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Ok. Got itTo stay financially healthy your money habits, budgeting and financial planning matter more than how much you earn.
Becoming financially healthy whatever your income
No matter what you earn, you can make better money choices to stay financially healthy.
Building a healthy financial future takes patience and careful investment, especially if you don’t start off with a large income. It might take a while before you consider yourself wealthy.
But unlike wealth, financial health is not linked as closely to how much money you make. You can practise healthy financial habits no matter what you earn. What counts is what you do with the money that you have – and it’s only by staying financially healthy that you can build wealth over time.
Financial health rests on 3 pillars:
What influences your financial health?
The following factors influence your financial health:
Benefits of financial health | Consequences of not being financially healthy |
You can achieve your future goals. | Stress that can make you sick. |
You can prepare for your retirement. | You cannot pay your bills and cannot live the kind of life you want to. |
You can get access to credit when you need it. | You can’t get more credit. |
Measure your financial health
Do you:
If your answer to any of these questions is ‘No’, it means that’s an area in which you can work on better money choices.
Financial planning is the process of structuring your financial resources to meet your life goals.
Having too much debt is stressful, for example, so learning strategies to pay it of faster can improve both your mental and financial health. It takes determination and discipline to improve your financial health and you may also need to learn more about money and change your habits.
3 steps to becoming financially healthy
Financial planning is not something to put off until you have money – it’s what helps you to get, keep and grow your money.
Financial planning is the process of structuring your financial resources – like your salary, other sources of income like rent or the interest on investments, and access to credit – to meet your life goals. These can be short-term goals, like saving for your children’s education or for a new car, or long-term goals, like making provision for your retirement.
Benefits of financial planning |
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Start financial planning now
As soon as you are ready to accept responsibility for changing your own financial position and your attitude towards money, you can see the benefits of financial planning for your future, and you believe you can take the necessary steps to achieve financial wellness, you’re ready to start.
If you find financial planning on your own difficult, you can ask a professional
financial advisor to help you. The important thing is to start.
Want to know more?Here's what to do:
Get an income, grow and protect your wealth with our Nedbank Private Wealth investment products and services.
We connect you to so much more than great advice. We provide insights, technical expertise, global opportunities, and a wide range of solutions and services.
Be certain that every financial decision you make reflects what is important to you and your loved ones.
Get an income, grow and protect your wealth with our Nedbank Private Wealth investment products and services.
We connect you to so much more than great advice. We provide insights, technical expertise, global opportunities, and a wide range of solutions and services.
Be certain that every financial decision you make reflects what is important to you and your loved ones.