Whether your are business owner, freelancer or employed by a large company, your ability to earn an income is your single biggest asset, worth millions. You can, and should, insure that asset. If this planning isn’t in place, you essentially rely on your parents or other close relationships if you’re income earning ability is impeded. Your own savings and investment will likely amount to very little in helping you fund the rest of your life. So, if you rely on someone in this manner it would be fair and wise to at least let them know, otherwise you can make your provision in the form of disability insurance which usually costs between 1-3% of your insured income.

Now that your boat is watertight, we can start with the savings and investments. First priority is a cash buffer (emergency fund) for unexpected expenses. With the buffer in place, you should start to implement a longer-term investment strategy through a mix of retirement savings, Tax-free and unit trust savings. Luckily, you have time on your side, which will reward diligent contributions handsomely as you can. These first contributions will work the hardest, so it is of course ideal to not delay.