Poor financial planning skills and the lack of financial advice has left many South African consumers in poor financial standing, whereby they are ridden with debt and are struggling meet the interest payments on their debt, let alone payoff the debt itself. Indebted consumers are also failing to address the negative impact their ‘living for […]
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A financial plan is your map to achieving your financial goals. These could include education for your children, building a house, starting a business or, securing an asset. The risk of not having a financial plan is that you will most likely never achieve your financial goals. Many people think that if you are under debt counselling, you don’t need a financial plan. This could not be further from the truth. If you have chosen debt counselling as a debt management solution, you most definitely need a financial plan to build a brighter future for yourself. Without a financial plan, you may find yourself back in debt because you neglected to plan for future risks. The risk of not having a financial plan as part of your debt solution can be costly.