The Family Finance Show: Recent Episodes
Diana Granoux
A podcast that helps families make better financial decisions. Hosted by entrepreneur and mom, Diana Granoux in collaboration with Warren Ingram. Every week, we share an episode on topics relating to increasing your family income, managing family expenses, controlling your debt and investing for the future. Diana interviews experts, entrepreneurs and families like yours about how they are creating a secure financial future for themselves and their loved ones.
Esther is on a journey to financial freedom by building her investment portfolio one step at a time. Personal finance is personal and everyone will have a slightly different way to achieve their financial goals.
In this episode, Ess talks about how she teaches her children about money and saving, cutting discretionary spending all she can and now looking to increasing her family income, how she takes the lead in managing her family's finance, dividends and much more. Please enjoy!
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow Diana on twitter:https://twitter.com/dianagranoux
- Follow Ess on twitter:https://twitter.com/EMukumbo
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
The Finance Ghost was a guest on the podcast in the very first season where we spoke about dividends, an important part of a diversified investment strategy. This season he is back to speak about his personal experience as an entrepreneur, husband and father.
In this episode we cover entrepreneurship and some of the non financial benefits derived from being an entrepreneur; transitioning from a corporate employee to self employed; having no retirement savings; being liquid debt free; and how important it is not to neglect yourself as a parent and especially as an entrepreneur. Please enjoy!
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow Diana on twitter:https://twitter.com/dianagranoux
- Follow The Finance Ghost on twitter:https://twitter.com/FinanceGhost
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
This week's guest is a loyal fan of the show. Francis, like many of us, did not learn how to manage money as a child or young adult. He grew up in a cash based economy where debt was seen as something to be avoided at all costs.
Despite not being exposed to personal finance principles at a young age, Francis has spent the last 10 years learning all he can by reading books, listening to podcasts and having a meeting with a financial planner.
In this episode, we touch on all the lessons Francis has learned along the way. He speaks about how his emergency fund saved him, how he dealt with a voluntary retrenchment, and how, on the advice of a friend, he invested in an expensive fund where the fees were equivalent to the growth of the investment, effectively zeroing all growth on his investment.
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow the Diana on twitter:https://twitter.com/dianagranoux
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
Judith was a high earning corporate employee until three maternity leave periods away from work reduced her income at the very moment her family expenses were increasing with three new mouths to feed.
Needing a bigger house and car, the family took out a loan. And with the escalating costs of a house build, they had to take out more debt and personal loans to cover the gap between income and expenses. Judith and her family now manage their budget very closely and have a clear plan to pay off their debt well in advance of the loan term, to save on interest expense.
If you need some inspiration to pay off debt, starting today, listen to this episode.
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow the Diana on twitter:https://twitter.com/dianagranoux
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
Alex, an airline pilot for South African Airways, who was retrenched during Covid, shares how he and his family cut their budget and turned to entrepreneurship to bounce back financially.
Alex went from being a high earning pilot to needing to figure out a way to put bread on the table in the space of a few weeks. To make things even tougher, he did not have an emergency fund. Alex candidly shares lessons from his personal finance journey in this episode.
One of the highlights of this conversation, for me, was our discussion on lifestyle creep and how, by avoiding this, you can get ahead in the savings game. Please enjoy!
Find Alex on LinkedIn: https://www.linkedin.com/in/flyingmogul/
Alex MacPhail Podcast: https://www.linkedin.com/company/alexmacphailpodcast
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow the Diana on twitter:https://twitter.com/dianagranoux
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
Alex (not his real name) has pre-teen children and recently moved his family from Johannesburg to Cape Town to take up a new career opportunity. He reveals the unexpected costs involved and lessons learned from this experience. Alex has his personal finances pretty much on track, but he has made a few mistakes along the way. He talks about how he learned about personal finance much later in life and some of the mistakes he’s made.
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow the Diana on twitter:https://twitter.com/dianagranoux
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
Queen has been married to Refliwe for 6 years. They do not have children and do not plan to have any, but they are still a family. In this episode, Queen talks about how she and Refilwe manage money in their relationship. They love to eat out and Queen has a great tip on how they do more of this, while sticking to their budget. She also has profound insights on how to live within your means and to always remember the life you have now was one that you probably once only dreamed of. Take some time to listen to this inspiring and enjoyable episode, you won’t regret it!
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow the Diana on twitter:https://twitter.com/dianagranoux
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
Instead of hearing from experts like in previous seasons of the show, this season you will hear from a different family every week. We hope that by hearing how people like you manage their money, money will become less intimidating, simpler and more transparent. As always, our intention with the show is to help families make a few better financial decisions and thereby improve their futures.
Don’t forget about our library of previous episodes on topics ranging from retirement to compound growth and managing adult financial dependents.
In this very personal episode, my husband, Anaël and I chat about how we manage our family finances, what we learned about money growing up and how we view budget and spending discussions as value discussions rather than money discussions. Please enjoy!
Join us on Twitter for real conversations about family finances:
- Follow the podcast on twitter: https://twitter.com/famfinanceshow
- Follow the Diana on twitter:https://twitter.com/dianagranoux
- Website:https://www.familyfinanceshow.com
Subscribe on your favorite podcast platform: https://podlink.to/FamilyFinanceShow
At the end of each episode in season 2, we ask our guests what one piece of financial advice they want to pass on to the next generation. Here is their collective wisdom from 12 shows this year. A special thanks to Elevate and to the following guests in season 2:Manoka Mathye | S2 EP12 - Increasing Your Income as an Employee
Matan Abraham | S2 EP1 - Common Insurance Pitfalls
Stacy Hart | S2 EP5 - Tips on Personal Finance
Wisani Shilumani | S2 EP3 - What’s My Net Worth?
Judith Ndaba | S2 EP7 - Holistic Wellness
Patrick McKay | S2 EP6 - Achieving Financial Freedom
Bronwyn Williams | S2 EP8 - Future Trends for Finance and Family
Andre Bothma | S2 EP4 - Families and Tax
Sipho Nkosi| S2 EP9 - Life Lessons From a Self-made Man
Barry Childs | S2 EP10 - Choosing the Right Medical Aid
Warren Ingram | S2 EP11 - Global Investing Made Easy
Pinky Sithole | S2 EP2 - Investing Offshore - The How's and Why's
We will be taking a break from recording and publishing, but there are 65 episodes in the library to catch up on. See you soon!
