Be clear about financial goals: Experts

BUSINESS REPORTER

Setting clear financial goals is critical to avoid ending up in a miserable retirement arena, experts have said.

Speaking at the Empowered Women of Today (EWOT) financial conference held in the capital last week, entrepreneur ,banker and leadership development facilitator, Nigel Chanakira said  one must be clear about goals in life.

The event was organized by Sharon Runako Mupfumira of SRM Group, a marketing consultancy company and was hosted by Bernie Masona, the founder of Montrose House College, EWOT and Dr Bernie Foundation Trust.

“If you are not clear about your financial goals in life and not clear about where you want to be , then you are likely to end up  nowhere in terms of your finance wellness particularly in Zimbabwe where  your retirement could be pretty miserable,” Chanakira said.

He added: “So, I believe there is no better place to be in goal setting and goal getting than Zimbabwe.

Why because  you have to be pretty astute to retire comfortably given what hyperinflation did to our  savings, investments and definitely some of our wealth.

So, diversify and starting early and starting young is imperative.

“And if you have lost it all, starting again as soon as possible is always the best thing.

“There always say that the best time to plant a tree is 20 years ago. The next best time to plant a tree is today. Now, don’t think its any different is terms  of financial wellness and investment.

The best time to have started is probably 20 years ago. The next best time to start is actually today.”

Chanakira said it will take financial astuteness,consistency,  a different mindset, a  consciousness about money.

“How to earn it, how you save it, how you invest it, how you plan  for your retirement inclusive of  your medical needs and that of your spouse, is very critical,” Chanakira said.

He added: “So, we owe it to ourselves, community and children that  we should be consistency in the arena of wanting to invest for the future.

Have series of streams of income. Try monetise your skills.”

Mark Waspe, a consultant  at Austen Morris Associates, concurred with Chanakira.

“How you create wealth and how you manage it is very critical. Wealth is very prrsonal, its attainable and its very difficult. Wealth is not just monetary but also stems  to happiness to the people around you. So, wealth does tie to happiness . It just doesn’t come but you have to work for it, “ Waspe said.

Founder of PiggyBank advisor, Batanai Matsika said: “According to a hppiness report done by United Nations ,Zimbabwe was 144 out of 146 countries in terms of just happiness. It speaks to the environment we live in in Zimbabwe like high inflation, currency volatilities, making investing difficult. Its difficult to satart resulting in a very small percentage , just 5% retire comfortably. According to research, for one to retire comfortably, one needs 15% your annual income to maintain life style your you retire. How do you do that, you need to participate on the stock exchange.”

Athur Marara, an attorney, author and motivational spear weighed in saying: “When it comes to financial matters its either you have the money or you don’t have it.

Lean to develop multiple streams of money.

But the tragedy of our people is people without  money want to spend like they have money. That’s fake life. People are investing in status instead of financial awareness.”