging, and the lack of credibility of the other parties.

That said, I am a firm subscriber to the view that our younger generations can shape the future of this country; and participation is personally empowering – be it in our country’s political elections or in shaping our personal financial futures. I believe that this is the time for younger generations to be active in building our nation.

How to be an active citizen

All eyes are on the President who, no doubt, helped the ANC stay in power. A good start has been Cyril Ramaphosa’s revival of the advisory unit to drive policy. The challenges, though, remain what they have always been: economic growth not entirely based on direct foreign investment, but on creating, in the words of Ronnie Kasrils in a Daily Maverick article: “ … industrial policy with teeth to reinvigorate production, giving rise to economic modernisation with jobs, and redistribution instead of austerity.”

Obviously, government must implement measures to regulate SOEs such as Eskom, SAA, Telkom, and Transnet. Government spending on employees needs to be revisited.

Large corporations are cutting back on staff, an indication of the slowing of the economy. While government is setting up policies to create jobs, we as citizens can lend support to the quest to bring economic stability by supporting local entrepreneurs and small businesses; mentoring and encouraging those seeking to create a local brand of excellence; as an employer, to transfer skills to employees and help domestic staff where possible.

South Africans have a dismal record of saving, and improving our savings culture contributes to a healthier national economy.

The role of Financial Planning

In times of economic uncertainty or constraint, planning our finances becomes paramount. Being strategic about spending, saving and investing means that our money works for us and is the means to supporting the life we want for ourselves and our families, as well as helping those who work for us and philanthropic initiatives.

One way to be strategic is to ensure that our money is wisely invested. In the past five years, I am pleased to see clients asking more questions about their portfolio and its composition.

Some clients have enquired about investing money offshore (outside South Africa). I always emphasise the need to diversify with my clients, and part of that is investing offshore, though political uncertainty is but one factor to consider. A diversified approach includes choice of asset classes and asset managers, economies, politics, currencies, and a much wider scope of investment choice. A significant consideration for me is not to have all assets exposed in one country.

Economic prosperity in South Africa will require more than the efforts of government – let’s respond to the President’s call: Thuma Thina: Send us.

Craig Turton is a Certified Financial Planner® and Head of the Wealth Creation team at Chartered Wealth Solutions.


Saving tips – what to look out for in your budget


You don’t save what’s left after spending. You spend what’s left after saving.

– Warren Buffet

While there may be a degree of uncertainty – both globally and locally – regarding the political, economic and social landscape, we as South Africans can empower ourselves through awareness and action to ensure our money still meets our life goals.

With fuel price increases, electricity hikes, medical aid inflation, food inflation against the backdrop of a slow economy, our businesses might not be able to give the above inflationary increases as we have seen in the past. Times are tough for all of us – we can either become despairing and complainers, or we can adjust our thinking and tweak our own financial plans.

Over the years, I have seen three basic tactics by which clients have reached financial freedom:

  1. their budget
  2. setting a lifestyle ceiling
  3. settling debt as quickly as possible

This article focuses on the first option: budgeting.

The cost of living, the desire to have the best and conspicuous consumerism make budgeting one of the biggest challenges in a financial plan … but it is also the area over which we have the most control.

Here are my proven ways to make your budget work well.

  • Decide how much you want to save every month, and build your budget from there – not the other way around! Clients that I have seen reach financial freedom have managed to “pay themselves first” through saving and investing for the future.
    30% of your net salary should be going towards savings. That leaves you with 70% to spend. This 30% includes your Pension and Provident Fund contributions. Thereafter, look at settling your debt, with your credit cards first and then your home loans. Then, you can spend what is left.
  • Separate your needs from your wants. Try to turn off the message of adverts and marketing companies, who want you to believe you need their products. My challenge is, for just one month, when you walk past store windows, ask yourself: do I want this or do I need it? If is not a need, walk away.
  • Annualise your expenses – convert monthly amounts (that may seem small) to yearly amounts, which gives you a more significant figure. Then ask:
    1. Do I actually need this?
    2. Can I rather pay upfront for this and save?
    3. Can I spend less on this?
  • Once you have figured out that you could save more and pay yourself more, there are different investment vehicles you could look at investing in. A popular choice is a Tax-free Savings Account – a long-term savings vehicle not to be confused with saving money in a bank account. Money in the bank is for short-term savings and emergencies. The benefits of a TFSA are: 
    • Investment remains liquid and accessible at all times
    • All capital growth, interest and dividends are tax free
    • Any withdrawals made will not trigger capital gains tax
    • Great way to have exposure to equities and offshore investments

When investing or saving in this structure, consider how it is invested in the vehicle. You can choose many different options, from cash portfolios to equity portfolios. Chat to your financial planner as your savings plan still needs to form part of a holistic financial portfolio.