Join us for real conversations about family finances:The Family Finance Show - Twitter | The Family Finance Show - Website | The Family Finance Show - Podcast | Diana Granoux - Twitter
If you are employed and want to advance your career and earn a higher income, Manoka Mathye has 7 simple steps for you to follow. Manoka is a chartered accountant and senior manager in external audit at a large audit firm by day and a career coach by night. She has also developed a loyal following through her #YourCorporateHustle Twitter spaces.
In this episode we cover 7 steps to increase your income as an employee, negotiating pay increases and bonuses, the gender pay gap and much more!
Join us on Twitter for real conversations about family finances:
https://twitter.com/famfinanceshowhttps://twitter.com/dianagranouxhttps://twitter.com/elevatelifezaWebsite:https://www.familyfinanceshow.comSubscribe on your favorite podcast platform:https://podlink.to/FamilyFinanceShow
Manoka Mathye: https://twitter.com/ManokaMathye
Manoka’s YouTube channel:
https://www.youtube.com/channel/UCjQI9gg68ZyIpZAY5_D6PlQ
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
Website: https://www.elevate.co.za/
Facebook: https://www.facebook.com/ElevateLifeZA
Warren Ingram is back on the show, this time to talk about his new book “Global investing made easy”. If you’ve always wanted to invest internationally but don’t know where to start, Warren gives guidance in simple language.
We cover some important principles such as risk and diversification, how to start building a global portfolio, how to achieve the right balance and what shares to get started with.
You can find Warren’s book online, on Kindle or in all major bookstores.
Join us on Twitter for real conversations about family finances:
https://twitter.com/famfinanceshowhttps://twitter.com/dianagranouxhttps://twitter.com/elevatelifezaWebsite:https://www.familyfinanceshow.comSubscribe on your favorite podcast platform:https://podlink.to/FamilyFinanceShow
Warren Ingram: https://twitter.com/WarrenIngramThis episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
Website: https://www.elevate.co.za/
Facebook: https://www.facebook.com/ElevateLifeZA
If you have ever tried to choose a medical aid scheme or even a plan within a scheme you will know how hard it is to compare your options and choose the best plan for you and your dependents.
Hospital plans, gap cover, medical aid savings, day to day benefits - the options are difficult to understand!
Barry Childs, the joint CEO at Insight Actuaries, tells us the best tool we have to help us choose the right plan is by asking plenty of questions.
For additional information, read this article from Insight: https://www.insight.co.za/2016/07/11/the-signal-model-throwing-light-into-dark-corners/
Join us on Twitter for real conversations about family finances:
https://twitter.com/famfinanceshowhttps://twitter.com/dianagranouxhttps://twitter.com/elevatelifezaWebsite:https://www.familyfinanceshow.comSubscribe on your favorite podcast platform:https://podlink.to/FamilyFinanceShowBarry Childs: https://twitter.com/BarryChilds
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
Website: https://www.elevate.co.za/
Facebook: https://www.facebook.com/ElevateLifeZA
Sipho Nkosi is the Chair of Sasol, a director at Sanlam, and co-founder and chair of investment holding company Talent10. He was one of the founders and CEO of Eyesizwe Coal which later became Exxaro Resources.
Sipho, most impressively to me, is a self-made man and someone who has achieved all this with the odds heavily stacked against him. He grew up in rural KwaZulu-Natal with only a basic primary education. Despite this, and with no special resources or opportunities, he invested his time and effort to get a university degree and has since gone on to achieve much professional success in life. His achievements are even more remarkable given the deliberate restriction of educational and job opportunities for black people during apartheid.
He tells his story with such humility and grace and offers us all inspiration to achieve our own goals, whatever they may be.
In the story of his childhood playmate, Peter, I was reminded of the important role we play as parents, in raising our children with good values, such as equality and respect for all people no matter their background. Please enjoy this inspiring episode!
Join us on Twitter for real conversations about family finances:
https://twitter.com/famfinanceshowhttps://twitter.com/dianagranouxhttps://twitter.com/elevatelifezaWebsite:https://www.familyfinanceshow.comSubscribe on your favorite podcast platform:https://podlink.to/FamilyFinanceShowThis episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
Website: https://www.elevate.co.za/
Facebook: https://www.facebook.com/ElevateLifeZA
In this wide-ranging conversation economist and futurist, Bronwyn Williams talks about macro trends, businesses that solve the biggest human problems, financial freedom, the future of education for our children, and a fascinating view on the impact and implications of cryptocurrencies.
A recurring theme, which stood out for me was the importance, especially in South Africa, of being self-sufficient - both in the sense of being financially independent as well as not being dependent on an employer for a traditional job.
If you’d like to know more on the topic of cryptocurrencies and their impact on our social contract, you may read this article written by Bronwyn: https://www.businesslive.co.za/bd/opinion/2021-02-28-tension-between-radical-new-ideas-threaten-to-break-social-contract-further/
Join us on Twitter for real conversations about family finances:
https://twitter.com/famfinanceshowhttps://twitter.com/dianagranouxhttps://twitter.com/elevatelifezaWebsite:https://www.familyfinanceshow.comSubscribe on your favorite podcast platform:https://podlink.to/FamilyFinanceShow
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
Website: https://www.elevate.co.za/
Facebook: https://www.facebook.com/ElevateLifeZA
Have you ever considered how your physical, mental, and financial health are all connected? Judith Ndaba from Elevate Life joins us to explain how we need to take care of all aspects of our health in order to live a long and prosperous life. If you, like me, want to live a better quality and longer life, we need to make sure we are physically, mentally, and financially healthy. Judith also explains how important data is in helping us make better decisions. Good information shows us our blind spots, in health and finances.
Join us on Twitter for real conversations about family finances:
https://twitter.com/famfinanceshowhttps://twitter.com/dianagranouxhttps://twitter.com/elevatelifezaWebsite:https://www.familyfinanceshow.comSubscribe on your favorite podcast platform:https://podlink.to/FamilyFinanceShow
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
Website: https://www.elevate.co.za/
Facebook: https://www.facebook.com/ElevateLifeZA
Patrick McKay shares how he achieved financial freedom by saving 50% of his salary for 17 years. While 50% may seem impossible, anyone regardless of income can achieve financial freedom because it is about living within your means. If you save less than 50% of your income, you may still achieve financial freedom, it will just take a little longer.
