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....
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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...
Video: Your money behaviour
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...
Video: Five tax myths
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...
Video: Money is different for women
Did you know that 80% of women will manage their own finances during their lifetime, either because they have remained single, gotten divorced, or been widowed? And the reality is that money and finances are different for women. Why? We know from...
Video: How to change your money habits
We know from studying history, that entire generations can share a similar money attitude or behaviour based on a major financial event that their generation experienced. People who grew up during the great depression of the 1930s, and those who...
Video: The true cost of a fancy car
The decision on how much to spend when purchasing your car is possibly one of your most important financial decisions. In fact, banks say that the main reason they turn down home loan applications is due to affordability, and the main culprit is...
Video: Set goals for money success
The key to achieving our money goals is to use psychology to set us up for success. When it comes to our money goals, behavioural economist Erik Vermeulen says we need to set specific long-term goals, but also have built-in intermediate success...
Video: Investing in bitcoin
Whenever we see a surge in the price of bitcoin, I get a lot of queries from people asking how they can invest. The problem is that people are lured by the prospect of high returns rather than actually understanding what they are investing in. A...
Video: Understand your electricity bill
The cost of electricity will increase by 15% in April. That is triple the rate of inflation which means a bigger portion of our budget will go to paying for electricity. It is worth taking the time to understand how your electricity is charged...
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Video: Tax-free savings
Do you know how much tax you save by investing in a tax-free savings account? Sanlam Investments did the maths and found that you can save hundreds of thousands of rands. So why pay tax when you can make money? To recap: you can invest up to R36 000 a year into a...
Video: The true cost of cashing in your pension
Do you know the true future cost of cashing in your pension? The long-term consequences are not reversible and will leave many financially destitute when it comes to retirement. This video, as part of a member education series for the Government Employees’ Pension...
Video: How to grow your side hustle
In any crisis there is opportunity. Lockdown created new market opportunities as customers became open to trying new brands through e-commerce. Research has already identified that post lockdown, people are less likely to return to major shopping centres, preferring...
Video: Make sure you receive your retirement benefits on time
As you enter retirement, one of your biggest risks is a delay between when you receive your final salary and the first payment from your pension. This video, as part of a member education series for the Government Employees’ Pension Fund (GEPF), explains what you need...
Video: Changes to provident funds
On 1 March 2021 the Taxation Laws Amendment Bill of 2020 came into effect. It contains changes that have a direct impact on the members of provident funds. These changes are part of a process to simplify the retirement fund industry and bring provident funds in line...
Video: How to stick to your money resolutions
Why is it so hard to stick to our New Year resolutions? We know that if we want to lose weight we need to eat less and exercise more. To grow wealth we must spend less and save more. So why then do we give in and buy the chocolate bar when we purchase our groceries,...
Video: No early pension access for GEPF members
Members of the Government Employees’ Pension Fund (GEPF) can not “borrow” or withdraw from their retirement savings. Cashing in your pension is “stealing” from your future self! This video, as part of a member education series, explains why GEPF members should not be...
Video: Use your tax deductions before 28 Feb
28 February is a very important date for your finances as it marks the end of the financial year. All information up to this date will be included in your 2020/2021 tax return. This includes all tax deductions. Make sure you have made the most of those tax...
Video: The 12-month financial plan
If you've decided that this is the year to get your finances under control, try this month-by-month plan so that your finances and admin are all up to date by the end of the year. In January: Update your budget and plan for expenses Write up a budget. Pull out your...
Video: GEPF: Who receives your pension benefits?
One of the questions I receive most often from retirement fund members is about who has a claim to their retirement funds if they die in service. This video, as part of a member education series for the Government Employees Pension Fund (GEPF), explains who is...