Take Charge of Your Money

Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 7 - 2 May 2022

Sponsored by Naked - The new way to insure your stuff

Funeral policies are big business in South Africa. They play a vital role in helping us in a time of need, but, many people use them as a replacement for life cover. Or, they take multiple policies thinking that they can enrich themselves, which doesn't work out.

There is great value in Funeral Cover, but there are also many misconceptions! Todays guest is Gugu Sidaki (find here on Twitter @gugusidaki). Gugu is a Certified Financial Planner, co-founder of Wealth Creed, author, and speaker.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:27 Gugu Sidaki, CFP
2:54 Why are funeral policies so popular?
3:52 How does funeral cover work?
5:07 Are funeral policies worthwhile?
8:48 Having multiple policies for the same person
11:08 Financial Advisors vs Financial Planners
13:50 Cancelling a policy
16:45 Reasons why a policy would not pay out
21:06 Closing thoughts

Notes

Funeral policies would usually pay out within 48 hours, giving you the financial cover you need to bury a loved one. It's not however meant to make you rich.
There is a limit of R100k cover per individual - irrespective of how many policies you may have.
It's worth discussing cover for family members as it does not make sense to all take out policies for each other.

Top tips from Guru Sidaki

Read your policy document!
Ask questions!
Don't take out policies as a replacement for life cover - it doesn't work like that!

Articles on Funeral Cover
Do you need funeral cover?

Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from Naked PS - this episode was recorder using Riverside - check it out

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 6 - 18 April 2022

Sponsored by Naked - The new way to insure your stuff

Your ability to earn an income is possibly one of your most valuable assets. Whether you're self-employed or a full-time employee, you need to be able to work in order to earn money, to survive. Not being able to earn money will affect you and your family in a terrible way.

My guest in this episode is Monre Steyn, CFP and Risk & Investment Strategist. Monre is the founder of Quadrant Wealth, an independent wealth management firm.

Monre sheds some light on this rather complex kind of insurance, and as he mentions, it really is best to chat to a professional to understand what you need, and what the options are. Also, different insurers cover illnesses differently and even categorise things independently. Thus, comparing insurance providers, products, and options, is vital!

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:21 Who is Monre Steyn
2:42 Disability & Ill-Health is not an easy topic
4:46 Dread disease and ill-health meaning
6:04 Types of cover
8:10 Income protection if you're full-time employed
9:14 How much cover do you need?
11:23 Disclosing family medical history
13:14 How often should we relook at our cover?
14:38 Reasons to change a policy, and concerns
17:55 It will never happen to me
20:54 Top tips from Monre

Top tips from Monre Steyn

Engage in this discussion with your financial planner.
Be proactive rather than reactive.
Give yourself peace of mind by putting mechanisms in place to protect your cash flow.
Compare service providers and options. And ask lots and lots of questions!

Articles on Income Protection and Ill-Health cover
Critical Illness cover
Income Protection
Putting a value on YOU

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 5 - 11 April 2022

Sponsored by Naked - The new way to insure your stuff

My guest in this episode is Gavin Lewin, Financial Planner CFP, Business Coach, and mentor. A very knowledgeable guy with a passion to simplify and explain some of the more complex terms and concepts in the financial space.

He is known on Twitter as "Uncle G" and you can follow him here @GavinLewin

Book a free introductory chat with Gavin to see how he can help you.

Gavin takes us through how Life Assurance works, who needs, what it means to cede your policy, and some other interesting details.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:18 Introducing Gavin Lewin
3:21 What is Life Insurance?
5:38 Who needs Life Cover?
8:54 What does it mean to cede a policy?
13:20 Auto increasing cover (and premiums)
19:47 Can I, or should I, have multiple policies?
23:12 Can I start a policy for someone else?
26:13 Can I get cash out if I cancel the policy?
27:42 What happens if I miss payments?
29:21 Top tips

Top tips from Gavin Lewin

Speak to a profession about what you need. You don't have to buy anything from them, they don't need to become your full-time financial advisor. You can find independent financial planners (such as Gavin) who can just advise you what you need. (Chat to Gavin)
Ask lots and lots of questions! Don't simply sign the dotted line.

