For most of us, retirement is one of our most important goals. Putting away money for our retirement is probably the biggest investment we will make in our lifetime, yet we find so many ways to sabotage our retirement goals. The most common mistake...
If you are planning on buying a home, the first thing you should do is go check your credit score. The purpose of your credit score is to inform prospective lenders how much of a risk you present when you apply for a loan. If a lender perceives you...
Setting up a debit order so that you put away a small amount every month into an investment, is an extremely powerful tool for wealth creation. One of the most common reactions I get when it comes to investing, is that it is only for “rich” people....
According to research by Sanlam, 75% of South Africans do not have a will. Nearly half of those who don’t have a will believe they don’t own sufficient assets to make a will worthwhile, but you'd be surprised at the family fights that can ensue...
In her book Smart Woman, author Sylvia Walker writes about creating your "designer life." She explains that instead of being driven by consumerism, trying to look rich, we can make smart choices and start growing our wealth. For many people...
In times of economic stress, we always see an increase in scams. Sadly, scammers are most likely to target financially vulnerable people. There are the loan scams, where the scammers promise loans to blacklisted consumers at low interest rates....
Have you ever wondered why the rich keep getting richer? It has a lot to do with compounding. This is where your money makes more money when you are doing nothing. For example, you have R100 000 in a unit trust fund which is invested in the stock...
If you want to be a millionaire, you should buy a second-hand car! In the book The Millionaire Next Door: The Surprising Secrets of America’s Wealthy, the authors studied the behaviour and habits of America’s millionaires. One thing that they found...
When it comes to our financial priorities, there are so many things we want to achieve, such as paying off debt, building emergency savings, investing for our children’s education, paying off the mortgage and still having enough to save for...
There is one thing all parents have in common: a desire to give their children a better life, which means that saving for your children's education is crucial. We want our children to stand on our shoulders, and one of the best ways to do that is...
After living in lockdown for over 18 months, many of us just want to go on holiday. Like any major expense, if you plan for it, it doesn’t have to break the bank. Many tourist destinations and establishments are offering great specials, making it more affordable for...
Retirement is something we can plan for ‒ and the better our planning, the more we get to enjoy our retirement years. In this video, I am joined by Guy Chennells, Head of Product at Discovery Employee Benefits, who will give us some tips around what you need to be...
The difference between someone who is financially secure and someone who is not, often has more to do with avoiding wealth destruction traps than earning a bigger salary or having a windfall. If you want to be financially free, you need to avoid these...
As a smart person once said, diversification is the only free lunch. And if the current coronavirus crisis has taught us anything, it is to make sure our investments are diversified. The idea behind diversification is that it spreads our risk. When it comes to...
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 be a tough ask to...
Buying a home is a major financial commitment. While the rate of interest on a home loan is lower than for other forms of credit, the length of time it takes to pay off the loan means you end up paying a hefty interest bill. By reducing your interest rate, you can...
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...
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...
Have you ever wondered how your money behaviour compares to that of your peers? Where do they save? What do they spend their money on and how much debt do they have? On this edition of Money Matters, we chat to Akash Dowra, Head of Client Insights at Discovery Bank,...
Many employees don't understand the complex tax calculations made by their companies and they often question these deductions. According to tax specialist Tanya Tosen, there are five key things an employee needs to understand when it comes to their tax. Myth one:...