THE ECONOMY isn't pulling any punches. Rapid inflation, volatile markets, you name it our financial futures are seemingly hitched to a rampaging beast. But even in the midst of these tough times, there are still ways to build up the wealth you need to thrive at every stage. The secret: there is no secret. It's about developing good, unshakeable habits around your investments and savings to generate real money momentum.
"On average people are living longer," says Keith McLachlan, an investment officer. "As a result, our retirement savings need to last longer, too." However, stretching that fabled fund to go even further isn't rocket science, he argues. "All you need to do is make sure you earn to your maximum potential, live below your means and save the difference between the two."
Easier said than done... sure. But coupled with the right investments, this golden rule is crucial to staying rich at every age. Let's dive in.
EARLY DAYS
"Save before you learn to spend," says Petri Redelinghuys, the founder of Herenya Capital Advisors. For someone fresh out of school or university, sitting in their first job, this is the best time to invest.
"You've never earned a salary until now and you haven't gotten used to a particular lifestyle-you don't know any better!" Starting early-real early-will let you tap into the magic of compound gains. While you might only be able to tuck away R500 into investments every month, even these smaller contributions will (hopefully) be multiplied for every year they sit in a certain fund. Remember, interest builds on interest: "Many guys can easily put 20% of their salaries away," says Redelinghuys. "Just pretend it doesn't exist."
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the {{IssueName}} edition of {{MagazineName}}.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
The Last 7 Recipe You'll Ever Need
FADS COME AND GO. BUT GOOD EATING AND PROPER NUTRITION CHANGES VERY LITTLE. SO WE COMBED THROUGH ALL THE RECIPES IN MEN'S HEALTH'S 36-YEAR HISTORY TO FIND THE ONES THAT TRULY DELIVER ON BOTH FLAVOUR AND FUNCTION.
The Changing Face Of Cancer
While cancer rates are falling in older adults, they're increasing among younger age groups. It's a trend exposing holes in both diagnosis and care. It's also raised a new question for experts: how do you get vital and potentially life-saving information to people unaware they need it?
AROUND THE WORLD IN 80 ADVENTURES
YOUR TIME OFF IS VALUABLE. TO BOOK YET ANOTHER FLY 'N' FLOP IS TO DO YOURSELF A DISSERVICE. THIS YEAR, BREAK FREE FROM THE POOLSIDE BAR AND GET YOUR KICKS IN THE GREAT OUTDOORS. FROM EXPEDITIONS IN FAR-FLUNG PLACES TO HIGH-OCTANE WEEKENDS CLOSER TO HOME, CONSIDER THESE YOUR FIRST STEPS OFF THE BEATEN TRACK.
4 WAYS TO REBOOT YOUR MINDSET
STRESSED ABOUT THE STATE OF THE WORLD AND/OR YOUR SANITY? WE'VE GOT FOUR SIMPLE BUT ESSENTIAL TOOLS TO HELP YOU ADAPT AND OVERCOME, THIS YEAR AND BEYOND.
TRAIN TO YOUR MAX
Cardiorespiratory fitness is one of the most important health markers when it comes to your overall wellbeing. Here's how Discovery Vitality Fitness gives you more ways than ever to fire up your engine.
SLUSH FUN
FROZEN DAIQUIRIS ARE REFRESHI AND ALSO SICKENINGLY SWEET. TRY A FROZEN PIMM'S CUP, WHICH HAS ALL THE FLAVOURS WITH WAY LESS SUGAR.
THE HEALTH SNOB'S GUIDE TO COLD-BREW COFFEE
BOTTLED COFFEE MIGHT BE ABUNDANT, BUT CAFFEINE AFICIONADOS MAKE THEIR OWN. FOLLOW THESE TIPS TO PREP A HEALTHY BREW FOR A REFRESHING PERK-ME-UP.
SUPP CHECK RECOVERY PACKAGE
COLLAGEN IS TOUTED AS THE GO-TO SUPP FOR BONE, SKIN AND JOINT HEALTH, PLUS FAST INJURY REPAIR. BUT DOES IT DELIVER? TIME TO GEN UP.
THE SEMI-COMPLETE USER'S GUIDE TO...THE SINUSES
FOR AS LONG AS sinuses have been around, aka forever, there has been a ton that scientists haven't figured out about them.
BULLISH
The Blue Bulls scrumhalf Embrose Papier is striving for greatness. Here's how he's putting in the right reps to make sure mind and muscle are firing in unison.
