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Wills, charity and child financial education

Updated: Feb 26

In this weeks edition of our newsletter we talk about Wills charity and child financial education.


Last Will and Testament

September is National Wills Month

This month is National Wills month, and its a time where we encourage clients to get their Last Will and Testaments drafted. At Wallstreet Financial Services we assist clients with free consultations and the drafting of their Wills.


If you do have a Will, when was the last time you have reviewed it? Like an insurance policy, it is important that you review it to ensure that your latest circumstances are taken into account.


We often get asked, what could happen to your estate if you pass away without having a valid Will?

If you die without leaving a valid will, your assets will be distributed according to the provisions of the Intestate Succession Act.

These provisions are generally fair and ensure your possessions are transferred to your spouse and children, and where applicable, to siblings, parents, and if required, to the extended family in terms of degrees of relationships and those who were dependent on you for financial support.


Children and Money

Child paying for an item

Being a father and in the financial services profession, I have always tried and continue to teach my children about the fundamentals of money. My eldest daughter Luca whom you probably know, is 9 and this past weekend for the first time I allowed her to purchase two items she wanted and chose with her own debit card.


You see, for the longest time I have always encouraged her to save, and whenever there is an opportunity to do so, she does it. It is with birthday monies, pocket money and money I give her.


When we went into the shopping center, there was a budget set, and to my surprise she did not just go and spend it all. We walked and perused the items in each and every toy and clothing shop, until she knew exactly what she wanted. (which did take some time i must add lol), and when it came time to pay, she very excitedly took out her bank card, tapped it, inserted the pin code and the transaction was approved.


What did she decide to buy you might ask? Well, it was earpods, which she has wanted for the longest time and a useful item which she can use, and the second was bubble tea which she loves.


Leaving the store en route home, we had a chat about her choices, and what she thought about it, and what i could take from it was:

  • The EarPods is a useful item which she really wanted, and uses;

  • The bubble tea was a small incentive for the day walking and searching;

  • She also spent less than her budget, and will save that and not spend it;

My thoughts on it is:

  • Us as parents need to instill and teach our children about the value of money;

  • A small chore around the house leads to a reward;

  • How to navigate the sales process and transacting (purchases and using money);

  • The importance of saving, and having savings goals to work towards.


Sandwich Tuesdays

Donation

At Wallstreet we make and distribute sandwiches on Tuesday mornings to the less fortunate and needy in our area and surrounds. This initiative came about with our fundamental belief in giving back.

A Sandwich might not mean that much to you and I, but to somebody without a home, it means the entire World.


Last week we made and distributed 26 sandwiches, and this morning it was 36 sandwiches.


My challenge to our clients and everyone is to just make a sandwich on a Monday evening, and give it to that person you see at the robot en route to the office. Just that 1 sandwich that you hand out to that person, will make the worlds difference to him or her.


Lets be the change we want to see!


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WALLSTREET FINANCIAL SERVICES


Your Financial Planning Partner

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