There are times when the instructions contained in your will might not be carried out as you intended. South Africans have always believed that they enjoy total freedom of testation - unlike many other countries where legislation imposes forced...
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Fees can erode your retirement annuity value
Many South Africans will look to invest in a retirement annuity (RA) before the end of February, which represents the close of the country's tax year, in order to take advantage of the tax break. However, according to Steven Nathan, Chief Executive...
Who should be providing good financial advice?
South Africans need better access to good, unfettered financial advice. But who is going to pay for this? Recently I was reminded of a story of a man I had once interviewed. Twelve years ago he was severely injured in a work accident and as a...
Starting a savings plan
“You always say that every cent is important so I want to start a savings plan. My pocket money is R400 a month and I want to save R200 to invest for the future. I want to know how I should invest my money,” writes Amogelang who is 22 years old...
Five reasons to sort out your finances today
"Better late than never", or so the saying goes. We say: "Better now than too late." But dealing with financial matters is something that we tend to keep putting off. Here are five reasons why you need to sort out your finances today! 1. Beat the...
Financial hangover recovery plan
If you’re battling with a financial hangover from a holiday spending spree, we have a 5-point plan to get you back on track: 1. Budget Write down an accurate and honest list of your expenses and income. Use your recent bank statements, invoices and...
How to maximize your first paycheque
A young person starting at their first job suddenly realizes that their first paycheque brings with it substantial power. But understanding this power, and how to wield it, is an extremely important lesson to learn. The power of money can create...
Simple retirement calculator
Sanlam Employee Benefits (SEB) has developed a very simple calculation that you can use to work out whether you are on track with your retirement savings. Dawie de Villiers, CEO of SEB says the beauty of the calculation is that it can be applied...
Nguni customary law does not recognise the rights of an unwed partner
A landmark ruling raises the issue of a woman’s right to inherit outside of wedlock regardless of what Nguni customary law dictates, writes Mkhululi Ngxumza A married woman inherits all kinds of assets from her husband, her children, who may die...
Multi-asset funds: unit trusts that ride the storm
The rapid turnaround in South African investors’ good fortunes highlights the need to have a longer-term investment plan rather than just reacting to short-term market movements. With the rand plummeting, the JSE down over 4% this month and...
Previous Articles
Catering for Nguni customary law in the modern world
Financial Planner Mkhululi Ngxumza explains the issues around inheritance within Nguni law and how this can be catered for through a proper financial plan. The Nguni people, AmaXhosa in particular, have a system of primogeniture as an instrument which is used to...
How to save for your child’s education
Choosing to save for your child’s education ahead of your own retirement plan may be a risky strategy but it is understandable given the rising costs of education. According to the Old Mutual Savings and Investment Monitor, 54% of South Africans believe that saving...
New Retirement Annuity product still too costly
The launch of Itransact, a new index tracking retirement annuity, highlights the growth in passive investing but the costs are still too high. This week Itransact launched the first retirement annuity to invest in exchange traded funds (ETFs). Exchange Traded Funds...
Breaking the myths around buying a new car
Leave the buying of new cars to people who don’t understand maths, or to those for whom status is worth more than building wealth In the book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, authors Thomas J Stanley and William D Danko studied...
Knowing your break-even point
A small business owner learns the importance of knowing his break-even point Nico Jano runs a waste management business in Pofadder in the Northern Cape which in his words is “making some money”. He is now in a position where he needs to start managing his finances in...
Putting words into practice
Putting a personal financial plan into action After writing my review on the South African version of Dave Ramsey’s Total Money Makeover, I received an email from a reader who shared his experience of getting his finances in order after reading the US edition of Total...
What you need to know before turning 40
What most 40 year-olds discover is that the choices they made ten years ago are now limiting their options when it comes to retirement, risk and medical cover. When you are in your 20s, it is hard to imagine what it would be like to be 60 years old; it is...
Pastel My Money launches money management tool
Pastel My Money is the latest online money management tool to hit South Africa. Following on from sites such as www.moneysmart.co.za, www.22seven.com and Nedbank’s My Financial Life, Pastel My Money is a free online money tool that tracks your finances. Its online...
Middle-class money worries
More than half of middle-class South Africans believe they will never be financially free, according to the Visa Wealth Worries 2013 survey. “South Africa, and indeed the whole world, has gone through a very tough time over the last few years. We wanted to assess...