A costly fallacy: I'm not rich enough for a financial planner
The commonly held belief that you need to be wealthy to have a financial planner is a dangerous misconception, which could be holding back millions of South Africans from improving their lot in life. "Good financial advice can set you on a trajectory to building wealth," says Henry van Deventer, the head of wealth strategy at Old Mutual Wealth. "Wealth is not driving a Bentley. It's having enough money to live the life you want to live. Which takes careful planning and discipline." He was commenting on the findings of the latest Old Mutual Savings & Investment Monitor, which again revealed that most people surveyed (62%) feel they don't have enough money to warrant seeing a financial planner. Only 13% of working South Africans in metropolitan areas have a financial planner, the survey found, and the incidence was negligible in lower-income households. Van Deventer says that if more people understood the benefit of sound financial advice, there would not be this misconception that yo...
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