{"id":1058,"date":"2017-03-28T08:41:47","date_gmt":"2017-03-28T06:41:47","guid":{"rendered":"https:\/\/www.namfisa.com.na\/educates\/?p=1058"},"modified":"2025-07-20T19:59:16","modified_gmt":"2025-07-20T17:59:16","slug":"the-beginning-should-not-be-that-difficult-as-a-starting-point-consumers-should-start-putting-a-portion-of-their-income-into-a-savings-account-this-will-help-to-easily-make-money-or-cut-expenses-e","status":"publish","type":"post","link":"https:\/\/www.namfisa.com.na\/educates\/the-beginning-should-not-be-that-difficult-as-a-starting-point-consumers-should-start-putting-a-portion-of-their-income-into-a-savings-account-this-will-help-to-easily-make-money-or-cut-expenses-e\/","title":{"rendered":"The Beginning Should Not Be That Difficult."},"content":{"rendered":"\t\t
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Path to Financial Independence: A Message from the NAMFISA CEO<\/h3><\/span><\/div>
Dear readers,

\n\nThe year 2014 is already at the end of its first quarter and so much has also already happened in these past three months! The festive season is firmly behind us and we all have our attention focused on how to make good of this year, whether personally or professionally. A key aspect of most people\u2019s lives is, of course, their finances. Without finances, as we all know, not much can be accomplished. This is especially true for personal needs and wants.

\n\nIn our previous (Christmas) edition, I spoke at length about the need to spend wisely during the festive season, with a focus on saving money for the future.

\n\nI have received positive feedback regarding our \u2018Spend Wise\u2019 message in the previous Consumer Education Bulletin. Many of our readers requested more information on spending wisely and ensuring financial independence. In this edition and in subsequent ones, we will continue to share vital information that we hope will improve understanding of the need to be financially independent.

\n\nWithin the context of Vision 2030 and the Namibia Financial Sector Strategy, NAMFISA is expected to deliver on a number of deliverables. These include:

\n\n\u2022 Establish appropriate safety nets to protect depositors and to ensure and maintain financial stability;
\n\u2022 Implementation of a consumer protection legal framework to ensure transparency and disclosure, as well as to address consumer complaints and redress mechanisms;
\n\u2022 Increase national financial literacy rate by 2020;
\n\u2022 Improve access to financial services and products by eligible Namibians by reducing lack of access from the current baseline of 51.7% to 26%.

\n\nEvidently, this is not an easy task but we are confident here at the Authority that we will be able to collectively deliver on these expectations if we work together. For starters, consumers should take their personal finances more seriously with the view to create financial independence. Personal financial independence should be what every one of us aspires to achieve. Being free from debt and exorbitant interest rates is what we should all be striving for.

\n\nWithin the framework of the financial independence quadrant, we should at the very least work towards minimising the indebtedness window while working to enlarge the financial freedom window. It is not easy to achieve, but nothing will be accomplished if we don\u2019t start to work on securing that independence.

\n\n\u201cThe beginning should not be that difficult. As a starting point, consumers should start putting a portion of their income into a savings account. This will help to easily make money or cut expenses, especially in a tough economic situation.\u201d

\n\nWhen you get a bit of extra cash, invest your money in available investment vehicles and keep investing. Soon, your money will build interest and compounding will start to take effect. If you do this consistently, you will in no time be on your way to financial independence, where there will be no need to borrow to cover the costs of basic needs.

\n\nOnce you have secured financial independence, the only way to remain independent is to keep saving and investing and spending only on things that are absolutely necessary.

\n\nBy investing and saving more, the burden of debt will be minimised. As they say in war and in sports, \u201cA good offence is the best defence.\u201d Therefore, save and invest to avoid unnecessary debt and related stress.

\n\nI wish you happy reading.

\n\nPhillip N. Shiimi
\nNAMFISA CEO<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Summary<\/h3><\/span><\/div>
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Message from the CEO<\/h3><\/span><\/div>
Financial Independence Starts with Small Steps<\/span>Dear Readers,\n

\n\nAs we wrap up the first quarter of 2014, many of us are refocused and determined to make this year count \u2014 personally and professionally. At the heart of that journey is one thing we all rely on: our finances.\n

\n\nIn our previous (Christmas) edition, I spoke about spending wisely, especially during the festive season. I\u2019m pleased that many of you responded positively and requested more insights on how to build financial independence. This edition continues that important conversation.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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As part of Vision 2030 and the Namibia Financial Sector Strategy, NAMFISA is committed to:<\/h5><\/div>
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  • <\/span>Creating safety nets to protect depositors and maintain financial stability<\/li>
  • <\/span>Implementing consumer protection laws to ensure transparency and fairness<\/li>
  • <\/span>Raising the national financial literacy rate by 2020<\/li>
  • <\/span>Improving access to financial services for more Namibians (from 51.7% to 74%)<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    <\/h5><\/div>
    These are bold goals \u2014 but with collaboration and personal commitment, we can achieve them together.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    Start With Small, Practical Habits<\/h5><\/div>
    It starts with each of us. If we aim for personal financial freedom, we must:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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    • <\/span>Save a portion of every income<\/li>
    • <\/span>Avoid unnecessary debt<\/li>
    • <\/span>Invest surplus funds in suitable investment vehicles<\/li>
    • <\/span>Spend wisely, focusing only on essentials<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      <\/h5><\/div>
      Consistent saving and smart investing help you build interest \u2014 and eventually compound wealth. Over time, you\u2019ll be free from the stress of borrowing to meet basic needs.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      Think Long-Term: Grow the Financial Freedom Window<\/h5><\/div>
      We all face choices every day. You can:<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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      • <\/span>Shrink your indebtedness<\/li>
      • <\/span>Grow your financial freedom<\/li><\/ul><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        <\/h5><\/div>
        That\u2019s the financial independence quadrant in action. It\u2019s not easy \u2014 but it\u2019s possible.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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        <\/h5><\/div>
        Remember:<\/strong>\n\n\"A good offence is the best defence.\"\nSo, save, invest, and stay ahead of debt.<\/div><\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

        Path to Financial Independence: A Message from the NAMFISA CEO Dear readers, The year 2014 is already at the end of its first quarter and so much has also already<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"footnotes":""},"categories":[429],"tags":[],"class_list":["post-1058","post","type-post","status-publish","format-standard","hentry","category-editors-desk"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1058","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/comments?post=1058"}],"version-history":[{"count":7,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1058\/revisions"}],"predecessor-version":[{"id":35867,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/posts\/1058\/revisions\/35867"}],"wp:attachment":[{"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/media?parent=1058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/categories?post=1058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.namfisa.com.na\/educates\/wp-json\/wp\/v2\/tags?post=1058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}