I am sure that after 21 days in lockdown you are almost used to your new routine. The saying goes that you only need to do something repetitively for 21 days, for it to become a habit… Hopefully you have used this time to enrich yourself intellectually, spiritually and as a human being. If not, you still have at least 2 more weeks left to do that – for the first time in our busy lives, you have the time (that is if you are not an essential worker).
Unfortunately the same cannot be said for financial enrichment at this stage. Markets are still deciding how to react to the virus and the total impact of the virus is currently unknown. Governments are interfering in markets (with their monetary policies) by cutting interest rates and stimulating the economy by paying money into citizens bank accounts (happening in various offshore countries), etc. This is providing much needed immediate financial relief to the man on the street, but are not necessarily favourable to investors.
As previously communicated, now is not a good time to make any changes to your investments.
It is a good time though to ensure that all your financial affairs are up to date:
Are your last will and testament up to date?
Have you worked through your short term insurance schedule to ensure that you are happy with the cover in place?
Are you using this time to ensure that your details are up to date with all the different companies?
Have you completed all the vitality questionnaires online to at least help you maintain your vitality status while you can’t go to the gym?
If we can help with any of the above, don’t hesitate to contact us. Also keep a look-out for any correspondence sent to you via e-mail, directly from the insurance companies.
We also recommend doing a yearly credit check. There is no costs involved. I prefer using TransUnion.
The benefits of a credit check are not only to ensure you understand your own credit situation, but to also check that nobody is making any credit on your behalf (which is possible with identity theft).
If you are struggling during this time to ensure the necessary funds are available to pay your life-, medical aid or short term insurance premiums, please contact us as soon as possible. There are some relief options available to clients, depending on the company and plans involved. We would gladly assist with this process.
The One Financial Solution is doing business as usual, even though it is remotely. Know we are here to assist you in any way possible.
We are also helping the community with much needed food and to date, we were able to organise and provide 25 families with food parcels or vouchers during this time. If you would like to get involved, please contact us. Thank you to all the friends, family, clients & colleagues whom already contributed.