In this episode, we learn what mistakes Patrick made along the way, how his life changed after achieving financial independence, and the financial freedom calculation, also known as the 4% rule, or 300 rule.
Join us on Twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
@TravelBugBitten
Website: https://www.familyfinanceshow.com
Subscribe on your favourite podcast platform: https://podlink.to/FamilyFinanceShow
We turned the tables for this episode and Stacy Hart, a young female entrepreneur from Cape Town, interviews Diana Granoux about how she manages her personal and business finances. A fun and enlightening conversation about aggressive authenticity, budgeting for light bulbs, fruit baskets, credit cards and more!
Find Stacy on TikTok and Instagram:
@bosslady_cpt
Join us on twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
We all pay tax in one form or another. Tax guru, Andre Bothma, gives us guidance on tax and trusts for families.
We cover topics such as tax benefits for families and spouses, the role trusts can play in estate planning, the maintenance exemption in the tax act and how this can be used to make small donations to your children in the form of a tax free savings account.
Andre also tells us how he and his wife manage their family finances in a collective and transparent way.
Join us on twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
@AndreBothmaTax
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
https://www.elevate.co.za/
https://www.facebook.com/ElevateLifeZA
We’ve all heard of net worth, but what is it and why does it matter? Wisani Shilumani joins us to explain why high income individuals are not necessarily high net worth individuals.
Wisani is a developer who created the free app, Simfolio, which helps you track and project your net worth over time. Find Simfolio on Apple and Google Play.
Join us on twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
@wisanishilumani
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
https://www.elevate.co.za/
https://www.facebook.com/ElevateLifeZA
If you’re considering investing offshore, this episode is essential listening. Pinky Sithole gives us all the basic information we need to get started.
It is important to start with a solid financial plan that answers two important questions: What do you want to achieve, and how can offshore investing help you achieve your goals?
We talk about how a new investor can get started with investing offshore, how to open a brokerage account and keep costs low, and what shares to buy. Remember to do your own research so that you don’t fall victim to a scam.
Join us on twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
@pinkysithole17
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
https://www.elevate.co.za/
https://www.facebook.com/ElevateLifeZA
The true test of an insurance provider comes not when you take out the policy, but when it comes time to claim. In this episode we ask Matan Abraham how to avoid problems in the claim stage. He also explains the link between healthy finances and longevity!
Everyone sees risk differently and has different circumstances and so there is no “one size fits all” method for determining how much cover you need.
Remember that it is very important to review your policy regularly as your circumstances change - have you taken on more debt, or paid off debt, have you got married or divorced, have you had children? Also remember to shop around for an insurance provider that suits your particular needs.
Join us on twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
@ElevateLifeZA
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
This episode is brought to you by Elevate. Visit their website or Facebook page to find out more.
https://www.elevate.co.za/
https://www.facebook.com/ElevateLifeZA
At the end of each episode, we ask our guests what the one piece of financial advice they want to pass on to their children is. Here is their collective wisdom from 18 shows this year.
We will be taking a break from recording and publishing, but there are 53 episodes in the library to catch up on. See you soon!
Join us on twitter for real conversations about family finances:
@FamFinanceShow
@DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
In this episode, we discuss a question many families have likely asked themselves: “What happens if one person gives up their job to manage the household?”
This is not a decision to be taken lightly and Warren Ingram answers a listener’s questions on the topic:
- Should the working spouse pay the non-working spouse a stipend and contribute to their pension fund?
- How should the couple deal with the emotional aspects of this decision?
- What should be documented?
Join us on twitter for real conversations about family finances: * @FamFinanceShow * @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
We all want a brighter future for ourselves and our children. Part of creating this future is changing our investment habits. It is no longer enough just to look at a company’s financial performance, we need to look at whether they contribute to climate change, their environmental impact, labour practices and governance.
By investing in companies that make a positive impact on the planet, and by asking our pension fund administrators to do the same, we can create a future we want to live in.
Tracey Davies, executive director at Just Share, and Greer Blizzard, Strategy & Operations Manager at Just Share, join us to explain ESG investing. Just Share is a non-profit shareholder activism organisation.
They believe that responsible investment is necessary to create a just, inclusive and sustainable economy.
The shares we talked about are: SATRIX MSCI World ESG Enhanced ETF and the iShares ESG Aware Moderate Allocation ETF.
Links mentioned:
- Just Share
- Finance the future you want
- Morgan Stanley Sustainability Report
- Fossil Free SA
Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Don’t underestimate the importance of a financial plan. It is the roadmap you will use to reach your finance goals. Whether these goals are long term or short term, a solid financial plan, with frequent reviews, will make sure you stay on track.
Lungile Mashigo, host of Stripped Money Conversations, joins us to talk about how to DIY your financial plan.
If you want to work from a template, a simple google search for “personal financial plan template” will return thousands of results. Get started today!
Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Gugu Sidaki, an independent financial advisor and co-founder of her own company, Wealth Creed has seen people make both good and bad financial decisions. In this episode we cover 10 of these mistakes, and how to avoid them.
From getting into too much debt, to mixing emotions and investing, and not utilizing tax benefits of retirement savings and tax free savings accounts.
Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Everyone should have a financial plan. Your financial plan should include your financial risks and your plan to mitigate those risks. If you earn an income disability insurance is one of the things you should consider in your financial plan.
Lizl Budhram joins us to talk about this important topic. We cover the difference between temporary and permanent disability insurance, how to calculate the cover you need, and more. I hope this episode helps you make informed choices about the risk cover you need.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Savings and investing are not the same. It is possible to be very good at one or the other. But it is only by doing both, that you can earn an income while you sleep. Otherwise your savings will just keep pace with inflation. Tshepo Kgapane, the Founder of Youth Money Circle, explains why we should be CEO of our money and put it to work, with some challenging targets.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
In this episode, Rupert Finnemore, CEO of Easy Properties joins us to explain a new and simple way to invest in property. Easy Properties is not a REIT, nor is it a stokvel, it is something entirely new. If you’re a lazy investor like me, and like your investments to do the heavy lifting for you, Easy Properties takes away the most painful parts of buying a property, such as finding the right property in the right location for the right price and managing tenants.
