| Liberty Monthly Communication |  |
December 2010 |
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There is a famous story about author Joseph Heller attending a party given by a billionaire. Another illustrious author, Kurt Vonnegut, informed Heller that the host, a hedge fund manager, had made more money in a single day than Heller had ever earned from his wildly popular novel Catch-22. Heller responded: "Yes, but I have something he will never have: 'enough'." What Heller is talking about is knowing what really brings you happiness. No matter how much we accumulate, there will always be someone who has more. We need to be thankful for what we already have - a job, a home, friends, family, and food on the table. The idea of "enough" is worth thinking about as we go into the festive season. This is a time where we often feel pressure to spend and accumulate more "things". We feel bad if we can't give our loved ones the gifts they want and often feel obliged to buy gifts for other people so we appear generous. Perhaps we should focus more on generosity of spirit, on giving of our time rather than from our credit cards. In the book How Much is enough? Arun Abey & Andrew Ford talk about the importance of both financial and personal planning. At some stage in your financial planning, you need to ask yourself how much money is enough, how much time with your family is enough, how much time to pursue your passions is enough and how you can balance all this to achieve a true sense of fulfilment. This is as important as asking how much you need to be saving because saving is the flip-side of spending. Does all that "stuff" you spend your money on actually bring you happiness? We tend to buy things to fill our home that do not bring us any real joy beyond the few minutes we spend actually buying them. We may find saving for a dream far more emotionally satisfying. I recently came across an article in Time that really brought the "stuff" we accumulate into perspective. In the article, organizational consultant Peter Walsh says "It's not necessarily about the new pots and pans but the idea of the cosy family meals that they will provide. People are finding that their homes are full of stuff, but their lives are littered with unfulfilled promises." Take a moment when you are with your family and friends to discuss what exactly it is that brings you happiness, whether you have "enough" and what "enough" means to you. You may be surprised by their answers as well as yours. Our wish to you this festive season is that you find the time to fulfil your promises and that you start the year with "enough". |
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Although the IMF is forecasting higher growth rates globally, most of this will come from
the developing economies as the developed world struggles to recover from high levels of
debt. Yet these emerging economies also face their own challenges because of their successes.
Locally, 2010 will be remembered for the World Cup but not for a major economic recovery as the local economy ends the year on a very subdued note. Of most concern is the stubbornly high unemployment rate and continued high debt levels and low savings. The good news is that for those fortunate to have a job, salary increases are expected to be well above inflation. Find out more in our local and global economic reviews. |
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This month, our theme at Liberty is Avoiding the debt trap. To read more articles that will help you to empower yourself financially, go to http://www.liberty.co.za/news-and-views/consumer-articles/Pages/consumer-articles.aspx |
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Thank you for the feedback we have received on these newsletters so far. Your comments and suggestions will help us to give you relevant information for planning and managing your finances. Please keep talking to us and telling us what you think! You can email your comments to [email protected] Kind regards Steven Braudo Chief Executive Officer: Liberty Retail SA |
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Due to the festive season, this month's newsletter only contains local and global economic updates. We will welcome you back in the New Year with a short note and in February we will return to a newsletter packed with information to help you make the right financial decisions. |
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Global economic review
STANLIB economists Kevin Lings and Laura Jones look at the world's economies post 2010 and what this means for the future. Read more. Weekly economic updates
The Weekly Focus is a commentary on markets, economies and investments prepared by Paul Hansen and Kevin Lings of STANLIB. You can read the latest developments every Tuesday by following the link on www.liberty.co.za |
Local economic review
Liberty Life consumer economist, Tendani Mantshimuli, takes a look at how the South African economy faired in 2010. Read more. Investment portfolio information
Investment portfolios offered by Liberty: performance, risk profiles, asset allocation. Click here. Online Policyholder Servicing
Download tax certificates, view policy values and other information, update your details. Click here. |
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"Liberty Group is an Authorised Financial services Provider in terms of the FAIS Act (Licence no. 2409). The information contained in this communication, including attachments, is not to be construed as advice in terms of the Financial Advisory and Intermediary Services Act of 2002 ("FAIS") as the writer is neither an appointed representative of Liberty, nor a licensed financial services provider as contemplated in FAIS. Please consult your financial adviser should you require advice of a financial nature and/or intermediary services." |