50 Plus Logo

Does the equation of R5000 equals One Million make sense?

In the years when we invest, we often hear financial planners talk about the fact that for every, one million rand we have invested in retirement we will be able to draw down around R5000 per month.

At 50plus-skills we believe that working longer, in some form is the best insurance policy in a world of longevity. Keep your investments growing, reduce debt to zero and live a simple life. Try and earn enough to cover your simple life and do not start drawing down until you have no other choice. That means that you have allowed your investments to grow and there will be less years for these investments to fund your final years.

We can look at this another way. Your current pension amount is X. Earning an extra R5000 per month would make a world of difference currently to your monthly budget.  The question then to ask yourself is how can I earn this R5000? A much easier question than how do I grow another one million rand?  The best-case scenario is to have both, but the R5000 answer is much easier and doable.

What do some of these options look like?

Esme has good communication and social media skills and can engage as a virtual social media consultant to company A.

Maud joins a multi-level company and learns how to grow a small business selling a range of products.

Frank starts selling products on eBay/Gumtree

Carol offers her skills as an HR Consultant

Lebo joins a virtual assistant company and uses her administrative skills

Ann engages as an au pair for a professional couple in her area

Peter starts a pet sitting business

Mike becomes a tutor

The list is endless. The challenge is to start. This can require guidance, coaching and some new skills. Much easier to do as part of a group, where you can be encouraged, learn the skills needed and the confidence to make it happen.

We would love to help you turn your next million, R5000 at a time.

Join us at a workshop, by becoming a member of www.50plus-skills.co.za The cost is R500 per year. A worthwhile investment in your next million.