Facing Your Financial Fears
Do you have any financial fears? If you did not have these fears, would you be closer to achieving your goals? We will explore two (2) of the most common fears persons have and explore how you can overcome them so you can live the life you love and love the life you live.
Sydney overcame his financial fears last year, and is on his way to achieving his dreams; we hope his journey will help you to face your financial fears too!
1. Fear of not being able to afford all his big goals: Sydney needed to upgrade his car, afford future university costs for his daughter, purchase a property and plan for retirement. The thought of figuring out all this on his own left him overwhelmed and in a state of paralysis for over three (3) years.
Facing the Fear: “Sydney, it is all possible.” I said. “Michelle you make it sound much easier than it is!” he rebutted. So I said to him, “nothing is ever as easy as it sounds but it can be much easier than we think. JMMB’s Free Goal Planning Session would assist you in prioritizing your goals, and help him to accomplish them in ‘bite size’ pieces. If you are determined, you can accomplish much more than you originally thought.”
2. Fear of losing all my money: We explored how much he would be able to afford to invest each month and began talking about appropriate investments to help him to amass the down payment for his house in five (5) years. Immediately he blurted out “I can’t afford to lose my money Michelle!”
Facing the Fear: If you have the same concern diversification is key to minimising this risk. The approach simply means not putting ‘all your eggs in one basket,’ so that the stronger returns should compensate for lower return investments. I shared with him that unit trusts are a great way to diversify, with various unit trusts based on how much risk he is willing and able to take (risk tolerance).
Among the options shared was the JMMB Income and Growth Fund, which is more aggressive. In the calendar year 2024, the annual returns, on the Income and Growth unit trust funds were 400%, greater than the JSE Main Index!
What are your fears? If you are ready to overcome them, we are ready to help you when you call 876-998-5662.
Written by: Michelle Sinclair-Doyley, Corporate Manager, Group Financial Partnership Support & Financial Education