Watch: Buti plans for his retirement

Buti is a brigadier (director) in North West and has recently turned 51. This has brought home to him that retirement is less than 10 years away and he needs to focus on his finances to ensure that he is ready for the second part of his life.

He needs to get rid of his debts and provide for his family’s education to live a stress-free, semiretired life. He wants to learn more about managing money, budgeting, proper spending, saving and investing. He is divorced with five children. Four of his children are still studying.

The big dream:

Buti has no intention of putting his feet up at the age of 60, as he still has much to offer. His dream is to complete his PhD and become a lecturer in business management. He wants to live a debt-free life.

Worst financial mistake:

“Purchasing a luxury vehicle with very high mileage, which has cost me a lot in repairs,” he says.

The car came with issues he was not aware of. In addition, Buti invested in what appeared to be a legitimate investment, but it subsequently closed down, costing him a lot of money.

His adviser:

Matt Rudman is a BCom graduate and holds a postgraduate diploma in financial planning. Matt has been a certified financial planner at Absa private bank for the past eight years and derives great satisfaction by helping to grow clients’ wealth and ensure they are financially secure.

Matt says his focus in his initial meetings with Buti has been to develop a payment plan for his debt.

“After an in-depth budget planning session, it has emerged that Buti is spending a large part of his salary on repaying his outstanding personal loans and credit cards.”