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...
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Don’t rush into home ownership
Most young people have two main goals when they start working: to buy a car and to buy a home. Both of these are big commitments and if you have not done your homework properly, home ownership in particular could cost you more than you realise....
Turn your stokvel into an investment club
If you have an existing savings club with a group of friends that you want to take to a new level, creating an investment club to build wealth is a great strategy. Twelve years ago the Ya Rona club transformed itself from an informal savings club,...
How to get out of debt review
If you can prove that you are able to start making regular payments, you can request to end your debt review. When Joseph Masemola's debt began to spin out of control in 2010, he applied for debt review via a debt counsellor. Since then, he has...
Four questions to ask when investing
“I have R100 000 I want to invest. The only debt I have is vehicles and school fees. Where should I invest my money?” writes Simon. Maya replies: Where to invest depends on your personal circumstances and it is always a good idea to get good...
Investing in residential property: is now the time?
Investing in residential property has fallen out of favour over the last few years. In 2003 around 25% of property purchases were for investment purposes; that figure has fallen to 8%, according to the FNB Property Barometer. These figures are...
What carpooling means for your insurance
With the price of petrol having reached record levels recently, carpooling is something you could consider as a means to cut your travel costs. However, if you do decide to carpool, you need to inform your insurer or broker immediately and find out...
Five tips for selling your story to a venture capitalist
Erika van der Merwe, CEO of the South African Venture Capital and Private Equity Association (SAVCA), has some tips for entrepreneurs who are looking for funding from a venture capitalist. It’s all about people The venture capitalist will do...
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...
Consumer Protection Act: Know when to complain
We’ve all had a bad customer experience, but how many of us actually take it further? Under the Consumer Protection Act (CPA), you may be entitled to compensation. Consumer Goods and Services Ombud (CGSO), Adv. Neville Melville points out five...
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Store your pension money in a preservation fund
“I am about to change company and will receive R157 000 between my pension and provident fund. After tax I should receive R130 000. I have bank loans along with my wife of about R70 000, and we also want to renovate our kitchen and bedroom. What do you suggest I do...
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 before her leaving no...
Advice on the best three-year investment
“I have R20 000 that I plan to invest for a two- to three-year period. I am considering the Coronation Capital Plus fund and will add a monthly debit order of R700 into the fund. Is this an appropriate investment strategy considering the time period?” asks Dimitri....
Your will holds your wishes, but be careful what you wish for
When you die all your assets such as your bank account and investment policies are frozen and will only be released once the estate has been finalised. If you do not have a will this can take years to resolve. Sorè Cloete, Legal Manager at Old Mutual recently dealt...
Women and money
When it comes to investing and financial planning, women have a unique set of circumstances and issues, such as longevity and maternity leave, which they need to take into account. Living longer on less In May this year, Statistics SA revealed that despite one in 10...
Every woman should have her own financial adviser
Women have a responsibility to themselves and their family to remain involved in the family’s finances. A recent conversation between friends highlights so clearly the need for married women to get good financial advice. The discussion was about life insurance and my...
Co-habiting and your household insurance policy
When moving in together, your household insurance policy may be the last thing on your mind – until you need to claim. In this day and age, it is quite common for couples to choose to live together either before or as an alternative to marriage. But before you move...
Small Business Academy helps small entrepreneur to think big
When starting your own business you don’t always need to be the expert, but you need to know how to run a business. When Bulelwa Tengwa decided to open her first hair salon she knew very little about how to style hair but what she did know was that there was a gap in...
Should I invest in FinBond?
“What do you think about some of the banks that offer high interest rates such as Finbond that guarantees their investments? Finbond has a banking license just like Capitec and it appears that they offer up to 9.5% on fixed deposits,” writes Michael. Maya replies: You...
How the Tax Administration Act affects your tax return
Tax season is in full swing and as you race to get all your documents in order, you should take some time to reflect on the Tax Administration Act and how it affects you. SARS extended power The South African Revenue Service will now have extended powers to collect...