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Savings Account

  • How you can start investing today - even with a tiny amount of money
  • The word “investing” might conjure up men in suits, big deals around boardroom tables and the exchange of millions of rands. But today I'm here to tell you that investing is not just for the rich, it's not just for super smart financial gurus. And you don't have to be the Wolf of Wall Street to start investing. Even if you have only a few rands to spare, you can start investing today.... ››› more
  • [17 June 2020]
  • Read this” #MindBlowing
  • You recall the ‘mind blowing' emoji? That's how I feel every time I find someone without a tax-free savings account (TFSA). After all, it's one of the best investment decisions you can make as a South African. It's a total no-brainer if you're serious about investing. And, just last week, Tito Mboweni, the SA finance minister, increased your tax-free annual limit from R33 000 to R36 000. ... ››› more
  • [06 March 2020]
  • Do this now and Januworry will never mess with you again
  • Can you believe it's ‘Januworry' again? I honestly think there's nothing worse than the point when your bank account tells you, you had just a little too much fun over the December holidays. Thankfully, 2020 could be the very last January you ever feel this way - IF you make this pre-emptive strike today.   ________________________________________     The man who bo... ››› more
  • [16 January 2020]
  • A “Retirement Plan B” you can't ignore!
  • Let me ask you a serious question… How many of you believe you have enough money to last your retirement? Well when you consider that over 50% of South Africans aren't confident they will be able to draw an income in retirement, I'm going to assume not many of you. You see, a standard retirement annuity is simply not enough to generate the income you need, for the retirement you want... ››› more
  • [04 March 2019]
  • Tax year end - Do these three things to reduce your tax liability
  • With just 12 days left of the tax year and the budget speech next week, this is the time of year, that you should be evaluating your investments and retirement savings and maxing them out as much as you can. While many people know they should be saving more for a rainy day and retirement, most of us are not. Using a few tax incentives can assist you a great deal now and years down the line. ... ››› more
  • [12 February 2019]
  • The right Tax Free Savings Account could make your children billionaires
  • Regular readers will recall I wrote an article a few weeks ago, which claimed that investing the full Tax Free Savings Account (TFSA) allowance for your new-born child would turn him into a billionaire by the time he retired. Even after the effects of inflation, this investment would mean R200,000 per month income, in today's money. An explosive claim, I know, but one that I can back up wi... ››› more
  • [15 March 2018]
  • Tax Year End: What you absolutely must do before 28 February 2018
  • Tax year end is fast approaching. This means, next week Wednesday, your tax breaks for the 2017/2018 year will expire. Fortunately, it's not too late to maximise all your benefits before you lose them. But don't worry, because today I'm going to show you how to do this… Three tax breaks every investor receives   As a private investor you receive three main tax breaks: ... ››› more
  • [22 February 2018]
  • Have you thought about what you're going to do with your bonus?
  • It's coming to that time of year when many people may have an end of year bonus to look forward to. Whilst your first thought may be to go out and splash it, you should resist the temptation. So what should you do with your bonus instead? Read on to find out… What you can do with your bonus There are definitely ways you can put your bonus to better work than splashing it on u... ››› more
  • [04 November 2016]
  • Invest R1,200 a year and collect a 25% bonus for your children's education
  • Earlier this week I spoke to a new parent who only earns R8,000 a month. With a three month old baby, she was concerned that she wouldn't have enough money for her child's education when the time came to send the child to school. She could only afford to save R1,200 a year for her child's education and put her first lump sum savings into a 32 day savings account that gave her a measly 5% inter... ››› more
  • [22 July 2016]
  • Have you discussed these four financial topics with your partner?
  • If the statistic that 50% of all marriages end in divorce is accurate, it means that South African couples need to pay close attention to the way they manage their finances. Whether you're just starting out or already in a steady relationship, you and your “better” half must manage your finances effectively so that it doesn't destroy your relationship. To help you succeed, I've found f... ››› more
  • [19 July 2016]
  • Don't make these three fatal mistakes with a Tax-Free Savings Account
  • Just imagine the shock I got when I read that, “59% of TFSAs have been opened at banks, and the majority of investments are in cash.” Really? Cash investments? That really worries me. Think about this… Investing in a tax-free deposit account from the major South African banks will give a return between 6%-8%. But consider that inflation is sitting at 6.1% and not going to stop th... ››› more
  • [11 July 2016]
  • How to grow your savings
  • Regularly putting money aside into savings is a habit you should try to form as early as possible. If you haven't got any money in savings, it's time to start. So what sort of things should you consider when saving? Read on to find out more… Ensure you regularly put money into your savings The biggest problem many people have is not putting any money into savings in the first pl... ››› more
  • [26 January 2016]
  • How to put your tax-free savings account to use for retirement
  • There isn't an easy way to prepare for retirement. You'll have to make a lot of choices along the way. If you're contributing to a pension or a retirement annuity, it's good to add some diversification by looking at other ways of saving for your retirement. And you could do this by using your tax-free savings account. Read on to find out more… Investing for retirement with a tax ... ››› more
  • [22 October 2015]
  • If you're still paying tax on your investments you're losing out big-time!
  • Do you own unit trusts, ETFs or shares? If you do, you're paying 15% tax on all the dividends you receive. You also pay 13.33% capital gains tax once you sell any of these. In fact, if you held them for less than three years you will end up paying up to 40% in income tax on them… But you don't have to. Stop paying tax on your investments today The National Treasury introduced Tax... ››› more
  • [23 September 2015]
  • The tax implications of buying government retail bonds
  • Government retail bonds (or RSA Retail Bonds) can be a useful savings vehicle. But like all other sources of interest and income, you may have to pay tax on your gains. So when are you liable to pay tax on the interest you receive from government retail bonds? And is there anyway round it? Read on to find out… How government retail bonds work From just R1,000 you can invest in govern... ››› more
  • [27 August 2015]
  • Why high charges erode the benefits of tax-free savings accounts
  • In March this year, the National Treasury introduced tax-free savings accounts. The main reason behind the treasury introducing these accounts was to encourage South Africans to save, especially those on lower incomes. Saving is something many South Africans aren't good at. So what exactly are tax-free savings accounts? And what should you need to watch out for? Read on to find out… ... ››› more
  • [05 August 2015]
  • Why you must keep your savings separate from your investments
  • When it comes to your finances, from your earnings you need to spend some of it to cover necessities and expenses. You can then put the money you have left into your savings and investments. But what is the difference between your savings and investments? Are they not just the same thing? Read on to find out… The difference between savings and investments Whilst savings and invest... ››› more
  • [28 May 2015]
  • Should you keep a lot of cash in the bank?
  • When building an investment portfolio, you put cash you've built up to work on the market. But how much cash should you keep? Read on to find out what you should do… The best known asset class: Cash When it comes to the different types of assets available, everyone knows about cash. Cash is the most risk-free form of investing there is. And because of this, it gives the poores... ››› more
  • [02 April 2015]
  • Property - The best savings account you'll ever have
  • A friend of mine just bought some property - cheap. In fact, he bought this property from the bank as a distressed sale for 70% less than the developer is selling similar properties to other buyers in the market. That's right, he paid R90,000 for a piece of prime real estate from the bank. Similar vacant stands like the one he just bought are selling for R300,000 in the same development! ... ››› more
  • [04 March 2015]
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