If you are struggling to get a deposit together or can’t get a home loan to buy a property yourself, Easy Properties lets you invest as much as you want to, from R1 upwards. Remember that property is a medium to long term investment and always do your own research first.
https://properties.easyequities.co.za/Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Single-parent households face issues that are made worse by not having two earners in the family. Single parents also face the challenge of one person having to combine work, household, and child-rearing duties. Raising children on your own, paying for their education and other needs as well as trying to save for your financial future may seem overwhelming.
In this episode, Karabo Ramookho highlights some of the important personal finance basics single parents should work towards getting right. If you are a single parent and do not have someone to fall back on if you encounter financial difficulties, you should put plans in place to minimise financial risks such as building up an emergency fund, and looking into risk cover, such as death and disability insurance.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Nic Haralambous, a well known South African serial entrepreneur decided to share his knowledge with others by writing “How to Start a Side Hustle” when his primary source of income, public speaking, dried up in 2020.
In this episode we discuss some of the principles in his book: redefining failure and setting realistic expectations, managing risk, proper preparation, physical health and being consistent.
If you have started a side hustle or are planning to start one, I hope this episode and Nic’s book gives you the inspiration and confidence you need to get started and keep going!
You can find out more about Nic on his website: https://nicharalambous.com/
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Debt is one of the most important topics in personal finance, but is not well understood. Thando from Small Steps to Freedom answers a few questions you may have about debt. If you understand the power of compound growth, you must know that this applies to debt too, but in a negative way.
The longer you take to pay off your debt and the higher the interest rate you are paying, the bigger the cost of that debt is to you. Leaving aside leverage for the moment, ordinary consumer debt has a negative impact on your long term wealth. If you do one thing today, please review your current debt and the cost of that debt.
If you need to take out a loan, please make sure that the company offering to lend you money is registered with the NCA. You can verify whether the provider is compliant by calling the or visiting their website:
https://www.ncr.org.za/register_of_registrants/registered_cp.php
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
There are many similarities between long term investing and long distance running. In this light hearted episode, Stealthy Wealth, a well known South African personal finance blogger tells us about his investment goal of achieving financial freedom and the remarkable parallels investing has with marathon running. Both require a healthy dose of perseverance, especially when times get tough. This episode contains the inspiration you need to get financially fit!
This episode was based on an article on Stealthy Wealth’s blog, which you can read here: https://www.stealthywealth.co.za/2016/08/the-investment-marathon.html
If you want to find out more about how behavioural psychology impacts your ability to make the right decisions about your investments, listen to this episode with Daniel Crosby: https://www.familyfinanceshow.com/podcast/episode/4b762181/the-impact-of-behaviour-on-investing
If you are just getting started with investing, listen to this episode: https://www.familyfinanceshow.com/podcast/episode/4b887ffa/buying-shares-a-beginners-guide-simon-brown
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
In this episode Warren Ingram, an award winning financial planner, answers the following listener questions:
- How should we combine our finances after our wedding?
- Should I use my retirement funds to pay off my home loan?
- Should I invest into my retirement savings in monthly increments or one lump sum per year? What percentage of my income should I contribute to my retirement savings?
Mentioned in this episode: https://www.news24.com/fin24/opinion/sat-am-bruce-cameron-tax-incentives-for-retirement-savings-are-enormous-20201219
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
- https://podlink.to/FamilyFinanceShow
Bitcoin can be a minefield for investors. In this episode, Warren gives listeners a common sense guide to bitcoin. What is it, should we invest in it, what are the benefits and risks involved in bitcoin and will it replace the rand or dollar?
Most importantly, every investor should do adequate research and satisfy themselves that they fully understand the investment they are making.
There are benefits to bitcoin, such as making it easy to make payments across borders; and risks such as regulatory risks and governance risks that come from the anonymity inherent in Bitcoin.
Make sure that you don’t get scammed by the many websites and people trying to sell you Bitcoin investments, always go through reputable companies.
Mentioned in this episode: https://www.linkedin.com/pulse/what-i-really-think-bitcoin-ray-dalio/
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
- https://podlink.to/FamilyFinanceShow
Tax free savings accounts are an excellent way to save and invest, most especially if you plan to invest for a long time. As Zama Dikana from Old Mutual explains, they attract no tax which gives you a higher return on investment than you would otherwise get.
If you don’t already have one, and you have extra cash, no matter how little, available to save and invest, you should certainly open a tax free savings account (“TFSA”).
Zama discusses the rules and limits for TFSAs, how to invest on behalf of your children and he answers some questions from a loyal listener.
Mentioned in this episode: If you’re just getting started with investing, listen to this episode we did called “Buying Shares a Beginner Guide”
https://www.familyfinanceshow.com/podcast/episode/4b887ffa/buying-shares-a-beginners-guide-simon-brown
*Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider and Life Insurer. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. Product information provided by the contributor only serves to inform you of Old Mutual products but does not replace the terms and conditions and technical detail applicable to the products or services mentioned. It should not be construed as a offer or recommendation to buy or sell the products featured without obtaining the recommended financial advice.
The views expressed by the contributor are his or her own, and may not necessarily reflect the views held by Old Mutual.*Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
In this episode we explore how to successfully get started with property investing. There are many different ways to get started with property investing and they each require a different amount of time and expertise and level of commitment.
Our guest, investment banking lawyer and property investor, Vusi Mathebula tells us about some of the pitfalls and mistakes he has seen from beginner investors. We also discuss how you can calculate the return on investment when looking at property, and Vusi has some good recommendations on buying property together with other investors, also known as property stokvels.
You can find plenty more useful information on his website: https://propertylink.africa/
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Jenny Rushin from Betterbond joins us in this episode. Betterbond is a home loan originator and submits thousands of home loan applications every month on behalf of their customers and so Jenny is well positioned to give us tips on how to get a home loan.
Getting a home loan to buy a house is a very important step for most families. Since hardly anyone can buy a house for cash, most of us need to approach a bank for a home loan. If you don’t qualify for a loan at all, or can’t get the size loan you need, Jenny suggests doing a proper budget where you clearly note all your earnings and expenditure. If there is not enough room to service the debt on a home loan, she suggests reducing your current debt as much as possible and reducing any other unnecessary monthly expenses so that your cash flow looks healthy.
