There’s nothing wrong with a good work ethos and the willingness to put in a little elbow grease, but if you’re always working super hard and not getting the results you want or the promotion you feel you deserve, perhaps it’s time to reevaluate. After all, the definition of insanity, as described by some, is doing the same thing over and over again, expecting different results.

When it comes to productive and effective work, it’s all about working smart instead of working hard (only). To help you in your finances, or life in general, we’ve cherry picked three important rules to follow when it comes to working smart. Try them out and watch things change!

Start with a Plan!

Have you ever had those days where you feel like you’re constantly working through your mails and getting through hundreds of little tasks but you feel you haven’t really been productive that day? A well-known strategy for accomplishing more is to start with the biggest, hardest tasks first. But in order to do that, you need to identify them. The first thing you should be doing in the morning is spending 15-30minutes each day, planning what the most important tasks to work on are and picking your top three (as recommended by most productivity experts).

A lot of us start with the little tasks first to give us a sense of more immediate achievement, but what often happens is that we use this to procrastinate and never really get to what really matters.

Single-Tasking is Your Best Friend

Contrary to popular belief that multi-tasking shows off your productivity prowess, most neuroscientists or cognitive psychologists will tell you that single-tasking is the way to go. Why? Because when you switch between tasks constantly, you’re actually wasting time due to the fact that you’re not fully focused on what you’re doing – you may think you are, but the human brain can only handle so many chunks of information coming at if from all fronts. Our brain was never built for it! According to recent research, you lose around 20% of productivity per task you bring into your juggling act.

So, hide those distractions such as emails or phone notifications away (if your job permits), close those hundreds of browser tabs and get to it.

Say Yes to Breaks

It’s time to overhaul long work hauls. Just look at Germany, which is amongst some of the countries which work the fewest hours each week (1 362 a year) – no more than 4.3% of their population work beyond 50 hours each week. Despite this, Germany has one of the best economies in the world! The saying ‘work hard, play hard’ comes to mind looking at this situation. The happier you are and the more well-rested, the more positive you will be towards the work you have to tackle. And while not all countries have shorter working weeks, you can still apply the same concept on a smaller scale. For example, when it comes to taking breaks – take that lunch break or that stroll outside when you’re ‘hitting a wall’ at work because it really does make a difference. According to research by MIT senior lecturer, taking a break every 75-90 minutes makes you much more productive. After all, your brain is, in effect, a muscle, and muscles need rest to build up, grow and take on demanding activities.

After reading these three golden rules, we hope that you’ll be able to learn to master the art of working smart versus working hard! Let us know if they help you or if you have any golden rules of your own – feel free to let us know in the comment box below.

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Potholes are a hot topic at the moment. There is growing concern at the fact that our South African roads seem to be rapidly deteriorating, and much frustration at the municipality’s inability to keep up with the demand of repairing these gaping holes, scattered throughout the country’s infrastructure. On the lighter side, we thought we would offer you some handy advice on what to do if you hit a pothole.  

Hitting a pothole at speed increases the potential of doing great damage to your vehicle. But other than causing damage to your car wheels, steering, or wheel alignment, you could even flip or roll your vehicle. If the former occurs, repairs may not be worth an insurance claim, but if the latter occurs, we sincerely hope you have adequate cover in place to repair or replace your vehicle. With the current state of our roads, it is important to update your insurance and check the ins and outs of roadside assistance and vehicle towing should you hit a pothole and need to call on these services. Chat to your financial planner today to go over your current vehicle insurance and what it includes.

Check for damage

If you hit a pothole, make sure you immediately check your car for damage. As soon as you can pull over in a safe and well-lit area, stop your car and check to see if there is any damage. If the steering seems out of alignment, or if there is any strange noise bothering you at all, it is best to get your car checked at a garage or tyre specialist as soon as you can. Ignoring any minor issues may cost you a lot of money further down the line.

Record the details

If you want to claim from your insurance provider, you’ll need some details to support your claim. Take pictures of the pothole and of any visible damage made to your car. Record the road name, and if possible, the GPS coordinates the pothole is on. If someone was with you at the time, take down their contact details as a witness to the incident.

Report the Pothole

Whether you want to claim for damages or not, you should always report a pothole to the local authorities so that they can, hopefully, get around to fixing it as soon as possible and prevent further damage to other people and vehicles driving the same route. Email the details of the pothole along with photographs and the exact location to roads@aasa.co.za.

Have you ever hit a pothole and damaged your vehicle? Let us know in the comments section below.

