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Deceivery Life

Deceivery Life

I just received an invitation to the Discovery Life financial planning summit…on opening the invitation I noticed a few things: The invite is for a financial planning summit The agenda is dominated by sales techniques – sure there are some other topics thrown into the mix but it appears that the main motive is to make better (more proficient) sales people who can sell more products as a result. This is not financial planning. 2 of the...

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(10) Dumb ways to die (financially)

A year or so ago my kids introduced me to a very cute you tube clip, “Dumb Ways to Die” which was a public service campaign to promote rail safety in Melbourne, Australia. It quickly went viral – you can watch the clip here https://www.youtube.com/watch?v=IJNR2EpS0jw For some reason I found myself humming the tune while I was on my way to work recently and while I was driving my focus turned to dumb things people do,...

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TFSA’s – a better way?

TFSA’s – a better way?

There seems to be quite a bit of activity around the new TFSA accounts and yet it seems to be by all the “wrong” people. By this I mean that the people who seem to be getting excited are not the actual intended beneficiaries…we seem to be forgetting that the TFSA accounts are intended to encourage “non-savers” to save. I’ve thought about it quite a bit and perhaps there is scope for more creativity on...

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A very real problem with an “ubuntu” solution

A very real problem with an “ubuntu” solution

Got an email from a client whose domestic worker has ±R50k saved in a unit trust fund and who wants to know if her (minor) kids would be able to get the funds if she dies. The short answer is no, but this is not helpful. Not only would the kids (nor anyone else for that matter) not be able to repurchase the funds (they cant sign on her account) but they would also not be able to receive the proceeds of her estate as they are still minors....

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TFSA’s – a response!

TFSA’s  –  a response!

I wrote the piece below towards the end of Feb just after the regulation around TFSA’s was announced* and at the time that OM (life) announced the launch of their offering. I took the information directly from their website and then got contacted by someone from OM about my information being incorrect…my response to this is that one of the main criteria of the TFSA is that “products qualifying as tax free savings and...

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Tax-free savings accounts – another half-baked offering!

Tax-free savings accounts – another half-baked offering!

I was recently interviewed on radio about the new tax-free savings accounts (TFSA) that are being introduced on 1 March 2015. Any attempts to encourage savings in a country where household debt levels hover around 80% needs to be applauded and encouraged but as I prepared for the session I found it increasingly difficult to be positive about the accounts. So call me grumpy if you want but I am really not excited about the new...

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Is anyone at treasury thinking?

Is anyone at treasury thinking?

I just did a significant RA top-up for a client – this is money that will be invested in SA funds and will stay in South Africa (apart from the 25% offshore allocation) and that will one day be used to provide an income which will once again be largely spent in the SA economy. Crazily, as of next year, the contribution (for tax relief) on retirement funds will be capped at R350000! I know that the average person will not reach this cap...

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