This year our family is working our rewards programmes to cover the costs of medication. After realising we would pay R1 500 less per month on our premiums if we selected a medical scheme option that did not cover my son’s R900 per month chronic...
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Paying for advice: talk to your financial planner now
How much will you pay for advice once RDR comes into effect? It’s not too soon to engage your financial planner in a conversation about how much you will be charged for financial advice and for product-specific advice, says Jacques Coetzer, general...
No more credit insurance rip-offs
A cap placed on how much a lender can charge for credit insurance could result in cheaper loans, but some warn it could also cut credit to higher-risk individuals. Last month the Department of Trade and Industry issued the final credit life...
Regulator challenges “set-off” rule
Court ruling may put an end to banks transferring funds without permission. Last year I came across the case of a Standard Bank client who had money deducted from his current account to settle his outstanding credit card, without his permission. In...
Buying an investment property
When buying an investment property, you need to do your homework carefully to avoid your property becoming a financial ball and chain. While astute investors can make money, property has significant holding costs and is not as liquid as other...
Taxes that will hit your pocket
In his 2017 budget speech, finance minister Pravin Gordhan announced increased tax revenues of R28 billion, the bulk of which will come from increased personal income tax and higher dividend tax, avoiding the politically sensitive issue of an...
Why we are not getting ahead
While we are getting our debts under control, we are not investing in wealth-creating assets. The recently released South African Household Wealth Index for the third quarter of 2016 identified some interesting trends around household wealth...
Tax-free savings accounts – when are they appropriate?
By Paul Leonard, CFP®, Regional Head, Citadel It is often said that there are no right or wrong investments but rather appropriate and inappropriate investments. Much has been written about tax-free savings and investment accounts (TFSAs) and there...
Momtrepreneurs: prepare your business for your maternity leave
As motherhood and entrepreneurship are becoming more and more synonymous, many momtrepreneurs are learning that it’s entirely possible to take critical time off to care for a new member of the family while still maintaining a healthy business. All...
Can I get life insurance after a cancer diagnosis?
Modern medical advances have made it possible for more and more people to beat cancer. When it comes to breast cancer, early detection and diagnosis mean that survival rates have gone up dramatically. In fact, almost two out of every three women...
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Get a managed portfolio for just R100
You really want to invest in the stock market but you don’t have enough money each month to buy expensive shares. Fractional investing is a cheap and easy way to invest at lower costs. After fielding numerous calls from listeners on Gareth Cliff’s CliffCentral show,...
The first and foremost rule of investing: capital preservation
By Sihle Lukhele, Institutional Investor Relationship Manager at Foord Asset Management. Benjamin Graham, the father of value investing, defined an investment operation as “one which, upon thorough analysis, promises safety of principal and an adequate return.”...
Is critical illness becoming the more important cover?
This week I was chatting to my independent financial adviser who told me that the majority of the claims he handles these days relate to critical illness. He says the claims for serious illnesses like cancer and heart attacks have escalated among his clients in their...
FNB clarifies settlement issues after recent burglaries
FNB initiates settlement discussions to help all customers impacted by recent safety deposit burglaries. FNB has released the following statement from its CEO, Jacques Celliers, regarding the recent safety deposit burglaries at their Randburg, Parktown and Sunnypark...
Have we made it too easy to dispute debit orders?
The move by banks to make it easier for individuals to reverse unauthorised debit orders has been an important step in maintaining the integrity of the banking system, especially after increases in illegal debit orders where syndicates would obtain bank account...
Payslip advice: making sense of your salary
By David Crossley, CFP® BDO Wealth Advisers You have received your first payslip, online or in an envelope from your finance department. You open it up and realise you have no clue what’s going on. It could be your first payslip, or maybe you’ve been working for some...
How to stick to your financial resolutions
The secret to a successful resolution is to keep it simple and to break it down to something manageable. Financial change starts one step at a time. Instead of saying “I am going to be debt free,” rather select one debt that you are committed to paying off in 2017. If...
Does your family think your employer will provide?
Recently the MD of a small company asked me if I thought they should provide employee benefits such as life cover and retirement funding for their employees. Currently the company leaves that entirely to each employee to sort out for themselves. Due to the cost and...
Why sorting out your paperwork should be a New Year’s resolution
I often receive emails from people who are trying to locate their pension benefits from an employer several years after they have resigned, and I often wonder how people lose track of their money – that is until this week. Over the last few years I have neglected a...
The story of a scam
Almost every week we receive emails from people who have been caught out in a scam. There are so many rogues out there using charm and manipulation on desperate people looking for better returns. Tammy is one such victim and she kindly, and bravely, shared her story...