We often believe that the only way to pay off debt is with a windfall like a big bonus or winning the lotto. But this thinking gets us caught in an anti-wealth trap. We spend on our credit cards all year and use our bonus or 13th cheque to settle...
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Criminals want your personal information
With criminals constantly trying to access our personal information, we should behave as if our identity is compromised and act accordingly. In late August, credit bureau Experian notified the public that there had been an incident involving a...
Where would investment managers put their money for a five-year return?
If you had R1 million right now and a five-year time horizon, what would you do with the money? This was one of the questions posed to a panel of investment experts at the recently held Allan Gray Offshore Exchange. The two-day offshore investing...
Video: Review your insurance and save
We should be in the habit of regularly reviewing our insurance cover, but if you haven’t done so for a while, COVID-19 lockdown is the perfect opportunity to make sure you have the correct cover in place and even save on premiums. You may find that...
Consumers’ biggest complaints
The Consumer Goods and Services Ombud recently released its annual report. Over the past year, it resolved over 8 600 complaints of which 65% resulted in a favourable outcome for consumers. The average turnaround time was 42 days. The CGSO is not...
Listen: Know the difference between good, bad and ugly credit
Is there such a thing as good credit? What forms of credit should you avoid at all cost? In this podcast, Maya (@mayaonmoney) and Mapalo (@womanandfinance) discuss the good and dark side of credit and whether the concept of the lay-by will come...
Borrowing from days already worked
A salary advance could be an attractive alternative to a traditional payday loan. A few years ago, I came across an article about how Walmart in the US allowed its workers to access a portion of their already-earned salary before month end. For...
Video: Start that emergency fund
Most of us know that we should have some emergency cash stashed away for a rainy day, but how many of us actually do it? With the COVID-19 pandemic came job losses and salary cuts for many South Africans, and this in turn is shining a very bright...
Is your retirement fund safe from plunder?
Many South Africans believe that their retirement funds are under attack. Financial planners are inundated with queries from concerned clients and some are even stopping their retirement contributions. Is this fear well founded or an over-reaction...
Income protection for ‘gig workers’ – finally!
By Elmarie Samuel, Senior Technical Marketing Specialist at life insurer FMI (a Division of Bidvest Life Ltd) South Africa’s gig economy is booming. More people than ever before are earning a living as so-called ‘gig workers’ - working as...
Previous Articles
Video: Money mistakes for women to avoid
There are many money mistakes we all make that prevent us from reaching our financial goals and we could all learn better money habits. However, there are specific money issues that relate directly to women. To chat to us about the key money mistakes women need to...
Unmarried couples must ensure they have a valid will
By Elmien Pols, Private Client Trust In these interesting times in which we find ourselves, it is not unusual for people to live together, have children, buy properties and run a business together without formalising their relationship, either through marriage or a...
Listen: How to invest for your kids
Whether you are saving for your child’s education or investing for their future, it's tough to know where and when to invest. When is a tax-free investment appropriate? Should you invest in your child’s name? And where should you save for those school fees? Maya...
Don’t let financial jargon throw you off your game
In the hope of assisting investors to make better sense of the current financial climate, Debra Slabber, Business Development Manager of Morningstar Investment Management South Africa, explains some of the financial jargon that is often used during market downturns....
Video: Pay back that payment holiday
We've seen many financial institutions offer their customers a debt payment holiday during these trying times. And while it may seem like a welcome relief, be careful because it might end up costing you a lot more than you realize. According to the Old Mutual Savings...
COVID-19: When would your income protection pay out?
If you get COVID-19, will your income protection or life insurance cover you? And what can you do if you can’t pay your premiums because the pandemic has affected your income? These questions are top of mind right now as the lockdown affects millions of South...
Paying the price of payment holidays
Payment holidays offered during the three-month period from April to June 2020 will cost an additional R20.7 billion in debt for the estimated 1.6 million South African consumers who participated. This is according to calculations by DebtBusters, South Africa's...
Video: Check your credit insurance
If you are being retrenched or forced to take unpaid leave due to the lockdown, you may be able to claim from your credit insurance policy. Many people, especially those with short-term debt and even store cards, may have credit insurance without even being aware of...
For investment success, buy businesses – not stocks
A closer look at the histories of global giants Microsoft and Nestlé demonstrates the importance of investing in businesses rather than just stocks, and having patience. By Samantha Steyn, Chief Investment Officer, and Yanga Nozibele, Investment Associate, Cannon...
Listen: When fear is high, opportunities prevail
“As much as we like to believe it is all about hard-nosed number crunching, the stories investors tell themselves and others are key.” So says Izak Odendaal, Investment Strategist at Old Mutual Wealth. What are the stories we are currently telling ourselves about the...