Good luck with your budgeting! Please share with us your success stories or ideas.

Craig Turton is a Certified Financial Planner® and Wealth Creation Specialist at Chartered Wealth Solutions. He is committed to helping young people build their wealth through sound financial planning and healthy money habits. 

The Beacon 3

It’s time to change your career

But can your budget bear the break?

Craig_TurtonWhenToJump The tagline of Mike Lewis’s book, When to Jump, is: “If the job you have isn’t the life you want”. Perhaps you have loved your job, but recognise it is time to ‘jump’ into a more challenging space. Maybe you want more life balance, with work currently too demanding. Or you are keen to find fresh career purpose, or to start your own enterprise.

Whether you have been working for one year or thirty, a career change has implications for your finances. How will it impact your cash flow and savings? Your family’s lifestyle? Will it be a temporary pay gap or permanent drop in salary? Lewis encourages readers to “Make a Plan”, and your Wealth Creation Specialist would certainly agree. So, if you want a career transition, here are four ways to plan for your money shift:

1. Check and challenge your budget
If you know that you will be living on less income for a time, or even permanently, give your estimated salary a test run. Live on that new amount for a few months – and get a picture of your new lifestyle … then decide if the professional change warrants the personal one!

Make sure your current budget is thorough: how is your salary being divided? Where are you spending?
Consider where you could shave your expenses. A similar income may require you to compromise only a little: do without Dstv, cut back on eating out, or join a carpool (given the price of petrol!). If you are facing a more substantial drop in income, try exploring more severe measures: delay expanding your family, change annual holiday plans, cut bond repayments by downsizing, or opt for more reasonable school fees.

Unwise trade-offs, such as cancelling your car insurance or life cover, can leave you or your family in debt. Before you shift, decide what level of income would just
be too low for you to manage – even with budget cuts. How much uncertainty would simply result in too many sleepless nights? What sacrifices would make your lives too colourless?

2. That rainy day fund
Making provision for unforeseen events or for an extended period of no or little income, can alleviate some of your anxiety. Financial Planners generally recommend
saving at least three months’ salary or expenses (six months is better!).

Save any discretionary money available from your budget cuts. Save your bonus, or your SARS refund. Declutter and cultivate an approach to life that savours  implicity rather than consumerism. Consider the WHY in all your changes – living truer to your values in your career – with personal benefits.

3. Plan B
Transitions are a great time to give yourself permission for some out-of-the box thinking. Allow your creativity to flow and give thought to what other options exist
for you to create meaningful work. Don’t neglect your physical exercise at this time in order to give your right brain capacity to express itself. And don’t forget the value of tapping into the wisdom, expertise and experience of your friend and colleague networks.

4. Those tough talks
A career change has implications for the whole family, or your dependents. I encourage you communicate honestly and regularly, as you will need the support and
understanding of your loved ones, especially when there is a potential for disappointment. Agree on where you could save money; be creative together in keeping family values alive without feeling you have lost out if you have to curtail some activities.

If a career change will mean greater contentment and the fulfilment of a dream for you, explore all your options and be optimistic about the outcome. A plan for your finances may give you the courage and confidence you need to make a move. Chat to your Wealth Creation Planner to guide you as you plan.

Warm Regards,

Craig Turton



Being good stewards of our money

Clever ways to keep yourself on track with your savings goals

I am having more and more discussions with clients who are finding it tough to make ends meet every month. If you are someone for whom examining columns of figures and sorting through receipts is akin to root canal treatment, then this newsletter may contain your solution.

I also share some ideas on how to participate in #MandelaDay, this being July and with many of our fellow citizens struggling to have just one meal a day.

An App to help budget and save on costs

Being a good steward of your money usually starts with a budget. I personally have found huge value in using an App called 22seven (click here). Powered by Old Mutual, it is a wonderful budgeting tool that nudges you from time to time to help you save on costs. It links to your bank account and other instruments you may select, and pulls all the information from each through.
I have found that 22seven really helps me in sticking to my budget and finding areas in which I can save, by keeping me up to date and informed. And you can be assured of safety as the app has banking security in the back end.

Stash and Save

Each month has its own budgetary demands, and sustainig your saving goals can be difficult. I love the App by Liberty called Stash (click here). This App opens a tax-free savings account for you, and also links to your day-to-day banking card. Each time you swipe your card, the App rounds up your purchase and puts the difference into your tax-free savings account. You can set the limits and amounts in the App. I would suggest using this as a long-term investment to benefit from the tax-free structure. Please consult with your financial planner to understand the regulations related to tax-free savings accounts, especially if you have an existing tax-free savings account.

