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One of the biggest questions about retirement is when to start saving. The idea to start saving for something 40 years in the future can be hard when you’re early in your career, sitting with a student loan and earning a small salary. Even though you might be in your early 20s and retirement may seem a long way off, it’s vital to start sooner rather than later. In conjunction with having youth on your side, you also have time on your side, which means your money can grow over a longer period.

Why start early?

Here are three reasons why you shouldn’t delay retirement…


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According to BankservAfrica, R6 billion was spent on Black Friday in 2019. With the lockdown leading to the creation of a larger e-commerce market, sales are expected to be even higher this year, since it will now be easier for South Africans to fill up their carts. However, with the financial consequences of the pandemic still looming for most, it’s important to keep these tips in mind when going on that Black Friday shopping spree.

Spend only what you have

We’ve had a tough year and with the festive season coming up and a long stretch before payday in January, it’s definitely best to avoid creating debt. If that all too familiar ‘’treat-yo-self’’ voice speaks to you while you’re shopping, you don’t have to ignore it — but you do need to control it. Don’t borrow money, use your credit card or dip into your emergency fund to make Black Friday purchases. Spending money and stimulating the economy isn’t a bad thing — but it will be bad for your wallet if you’re spending money you don’t have. …


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If you’re paid a salary each month, it may feel like receiving income and paying tax are automated tasks. Any monthly tax deductions as well as contributions to company benefit plans might seem like values you don’t have any control over. However, you most likely have a rough idea of your income and expenses, which means you don’t have to be caught off guard by tax responsibilities at the end of the tax year. To set yourself up for success, all it takes is some planning around ways to lower your tax bill.

In a challenging year like 2020, it’s important to consider the various opportunities to invest tax-efficiently as we approach the end of the tax year in February. We’ve put together a few of the most common options to consider if you have money available for investing. …


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The recent US presidential race has been dubbed a moment in history where the rest of the world grabbed a box of popcorn and watched the election results coming in closer than expected. The saying ‘”when America sneezes, the World catches a cold” has seldom been more relevant than in the last few months. The COVID-related disruption to the US economy and the election of the new president will impact the rest of the world, be it for good or bad.

As part of the global economy, the South African market won’t be exempt from the impacts of events in the US over the last month. …


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Being a successful investor over the long term is actually fairly simple, anyone can do it!

The key is to do as little as possible — which doesn’t actually sound like good advice, but hear us out.

Fidelity, a large asset manager in the US, has done a study to find out which accounts had performed the best.

What accounts do you think they were? — maybe accounts fully invested in technology, a day trader’s accounts or maybe it was an account being managed by a world-famous professional money manager. Well, it was none of these.

What did they find?

The accounts that had done the best were the accounts belonging to people who had forgotten they had an account at Fidelity. They hadn’t touched their investments for years. They took doing as little as possible to the extreme. The reason for their incredible performance is that compound interest was allowed to work over the long term. …


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Financial freedom has become a buzzword made popular by Youtubers, writers and bloggers. Many of us have the goal to be financially free, but far fewer actually attain that goal. One of the reasons for this is that we say we want to be financially free, but have no idea what that actually means, or why we want it.

Find your why

The traditional meaning of financial freedom is the ability to cover your expenses with an income that you don’t actively work for. …


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Did you know there are different money personalities? Ever wondered what yours is and what it means for your bank account? Over the next few weeks, we’re rolling out a series of Slice articles on different money personas to help you identify your type and learn more about what the pros and cons of each personality are. This week we’re diving into the Avoider persona.

The Avoider

Avoiders often ignore anything that has to do with their money and spending habits, which in most cases leads to debt piling up. This is mainly due to them feeling overwhelmed by financial terms, ideas, habits etc. These are the personality types that don’t keep tabs on the where, what and how of their money and are firm believers in “see no evil, hear no evil.”

Are you an Avoider?

Do you often close your eyes and just hope everything in your bank account will work out for the best? Waiting until the last minute to do your taxes, bills piling up, often having to borrow money, and avoiding any form of financial statement are all key indicators of an Avoider. Avoiders are often shy of making any decisions about their finances and become uncomfortable when discussing money as well. …


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Did you know there are different money personalities? Ever wondered what yours is and what it means for your bank account? Over the next few weeks, we’re rolling out a series of Slice articles on different money personas to help you identify your type and learn more about what the pros and cons of each personality are. This week we’re diving into the Big Spender persona.

The Big Spender

The Big Spender is all about living in the moment, making purchases for personal satisfaction and is a firm believer in ‘treat yo’self.’

Are you a Big Spender?

If your purchases are often guided by gut and you find yourself looking out for the latest craze, then you might be a Big Spender. Big Spenders often find personal satisfaction in purchasing the latest gadgets and gifting expensive items, but don’t necessarily blow all their cash. When they invest, they tend to choose riskier funds. …


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For the past couple of weeks, we’ve been rolling out a series of Slice articles on different money personas to help you identify your type and learn more about what the pros and cons of each personality are. This week we’re ending the series with the Money Boss.

The Money Boss

The Money Boss is what you get when you throw all the pros of the previous money personalities together and you end up with a well-rounded, money-wise individual that bosses their money like a pro.

Are you a Money Boss?

Are you aware of how much goes in and out of your wallet, what you spend your money on and exactly what your expenses are? Are you aware of your strengths and weaknesses? Do you have a rainy day fund, an old-age fund, and some savings or investment funds? Do you have clear financial goals and keep them in mind whenever you purchase, save, move, or manage your moola? If so, then you, my friend, are a Money Boss. …


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For many South Africans, the payment holiday offered by credit providers during the three-month period from April to June 2020 came as a great relief. In a recent survey by the debt counselling firm, DebtBusters, a rather grim picture of the consequences of the payment holiday was painted. Payment holidays were an effective short-term solution, but it came at a cost as interest continued accumulating on the debt owed.

South Africans who took advantage of the three month repayment holidays on bond repayments, vehicle finance and personal loans, will now have to pay an extra R30,100 on average. This is on top of their existing debt. To add to the bleak situation, 91% of consumers who suspended their payments on vehicle finance and personal loans are still unsure if they will be able to pay their loans and bills. …

About

22seven

Thoughts, observations and insights. About money, life and 22seven. Visit 22seven.com

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