Just as important is to make sure that you don’t take on too much debt. Make sure that you can still make your repayments even if the interest rates go up, or if life happens and you have unexpected expenses in a month. Try to get the best deal you can on interest rates as this will have a huge impact on the interest you pay every month.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Anyone who started life with very few financial means, or with a large debt burden, will want to make sure their children have a better start in life than they did. This episode is all about generational wealth. Generational wealth is an asset (which could be property, cash, shares, or a business) that is passed down from one generation to the next. The theory behind building generational wealth is easy: acquire assets that you don’t intend to spend in retirement and pass these on to your children when you die.
In practice this is much harder to achieve. It requires discipline and sacrifice. Unfortunately sometimes these sacrifices extend to spending long hours away from your family in order to build wealth. Even if you do achieve the goal of creating intergenerational wealth, often the inheritance is finished by the third generation. We discuss examples such as the British Royal Family, Warren Buffet and a local example, the Oppenheimer family. If you plan to leave a large inheritance that could last a few generations, it is important to remember that your heirs should have a strong sense of purpose to fulfil. Equally important is that your children should understand their privilege and have a sense of social responsibility.
However, your goal doesn't need to be to pass on millions to the next generation. You can start with a small amount, saved monthly and compounded over a very long time, such as 50 years. This can be put aside for the education of your grandchildren, or something else that is important to you.
If you decide to do this, you can place the money into a trust, or company, managed by others, and with a clearly documented constitution. It is important that the constitution, or principles, of this trust is known by all members of the family. Be crystal clear about what you hope the money you leave will achieve for your heirs. Transparency is extremely important. In fact, it is so important that Warren says the family should know the goals of the trust fund by heart.
Also remember that there are other legacies you can leave your children: wonderful childhood memories, a good education, soft skills such as resilience or resourcefulness and good personal financial management discipline. These are just as important. You may choose to spend time with your children above leaving them a financial legacy. Each family will make a different choice, but remember that as Ray Dalio says, “I learned that if you work hard and creatively, you can have just about anything you want, but not everything you want.”
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Advocate Monica Moodley joins us to give her perspective on wills. Everyone, at all stages of life, should have a will. If you die without a will, your estate which is defined as the assets (or debt) you own at time of your death, will be distributed in terms of the Intestate Succession Act.
Monica explains the requirements for a valid will, and when you should consider getting legal advice to create a will. If you have children, it is even more important to have an up to date will, that includes instructions for the child’s legal guardian.
Your marriage regime (whether you are married in or out of community of property and whether accrual is applied) has a significant impact on your will and estate. Also important to note is that retirement funds are treated differently from your estate, and are distributed according to the trustees decision. Monica explains what happens if you die with debt and the difference between a living will and a regular will.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
In this episode, The Finance Ghost joins us to talk about dividends. Dividends are paid when a company returns profits to its shareholders in the form of cash.
Any investment should experience capital growth over time, but could also earn the shareholder dividends. They can then be used as income, or you can reinvest them to accelerate the snowball effect of compound growth.
In this episode, The Finance Ghost answers these questions:
- What are dividends?
- Why do companies pay dividends?
- What kind of companies pay high dividends?
- What is a dividend yield and how do you calculate it?
- What role should dividends play in a personal investment strategy?
- Should you reinvest dividends for compound growth or withdraw them as an income?
- How do dividends from companies listed in an ETF work?
The Finance Ghost suggests you should look at a company’s dividend history and dividend history when making a decision. Paying good dividends signals to the market that the company is doing well.
Companies may choose to hold cash back if they are planning a big acquisition. However, during the global health pandemic, many companies chose to cut their dividends due to uncertainty over the future. Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Bonus episode! My final question to all guests on the podcast is “What is the one piece of financial advice you would like to pass on to your children?”
This episode is a compilation of all the advice from Family Finance Show guests in 2020. In this episode we look back on all the incredible guests we had on the show in 2020, but also look forward to 2021 and the family finance goals we may want to set for the new year.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Andrew Levy, co-founder of Umuzi and African Coding Network, challenges conventional wisdom on the importance of a university education in this sensational episode.
In a previous episode Warren Ingram discussed ways to save for a further education for your children whether that means a university education or something else. Traditionally university was the first choice for many people because a degree was meant to unlock a great career and start you on a path to high earnings. This is all changing as artificial intelligence adjusts the nature of jobs and companies are looking for very specific skills.
Andrew strongly advocates for the development of so-called “soft skills” such as passion, grit, determination. His important advice for parents is to allow your child to explore their own interests, and encourage their curiosity. Pay attention to what excites them.
There are advantages to getting a university education, such as networking opportunities, and being exposed to people from different backgrounds and ways of thinking. Some career paths also require a degree, such as an accountant or doctor. Academia is an important component of society but isn't the only choice facing newly graduated high school students.
Umuzi offers an alternative to higher education: a 12-month, paid training programme, that’s demand-driven, project based, Agile, and human-centred. Today, over 83% of Umuzi graduates are currently employed in high value jobs.
We also briefly touch on the role online courses, and remote learning, play in further education.
Resources mentioned by Andrew in the show:
- https://www.umuzi.org/
- https://www.globallearninglandscape.org/
- https://www.youtube.com/channel/UC1KmNKYC1l0stjctkGswl6g
- https://www.africancoding.network/
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
If there are two people that love going on holiday the most, it’s Warren Ingram and I! Unfortunately holidays don’t come free, so this episode deals with how to save for holidays. I am sure that almost everyone has a favourite childhood memory of a holiday taken with friends or family, or maybe even a school trip. Holidays make a huge impression on us, as children and as adults.
As Warren points out, spending money on shared experiences makes us happier than anything else we could spend money on. Family holidays are an important way to make memories and strengthen family bonds. Travel also enhances your child’s personal development and independence. For all these reasons, and more, family holidays are a worthwhile goal to save for. Warren offers these tips for savings for your dream family holiday:
- Make your older children part of the planning process.
- Decide which kind of holiday suits your family.
- Understand how much this holiday will cost.
- Set your joint savings goal, with the entire family, at the start of the year.
- Put aside money on a monthly basis, and track your progress against your goal. This may involve making sacrifices as a family, for example, eating less takeout.
- Save into a money market or mortgage account since this is a short term savings goal.
- Take your dream holiday when you reach your goal!
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
Kenneth Hadebe from Old Mutual joins us to talk about getting your children started with savings.
We put our heads together to come up with our 5 top tips, and they are:
- Talk to your children about money. Depending on their age you will need to use simpler or more complex language, but start as early as you can. Your aim is to make sure your children have a good relationship with money when they are adults.