For professional, honest financial advice that you can understand and trust, talk to a financial planner today. 

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“Hope for the best but prepare for the worst” is an age-old English proverb that rings true, especially in these present times we’re living in. It is crucial to prepare for tough times, especially when you are flourishing financially. Although it may be hard to foresee any hiccups that may present turmoil in the future, it is wise to put sufficient plans in place so that you are adequately prepared. 

Have a backup plan 

You may have been given advice in the past to always make investments with a long-term goal in mind, and although this may be true, it is also wise to set up short-term financial goals. These investments should be adequately liquid in order to address contingency plans and short-term needs. It is advised to have some investments plans that are slightly flexible, in case you need to reinvest or simply adjust your goals for whatever reason.  

Plan for the worst-case scenario  

It is crucial to think of every possible scenario and to check your financial plan, ensuring that all your bases are covered. Do you have income protection, in case of another pandemic where you may not be able to work? Covid-19 has shocked many people into this kind of insurance, or to increasing their cover. Do you have adequate dreaded disease and disability cover? The older you get, the more important it is to insure against this, and the younger you start, the more affordable your premiums will be. Remember – the seeds you plant now will help you flourish financially in the future. 

Photo by Edward Howell on Unsplash 

 
Let the professionals handle it 

Proper financial planning is crucial, but it can be incredibly overwhelming, especially if you lead a busy life, or just aren’t that great with crunching numbers. Sure, there is plenty of advice on the internet, but how do you know who to trust when it comes to following advice about your finances? Many of the articles you may come across offer contradicting points with regards to how and where you should invest your money, and what works for some may not work for you. Alex Wardle and Associates have been working with clients for over three decades, guiding them towards financial freedom with carefully thought-out financial planning practices.  

“Whatever requirements our clients may have, we understand that entrusting someone with their financial future can be scary for them. They want someone they can rely on, and whose honesty, morals and integrity are beyond reproach. They need someone who understands that life is not static and that one’s circumstances and needs are constantly evolving. This is why we strongly believe that effective financial planning should always be a work in progress.” – Alex Wardle, Financial Planner.  

For professional, honest financial advice that you can understand and trust, talk to a  financial planner today.   

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Countless people make sure they have medical aid as well as gap cover to pay their medical bills if they get sick. However, they don’t often consider the bigger financial implications of not being able to work due to injury or illness. This is especially relevant in light of the Covid-19 pandemic we are currently facing. Whether you contract the virus and have to stay off work in self-isolation for 10 days, or have come into direct contact with someone who is positive, forcing you to self-isolate as a precaution, this may affect your income once you’ve run out of paid sick leave. Are you prepared? Here are four reasons to get FMI Income protection.  

With so many products on the market, it is sometimes overwhelming choosing the right provider and income protection package. That’s where we come in. We’ve done all the hard work and research for you, so you can rely on our wealth of experience, trusting us to guide you in the right direction.

Photo by Per Lööv on Unsplash

FMI cover the uninsurable

FMI are a forward-thinking insurance company who create customer solutions that set an industry benchmark. They cover more occupations than any other insurer. They have pioneered income protection for the self-employed, non-professionals who, by insurance industry standards, have un-insurable occupations. FMI strive to protect these individuals who are in pursuit of their dreams and ambitions – stepping in when life is affected by an injury, illness or death – by providing you with a monthly income when you’re unable to work. From freelancers like graphic designers, tattoo artists, singers, and actors – FMI will endeavor to keep you covered.

FMI provide a dual benefit of lump sum and monthly payouts

FMI have a simple philosophy – they believe that you can’t throw a lump sum at a problem, expecting this to be the sole solution. This is why they insure 100% of your monthly income and use lump sum benefits for those additional expenses. They believe that your insurance should pay you a monthly income should you experience an injury or illness. In the event that you fall ill over a long period, this will enable you to cover any debt with your lump sum payout, whilst still providing you with a monthly income so that you have the money to cover your day-to-day expenses.

Reduces risk involved in lump sum pay outs

FMI income cover is designed to remove the risks inherent in a lump sum payout. This means that there is no need to figure out the lump sum amount that is required to provide a future income, no need to worry about investing a large sum of money and calculating the tax implications of investment returns, no need to worry about the impact of inflation or running out of money before you pass away, and reduced temptation to spend your lump sum payout on luxury items and holidays, leaving you with nothing to pay the bills. Furthermore, the income benefit premiums with FMI are typically more cost effective than buying insurance for the lump sum equivalent.

