The difference between someone who is financially secure and someone who is not, often has more to do with avoiding wealth destruction than earning a bigger salary or receiving a windfall. As the saying goes, “a fool and his money are easily...
Beware bad advice at retirement
Many members of the GEPF are being given bad advice by financial advisers, who are telling them that they should resign from the GEPF before retirement. Members of the Government Employees Pension Fund (GEPF) are being approached by financial...
Video: Five ways to trick yourself into saving
Behavioural scientists have found that we feel loss far more greatly than gain, which is why the idea of cutting back on our lifestyle makes us very unhappy. We feel the sacrifice immediately but only reap the benefits in the future. While it may...
When debt review works
Going into debt review is like going on a diet: it’s difficult to stick to and the results won’t be immediate, but it can be life changing. While there are serious issues around the way some debt counsellors conduct themselves, for Grace Bekwa,...
Listen: Creating generational wealth
Generational wealth is passed down from one generation to the next. But ultimately it has different context for different people. Generational wealth doesn’t have to be the Oppenheimer’s legacy. It could be leaving your children enough money to buy...
What should you expect from a financial adviser?
I have worked in the financial industry for over 25 years and there is very little I don’t know about investing and managing money, yet I use a financial adviser. About 15 years ago I realised that while I knew about investing and money, I needed...
SARS issues audit requests upon ceasing tax residency
The experts at Tax Consulting SA warn of the dangers of simply assuming you no longer have tax residency status in South Africa. There is an alarming number of South African expatriates relying on the 'tick-box' approach to cease their tax...
How tax works on your retirement fund
One of the most common complaints I receive from pensioners is that they pay tax on their retirement benefits. While one can sympathise with the plight of pensioners who often struggle to come out on their retirement income, one needs to understand...
Don’t rush into debt review
While debt review can be a lifeline for an over-indebted consumer, it should not be entered into lightly. You need to be aware that once you enter debt review, you cannot apply for new credit, and you cannot exit debt review until all your debts...
It’s time to spring clean your finances
“When you don’t know where your money is, when you have no filing system for your important documents, when you dive into your pocketbook to pull out crumpled bills, when your car looks like a garbage can, when your closets are filled with junk and...
Previous Articles
Funeral policy fraud on the increase
When fraudsters access your personal information, they can use this information to take out a funeral policy in your name, and then claim benefits on the policy using a fake death certificate and other supporting documentation. “Finding out you are the victim of a...
SARS issues guidance on crypto assets
On 27 August 2021, SARS provided further guidance on the correct tax treatment of crypto assets and how this must be declared in people’s tax returns. SARS published a document on its website entitled Crypto Assets & Tax. The publication should perhaps best be...
Self-service facility for GEPF members
Technology is making it easier for GEPF members and pensioners to keep track of their pension information and claims process. By downloading the new GEPF self-service mobile app onto your device, you can remove the frustration of standing in long queues at GEPF...
Video: Being rich vs being wealthy
In his book The Psychology of Money, Morgan Housel writes about the difference between being rich and being wealthy. He defines riches as an income you earn, because that allows you to take on the debt to buy that R800 000 car or R40 000 handbag. Wealth on the other...
High-risk land investment leaves angry investors out of pocket
Many South African investors who bought UK property developments through SA-based property marketing company SJ Capital, have seen no returns for over 11 years. Investigations have found that the investment is extremely high risk and that investors were not fully...
Listen: Top tips for financially savvy kids
Maya (@mayaonmoney) chats to certified financial planner Gugu Sidaki (@gugusidaki) about ways to skill our children so that they can better manage money as adults. Gugu is author of My 3 Piggies, a series of books for kids all about money. Also listen to this podcast,...
Treasury’s solution to early withdrawal
As part of its ongoing retirement reform process, National Treasury is proposing the introduction of a two-bucket retirement system to provide for shorter and longer-term needs. John Anderson, executive at Alexander Forbes, says it may work along the same percentages...
Video: Marriage and money
When couples marry, including Customary Marriage, they will automatically be married under community of property, unless they sign a separate antenuptial contract. This is seen as a way to protect women, especially those who stay at home to raise the family. The term...
The NSSF will not meet the needs of South Africans
While noble in its aim, the establishment of a National Social Security Fund (NSSF) is largely unworkable. In August, the department of Social Development issued a Green Paper on Comprehensive Social Security and Retirement Reform, which outlined a “super fund” to...
Life insurers see a 44% jump in death claims
Death claims statistics released recently by the Association for Savings and Investment South Africa (ASISA) have shown a massive 44% jump in lives lost with an overall increase of 64% in the value of claims paid compared to the previous year. Between 1 April 2020 and...