Articles on Life Cover
Putting a value on YOU
Who needs Life Insurance?

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 4 - 4 April 2022

Sponsored by Naked - The new way to insure your stuff

Almo Lubowski (find him on Twitter @almolubowski) is a qualified lawyer, certified financial planner, and very good at simplifying some complex products. He talks to me about Medical Aid and Gap Cover. What they are and how the two products work together.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:00 My guest, Almo Lubowski
2:48 What is Medical Aid?
5:05 So many options!
6:37 Prescribed minimum benefits
7:47 Advantages of a savings account
12:35 Specialists charge more than what medical aids pay
18:21 What Gap Cover will pay
20:21 Is it easy to change providers or options?
22:28 Closing thoughts

Top tips from Almo Lubowski

Negotiate the costs upfront with specialists to ensure that you will not be out of pocket.
Discuss your medical cover needs with a professional medical aid broker who can advise on a few providers and products.
Almo ended off by explaining the difference between a broker, a financial advisor, and a financial planner. If you want a financial planner, I'd recommend these chaps.

Articles on Gap Cover
A simplified explanation of Gap Cover
How Gap Cover works
How to choose the best gap cover

Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me PS - this episode was recorder using Riverside - check it out

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 3 - 28 March 2022

Sponsored by Naked - The new way to insure your stuff

Sumarie Greybe, a co-founder of Naked, speaks to me about household insurance. How it works and how you're meant to calculate your contents cover that you need.

Starting off is the all important fact that you need to insure yourself for the full value of all your contents. Even old items that you don't really care about. Not doing this will affect the claims payout as you'll only receive a percentage of the value of lost items. Sumarie explains this well and here is also an article I wrote on household insurance.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:00 Welcome to Sumarie
3:21 How does household insurance work?
6:57 How to value your stuff
8:48 Proof of ownership
10:37 Specified items
12:00 Comparing policies
15:41 Are my guests belongings covered?
16:55 Students in digs who need insurance
18:47 Top tips for insurance

Top tips from Sumarie Greybe

Make sure that you are properly insured for all your items, and reassess this now if needed.
Reassess your cover at least once a year, especially if you have bought items during the year.
Read your policy wording and understand what you are covered for.

More on insuranceI have a ton of articles on my blog about insurance. Go to the Insurance topic from the menu and scroll through the articles.
All my insurance articles
Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me PS - this episode was recorder using Riverside - check it out

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 2 - 21 March 2022

Sponsored by Naked - The new way to insure your stuff

A great chat with Ernest North who is one of the co-founders of naked. Ernest has over 16 years of experience in the short-term insurance industry and has spent many years doing technical pricing for car insurance. As in, how premiums are calculated for individuals based on a variety of factors.

Ernest goes into great detail about what insurance is, why we need it, how excess works, why you're possibly over-paying, etc.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:09 Guest intro, Ernest North
2:29 The risks in owning a car
6:12 Why don't people have car insurance?
8:39 Fully comprehensive vs 3rd Party
9:48 How premiums are calculated
14:18 Are we being overcharged?
18:15 Why we pay excess
22:44 Our responsibilities towards the insurance company
26:35 Things to do after an accident
29:01 Closing thoughts

Why do we need car insurance?We need car insurance to cover us for the financial risk of loss or damage to our vehicles, as well as the legal liability against us should someone sue us for damaging their property (while driving).

The questions to ask yourself are, if my R200,000 car is written off, do I have the money to buy a new one?

And, if I drive into a R5 million rand Porsche and the owner sues me for damages, can I afford to take that risk?

More on insuranceI have a ton of articles on my blog about insurance. Go to the Insurance topic from the menu and scroll through the articles.
All my insurance articles

All you need to know about car insurance - blog post from Naked
Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

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Take Charge Of Your Money podcast with Brendan Dale
Season 2, Episode 1 - 14 March 2022

Sponsored by Naked - The new way to insure your stuff

This is just a general chat about insurance. What it is and why it's so important. My guest is Terence Tobin from Rich Ideas and you can find him on Twitter @terencetobin and you can also book a free introductory chat with him to see what he can do for you.

