We all want more money in the bank to keep up with the ever-changing demands of our lifestyles. With rising food and petrol prices, higher inflation and interest rates, many people are finding it hard to end the month in the black.

But short of marrying a millionaire (few and far between) or grabbing new job opportunities with attractive salaries (sadly, once again few and far between) there’s not much we can do to earn more each month. So, we have to resort to the next best alternative — making what we have in the bank work hard for us.

Saving is easy enough and is all a matter of putting aside a certain amount each month. Investments on the other hand are another thing altogether and the variety of options available can seem rather intimidating.

However, with the assistance of the right financial planner, you can easily navigate the world of investments. Your planner will be able to assist you in developing and implementing a plan and investment strategy to suit your needs. In addition, he or she will be able to assist you on your financial journey by helping you make the right choices along the way.

To help you get started, here are the ten golden rules of investment:

1. Have a plan

   It is often said that those who fail to plan, plan to fail. If we all spent as much time planning our financial affairs as we do planning our holidays, we would all be better off financially.

2. Get independent professional advice

   For your own protection, also get it in writing.

3. Never put all your eggs in one basket

   Generally speaking, the more you spread your assets across the various standard asset classes (shares, property, fixed interest and cash) and between a variety of fund managers, the more resistant your portfolio will be to serious damage.

4. Understand the risks

   It is often said that the higher the return, the higher the risk. The mistake a lot of people make is to confuse return for performance. Chasing high returns over the short-term makes you a speculator. Prudent investors look for consistent returns over the long-term. Short-term fluctuations don’t trouble investors because it’s the long-term behaviour of their chosen assets which they focus on.

5. Don’t lock yourself in (or out)

   This means investing your money in such a way that you can access it quickly if you need to. You must, at all times, be ready to quickly and cheaply rearrange your assets if necessary to either avoid a threat or take up an opportunity.

6. Minimise tax

   It is important that you are saving in a tax-efficient way. Saving tax legitimately is one way you can increase your returns without increasing risk. While it’s important to take tax savings into account, it should not be the driver of your decisions.

7. Keep good records

   So many people lose tax deductions and other benefits to which they are entitled because they have not kept proper records. Yes, it is tedious but unless you (or your financial planner) keep all the records, it could cost you more than just inconvenience.

8. Keep your finger on the pulse

   You should revisit your financial plan at least annually to ensure that it is doing everything you expect it to and to ensure that your investments are performing appropriately. You should expect change and deal with it. Don’t fall into the trap of ‘setting and forgetting’.

9. Do proper estate planning

   It is vital to plan your estate — you need a will that you regularly update. Proper estate planning ensures that your assets are structured in the most effective way. Together with this, make sure that you have sufficient life cover and insurance and that it is all clearly integrated into your estate.

10. Pass the sleep test

    If you can't sleep at night because you're worrying about your investments, then you are either taking on too much risk or you are unsure of what you are doing.

If you’re still a bit unsure about investing your money, here’s some food for thought: Assuming you took about R700 each month and put it into an investment fund that yields an average of three percent a year; you could make over R100 000 in just ten years. Select a more aggressive portfolio that targets a yield of nine percent per annum and you only need to put in R530 each month.

There’s no reason why you shouldn’t aspire to work only because you want to and be forever free of debt by learning to use your money wisely so you get maximum returns. Whether you’re single or married, the need to ensure that you can be financially independent should always remain high on your list of life’s priorities.