- Open a bank account for your child. Having their own bank account is your child’s first step towards autonomy. Kenneth gives us an overview of the low cost Old Mutual Money Account which is ideal for children as it has low fees. As Kenneth emphasizes, experience is the best teacher when it comes to kids. Talking to your children about money alone is not enough, they will need practical experience in managing money. A bank account is an excellent way to do this. Instead of toys that are quickly forgotten, why not ask family members to deposit money into your child’s bank account on his or her birthday and at Christmas? Your child can then decide how much to spend and how much to save. There is even an opportunity for your child to start investing (and experiencing compound growth) through their Old Mutual Money Account.
- Save towards a joint family goal. You can choose a goal that the entire family is motivated to save for. Goals motivate us to achieve. By helping your children set goals and achieve them, they will have a better sense of how to handle their finances as an adult. You can model savings behaviour, by explaining to your children that you will forgo buying music, as an example, in order to reach your savings goal and contribute to the family savings pot. Remember to have fun while saving!
- Give your child an allowance or support them to find a safe holiday job or side hustle. By giving your children and income and allowing them to decide how to spend it, you can help them to understand the principle of budgeting. It is important to work together as a family and show your children that the money for their alliance comes from a specific budget and if there are not funds in that pot, they cannot get an allowance that month.
- Teach them about delayed gratification. By this we mean that they cannot expect immediate results from goals such as savings and investing. Sport is a good way to illustrate this. I did a lot of yoga during lockdown and wanted to do a good handstand. Doing a handstand is not easy, if you think you can do it in a few weeks, you will just give up. You have to be realistic about how hard you need to work on building strength, balance, technique and overcoming fear. It takes a lot of discipline too, much like saving does. My daughter wants to do a cartwheel and I am using this opportunity to teach her all about patience, hard work, realistic goals and delayed gratification.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
In this episode we deal with the thorny issue of finances and couple relationships. Financial problems are a common reason for divorce, and so it is important to deal with them openly and honestly.
Vangile Makwakwa, founder and CEO of Wealthy-Money.com, shares her experiences with money in her past relationships. She gives four guiding questions you can ask your partner:
- What are your 5 year goals?
- Do you have shared values and are you spending in accordance with those values?
- What is your propensity for risk taking?
- What are your income goals for the future?
Also make sure you understand what debt your partner is bringing into the relationship, especially if marriage is expected. We talk about issues that arise when people in a relationship come from different socioeconomic backgrounds and were brought up with different family values around money. We debate whether joint bank accounts are a good idea and discuss whether salary differences between partners should be an issue.
A regular Money Date check in can keep you and your partner in agreement on things like budget and expenses, major purchases and savings and investments.
In summary, work as a team on your finances and relationship and always be open and honest.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
In this episode Kate Bohm gives us a lesson in tax fundamentals. From why we pay tax, to how to reduce your tax bill, and tax benefits for families, she answers all the common tax questions. Nobody enthusiastically pays tax, but it is important to make sure you are fully compliant.
We discuss the two basic forms of income tax: PAYE and provisional tax. You may pay both, for example if you have a job where PAYE is deducted automatically, as well as income from a side hustle, where you pay provisional tax.
If you have investments, you pay tax on interest income, dividends and capital gains tax. It is a common misnomer that you are liable for capital gains tax on the annual growth of your assets, but Kate explains that you only pay Capital Gains Tax when you sell the asset. There is an exempt amount for both interest income and capital gains tax, and the calculations can get complicated. So, as always, it is really important to get help with your specific set of circumstances.
We also discuss circumstances that allow you to claim a tax rebate against a home office if you work from home, as well as tax incentives for individual or household savings such as pension or retirement annuity deductions and Tax Free Savings Accounts.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
https://podlink.to/FamilyFinanceShow
So many of us struggle to picture ourselves as retired. A future which is usually 10–25 years away is difficult to envision now, especially for those of us with young families and high monthly expenses. Warren Ingram describes a different way to view retirement that will help you motivate yourself to save for your retirement, and make sure it is a comfortable retirement. Warren suggests that we should imagine how our life would be if we didn’t have to work for an income. Picture the details of your life, such as where you are living and what you do each day. Once you have done this, you can figure out how much it would cost in today’s money to live this imaginary life. You then multiply your projected annual expenses by 25 to get to your savings goal.
This number might seem almost unattainable, but there are many tools to help you achieve your goal. Tax free savings accounts, low cost pension funds and retirement annuities and exchange traded funds are a few options.
Avoid a few common pitfalls along the way. For example, the worst possible thing you can do when changing jobs is to cash in your pension. This will be an enormous set back on your journey to retirement. In summary, find your own vision for life after retirement, and regularly remind yourself of this. It will help you to avoid falling back into bad spending habits.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
Subscribe on your favourite podcast platform:
- https://podlink.to/FamilyFinanceShow
If you have financial dependents, you must hear this episode. Priya Naicker joins us to talk about life insurance. Life insurance is an important part of any financial plan, mainly because you do not want to leave your family destitute or with creditors knocking on their door when you die.
Priya points out that even though you may not contribute an income to the family, you should consider life insurance because if you pass on, someone else will need to look after children and the household.
Priya gives us insight into how much life insurance you may need depending on a range of factors. To understand this number, and how inflation plays a role, you might need to speak to a financial advisor about your unique situation. If you have a clear understanding of your requirements, you can use online platforms such as the Old Mutual website to quickly and easily get a quote.
Remember that as your family and financial circumstances change it is very important to review your life insurance cover. You may be over or under covered. Also make sure to update the nominees on your life insurance should your circumstances change.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
Simon Brown, founder at Just One Lap, joins us in this insightful episode, focused on how to get started with buying shares. We start with the basics, such as what a share is and get into more complicated topics such as share valuation. The important takeaway from this episode is that unless you are spending a lot of time on research, buying a basket of shares, called an exchange traded fund (ETF), is the best kind of share to buy.