#MandelaDay and me

When I feel overwhelmed by the extent of the need in South Africa, where we have such high levels of unemployment and poverty, the starfish principle reminds me that I can make a difference to at least one person. So, the call for #ActionAgainstPoverty offers many opportunities to participate in creating change. has initiatives to join, and here are a few ideas in addition:

FTFA: make Mandela Day poverty alleviation sustainable

As official food security partner of the Nelson Mandela Foundation, Food&Trees For Africa has earmarked schools and community gardens with whom they have worked for the past year, to receive support. Get involved and your contribution – big or small – will grow to have an impact for years to come. FTFA is planting orchards and expanding food gardens in schools and communities: email

Warm regards


Reaping rewards of disciplined saving

Craig Turton, Certified Financial Planner® and MD of Chartered Financial Planning, shares the wisdom of focused saving.

Julia is just the kind of investor a financial planner appreciates.

Julia is a single woman who holds a management position within a media business. She travels extensively for work and puts in long hours.

Having started with a R9,000 a month salary, and having been my client for 15 years she now has a balance sheet in excess of R5million.

How has this 37-year old client created such substantial financial security?

She has chosen to place the majority of her assets in investments rather than lifestyle assets. An investor will potentially live off the growth of the investment one day; a lifestyle asset usually depreciates and is earmarked for lifestyle use – it is not included her investment assets.

In my experience, many clients invest more heavily in lifestyle assets such as large homes, flashy cars and holiday homes. In contrast, Julia, from her first pay cheque, determined her level of comfort required to make her happy – this is her lifestyle ceiling. Once she reached this level, she began to invest in investments rather than lifestyle elements.

At a price …

At each of our financial planning meetings, and checking her new asset value, Julia gains confidence to keep doing what she is doing. She is often concerned that her friends don’t know how well she really has done through investing. She is happy to share but is seldom asked.

Julia is by no means ‘stingy’, and enjoys time out with friends, usually paying for more than required. An avid golfer, she has travelled to some top international golf courses. She has found the balance to live happily now but also save for the future.

Reasons for her success

  • Having been employed at the same business for 14 years, Julia has kept her Pension Fund contributions in place. This is called compulsory saving. Often, when leaving an employer, employees will cash in their Pension Funds to fund their lifestyles or an entrepreneurial endeavour. Julia has already determined, should she resign, to transfer her Pension fund so it remains a retirement asset, whether into a Preservation fund or to her new employer.
  • Her father convinced her to save from day one of work into a unit trust – it has now grown to R563,000. The key to the unit trust investment is being well diversified in the investment and never trying to time the market or change managers. She has stuck to investment strategy we selected.
  • Julia has lived in the same property since age 23. Purchased for R800,000, it is now worth R1,650,000, and was paid off over 14 years by transferring her bonuses every year and an extra few thousand every month. This was a focus for Julia.
  • Julia bought a rental property three years ago, knowing there was huge potential for a corporate rental; the property was in a growth area so she decided to invest. She bought for R750,000 and three years later it has grown in value to R960,000. The rental yields R7,000 per month in income which more than covers the bond. Julia has used all her surplus monthly cash to lower the bond to R344,000. I have advised her that settling her bond 100% would affect her taxable income as there would be no interest to offset the income. Sometimes having a bond on a rental property is a good idea due to tax. We have agreed to adjust her thinking by rather focusing on building up enough of a lump sum to transfer offshore. This is one area where she is lacking.

Through her employer, Julia has accumulated R747,000 in share options. She will have to realise these shares in 2018 as part of the share agreement. She will need to pay some Capital Gains Tax on the proceeds and once she has the funds in place, we will add a portion to her new offshore investment and a portion to a new well-diversified share portfolio.

She had a Retirement Annuity to which she was contributing and has built up to R344,000. We stopped these contributions four years ago as she was not getting the deduction on the premium. Even though she can now contribute again and get the deduction, we decided rather to focus on offshore and creating more liquidity in her portfolio. This forms part of her retirement strategy.

Julia spread her risk between assets. Her share portfolio and properties would be regarded as growth assets and ‘risky’ for some. But over the last 14 years, the ‘risk’ has paid off. She has invested in the most risky fund she can with her Pension due to her age and time to retirement, with regulation 28 a factor. This is probably regarded as a moderate risk. Her Retirement Annuity is invested the same way.

