17.3 C
Mossel Bay
29th November 2023
Community & Living

My Financial Bucket List for 2020

The following is my roadmap towards financial independence.  I fully realise that I might not be able to afford all of this, but I am going to start prioritising and start the journey.  I have now realised that life happens every day and that I must take charge:


  1. Income Protection:       I am going to protect my biggest asset, which is my income, through cover against temporary or permanent income loss which can happen as a result of an accident, a disease or a retrenchment.
  • Life Cover:  I am going to provide my spouse and children with enough cover in the event of my passing away after ensuring that the cover will also clear all debts such as my home loan.
  • Will:   I am going to ensure that I have a valid will in place as to distribute my assets and facilitate the financial process after my death.
  • Medical Fund: I am going to join an affordable Medical Fund as I believe in the quality of private service providers.
  • Medical Gap Cover: I am going to take out this cover as I do not want shortfalls on the bills of in-hospital specialists and excess payments on medical procedures.
  • Short Term Insurance:  I am going to insure my possessions against loss and damage.
  • Trauma Cover: I am going to take out cover in the event of a dreaded disease or trauma so that I can pay unexpected expenditures.


  1. Emergency Funds:          I am going to accumulate 3 months’ salary for use in emergencies.  This will prevent the need for loans and interest payments. 
  • Retirement:           I am going to save for my retirement as I realise that the government grant will not merely be enough.  I do not want to be a burden to my children.
  • Home: I am going to save towards a deposit for my own property which will be paid off before retirement.  I do not want to enrich a landlord and become a burden for my family after retirement.  When my health requires it, I can sell my property and buy into a retirement village.
  • Car:    I am going to start with a savings plan and purchase my next car cash.  The car will belong to me and not the bank. I shall earn interest whilst saving.
  • Study provision: I shall take out a savings plan for each child as to ensure that they can study after school.  If they do not want to study, the savings can provide a deposit for their first property or purchase a car.
  • Debt: I am going to clear bad debts such as credit cards, personal loans, overdrafts, revolving credit plans and retail accounts.  I rather want to earn interest than to pay it and have learnt that cash is king!

I believe that these steps will reduce the financial stress on myself, my spouse and my children as I shall no longer live unprotected and financially dependent.  I can now rather focus on my relationships with my partner, family, friends and employer.  I shall be an example of prudent financial behaviour to my partner and children and create a legacy through this.  I will sleep better….

I realise that I no longer can attempt this process alone.  I shall find a Financial Adviser to assist me and my family throughout this process.  Someone who will put our interests first.  Someone who really cares….

E-mail:  desmond.sinclair@liblink.co.za

Related posts


Scott Thomson

Bekende Digter by Leeskring

Dr Gerrit Theron

Book review: Fighting for the Dream

Laurinda Smit


Janine Pereira


Lydie Terblanche

Amazing Crochet Articles

Nelma Ruschioni