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Advice from award winning financial planner, Kobus Kleyn

29 Jul 2020

As the pandemic rages on, many of us are worried about a debt spiral in this ongoing uncertainty. Consumers and businesses alike are impacted, and confidence is at an all-time low. Concerns about personal and financial health, job security and mental health are our reality.

Kobus Kleyn, a personal financial planner who has spent decades in the industry shares some advice on how to navigate this volatile time.

Check in with your adviser

Don't put off to tomorrow what you can do today! When times get tough, you need to get real about what you have and don't have! That means taking a deep breath and starting at the beginning – redefining your budget! Before you do anything – take a good hard look at what you need, don't need, the nice to have's and the trade-offs before you can make any further financial decisions like stopping or reducing a policy or investment. Do you need the cable television right now or can you forego that debit order to free up some spare cash?

We are here for you to lean on; and a problem shared is a problem halved.

We help you to mitigate your losses due to market volatility and stay protected against the coronavirus with risk protection. We are a phone call away, are available on e-mail and even WhatsApp.

Respect the market and it will respect you

Investment success is achieved through spending time in the market versus trying to time the markets or chasing returns. It has been proven over the last nine out of ten major market crashes that people who stay invested are better off than those trying to actively manage their portfolios by selling and buying units during volatile market times. In fact, fortunes have been made by buying when markets are low and holding on to those assets until the markets turn.  Family and friends may guide you on investment portfolios, but again, we are informed of market moves with factual, reliable, informative and accurate news, so check in with us for factual information.

Which brings me to my next point…

Don't let fear entice you into 'fast money'

Times are tough, but please stay away from all the 'quick rich' money schemes like cryptocurrencies, pyramid- and Ponzi schemes which promises unreasonably high monthly returns. If it sounds too good to be true, it usually is not true. Even if you do make money quickly, you are taking it away from someone who needs it most. When things tumble in these schemes, they come after you to recover such 'profits'.

Stay positive 

It's a tough time but don't lose your grit. Try and stay positive and do not become part of the naysayers' club. Adversity can bring about opportunity. Make a conscious decision to look for the silver lining around the dark Covid-19 cloud, and find whatever opportunity you can for you and your family during the lockdown and Covid-19 period such as looking for virtual business or other opportunities to educate, pick up new skills or obtain experience or a new qualification to fill up your toolbox for post-Covid-19. Together with your adviser, plan for the worst outcome and lockdown period. Take things day by day, but do not count the days off, as no one knows when it will be over.

Together we will get through this. You need to take charge of your destiny with your family and talk to your adviser whenever you are in doubt. We are here for you!

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