Your points are so clear. I am 21 and I pay my own medical expenses. My medical aid is R2300, so imagine how much it will be when I get older n have dependents.
I have to say as a fellow financial planner, I am so happy to have come across a channel like this. Education is key! You speak to practical problems, which is going generate thought in people vs product which is merely the solution to these problems. When the stats on how many South Africans can retire comfortably it’s scary, it’s not even at 10%. I’m especially glad you touched on inflation and life expectancy, people really don’t grasp how inflation can eradicate the value of your money over time and how modern medicine is keeping people alive longer, it’s a very real problem, I work mostly in a post retired market so I get to see the impact of poor planning for retirement, so I am very excited to see someone out there educating people! Well done!
I have been doing my FIRE number for 3 years now. I realized that people have no idea how much they need for their monthly expenses. Thank you for bringing this up, thank you for advicing us always 🥰🥰🥰😘😘
Whenever I have a question pertaining to finance I just check your videos ! Im 24 , I started watching your videos when I was 22 and you've literally changed my entire perspective towards money and my capabilities when it comes to where I can be and what life I can lead. Thank you !!!
I always look forward to your videos Nicolette, very informative, very eye opening, very educational. Keep feeding us beautiful Nicolette 👏🏼👏🏼👏🏼♥️♥️♥️♥️
Great advice.. On the aspect of other asset classes, it is my opinion that retirement plans are still more accessible and realistic for most people. And not to mention the great tax breaks. I however agree one has to ensure that contributions are enough to cover expenses in retirement..
Ms Mashile, thank you for such rich information, its a habit of saving that we need to get ourselves into, I’ve got my 4year old into that mindset she is saving in Piggy bank every cash she receives
Great advice about re-investing rental money. Just that at this point, it all goes to bonds payment & I even have to top up. But good to have this knowledge in hindsight. You are a star!
Yes Thandi for now we still paying the bond but 20years later the money will be coming directly to you and if you still working by then, you can re-invest or if not, it will help you to get your targeted monthly income after retirement ❤️
Nicolette im always cracked up by your disclaimer. You say it so boldly that you're not licensed and therefore not a professional financial manager/planner. Aikona enough is enough sweetheart, you need to get your papers in financials plz girl, you give more relevant advice than licensed ones so why not become licensed yourself ? Im behind you, go for it plz baby. Love you and take care.
concerns 1. Not all employers are contributing, I am contributing alone while permanent. 2. If currently you are not affording good things like medical aid, owning a house, brand new car, private schools for kids etc. How do you expect in retirement you will live well?
@@masiitrades9502 Denise has a new partner? This is how I'm let down gently? Denise . . . 😑 Ever seen a hotdog especially the one with sides,fascinating process ! Miss the Foodieverse 😔 👇🏾 Will settle for steak&pap kasi version . . . Concept (street smart&book smart) Reduce the chemicals on your skin 💐🤍
Facts! 💯 taxes and fees are crazy as well. Many retirees running out of cash. Best to consider buying assets to retire comfortably. Thanks for sharing!! 👊👍💓💓💓
The amount that one can contribute to qualify as a deduction as per Section 11F of the income tax act is the lower of 27.5% or R350k, not 27.5% in isolation.
It's still worthwhile going outside of your employer scheme and taking an RA on your own. Better diversification, no monopoly of fees(big corporates have their own institutions handling how your money is invested and how much fees that they going to charge, then they also tag along insurance products from companies that they have stake in and tell you the fees and insurance premiums are coming from the company's side of the contribution so you have to be okay with it) 😂further more you never tell your boss that you have spare cash😂😂😂you never going to get an increase again
What type of Engineer is your dad? The bond issue is a problem. Buying a house over 35 can be an issue. Im blessed because i bought a house at 23 and i will be paying it off next year when ill be 37. Taking out another bond scares at my age ! In your old age you might also need some supplements. I sometimes help my mom with buying supplements and they are not cheap!
Whats your advise for self employed people who dont have an employer to contribute to a pension fund? How can a self employed person plan for their retirement?
Hi Nicolette, What happens if I am an intern then. Because with internships there is that type of contribution from the owner. Should you open your RA with a bank in the mean time. Also taking into consideration that in SA there is possibility for an individual to do a number of internships for quite sometime before real / permanent employment. Please advise on this.
I discovered in 2016 that my employer is only contributing 5% of my income to retirement! That's way too little but I am glad that I found out while I am still young. I decided to invest for myself on the side to make up for the short fall.
I will definitely get the book for my 11 years old son, he is soo keen on finance staff, in his RU-vid channel he has 2 videos where he is talking about investing and the likes, please check him out on *Khathulation Videos* I'm definitely getting him that book and I know for sure he is going to review it on his channel, kindly advise if that is allowed
Eish Nicollet, you got me thinking, I'm one of those that has supplemented my pension with RA, and now that I'm listening to you I'm thinking, but I have questions, is it possible to cancel the RA after so many years and get my money now? Anyway thank you for the information very informative
She's saying it's not necessarily a waste but you are paying for fees and adnim fees that your employer is already paying, rather have a different asset class to put the money or do a volontary additional payment on your current fund. myself I have an RA just never thought of it like this
@@preciousprecious7581 But what if the fees involved are less? Isn't diversification key? I thought we don't have to put all our money in one basket. Maybe I'm misunderstanding something 🤔
I would never recommend a RA, I worked for well known insurance company specifically dealing with Retirement annuities, honestly, those payouts were ridiculous!! So not worth it. Rather put that money somewhere else where it will grow.
My love, please don't get me wrong...I came here for the financial advise. But did I wake up in the wrong century, bc I see a lot of women nowadays wearing oversized faux lashes... LOL...how about mascara.. LOL... babygirl much love anyway
I went to the sanlam future calculator, shu I was left so shocked. Of the value i have to invest every month to meet my 70% of my current salary. As i thought i was on track After the shock, i started to replan and ask the question what do I want my retirement to look like.