Her emergency fund is in a cash account as she understands there should be no risk associated here as she could draw on it anytime. Her unit trusts are invested in a strategy targeting 6% above inflation over a seven-year period. Since inception, this investment has performed according to its target, even though in the last two years it has performed below inflation.
With this is mind, Julia has stuck to her investment strategy and has not disinvested or thought of moving to something more conservative. She understands and is comfortable with this short-term underperformance, knowing that the markets turn, and these returns will improve.

Interesting notables

Over the past three years, in a tough economic environment, Julia’s balance sheet has grown on average by 14%. At every meeting she asks me if she is on track for retirement, should she buy a new car, and so on. Her salary is R47,000 per month before tax.

At age 65, her retirement assets will have a current value of just over R10,000,000 in today’s terms. This will offer her R50,000 per month with little risk of the capital depreciating. Julia loves what she does and may work to age 70.


  • Emergency fund: R110,000
  • Unit trust with a monthly contribution of R5000 to R563,000
  • Nissan: R67,000
  • Primary residence which is paid off: R1,650,000
  • Rental property with a corporate tenant: R960,000 (rental income of R7000 per month)
  • Company Pension fund: contributing 15% to the Pension Fund and value at R732,000
  • Share portfolio: R747,000
  • Retirement Annuity: R344,000 (no contributions)
  • Debt: R344,000 on rental property

Takeaways: remain invested, keep to investment strategy, understand the key component of diversity, use tax incentives.

Julia thinks about her investments but is not tempted to move or change. Her decisions are now around where she invests new money.

Of course, Julia is not married and does not have the expense of children. Her investment will need to be adjusted when this time comes but not for now. She has done the hard yards with her investment, and compounding on her investments will stand her in great stead even should the cost of parenthood arise.


What lessons are you teaching your children about money?

My son started grade one this year, and sport is becoming a big factor in our lives. Besides the obvious consideration of what sporting interests will cost us as parents (think of a full cricket or soccer kit, or golf clubs), I have been intrigued by the field-side interactions I have witnessed of late.

“Come on, Liam, for every goal you score I will give you R10.”
“Ethan, you will get R50 for each lap you swim.”

I wonder how this form of encouragement works. When the kids get in the car after the match or gala, do they ask for the money and do the parents then give them the money? And what do the kids then do with the money? What are we teaching our kids about money?

I tried this on my son, the goalkeeper. I said to him (in private), “My boy, for every goal you save, I will give you R10.” He did quite well, but at no point did he look at me and say, “Dad, I have saved six goals, so you need to give me R60.” En route home, he never asked and has never asked since. I now know that money is not a driving factor for my son. I believe my just being there supporting him is enough for him to want to try improve all the time.

For adults, I know monetary reward can be a motivator for harder work, greater innovation, better performance – and there is nothing wrong with setting goals in this regard. And I believe we are equally responsible for cultivating a positive attitude to money in our children.

Meaningful money lessons

Here are some ideas to help our children have a healthy relationship with money:

  • Money is often a hot topic for parents, and at times, our feelings can be quite negative, with costs adding up and the related stress increasing. Our kids pick up on these anxious chats and negative vibes and then associate them with money. Try to keep money conversations with your kids positive and have the hard discussions with your spouse when they are asleep.
  • We can teach our kids that it is not hard to make money; they must just find opportunities. There are lots of problems in the world, and we can teach our kids how to solve problems and reward them with money for being innovative. This way they understand by solving something on their own can lead to making money.
  • Quality schooling is vitally important but don’t undervalue the lessons in reading at home, listening skills, self education and talking to successful people to learn how they think and work.
  • “If you are doing what you love, you will never work another day in your life”. We have all heard this sage adage. Encourage your children from a young age to use their natural talents, abilities and passions to think of solutions to fix problems. Don’t be afraid to teach your kids to think big … the more we allow ourselves to think deeply, the more we are likely to get paid one day, or pay ourselves.
  • Encourage your kids to do as much as possible at a young age. But if they fail, they shouldn’t move on to the next thing automatically. Persistence is crucial and failure is not fatal. Success is reached by failing over and over again.
  • Teach your kids to respect people on all levels in society. A car guard is working to put food on the table for his family. Just because he has a different job and maybe earns less than us, doesn’t mean he is not a man. He is a man providing for his family and this should be respected.
  • Money makes you happy. We have all heard this. Money in your bank account can possibly make life easier or allow you to feel some degree of security, but no amount can create contentment. Happiness comes from family, friends and love. We should instill this value in our kids. We need money to survive for sure, but there are no guarantees of happiness – that’s up to us.

Enjoy the last vestiges of summer and embrace the promise of winter with lots of enthusiasm!

Warm regards

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