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...
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...
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...
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...
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...
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...
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....
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:...
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 South African salary...
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 grew up during World...
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 usually car finance....
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 measures to make our...
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 sure way of telling...
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 for and to find ways to...
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...