Delivery in the details

FMI are all about the details. Choosing them as your insurance provider has many added benefits that you won’t appreciate until you need them. For example, they may pay for second medical opinions, cover the costs of uber transport for you or your family while you are going through medical treatment, or cover consultation costs with a psychologist to help you navigate this new, scary season of your life that illness so often brings.

Alex Wardle & Associates are proud to be able to offer added value to our clients with the benefits that FMI brings. We believe that by partnering with experts in certain areas, it will allow us to provide a more professional service to you, our valued supporters, which we believe will add value to the service we endeavor to provide to you. This will in no way affect the relationship that we have built up with you over the years. If anything, we believe that it will only strengthen this relationship.

To find out more about how these benefits could be of value to you, please contact us to arrange a convenient date and time to meet.

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While retirement looks different for everyone and each person adjusts to it in their own unique way, it often follows a general course, which many refer to as the six stages of retirement. We know that not everyone can be boxed neatly into this pattern, however, becoming familiar with these stages can be helpful for those who are anxious about what to expect. What are the six stages of retirement? Let’s take a look.

Stage One: Pre-retirement

You may have a positive or negative outlook when it comes to anticipating your retirement. Some may be eagerly awaiting this exciting new opportunity while for others, the thought of retiring may cause much anxiety. In this stage, many make the mistake of planning out the financial aspects of their retirement but neglecting to think of what it will personally mean for them.

Stage Two: The Big Day

This stage covers the actual event of retiring. For many, this day is marked by a lively celebration and some kind words from their co-workers.

Stage Three: Honeymoon

Much like a marriage, retirement has its own honeymoon period where individuals become starry eyed about all the exciting things it could hold. Here, you realise that you are free to do all those things you’ve always planned, like travelling or taking up a new hobby, and feel exhilarated by this realisation.

Stage Four: Disenchantment

Also known as disillusionment, this stage is where many run the risk of sinking into depression or feeling like something is missing. After every high, there is a low and after the honeymoon stage you may be hit with disappointment, stemming from the fact that your retirement is not quite as expected.  All your free time suddenly feels aimless and you may start to miss all your co-workers who you’ve spent years getting to know – you may even miss that one co-worker who used to annoy the hell out of you!

Stage Five: Reorientation

Reorientation is a stage that requires a lot of ‘navel gazing’. In order to take yourself out of the feeling of disenchantment, you need to undergo some self-exploration and find answers to all those scary questions like ‘Who am I now?’ and ‘Where do I belong?’ This stage requires you to put in the effort to actively reorientate yourself and shift your mindset, setting new goals and expectations.

Stage Six: Retirement Routine/’Rewirement’

While this stage may sound a little boring, a retirement routine is nothing but – if you have successfully reorientated yourself and ‘rewired’ your mind. Here is where you can truly live out your golden years in a meaningful way by joining various interest groups and setting up a stable routine. This is not to say no to spontaneity and adventure but simply to find new purpose and belonging.

So, in summary, the answer to ‘What are the six stages of retirement?’ is: Pre-retirement, the big day, the honeymoon, disenchantment, reorientation and routine.

If you have already retired, we’d love to hear from you. How has your retirement been, and can you relate to any of these stages? Leave your comments below.

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Advances in medicine and new discoveries in the medical field have helped us live longer, healthier lives. According to the World Health Organization, while life expectancy varies from country to country, on the whole, it has risen by five years across the world since 2000. The number of years of good health that we can expect is now much more than it ever has been, leading many to enjoy more years of productivity and thus retire later. However, while the way we age has changed, the way we measure aging has not.  

Society still measures aging in terms of chronological age – this is defined by the number of years that have passed since one’s birth. However, this measure does not tell us much else besides how much time has gone by. The problem with this is that we reduce people to a mere number and define them by this, leading to unnecessary generalisations about our more mature citizens and causing many to deny them a wealth of opportunities based on their chronological age. 

This ageism also runs through into our own lives and affects the way we think about ourselves and what we are capable of. We may underestimate ourselves based on society’s measure of age and because of this, achieve less than we are actually capable of with our low expectations. We may fail to sufficiently plan for our golden years and, as a result, deny ourselves many valuable opportunities because we fail to recognise our longer futures.  

Instead of using such an outdated measure as chronological ageing, why not measure ourselves in terms of biological aging? Our biological clock is a much more useful predictor of our capabilities and limits. Additionally, when we pay more attention to our biological clocks, we are far more likely to take better care of ourselves and make better lifestyle and nutritional choices that will help us stay healthier for longer – rather than accepting health conditions as simply a result of chronological aging.  

