This week we had to listen to the midterm budget speech delivered by our new Finance Minister Malusi Gigaba.
After the speech the Rand lost almost 1% and since then the press has flooded social media, internet and lampposts with predictions of the future and in true form it was all bad and dire news.
Yes things are not great with the South African economy, but another thing that we have to keep in mind is that the media will always only focus on negatives and make it look worse than it really is.
Below a sketch done by Carl Richards and I think it sums up the whole situation perfectly:
As a financial planner we have to make sense of it all and ensure that we stay the course. The fund selections are made with the current economic climate in mind and we focus on a long term strategy.
I still believe that our country is the best place to live in the world and there is no other country with the same amount of opportunities to make money and have a great life.
The best thing to do is stay the course and do not panic. Below is how most people react to bad news and the end result.