Debt review is not as simple as handing over your bills to a debt counsellor – you have to keep track of your credit provider statements Three years ago Linda (not her real name) and her husband went under debt review. Like so many young couples,...
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Are you man enough to share your income?
Money is a big issue for many couples, so much so that it is the main cause of divorce. Yet finding an equitable way to manage the household finances is a bit like finding the holy grail. The main issues for couples around money are: a discrepancy...
Should you use a foreign currency account to save for an overseas holiday?
We recently ran an article on the various options for offshore bank accounts and highlighted foreign currency accounts (FCA) which are effectively on-shore accounts that are linked to your local bank account and have low minimum deposit rates....
Are blue chips a great investment?
Dr Andrew Dittberner, Chief Investment Officer at Cannon Asset Managers, warns of the danger of confusing “big” with “great”. Conventional wisdom tells us that large, established companies are a safer and better investment option than smaller...
It’s almost time for Financial Planning Week
The financial services industry prepares to empower consumers through its annual Financial Planning Week initiative. The Financial services industry, led by the Financial Planning Institute (FPI), will once again be embarking on its annual...
Investors claim fraud in passive income scheme
Insiders raise the alarm over the business practices of AllQuotes and BuyDirect. When one receives anonymous tip-offs about unethical business practices, there is always the concern that the information is accurate and not just a disgruntled...
Should you lease or buy a car?
South Africans are well known for treating their cars as status symbols. Car finance figures show that on average, South Africans who are financing their cars tend to buy a new car every three years. Simphiwe Nghona, executive head of Wesbank’s...
What your retirement fund value really means
It’s about the income, not the lump sum. I recently received an email from a reader who had taken early retirement and was concerned that the value of his final pension benefit was significantly lower than the amount indicated in his benefit...
Offshore bank accounts: not just for the rich and famous
You don’t have to be a high flier to have a foreign currency account or even an offshore bank account which have now become an easily available and relatively affordable option for South Africans who would like to hold some funds offshore. As...
How to stretch your salary
Times are tough and even though the inflation rate might be slowing down, prices are still going up. This means your cost of living is only going to increase as the months go by. According to the latest BankservAfrica Disposable Salary (BDSI) data,...
Previous Articles
Why your coffee costs you more
Remember the days when you went to buy a coffee and the cup only came in one size? Now most coffee-shop chains offer you a choice of small, medium and large. This is not because research has found that people have very different consumption needs, but rather because...
Could advances in medical technology make risk cover unaffordable?
Last week I attended the Momentum Risk Summit and one of the things that struck me was the extent to which medical technology will be able to predict our future health outcomes. We know that if we have an existing illness such as diabetes, we will pay more if we apply...
The real reason you won’t have enough money at retirement
Steven Nathan, CEO of low-cost investment company 10X Investments highlights the three biggest investment anomalies and how to avoid them. When asked why the majority of South Africans fail to reach their retirement goal, most industry players will cite factors such...
Are your adult children sabotaging your retirement?
By Mark MacSymon, Certified Financial Planner and Wealth Manager at Private Client Holdings An increasingly common issue in South Africa these days is adult children still being financially dependent on their parents. This is due to low entry-level salaries,...
Why pyramid and Ponzi schemes are doomed to fail
By Mike McDougall, CEO of the Actuarial Society of South Africa Faced with empty wallets and rising costs, thousands of South Africans are placing their faith in ‘get rich quick’ schemes that lure desperate consumers with promises of unrealistic investment returns....
Red flags and flagging economies mean time to spread investment risks
The winds of change – from the growth in anti-establishment movements to ageing populations – are causing red flags to flutter and require investors to diversify their approach, according to former head of the Anglo American Chairman’s Fund and renowned scenario...
High-income earners feel “stressed” about money
As times get tougher, don’t fall into the credit survival trap. The latest figures from the Old Mutual Savings and Investment Monitor show a sharp deterioration in the financial stability of higher-income earners. The survey, which interviews 1 000 metro households...
Investment decisions shouldn’t be about external factors
By Craig Gradidge, CEO of Gradidge Mahura Investments The conversation over the first five months of the year was dominated by the prospect of a ratings downgrade by S&P at the beginning of June. For many the downgrade was a forgone conclusion, and they wanted to...
The overpromise of gold medallions
Lizo bought two Robben Island commemorative gold coins in 2011, after being advised that they would be a good investment. He bought the two 1/10oz gold coins for R5 000 each from The South African Scoin Shop at Clearwater Mall in Roodeport. “I was informed that I...
Understand your medical scheme’s co-payment rules
In order to provide lower-cost medical cover, most medical schemes offer plan options where co-payments apply for certain procedures. These procedures tend to be elective surgeries such as a colonoscopy or joint replacement and are clearly defined in the medical...