As millions of South African learners head back to school. One of the biggest lessons they need to learn in life to help them succeed is financial literacy, which needs to be first taught from home. says Stian de Witt, executive head of financial planning at NMG Benefits. A Cambridge University study suggests that by age 7, that’s when children are able to develop a basic understanding of financial behaviours they might need in their adult life. “Building a strong financial foundation from a young age is critical. Even legendary investor Warren Buffett credits the early money lessons his parents taught him that helped set him up for success. That’s why it’s so important that we help our kids build a healthy relationship with money from an early age. said De Witt. It’s never too early to start Talking openly about money matters with your children will build their financial awareness. Include your children in conversations about your monthly budget, income, and expenses from a young age. Show them how to prepare a budget. Get them to calculate the tip on a restaurant bill. Get them involved in choosing the best grocery items based on cost and quality. “These may seem like trivial tasks, but they all help make a child financially savvy from an early age,” said De Witt. Teach your children to budget Help your children set up a simple age-appropriate budget – maybe one third for spending, one third for saving and one third for giving, for example. Or open a savings account for them and deposit a portion of their pocket money into it every month. “When they start to see their money grow, they will start understanding the value of saving, compound interest and budgeting,” says De Witt. Set a good example It’s not enough to simply teach your children about money: their biggest influence is the way you discuss and handle money around them. “Children learn by watching you. It’s no use teaching them to budget the one day and then going on a shopping …
The gift of legacy: Charitable giving in your estate plan
The festive season is upon us, our hearts are filled with joy, gratitude, and a spirit of giving. The profound concept of incorporating charitable giving into your estate plan, turning the season of celebration into an opportunity, to leave a lasting and meaningful legacy means more to your loved ones than you can ever imagine. Below, Stian De Witt, executive head of financial planning at NMG Benefits, shares a few insightful benefits of charitable giving and its significance for your loved ones. Fulfillment of personal values Your estate plan is a reflection of your values and priorities. By including charitable giving, you can ensure that your financial legacy reflects the principles you hold dear. This not only provides a sense of fulfilment for you but also communicates your values to future generations, inspiring them to continue the tradition of giving back. Family harmony Incorporating charitable giving can also contribute to family harmony. While it's crucial to provide for your loved ones, philanthropy can be a unifying force for your family. Engaging your heirs in discussions about the charitable causes you support can foster a sense of shared purpose and instil the importance of giving back. This shared commitment to philanthropy can create a strong family legacy that extends beyond financial wealth. Tax advantages Charitable giving in your estate plan can offer significant tax advantages. In many jurisdictions, donations to registered charities are eligible for tax deductions, reducing the overall tax burden on your estate. This can be a strategic way to optimise your financial legacy, ensuring that more of your assets go towards causes you care about rather than being allocated to taxes. Social impact Charitable giving allows you to contribute to positive social change. By earmarking a portion of your estate for philanthropy, you become a catalyst for addressing societal issues. Whether it's supporting medical research, education …
Track Your Press Release HERE:
YES Alumni Profiling – Bryan Mposula: From Rags to IT
The Youth Employment Service's approach of identifying and leapfrogging talented individuals into promising careers highlights the success of its model. It creates a conduit between talented youth and potential employers who may not have had the chance to connect otherwise. Just ask Bryan Mposula. His initial 12-month YES work experience was sponsored by Liquid Telecoms, with IT Varsity as the host partner. Here he embarked on a journey of self-improvement and discovery, acquiring valuable professional skills along the way. After completing his stint with YES, Mposula found a new beginning as a business integration arch associate at the leading consulting firm Accenture. These positions are highly sought after and often competed for by people with multiple degrees and broad experience. Despite receiving multiple job offers and experiencing self-doubt, he knew he had made the right decision to join Accenture. The alignment of his personal values with Accenture's corporate values reassured him during his induction. CLICK HERE to submit your press release to MyPR.co.za for free. …