Apologies for the sound quality on this episode, I am slowly getting better at this ;-)

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:47 Isn't it a waste of money?
3:30 What is insurance really?
4:42 Income protection is super important
6:51 How do I know what insurance I need?
8:10 Policy documents are overwhelming
10:30 How to choose an insurer
12:40 How do independent financial planners work?
15:22 Reassess annually

What is insurance?In short, it's a tool to manage risk. There are many things that could happen to us or our belongings, that will effect us financially. Insurance is a way to mitigate that risk in that we pay a monthly fee to an insurer who will then carry that financial burden should something happen.

In this chat we're really just covering some basic concepts and the rest of the Season will unpack all the major types of insurance that we may need to consider.

Terence specifically mentions Income Protection as a vital insurance product, here's more on how that works.
All about Income Protection

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Take Charge Of Your Money podcast with Brendan Dale
Episode 8 - 7 March 2022

Sponsored by Naked - The new way to insure your stuff

My guest in this episode is Tinyiko Ngobeni, a BSc graduate in the science field and also a finance fantastic. We're talking about budgeting, and the real value in it. It's something that we often underestimate and don't take seriously enough. You can find Tinyiko on Twitter @TinyikoNgobenii

Apologies for the sound quality on this episode.

Tinyiko shares a great concept of how a budget is simply the first step in fixing your finances and sorting out your future. What she says is that the first step is that you get to a point where you are comfortable with your finances, and that is by using a budget. Once you've mastered that, you can move onto the savings. And once you've got that working, you can start investing. Don't rush the journey!

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:16 Welcome to Tinyiko
2:24 Why do we hate budgeting so much?
6:05 When did Tinyiko learn about budgeting?
6:40 How does one start a budget?
7:42 How can we do it all?
9:06 Top 3 tips for budgeting
10:39 Advice for people living the YOLO life

Tinyko's top 3 tips for budgeting

Be realistic!
Reassess your situation and adjust as necessary
Make space in the budget to treat yourself

More on budgetingA free course on how to budget
Help! Where's my money - a workbook to help you figure out where your money disappears

Got debt that you need to sort out?My 8-step plan to paying off debtLearn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

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Take Charge Of Your Money podcast with Brendan Dale
Episode 7 - 28 February 2022

Sponsored by Naked - The new way to insure your stuff

In this interview I chat to Esther Mukumbo about her investing journey. Where she started and how she learnt about investing. She was in her 30's when she realised that she was literally just living pay-check to pay-check and that's when she decided to really take charge of her finances and sort things out!

You can follow Ess on Twitter @EMukumbo

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:43 Who is Ess
2:38 When did you start investing?
5:32 How does one start investing?
7:51 How much is enough?
10:14 Start with what you have
12:06 Why invest?
14:24 Summary and highlights

Ess really encourages new investors to start with ETF's (Exchange Traded Funds) and you can read my post here on what ETF's are all about.

Some great encouragement from Ess includes:

It's never too late to start investing - just do it!
You may have debt, you may have made mistakes, it's okay. Learn from them and move forward.
Start by understanding where you are and when you want to be.
Start small and practice!
Go in it for the long-term and let compounding growth do it's magic

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Take Charge Of Your Money podcast with Brendan Dale
Episode 6 - 21 February 2022

Sponsored by Naked - The new way to insure your stuff

This is a great chat with a very passionate guest, Thando Ndlovu who is aiming to retire early at age 35! You can find Thando on Twitter @itsThandoNdlovu

Note: In the introduction Thando mentions her page Small Steps to Freedom. This has been rebranded to Thando Ndlovu and you can find her links here. We recorded this episode a while back and so much has happened since. Thando has in fact moved to Bali to pursue her dream of FIRE.

FIRE stands for Financial Independence Retire Early and this is a movement which is growing fast in South Africa. People are looking for ways to change their lives and change the narrative that you have to work until age 65, or even 70. You can read about FIRE in South Africa in this post on my blog.

