South African’s recently commemorated Freedom Day, a celebration of our nation’s struggle for democracy. But how many of us are truly free? Freedom means being able to do what you want, when you want – within the confines of the law of course. But how many South African’s actually have enough money to live the lives they choose? According to Colin Long, a Director and Advisory Partner at Consolidated Wealth, very few South African’s can afford their lifestyles. “Being financially free means that you have enough savings, investments and cash to afford the lifestyle that you want for yourself and your family,” Colin explains. “And the truth is that most South African’s suffer from “stuffitis”. We buy things we don’t need with money we don’t have to impress people we don’t like.” The result is that many of us live with more debt than we can afford and we become hamsters on a wheel, working harder and harder to maintain momentum because if we slow down, we will be unable to maintain our lifestyles. “Treasury estimates that only 6% of South African’s will retire on a livable income. These findings are based on a survey of more than 15 million economically active people with a monthly income of over R8 000. That’s really concerning as it confirms that debt is a national issue, a very real problem across our entire society,” Colin reports. But how do you achieve financial freedom? Colin recommends a five-step process that will give you the…
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