Morake writes: A friend of mine’s home loan is nearly paid off and she wants to know if she should close the home loan or keep it open. What is the procedure to closing a mortgage? Do you have to pay transfer duties to get the title deed? Maya...
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When would you trust your child with a lump sum?
If a member of a retirement fund passes away leaving minor children, the trustees of the fund are required to determine whether or not to pay out the child’s portion of the fund directly to the surviving parent or guardian, or whether to transfer...
Beware of pyramid scheme MMM
I have received many reader queries about MMM and whether or not it is a safe investment. For example, Seraki writes: “My friends and colleagues are making a lot of money every month through this MMM, and I am tempted to join. I know that there are...
Beware of telephonic agreements
Max writes: I was called by a company who promised to send me a discount card that I can use for airtime, electricity and groceries. I asked for a written offer so that I could check their address and contact details. Soon afterwards an amount of...
The two shares that have masked the JSE bear market
Geoff Blount, MD of BayHill Capital, finds that the underlying trend in the JSE has been negative since early 2015. Given that the South African economy has been limping along for at least three years, the strong stock market has confounded...
Why GEPF members are cashing in
If you are a government employee, you need to be wary of advisers who recommend that you resign in order to access your pension before retirement. Many commentators have attributed the spate of government employee resignations, just before...
The concept of domicile and its far-reaching effects
By David Knott, a fiduciary expert at Private Client Trust Many people are unaware of the concept of “domicile” and few understand its implications. Domicile relates to the country where you have a permanent home, where you lay down your head each...
Tracking your MTN Zakhele shares
Xolani asks: I have had 20 shares in MTN Zakhele since their inception. I am in no hurry to cash them but would like to track their progress and maybe try to diversify my share portfolio by buying other shares with a portion thereof. My aim is to...
Remote jamming could jam your insurance claim
You’re at your local shopping centre, the kids are screaming and you’re rushing to get your shopping done as quickly as possible so you hurriedly press the remote button to lock your car and run into the centre. But have you double-checked that...
Is now a good time to buy a house?
Rebecca writes: I am a 36-year-old professional and single mother of two. I had planned that this would be the year that I would buy my own modest home. I have been listening to financial experts on TV saying that first-time home buyers must delay...
Previous Articles
To Trust or not to Trust
Trusts may be one way to protect your assets from creditors but it is not something you should enter into lightly as the negatives could outweigh the benefits of protection. Mpho wrote to me to argue the point that a trust would have been able to protect his assets...
Should I pay my mortgage a few days early?
Ridwan asks: I have been told that by splitting my monthly installment into two payments over the month, for example the 15th and the 30th of the month, I can save on interest as interest is calculated daily so the payment on the 15th reduces the capital outstanding...
How your money values are undermining your goals
Someone recently related a story to me about a member of his community who had fallen on hard times and had lost everything. He had gone from being an ultra-wealthy businessman to struggling to make ends meet. He had come to his friend for some advice on what to do...
How to cut down on your data usage
I’m a lot better at financial management than managing my cellphone data, but the reality is that data is money and for most of us, our smartphones are like a dripping tap, using data we are not even aware of. I received some useful tips on managing data from Karin...
Why investing offshore still makes sense
Investing offshore is not about the rand or pessimism; it’s about sound financial planning. Most fund managers spent the last five years recommending that investors allocate a portion of their investment wealth offshore – yet it was only when the “Nene crisis”...
What information can banks buy from a credit bureau?
Andy writes: What information are banks able to buy from credit bureaus about my financial history and standing and what do they use it for? Credit bureau TransUnion replies: When someone applies for credit from a lender, such as a bank, the lender will purchase that...
The rising cost of education
A recent study by Sanlam done amongst mothers with children aged between 3 and 15 shows that some parents go as far as holding down two jobs to put their children through private schooling, which they perceive to be the best legacy they can give their children. “Our...
How to spot fraud in your company
By Bianca Stoffberg, audit manager at BDO South Africa Fraud is one of the greatest threats to businesses, with smaller business entities more prone to becoming victims of fraud, as they often lack the staff numbers to put clear task segregations in place. Warning...
Respect is earned, not demanded
Why finance minister Pravin Gordhan has received the public’s vote. An incident at the Budget Speech dinner, held by Old Mutual and Nedbank on the night of the National Budget address, epitomised for me the change that has happened in our country over the last few...
The ins and outs of making a UIF claim
Retrenchments are likely to become even more commonplace in the current economic environment as companies downsize and try to contain costs where possible. If you don’t have retrenchment insurance and need funds to tide you over until you are able to find another job,...