There is no set way as to how to achieve financial freedom as this can be approached in different ways, based on your priorities, circumstances, and life stage.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:09 Meet Thando
2:30 What is FIRE?
4:38 How can one be FIRE?
7:44 Thando's future is bright
8:47 Different types of FIRE
11:11 Where can someone start their journey?
14:06 What does retirement look like?

Thando recommends following people on the journey, reading up on the topic, and carving out your own journey to financial independence. Retirement doesn't necessarily mean that you need to stop working, it simply means that you're not obligated to. You may pursue charitable causes, start a business, spend quality time helping others. You have the choices.

Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

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Take Charge Of Your Money podcast with Brendan Dale
Episode 5 - 14 February 2022

Sponsored by Naked - The new way to insure your stuff

In this episode I chat to Frugal Local about cash flow in ones personal and business finances. Frugal helps small businesses and startups grow and you can find him on Twitter @FrugalLocal and his website is localmoney.co.za

We start off by hearing about how he planned for over a year before quitting his full-time job. He also managed to save up 3 years worth of expenses to help in starting his own business and ensuring that his cash flow won't be negatively affected.

Cash flow, as Frugal says, is like blood in your veins. You need the life giving blood to flow smoothly through your veins to give you life. Debt is a little like cholesterol, it blocks the flow. Other things that could block the flow of cash could be high expenses, holding too much stock, and not having a buffer to see you through when your clients aren't paying on time.

Frugal tips to manage cash flow

Keep your business expenses and monies separate to your personal
Plan for upcoming expenses and make sure that you can pay for them even if clients (or other who owe you money) don't pay on time
Have a buffer fund
Use a budget and keep track of your expenses
Make sure that you know where your money is going

The golden rule of personal finance : "Spend less than you earn"

Your bank account tells a story of where your money goes and of what is important to you. Listen as Frugal tells a personal story of what he and his wife found when looking through their bank statement.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:16 Who is Frugal Local?
2:12 Planning to leave his job
3:45 What is cash flow?
6:35 How do you manage your cash flow?
7:37 Pay yourself first
9:14 How does one start fixing cash flow issues
12:03 What's your money story?

Useful resources and readingRichest man in Babylon
Listen to Episodes 3 & 4 where I speak about debt and how to pay it off
What is cash flow?
What is a buffer fund?

My 8-step guide to paying off debt
How to pay off debt - my 8-step guideLearn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

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Take Charge Of Your Money podcast with Brendan Dale
Episode 4 - 7 February 2022

Sponsored by Naked - The new way to insure your stuff

Stephanie's debt free journey. Take a listen as Stephanie shares her story on how she got into debt, how she and her husband got to a point of really needing to fix things, and how they've done just that! You can find her on Twitter @StephanieMarthi

Stephanie had about R80k worth of debt when she started her debt free journey and she shares about her student loans, credit cards, and debt with SARS. Tax from ones side-hustle is often misunderstood or ignored, but it does unfortunately catch up with you.

Stephanie and her husband have worked together to pay off all of her debt, and they are now working on his debt. They've really put in the focus, determination, and hard work necessary to do this and it's super encouraging to hear their story.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:08 Who is Stephanie?
4:06 How did you first get into debt?
8:14 What was the turning point for you?
12:53 How did you pay off your debt?
17:34 How do you feel now?
18:44 Can regular folk pay off their debt?
21:28 Your tips to pay off debt

Useful resources and readingManage your money like a f*cking grownup - Sam BeckbessingerFat Wallet podcast

Stephanie's tips for listeners

Admit that you have a problem
Find someone to speak to who can share your journey with you and be there for you
Educate yourself! There are many great books, blogs, and podcasts available.
Critically look at your bank statements!
Analyse all of your debt and get the full picture - use this: Help! Where's my money disappeared?
Use a budget! Learn how here

As Stephanie says, there is no magic pill for this! lol. It takes hard work!