If you buy an ETF you mitigate the risk of buying shares in a company that goes bankrupt, or an industry that is in decline. When you “buy the market” by buying an ETF, you will get average market returns over the long run. Average returns on the Johannesburg Stock Exchange are inflation beating and, when compounded over many years can lead to substantial capital growth. There are many different ETFs you can buy, both locally and overseas. Before buying a stock it is important to do your research to understand what you are buying, and to choose a stock with the lowest possible fees. The worst thing to do is to buy a stock based on advice from a friend at a braai, or even the financial media. You need to do thorough research. An excellent resource on buying shares can be found at Simon’s website: justonelap.com.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals. The views expressed by the contributor are his or her own (as an independently registered financial services provider, financial adviser or other independent capacity), and not necessarily endorsed by Old Mutual (as a separate financial services provider).
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In South Africa, we live in one of the most unequal societies in the world. If you earn an income, live in a house and drive a car, you are one of the lucky few. For millions of South Africa, survival is a struggle. If you can, it is important to give back to society.
In this episode, Lindsay Henson, Executive Director for Lawyers against Abuse (LvA) gives tips on how to give money to charity for impact. We discuss choosing a cause that you are passionate about, setting up regular donations, and donating services or goods in place of money.
We also discuss the important work LvA does to support victims of Gender Based Violence. LvA has a unique, effective integrated approach where they work with local police, magistrates and other parties to get justice for victims, while at the same time providing emotional support and psychological counselling for victims.
Resources mentioned in the show:
- https://www.lva.org.za/
- https://www.forgood.co.za/
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals.Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website: www.familyfinanceshow.com
In this episode Warren Ingram explains how to take control of your finances and become your own financial advisor.
Warren talks about 3 simple steps to getting started. The first is to have a game plan for your money. This can be as long or as short as you like, but it should lay out what goals you have in life, what financial resources you need to attain these goals and what steps you need to take to get there. Step 2 is a debt plan. Understand your debts and have a plan to get out of debt. This is the hardest part for most people and can take many years. The final step is to start building up your investments.
Part of step 1 is knowing what your savings ratio is. Warren gives a range of percentages, depending on how fast you plan to achieve financial freedom. If you plan to work until you are 65 or older, your savings ratio can be smaller.
Another important aspect of your family financial plan is insurance. Life, health and car insurance are the important ones. The last part is to have a will. Everyone should have a will, no matter what your financial position is. If there is one thing you do today, let it be this.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals.Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
A good budgeting app can help you to classify your expenses, change your habits and avoid expensive debt, therefore allowing you to save for the important things in life.
This week our guest is Jikku Joseph, the Managing Director of 22Seven, a free budgeting app. The biggest benefit of using an app rather than a manual spreadsheet is that it saves so much time because most spend items are automatically categorised. You can then clearly see where your money is going each month and can make changes if necessary.
One of the biggest expenses for a family is having a baby. There are the medical bills, nursery furniture, formula and bottles (if you go that route), diapers, vaccines and child care if both parents plan to go back to work after their baby is born. It is important to plan for these immediate new expenses and also plan for big expenses, such as education, as your child grows older. Good budgeting practices will help you do this.
There are plenty of ways to reduce the initial budget, such as buying second hand equipment. Remember that, instead of buying, for example, the top of the range pram, which has very little value to your child, rather think long term and the value you can provide to your child as he or she grows older.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals.
Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
Website:
- www.familyfinanceshow.com
Ulrich Roux, an attorney and the Managing Director of Ulrich Roux & Associates, joins us to explain why a marriage contract is important and what your options are. Often people who are planning to get married think that they will never get divorced and don’t enter into a prenuptial contract, but this has big implications for your finances should your marriage end. Nobody knows what the future will hold, and to ensure that you and any children from the marriage are sufficiently looked after, it is important to consider a marriage contract.
Ulrich suggests that getting married out of community of property with accrual applied is the most fair regime, but it is important to get advice specific to your own situation. We also cover cohabitation agreements which can be used in the case where people in a long term relationship have no intention to get married.
These can also be used for customary marriages that are not recognised as a civil union and where civil law is not applicable.
Disclaimer: This is a general legal discussion. Remember to always seek legal advice tailored to your circumstances.
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- @FamFinanceShow
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- www.familyfinanceshow.com
Dr Daniel Crosby, author and Chief Behavioral Officer at Brinker Capital in the USA talks about psychology and why it can sometimes be a major impediment to successful investing.
He describes how the rules for investing, similar to the rules for maintaining a healthy body weight, are very simple to understand but hard to stick to. Daniel highlights a few rules from his book The Laws of Wealth and reminds us how powerful our emotions are and how they drive our decision making much more strongly than data do.
We discuss research that shows that forgetfulness makes exceptional investors. One of the most important things you can do when it comes to investing is to do nothing. This is hard to do since most of us have an action bias.
We end with some tips on making good financial decisions, the three E’s. As Nick Murray said, “Wealth isn't primarily determined by investment performance, but by investor behavior.”
Join us on twitter for real conversations about family finances:
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In this episode we invite Gaby James, a philosopher from the University of Cape Town, to talk to us about why it is that money doesn’t make us happy.
In South Africa, with so many people living in poverty, an increase in income to take care of basic needs is obviously beneficial, but after a certain level of income, increased wealth doesn’t lead to increased happiness. Unhappy billionaires exist.
Philosophy asks us to critically examine our lives and critically ask ourselves questions such as, “is this good for me, does it make me happy, what is happiness?” Gaby talks about a few models for happiness, including whether happiness means to experience only pleasure, or whether it is to live a meaningful existence?
Perhaps it is having the freedom to self determine, and live an authentic existence? These are questions we all need to answer for ourselves. One thing is certain, money can't provide meaning on its own.
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- @FamFinanceShow
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- www.familyfinanceshow.com
Thomas Brennan, CEO and co-founder of Franc, tells us why low fees are so important. When considering any kind of investment, it makes sense to use only those with the lowest fees.
Compound growth is accelerated by paying the lowest fees possible. TER, or total expense ratio, is a good way to compare the fees of different investments.
Diana did a fee audit on her Johannesburg Stock Exchange ETF (Exchange Traded Fund) portfolio and reports back on the fees she pays on each share she owns.
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You’ve paid off your debt, have an emergency fund saved and are ready to start investing, but how do you get started? This episode is all about just that - getting started with investing - taking that first step and sticking to it so that the full effect of compound growth can kick in.
The end goal of investing is passive income - the lazy way to make money by just leaving your capital to grow. Esther Mukumbo explains how she started with R500 to invest and she explains her 3 step process to investing.
We also cover opening a brokerage account, investment strategies and how they change over time, asset classes, and most importantly to never give up!