It’s high time society changes its preconceptions of aging and adopts a much more accurate measure, revealing the wide variation in how our mind and body responds to the passage of time.  

Do you agree? We’d love to hear your thoughts on this topic, so please do share your opinion in the comments below. 

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At Alex Wardle, retirement is topic we’re passionate about, and we love seeing our clients through this life stage – both in terms of the financial impact of it and the psychological adjustment to it. As avid readers, we’ve perused our fair share of books on this topic, and while there are plenty of worthwhile retirement reads, we have 2 special books that we’d like to share with you. Whether you have already retired or are planning on retiring, we think you’ll enjoy reading these best sellers.  

1. Rewire, Don’t Retire: Embracing Your Retirement 

Image courtesy of Irish Life 

This captivating, short read has to be our all-time favourite. It reframes our idea of retirement and helps us see all the exciting opportunities this new life phase brings. The idea it encapsulates is to ‘rewire’ your mind and make the most of retirement – not seeing it as the end of the road, but as a new journey. The lifestyle guide takes us through the secrets for a fulfilling retirement, suggestions to help adjust to this new stage, nurturing relationships and living your best life. 

You can download this guide for free here. 

The New Long Life: A Framework for Flourishing in a Changing World

Image courtesy of Bloomsbury Publishing 

This is one of the most interesting retirement reads by far. It delves into how advances in technology are changing our lives – extended lifespans being one of the many changes. While we are left wondering how to fit into this fast-paced, ever-changing world in our older age, authors and economics and psychology experts, Andrew J. Scott and Lynda Gratton present three basic principles that help us find our feet, allowing us to live longer, smarter and happier lives.  

Read more about this book on Amazon. 

Do you have any retirement reads to recommend to us? We’d love it if you could share them with us and post your top picks in the comments below. 

The post Our Top 2 Retirement Reads appeared first on Alex Wardle.

When it comes to making decisions, we as humans can be a little lazy. Not because we are purposefully not willing to put in the mental effort, but because our brains are wired to make decisions quickly, based on the information we have available. Psychologists label these cognitive ‘shortcuts’ as heuristics. While heuristics have given us the evolutionary advantage and have helped us rise to the top of the food chain by helping us solve problems efficiently, they do unfortunately have their downside. They can lead us to make a few errors on the odd occasion. This is especially evident in our financial decision making. Let’s take a look at some heuristics that can lead us to make poor financial choices.  

The Affect Heuristic 

As the name implies, our affect or emotional state can interfere with our decision making. This heuristic occurs when we are pressured to make an important decision in a limited amount of time. We lean on our ‘gut’ feeling about a particular situation to make an automatic judgement.  

While in some cases this heuristic can benefit us, it can also lead us to make bad decisions because our emotional state can change the way we view the risks or benefits of a given situation. For example, when in a good mood, we might assess the risks as being much lower than they actually are. Financially speaking, this could lead us to choose a high-risk investment, for instance, when we are not in a stable enough position to do so and could make us lose money we cannot afford to lose.  

The Bandwagon Effect  

This heuristic is characterised by our tendency to behave in a certain way or hold certain opinions purely because a large number of people act in a certain way or have particular beliefs – we ‘hop on the bandwagon’.  

We subscribe to this thinking because we see others benefit from their actions or beliefs, and although we may also benefit in some cases, this is not a surefire guide for personal choices. It is crucial that we critically analyse our unique circumstance and whether our decision will best serve this.  

A good example of the bandwagon heuristic can be seen in people choosing to retire because others around them, of a similar age, are retiring.  However, they may not be in the same financial position to comfortably retire or may not be mentally ready to retire.  

Decision Fatigue 

Decision fatigue refers to us being easily overwhelmed by a large number of decisions and, consequently, making increasingly poorer choices as we make more decisions.   

Because decision making utilises higher order cognitive resources, we use up a lot of energy in making decisions. So, when we’ve used up much of our energy and are left tired after a good few mental ‘workouts’, we have limited capacity to make sound decisions and are thus prone to taking this shortcut.  

When it comes to finances, of course, the ability to make well-thought-through decisions is crucial. So, if you’ve had a day full of decision-making, we suggest not making important financial decisions towards the end of it. We, at Alex Wardle, make your decision-making process easier by helping you filter out the noise around you as well as the choices that won’t be in your best interest.  