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Take Charge Of Your Money podcast with Brendan Dale
Episode 3 - 31 January 2022

Sponsored by Naked - The new way to insure your stuff

In this episode I'm chatting to Mr Money Rehab - you can find him on Twitter at @MoneyRehab_

Mr Money Rehab is a customer experience practitioner in the financial industry and a financial coach on the side. He has a great perspective on debt in that it's not all bad. In fact, the economy wouldn't grow if we didn't have debt, and debt is just a tool. It's really how we use it that becomes detrimental to our future, or perhaps it helps us.

The most interesting section is the part on how to get out of debt where the first, and most important step is to admit that you have a problem! After that you can work on your budget and then look at three commonly used strategies for paying off debt.

The snowball method,
the avalanche method,
and a fun one, the tornado.

(These are described in more detail in this post - How to pay off debt faster)

Main topics discussed:00:00 Podcast into and thanks to my sponsor
01:08 Introduction to Mr Money Rehab
02:49 The debt system
05:59 The slippery slope
08:00 There are benefits though
08:40 We need good cash flow
09:19 How to fix your debt problems
16:08 Be intentional with your money

Useful resources and readingWhat is cash flow, and why it matters
How to pay off debt faster - 3 useful methods to use
My own debt story
How to pay off debt - my 8-step guideWhere's your money disappeared?You're not the only one! lol
Read: Help! Where's my money disappeared?Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

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Take Charge Of Your Money podcast with Brendan Dale
Episode 2 - 24 January 2022

Sponsored by Naked - The new way to insure your stuff

In this episode I'm chatting to Roisin Povall who shares her insights into goal setting. For life, finances, and business. Roisin is a business coach with a background in finances having being a Financial Director at a large corporate. You can follow Roisin on Twitter @RoisinPovall

Roisin speaks so beautifully and really inspires one to go out and find what motivates you. With 20 years of experience she really knows what she's talking about. Think about what it is that you've always wanted to do, the thing that you keep coming back to. Dig deep and find your true purpose.

Note that this was recorded in person and that there are some background noises here and there. Life happens as they say. Hope that you don't find it distracting.

Main topics discussed:0:00 Podcast into and thanks to my sponsor
1:09 Introduction to our guest, Roisin Povall
2:17 Goals can be off-putting. Why and what mistakes do we sometimes make?
3:56 Be intentional about life, what you do, and where you want to be.
5:14 How to set SMART goals. Tips on setting goals that you can achieve.
8:25 Dig deep - find out what really motivates you and hear about how a coach can assist.
11:27 Where do you start now?

A recap on what a SMART goal is:
Specific
Measurable
Achievable / Attainable
Realistic
Time bound
Some posts on my blog about personal finance goals:Benefits of personal finance goalsWhy and how I set goals each yearHow to set finance goalsWhere's your money disappeared?You're not the only one! lol
Read: Help! Where's my money disappeared?Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

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Take Charge Of Your Money podcast with Brendan Dale
Episode 1 - 13 January 2022

Sponsored by Naked - The new way to insure your stuff

Tebogo is my very first guest on this podcast and I'm sure you'll love him. He's sharing his financial journey of taking charge of his money. What it means to him and his family, why and how he budgets, how he uses an emergency fund, and more.

He shares many relatable stories and so many valuable money lessons.

Main topics discussed:00:00 Podcast intro and sponsor thanks
01:08 Welcome and introduce Tebogo
03:58 The aha-moment, in fact he had two such moments
08:15 What it really means to take charge of your money
11:53 How to fix your money and start the journey
16:46 Emergency fund
18:35 All about budgeting
25:07 Thanks and closing thoughts
Listen to my previous chats with Tebogo and read the notes here:Part 1: I need to fix my financesPart 2: Making time for your moneyPart 3: How to save more moneyPart 4: Sharing your knowledge and talking to others about moneyWhere's your money disappeared?You're not the only one! lol
Read: Help! Where's my money disappeared? Learn about personal financeOver 20 curated articles to read in sequence to help you start your personal finance journeyGet an instant insurance quote from NakedGet a weekly update from me

Take Charge of Your Money: Recent Episodes

Brendan Dale