When we look at our retirement funding as a lump sum it may seem like a lot of money – until you realise that it represents your entire future income. If you retire at the age of 60 and you live until 80 – which is relatively young – you need...
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There is no excuse not to be insured
With third-party insurance available for only R38 per month, not being insured could be the most expensive decision you ever make. A reader wrote recently to complain that a driver had stopped in front of him unexpectedly, causing him to crash into...
When your emergency is not paid by your medical scheme
Don’t rush off to the emergency room too quickly – it may cost you more than you realise. A recent twitter rant by a Discovery Health Medical Scheme member highlighted an often-misunderstood fact about hospital plans: they don’t cover visits to the...
Video: Understand your retirement fund rules
While retirement vehicles share some characteristics, especially on taxation, there are some key differences and it is important to understand exactly how your retirement fund works. The similarities are: All types of retirement vehicles give you a...
A financial survival guide to divorce
Facing the breakdown of your marriage can be extremely painful emotionally, but with the right knowledge and planning, it needn’t be financially devastating as well, says Citadel Advisory Partner Kirsten Smit. “Getting divorced carries enormous...
New car insurance player could reduce your premiums
New short-term insurer Naked challenges the insurance status quo. When it comes to car insurance, ideally you want to be fully insured so that your own car is covered in an accident or theft, but that doesn’t mean you have to pay the highest...
Video: The real cost of bad debt
Credit can be extremely valuable in achieving life goals such as paying for tertiary education, buying a car or providing a home for your family. However, it can quickly turn into a debt trap if we start to use it for day-to-day living on items...
Important principles to remember when markets get scary
South African investors are nervous ‒ and for good reason. With a sluggish economy and a weak rand, worries over uncertain land expropriation policies and fears that the often market-leading US stocks are set for a correction, many people are...
Insurance for the self-employed
The biggest risk for the self-employed is being unable to work due to illness or trauma. The growth in the so-called “gig economy” is one of the biggest labour trends globally. This is where individuals with a specific skill set leave mainstream...
Video: No-pain saving
Most of us associate the word “saving” with “sacrifice” or “doing without”. Yet there are many ways to boost our savings without any pain at all. Have you ever wondered how much money you would collect if you saved your coins? Keep a jar in your...
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How much will it cost to educate your child offshore?
“If you want to send your child to the UK in 2019 for tertiary education, you will need around R2.5 million. If you have a young child, you will need upwards of R9 million by the time they are ready to go and you will need to start saving about R17 000 a month...
Remember to file your tax return by 31 October
A reminder that the tax season deadlines have been brought forward by a month this year so your efiling returns are due by 31 October – it’s Halloween! This is what you need to know If you earn above R350 000 a year you will need to submit a tax return. If you earn...
Video: Sort out your paperwork
Keep track of your bills The most important part of managing your finances is making sure you pay your bills on time. If you miss a payment by even just one day, you face penalties and additional interest charges. This applies to debts as well as municipality bills...
What is your financial freedom number?
I recently re-read human behaviour specialist Mavis Ureke’s book Managing Emotions for Financial Freedom which looks at the invisible forces driving your money habits. Having read the book before, I was initially just looking for her reference on the Financial Freedom...
How to protect yourself from loan scams
By Gareth Mountain, Head of Sales at Lending and Innovation Company Olico The current economic situation we’re experiencing in South Africa has created a strong appetite for credit. Often consumers need to borrow money out of desperation just to help them survive. It...
Video: Leaving a family legacy
Most parents want their children to be more financially secure than they were and to live their lives without financial stress. Many parents see their retirement fund as a way to leave their children an inheritance. The reality unfortunately, is that due to...
Cryptocurrencies and their revolutionary architecture
By Stéphane Monier, Chief Investment Officer, Lombard Odier Private Bank Investment experts have often sceptically dismissed cryptocurrencies as excessively volatile. Technologists have described them as revolutionary. Who is correct? Will cryptocurrencies become a...
Video: When it comes to retirement, time is literally money
The earlier you start to save, the less money you need to put away. Time is one of the most powerful forces when it comes to growing your money – all thanks to the power of compounding. If you start earlier, you need to save less: If you save R12 000 a year (R1 000...
The best place for your emergency fund
Every financial plan should start with an emergency fund. Even if you have debt, before you start focusing on accelerating those repayments, you need to first build up an emergency fund. An emergency fund is what will stop you going back into debt. Ideally you should...
Video: What is an exchange-traded fund?
What is the difference between an exchange-traded fund and a unit trust? Both of these investments make it far easier to invest on the Johannesburg Stock Exchange because they give an investor exposure to a wide range of shares for as little as R300 a month or even...