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- @FamFinanceShow
- @DianaGranoux
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- www.familyfinanceshow.com
Warren Ingram answers questions from The Family Finance Show listeners:
- How can we invest in ethical companies?
- What is ESG (Environmental, Social, Governance) investing?
- What should you do with your pension if you emigrate?
- Any suggestions on budgeting apps to use?
All these answers and more in this episode.
Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
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- www.familyfinanceshow.com
Sam Beckbessigner is back on the show to talk about her new book aimed at 11-15 year old readers, “Manage your money like a grown up for Teens.”
Sam and Diana discuss allowances, earning money through safe side hustles, teaching children how to make choices and how to delay gratification. Sam has plenty of tips and tools for parents who want to help their children learn about money.
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Lisa Linfield, author, CEO, podcast host and mother to three, guides us through the financial side of divorce. What you should think about when dividing your joint assets to avoid wealth destruction, how to agree on maintenance costs after the divorce and how to learn to manage your finances on your own, if your partner took care of family finances before the divorce. Lisa also has important advice for people in domestic violence situations.
Lisa has written two excellent guides to the financial side of divorce, well worth reading even if you are not planning to get divorced:
Negotiating a settlement: https://workingwomenswealth.com/money-and-divorce-negotiating-a-settlement/
What to do after the settlement has been agreed:
https://workingwomenswealth.com/divorce-money-settlement-agreed/
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- @FamFinanceShow
- @DianaGranoux
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- www.familyfinanceshow.com
Every parent wants to give their child the best education possible because they believe a good education is the best start in life you can possibly give.
While a good education is certainly important, parents often make the mistake of thinking a more expensive school is a better one. There are so many well priced options for South Africans like Nova Pioneer and Spark schools.
Beside schooling, there is so much you can teach your children through active parenting and being very deliberate about teaching your children certain values and behaviours. This is often more beneficial over the long run than a very expensive education at a top school. Warren and Diana discuss schooling options for parents.
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In this episode Diana talks to Sam Beckbessigner about their favourite subject, compound growth. Sam uses three stories to simply explain what compound growth is and why you should care about it. Einstein famously said, “Compound interest is the 8th wonder of the world. He who understands it, earns it; he who doesn't, pays it.”
Take care to invest your money where it gets the best growth, and where you pay the lowest fees possible, and just let time work its magic. Stay motivated to save and invest by regularly listening to this podcast.
Sam’s book, “How to manage your money like a fucking grownup” contains everything you need to know about managing your money, explained in simple language and in an entertaining way. If you haven't read it, please do!
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- @FamFinanceShow
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- www.familyfinanceshow.com
Budgeting could be the most boring topic on earth, but without a budget, your finances will forever control you, rather than the other way around. In this episode Diana talks to Jennifer Anderson about how she sets, spends and reviews her budget, how she prioritises spend items and how she and her husband balance needs and wants (luxuries).
The point of doing a budget is to have a surplus at the end of the month and Jennifer explains how she and her husband invest the surplus differently.
Join us on twitter for real conversations about family finances:
- @FamFinanceShow
- @DianaGranoux
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- www.familyfinanceshow.com
A summary of the first 9 episodes. From income (losing your income, or starting a business) to expenses (buying a house, “black tax” and educating children) to saving and investing for tertiary education. No time to listen to all 9 episodes? Just listen to this one :)
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- www.familyfinanceshow.com
We all want the best for our children, and more and more this means paying for their tertiary studies. A good place to start is to know your savings goal. Do you want to send your child to a local or overseas university, or do they want to learn a trade, and how much will this cost?
Once you know your goals, it’s time to start saving, and the longer you have the better. Warren gives tips on how to invest the money you save so that it can grow, faster than inflation.
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- @FamFinanceShow
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Shannon tells us how, as a new mother, she created Ubuntu Baba to solve a problem and how she grew the business and fought a battle with Woolworths. She also has excellent advice for parents on what to buy and what not to buy when expecting your first child.
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- www.familyfinanceshow.com
Supporting your relatives financially can be a burden on your own finances. Xolani Sithole explains how to take care of your loved ones and also secure your own financial future. He reminds us that the reason for “black tax” is to “flatten the poverty curve”, and not to provide your family with all the luxuries they may want.
Xolani has practical advice about how to make your dependents eventually independent, and how to hold regular “budget meetings” with all your dependents to make sure their support is adjusted as their and your circumstances change.
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- @FamFinanceShow
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- www.familyfinanceshow.com
Warren Ingram answers questions from The Family Finance Show listeners. Should you pay off debt or stash your cash in the current market conditions? Should you invest locally or overseas? How should you save for your children's university education? All these answers and more in this episode.
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An interview with Aisha Pandor, who recently won the Forbes Woman Africa Technology and Innovation Award, on how she started a successful business together with her husband.
Aisha is a mom of three, holds a PhD in genetics and is CEO of Sweep South, a technology platform that connects domestic cleaners and tradespeople with people needing their services.
Aisha describes how she and her husband sold everything to fund their business, and how it has grown, along with her family. She shares insights into how she coped with the financial insecurity that comes from starting a business and on what it is like to work closely with her spouse. The financial advice she wants to pass on to her children is what this podcast is all about - compound interest!
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- www.familyfinanceshow.com
Diana interviews homeschooler, Bronwyn. Her daughter was one of the first children to be homeschooled in South Africa and she is currently homeschooling her son.
They discuss costs and other considerations for homeschooling, such as socialisation for your children. It is not the right option for everyone, but it may be a great option for your family.
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- www.familyfinanceshow.com
Warren and Diana discuss buying a family home. They cover how much of the family income goes towards paying off a mortgage, some of the biggest mistakes people make and whether renting for longer is better. Your primary residence should not be considered an investment, but rather an expense, and Warren explains why.
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Clinical psychologist, Jeanine Lamusse, explains how the impact of loss of income affects all parts of your life, but especially affects partner and family relationships.
This is a very stressful situation and depending on whether you’ve had to cope with something like this before, can bring on survival coping mechanisms. If you're in this situation now, or in the future, it is important to communicate openly and honestly with your partner, using facts. This will help to build trust.
Jeanine advises keeping your explanation simple and to avoid shaming them, or making them feel it is their fault.
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Understanding what Financial Freedom means to your family and how you can achieve it. A conversation with award-winning financial planner and author, Warren Ingram.
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