From emergency savings to long-term wealth
By Christopher Freygang /
Savings are essential for emergencies. They protect you from the unexpected twists and turns of life.
However, the discussion needs to go further for clients who want to accumulate wealth. Short-term protection must give way to long-term creation and succession. Because real wealth is about what you build and the legacy you leave behind, not just about what you protect.
Savings are still seen as a reactive tool by many Namibians. Something to rely on in case something goes wrong. For those on a wealth journey, however, strategic investing is essential.
Legacy, travel, education, and property should all be connected to goals. They should be well-structured, diverse, and consistent with more all-encompassing financial plans.
Establish your life goals first. How would you like to live if you were financially secure? Not just “rainy day” funds, but opportunity funds.
Think about what you want to say yes to: a new venture, a sabbatical, a family milestone. Then build a system that supports those goals. Use goal-based accounts, automate contributions, and review progress regularly.
Avoid the trap of treating savings as leftovers. Prioritise them. Make them part of your monthly strategy.
And don’t be afraid to adjust. Life changes, and your savings plan should evolve with it.
Also, consider how your savings interact with your investments and it all starts with diversification. Are you balancing liquidity with growth? Are you striking a balance between growth and liquidity? Are you living in the present while safeguarding your future?
We also need to rethink what wealth means. It’s not just about having money: it’s about having options. It’s about being able to make choices without fear. It’s about stability, dignity, and opportunity.
And that starts with shifting the mindset from short-term survival to long-term growth.
Teach your children to save. Let them see you saving. Talk about money openly. Celebrate small wins. Because financial wellness isn’t just about numbers: it’s about confidence, control, and peace of mind.
Let’s move beyond emergency savings. Let’s build buffers, yes, but let’s also build dreams.
Because saving isn’t just about what you’re protecting; it’s about what you’re creating.
And in a country like Namibia, where financial challenges are real, that mindset shift could be the key to lasting change.
– Christopher Freygang is the Wealth Manager for Old Mutual Wealth at Old Mutual Namibia.
