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  I want to jump in, as they say, head first. Saving is a necessity to building long term wealth, achieving goals of travel, buying a house, or paying for your child’s education. It can also be great to have some stashed away for a rainy day. But with so many opinions out there how do you save? How much should you save? And where do you put your money? It can all be extremely overwhelming! Trust me! I have been there! So, I have compiled 3 questions which have always helped me determine this for my savings goals: When do I need the Money? If you have a set date for a vacation or for studying you will know how many years/ months you have to save for. You can also determine where you can get the best interest, and many even invest the money for long term goals. However, for an emergency fund or short-term goals you don’t know when you will need the money and could need it fast! So, you want to earn decent interest with quick access. When will I start? By working out when you can affo...

So here are my 3 tips to successfully write your financial plan: Make it personal It's easy to get wrapped up in watching YouTube videos and read articles about how other people create their financial plans. The difference is, that is their financial plan . Not yours. And it is important for you to realise that and make your plan suit your needs. As every person is different and will have different needs. Revise it Things change. Situations change. Jobs change. And so should your financial plan . As life changes, kids come along, people get promoted, your needs and wants change. And that is why it is important to revise your financial plan at least once per year, but preferable every 6 months. Consult a professional As much as you can do it yourself a professional can bring in some better insights. They can be objective and help hold you accountable to your plan. They can offer advice on where to save your money, how much to save, and what debt to pay off faster. These ...

  How to invest in a Real Estate Investment Trust   As I said in my last article about Real Estate Investing , Real Estate Investment Trust or REITs for short, are a great way to invest in Real Estate. Real estate has been a popular investment among many people over generations. The idea of owning a piece of something tangible excited people. However, this was often only something afforded to the affluent. However, that is no longer the case. Image by Arek Socha from Pixabay What is a Real Estate Investment Trust?   A REIT is a company that owns land/ buildings that generate income. They can also finance real estate and earn an income from the interest charged in some countries. These investment vehicles offer a way to invest in the property market with little money. Benefits of a REIT?   REITs are often managed by good investment companies that offer diversification that you would struggle to get on your own. Their expertise helps mak...

  What is Personal Finance? Personal Finance is very talked-about in today’s world. It often intertwined with big words such as Diversification and Tax-Free Savings. So what is Personal Finance really? Do I need it? What is Personal Finance? Personal Finance is everything to do with your finances. I t is your plans to meet your financial goals , as well as where your money comes from and where it is going. Personal Finance helps you plan where you’re going. Do I need it? Yes! Everyone has a  financial goal , be that a new house or a life of freedom. Those goals are part of your finance as is your plan to get there. Image by  Gerd Altmann  from  Pixabay 3 Tips for becoming a master of Personal Finance: Budget Yes, I probably say this too much. But budgeting makes such a difference in your ability to save, invest, and reach your financial goals. Use Debt Wisely Debt can be good, but it can be bad as I described in “ Do I have the wrong type of loan? “. So make s...

  Fixed Income? Is it worth it? Fixed Income  investing always gets a bad rep for being slow-growing and boring. However, it does have its place in the market. And in uncertain times it can offer safety that other assets can’t. But let’s get into the info so you can make a wise decision with help from your Qualified Financial Advisor: What is Fixed Income? Fixed income is a type of security that pays a set level of cash to its owners over a determined period. At the end of the period, known as the maturity date, the money invested is paid back to the investor. These assets are seen in the form of  Bonds, Money Market, Preference Shares and cash funds.  Most common are government and corporate bonds. One benefit identified by  Investopedia about t his type of investment is that if a company goes bankrupt, bondholders are typically paid before shareholders. Image by  corinna-kr  from  Pixabay Where do I invest? The safe assets are usually bough...

When to Use Tax Free Savings Accounts Tax Free Savings Accounts are the new big thing! Being able to save on capital gains and income tax is a huge plus! But is it for everyone? What are the downsides? And what should you look out for? What is a Tax-Free Savings Account? Tax-Free Savings Accounts were introduced in 2015 by the National Treasury to encourage the low and middle class to invest. The investing product allows a person to  invest  up to R33 000 per annum of their after-tax income. This investment will not incur any tax for Interest, Income, or Capital Gains earned within the account. Image by  Joshua_Willson  from  Pixabay What are the Downsides? There are few downsides to this type of investment, but there are a few things you should be aware of when investing in a Tax-Free Savings Account: You have a maximum Lifetime contribution of R500 000. Any more than this will be taxed. You are limited to specific investments such as ETFs, Unit Trusts, and ot...

  Why I should avoid Payday loans We all have bad months where the unexpected happens. And this is when we look to borrow some money to get us through the month. A very well advertised and often used option are payday loans. These loans lend you money on a short term basis to be paid back by the end of the month. These loans can seem like a attractive way to get through the month. But here is why you should avoid them! They charge very high-interest rates! Because of the high risk associated with these loans, the lenders often charge very high-interest rates which can hurt your pocket! Similar to point 1, the lenders often charge very high fees! They are only a short term fix, not a long term solution. A short term loan can provide you with cash flow. But you need to look at why you need the loan. Are you spending too much? Is your emergency fund to small? Or is this a completely unexpected event? Image by Gerd Altmann from Pixabay Here are are 2 ways to avoid nee...