Make sure your retirement is taken care of before you help out your adult children. Themba writes: I have just sold my home for just over R 1 000 000 and would like advice on how to invest the money in a responsible way. In December this year I...
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Do you need to bank with the big four to get a home loan?
As banks become tighter about who they lend to, with preference going to their own client base, could banking with Capitec hurt your home loan application? This was a question posed by Akhona who has banked with Capitec for a long time. “I have...
Be wary of investment seminars
Sebobe was invited by consultants working for the London School of Investment to attend a presentation about investing in the JSE. They are selling their software for between R14 900 and R19 500 and claim that after their training presentation he...
When can you withdraw from your retirement annuity?
One of the most common questions we receive about retirement annuities is around when one can withdraw funds from them. The bottom line is that you are unable to access the funds until you retire, unless the entire amount saved in your retirement...
Starting a property portfolio
“I am 22 years of age and I work as a risk manager earning R18 000 a month. I am moving to Boksburg to be close to work and will be renting, however I see that Cosmopolitan is building affordable houses selling at R320 000. I am thinking about...
The risk of easy credit
“I've always been a saver and have hated debt with a passion. I applied for a store card to create a good credit rating. It soon became clear that I am not a disciplined spender so I paid off the card and closed the account. This year I bought 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...
What determines your home loan rate?
“I bought a house 15 months ago and I have been paying about R500 extra. As a first-time buyer I received a +0.4 prime rate. Can I get the bank (Absa) to review and reduce my interest rate, if so what do I need to do and what will they be...
How to start a career in stockbroking
Embarking on a career in stockbroking obviously requires a certain level of aptitude and training, but more than that, you need to have bucketloads of passion and determination. We receive many letters from readers asking how they can start a...
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...
Previous Articles
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...
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....
How to lower you premiums for theft cover
“I feel that I am paying too much for the theft cover portion of my household insurance, as the insurance company values all my contents even though it would be difficult to steal all of it. In most break-ins the robbers just take things that are easy to grab like a...
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...
Ensure you’re not over-insured
“Can I have more than one life insurance policy?” asks Susan Maya replies: Although technically you could have more than one policy, you need to be careful that you are not “over-insured” as you may not receive the full pay-out that you have been contributing towards....
Why can’t I cash in my retirement annuity?
Sibusiso wants to know if he can cash in his retirement annuity in order to keep up with his mortgage payments. “I am 32 years old and have been unemployed since March 2012 and living off my provident fund since then. In January 2013 I had to make my retirement...
The real cost of a personal loan
Michael wonders whether it's legal for a bank to charge more than double the amount of his personal loan. “I recently applied for a personal loan of R79 000 to buy a car as I did not qualify for car finance due to a poor credit record. After costs, the total value of...
Can I look after my own pension?
Nelson wants to cash in his pension in the hope that he can invest it for better returns. “I have been employed by the government for about 20 years. Recently the government sent a letter showing the amount I would receive if I retired, resigned, died or was...
Investment scam: If it seems too good to be true, it usually is
A reader alerts us to a new scam “I was making some research on investments and come across the company called Zantech Trading. They say if I invest from R10 000 once off I will get 25% dividend of the capital back for 12 months. In other words I pay R10 000 once off...
Saving towards a 5-year goal
A reader wants advice on where to save towards buying a property. “My mother, sister and myself would like to open a savings or investment plan whereby together we would contribute R900 monthly and increasing it by R300 yearly or bi-annually for five years. We want to...