If you want to draw down on the equity built up in your property, you may be in for a nasty surprise. Paragon Lending Solutions recently issued a press release warning investors and small business owners that if they try and access additional...
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Eight digital banking scams to look out for
As access to banking services through digital channels continues to grow, so does the need to protect consumers against the prevalence of online banking fraud. Yolande Steyn, Head of Innovation at FNB says, “We view security as an integral part of...
Love, money and the Cinderella complex
How women are navigating relationships as the breadwinner. After a talk I had given at a Women’s Day breakfast, a woman in her early 30s came to chat to me about an issue that faces many financially independent women. My talk had been about the...
What to do about loans to trusts
By David Thomson, Sanlam legal adviser If you have a trust and have transferred some assets to it without being paid, you may soon have to start charging the trust interest, or be liable for donations tax. This change to the Income Tax Act came...
Video: Why a woman should have a credit record
The experience of an 80-year-old widow turns into an important lesson on why every woman needs to have her own credit record. https://youtu.be/bDhwXXcJOiY Related: Women and money Should a wife have her own financial adviser? Why money is different...
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...
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...
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...
Previous Articles
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...
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...
Better to own a car or to simply Uber?
If you are looking for ways to save in 2017, you might want to consider tossing your car and Ubering instead. MyTreasury.co.za, which helps South Africans find the best savings account to match their needs, crunched the numbers to see when it makes financial sense to...
How to evaluate your current retirement annuity
By Tracy Jensen, Chief Product Architect at 10X Investments A retirement annuity (or RA) is a pension fund for individuals, and one of the ways to save for retirement. In principle, it is a voluntary, tax-efficient savings tool to help you achieve a comfortable...
Why save for a holiday when you can borrow?
We’ve lost the plot when it comes to borrowing and saving Recently I had a conversation with a young woman who, along with her husband, is under debt review. She told me that they had just let their lifestyle get ahead of them – they bought a house, went a bit...
Why does a 13th cheque not give me double my usual take-home pay?
By Cathie Webb, Director, South African Payroll Association As the Christmas season approaches, some lucky employees will be looking forward to a bonus or a 13th cheque. Frequently, however, people express surprise that their 13th cheque doesn’t translate into double...
Five ways to spot a top wealth management business
By Roger Eskinazi, head of wealth management, AlphaWealth I have spent 25 years working in wealth management, many of these for some of the most reputable companies. They all claim to have the best people, a proprietary investment process, competitive fees,...