(10) Dumb ways to die (financially)

(10) Dumb ways to die (financially)

A year or so ago my kids introduced me to a very cute you tube clip, “Dumb Ways to Die” which was a public service campaign to promote rail safety in Melbourne, Australia. It quickly went viral – you can watch the clip here https://www.youtube.com/watch?v=IJNR2EpS0jw

For some reason I found myself humming the tune while I was on my way to work recently and while I was driving my focus turned to dumb things people do, financially speaking, that is. Without much effort I quickly came up with “(10) Dumb ways to die (financially)”.

Here is the list (which I will explore in greater detail over the next few posts):

  1. Withdraw from your retirement fund when you change jobs.
  2. Withdraw from your preservation fund before retirement.
  3. Fail to contribute to your retirement fund at the maximum level.
  4. Don’t have a (valid) will.
  5. Invest via any insurance based product.
  6. Fail to budget.
  7. Fail to pay off your credit card in full each month.
  8. Fall behind on your tax returns/get on the wrong side of SARS.
  9. Fail to take sufficient equity/volatility risk on your investments.
  10. Buy last year’s winners when investing.

I am sure I could add many more to the list but that’s enough for now.

Look out for the “explanation” of each of them in coming posts and enjoy the song/video clip .