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Periods of change can bring about new challenges or new opportunities, but they can also be overwhelming and a little scary. Retirement is no different and adjusting to it may not be so easy for some, but a little guidance along the way can make all the difference. To help you better adjust to this new life stage mentally and financially, we’ve drawn up a few pointers that are worth keeping in mind. 

Adjust Your Budget 

It’s just as important to have a budget when you retire as it is to have one while you are working. There will be some expenses that fall away when you retire (such as your daily commute) and there may be some expenses that increase (such as medical aid premiums). It’s essential that you keep track of these in order to make the most of your finances. You may feel that you deserve to splash out and spoil yourself – and rightly so – but if you don’t have a budget in place, then you may end up spending too much on those weekly comforts instead of saving for that dream holiday you’ve always wanted. 

Learn Something New 

Have you truly explored all of the things you are capable of? Retirement can be an exciting opportunity to find some hidden talents and learn something new. It doesn’t really matter what you learn, as long as it is stimulating and challenging. This will not only boost your brain health but will also help you transition into retirement more smoothly with your mind preoccupied with positive things – that is, provided you are patient with yourself and give yourself time to learn.  

Get an Extra Income Stream  

While you may have planned out your financial retirement well, there will always be a few expenses you may not have anticipated, such as new taxes that unpredictably skyrocket or loans to help out a loved one who isn’t doing so well. This is why it’s a wise idea to set up an additional income stream.  

Perhaps you can capitialise on that hobby that you’ve been enjoying and sell your crafts at a local farmers market? 

Express Your Emotions 

A lot of people underestimate just how difficult the transition into retirement is. You will feel many different emotions – some good and some bad – but it’s important that you mentally prepare yourself for this and know that feeling extra emotional at times is completely normal. Learning to express your emotions, fully feel them, and clearly communicate them to your loved ones is healthy and will help your journey into retirement feel more manageable.  

If you are currently battling with adjusting to retirement and would like further advice, you are always welcome to get in touch with Alex. His years of experience in working with retirees from all walks of life, have equipped him with much insight into the challenges of this life stage.  

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Retirement is a big adjustment and can be quite a shock to one’s system! As humans we are naturally resistant to change and disruptions in our systems, even if these changes are good for us! 

Security and comfort are what we cling to when things are uncertain, and we tend to turn to what is most familiar to give us this. But when it comes to retirement, it’s not like we can turn back to our old familiar jobs. So, how then do we make a smooth transition into our golden years and how do we make sure that we have a happy and fulfilling retirement? 

For a start, it’s a good idea to do some navel gazing and reflect on our own thoughts about retirement. Are they negative or positive? Stepping into unknowns are always easier when we have a positive outlook and train our brains to think about what could go right instead of what could go wrong. When we’re in this frame of mind, we find ourselves identifying more opportunities to grab hold of – ones that will ensure we have a satisfying retirement.  

However, we know that this is easier said than done and so to help those of us that battle with changing the way we think, we’ve drawn up a list of opportunities to get excited about and to help us make the most of our later years. 

While we know there’s not always a one-size-fits-all formula for everyone, research points to a wealth of opportunities that will most likely lead us to a fulfilling retirement: 

1. Being Purposefully Active – this means seeking out activities to spend your time on that are purposeful (read our blog, ‘Why You Should Reconsider Retiring Early’ to see why a sense of purpose is so important). Sure, your sewing may come in handy come birthdays and Christmas, but when you’ve run out of gift ideas, then what is the purpose for your craft? Surely not just to keep busy. Perhaps you can look for ways to give your special hobby a purpose. For example, selling your crafts to raise money for a worthwhile charity that is meaningful to you. Which leads us to the next point.  
2. Giving Back – there is a special sense of fulfilment that comes from volunteering your time, money or efforts to a special event or cause. Research shows that giving back to others through volunteering, decreases your risk of depression, reduces stress levels and can even help you live longer! 
3. Connectedness – opportunities to maintain or rekindle socially supportive relationships are essential to your mental health. As humans, we were never made to live in isolation – closed off from the word around us. Those who are lonely tend to have lower confidence levels and self-esteem and greater risks of developing Mild Cognitive Impairment (MCI) or dementia. Spending time in good company makes us happy (even for the most introverted of us), reduces stress, keeps our brain active and helps us live longer. 

If you would like further advice on how to make your retirement more meaningful and enjoyable, please feel free to chat with our financial planner come life coach, Alex Wardle. His many years of experience in the industry put him in the perfect position to offer wise tips and information regarding both the financial and emotional aspects of retirement.  

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