If you haven’t heard of the word ‘mindfulness’ before, this refers to the basic human ability to be fully present and aware of what we’re doing in the moment.
In simple terms, this creates a more considered and balanced mindset, which isn’t overly reactive to events or easily overwhelmed by what’s going on at any given time.
Interestingly, forward planning is a popular mindfulness technique, as it allows individuals to make allowances for future events and clear the minds so that they can focus on the here and now. But what type of planning should you undertake and will it make you feel considerably safer?
Saving for Retirement and Boosting Your Wealth
South Africa is one of several countries that remains in the grip of a pensions crisis, with as many as 50% of the citizens admitting that they don’t currently have a retirement plan. Incredibly, just 6% said that they had a fully-formed and considered retirement plan, with this number having fallen significantly in recent times.
This is particularly concerning, as it’s recommended that you start building towards your retirement as early as your 20s. This will enable you to benefit from compound interest and build wealth exponentially over time, with this opportunity diminishing in instances where you start much later.
Investment is an excellent way to achieve this, and we’d recommend spreading much of your capital between stocks and bonds as a young adult. You could also seek out less obvious investment options and asset classes that boast a long-term yield, with real estate offering a relevant case in point.
In fact, purchasing devalued property before redeveloping it and selling at a later date can deliver a substantial long-term yield, while it also affords you flexibility as you can rent out the house in exchange for a regular monthly payment.
However, much of this will depend on how much capital you have to start and your long-term financial objectives, so you need to consider these factors in detail before making an informed decision.
Trading Forex for Both Investment and Earnings Purposes
When planning your finances with a view to securing your fiscal future and empowering mindfulness, you may also want to consider forex trading.
The reason for this is simple; as it can produce both inflated short-term yields (thanks to the margin-based nature of currency trading and the increased leverage available to investors) and deliver a passive source of income that can supplement your wealth over time.
You can access the trading market through a forex broker this allows you to accrue more and achieve far greater peace of mind, while enabling you to focus on additional savings goals such as funding your children’s higher education.
Similarly, you could look to accrue wealth that can be committed to providing the deposit for a house for your children, with this hugely beneficial in an age where economic uncertainty in South Africa remains pronounced.
This type of planning certainly inspires mindfulness by minimising long-term stress, and it can definitely create a greater sense of safety and security as you grow older.