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Ready to unravel the mysteries of the proposed two-pot system launching in March 2024? We've got you covered in this episode as we dissect how this new system could shift the landscape of private pensions and retirement annuities. We take a magnifying glass to the "three-pot system", breaking down the intricate roles of the vested pot, the two-thirds, and the savings component that you can tap into before retirement. We also examine the restrictions when it comes to accessing the savings part and the process of adding seed capital.

Transitioning into the broader implications of this novel system, we shed light on the potential benefits for those grappling with financial constraints.  This episode offers comprehensive information on retirement planning, financial preservation, and the upcoming changes that could influence your financial future. Tune in and arm yourself with this indispensable knowledge!

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Have you ever considered the potential of insuring your greatest asset - your capacity to earn? Don't gloss over this episode of Know Your Money where we navigate the underappreciated subject of insurance, particularly for young adults in their 20s. We shine a lens on the fundamental role of insurance in securing your financial future, emphasizing not just life cover, but the critical importance of loss of income protection, severe illness, and disability insurance. We chat about the variables that impact insurance expenses and ponder why car insurance often trumps life cover in priority.

Brace yourself for some essential takeaways as we stress the indispensability of obtaining astute financial advice and preparing for unforeseen events like income loss, critical illness, or even death. We muse over the benefits of introducing your children to financial planning at an early age and tackle the tendency of most people to be short-term in their insurance thinking, prioritizing immediate needs like car insurance or health cover. Challenging this mindset, we underscore the long-term significance of insuring your income and health. This episode promises a wealth of knowledge, and a fresh outlook on insurance you won't want to miss!

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Ever wondered why severe illness cover and capital disability cover are crucial financial tools to safeguard your future? Let's dig deeper. In this enlightening conversation, we, Craig and Warren, along with our guest, throw light on how these two types of covers can offer financial aid during trying times of severe illness or disability. We discuss their working, what they cover, and the significant differences between them. We hope that our insights will help you maintain your financial stability in the face of life-altering health challenges.

The conversation doesn't stop there. In the latter half of our chat, we emphasize the necessity of regularly servicing and upgrading your severe illness cover policy to stay updated with industry changes. We also elaborate on income protection and its difference from severe illness cover. The punchline? Everyone, regardless of age, should consider obtaining severe illness cover. So, tune in and equip yourself with knowledge about these financial tools and learn how they can secure your financial future during challenging times.

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Ever wonder why we make the financial choices we do? This week, we're taking a deep dive into the fascinating psychology behind our financial decisions. Unraveling the complex web of cognitive, emotional, and social factors that come into play, we shed light on why each of us perceives and manages money in unique ways. From the emotional rollercoaster that often accompanies spending, to the peer pressure of 'keeping up with the Joneses,' we explore how these elements can significantly sway our financial decisions.

The second half of our conversation takes a closer look at how our money decisions are influenced by our cognitive, emotional, and social environments. With a deeper comprehension of the origins of our financial decisions, we can position ourselves to steer towards healthier monetary habits. The conversation even steers towards the intriguing dynamics of splitting bills amongst peers, a common but often vexing situation. If you've ever wanted to better understand your financial behavior or are seeking ways to improve your financial wellbeing, this episode has got you covered. Tune in, gain insights, and start your journey towards a healthier financial future.

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Are you puzzled by the jargon of living annuities and how they work? Then you've landed on the right episode. We're joined by our expert guest, Craig, who will guide us through the maze of retirement annuities, or RAs, and how they mature into a living annuity. With Craig's expert insights, we demystify this complex financial concept, discussing how to select a pension payout that aligns with your financial needs, and the intricate process of managing your living annuity. 

But that's not all, we also go deep into the topic of beneficiaries and estate duties as they relate to living annuities. We clarify how you can designate multiple beneficiaries, and under what circumstances your living annuity might be subject to estate duty. Plus, we touch on the possibility of a living annuity payout before retirement and the tax implications that come with it. With Craig's insightful advice, you'll gain a better understanding of how to effectively manage your living annuity, ensuring its longevity. Remember, mastering your money is a journey, and we're here to guide you every step of the way. Tune in and join us on this financial enlightenment adventure!

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Ever been hit with a hefty bill after medical treatment, despite being on medical aid? Ever wondered what "gap cover" really means for your finances? As your hosts, we unravel the often confusing concept of gap cover and how it relates to your medical aid plan. We shed light on the intricacies of gap cover, explaining how it steps in to save the day when your medical aid falls short, sparing you from hefty bills after medical procedures. We also delve into the limitations and benefits of gap cover and discuss its variability across different plans.

This episode is chock-full of practical advice, from tactics to maximize your cover while minimizing shortfalls, to comprehending the implications of network and non-network hospitals. We share real-life experiences with clients who have been caught off-guard by large doctor's bills, reiterating the importance of being on the apt medical aid plan and having adequate gap cover. Don't let your hard-earned money slip through the gaps. Tune in for invaluable insights that'll help you manage your money better and make informed financial decisions. We hope to make the path clearer for you to successfully navigate the labyrinth of medical aid and gap cover.

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What happens to your money and your children when you die without a will? On today's episode of Know Your Money, we tackle this heavy topic, debunking the myth that the government will take all your money if you don't have a will and explaining how the law of intestate succession works to ensure that your assets go to the right people. We also discuss the importance of nominating a guardian for your children, the role of the Guardians Fund, and the impact of marital status on the division of your estate.

Don't miss this crucial conversation that could save your loved ones from unnecessary stress and complications in the future. We highlight the value of having a properly drafted will and a testamentary trust in place, which can provide a more efficient and secure way of managing your assets for your loved ones after your passing. Listen in as we break down the complex process of dealing with an estate without a will and the potential consequences for your family.

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Are you tired of feeling overwhelmed and stressed about your finances? We've been there too! That's why we're sharing our personal experiences with money mindset changes and how understanding ourselves and reflecting on our habits can help improve our relationship with money. It's time to see the power of making small changes, like replacing "should" with "could," and how getting uncomfortable with change can help us grow and learn more about ourselves.

Together, let's transform our financial futures by gaining a better understanding of our mindset and habits when it comes to making financial decisions. In this eye-opening conversation, we will explore the importance of shifting our perspective to develop a more positive outlook on our financial situation. No matter if you're looking to lose weight or improve your money management skills, our insights and tips will guide you on how to take the first steps towards change. Don't miss this opportunity to revolutionize your relationship with money and create a brighter financial future!

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Do you ever feel like there's never enough money, or perhaps just enough to get by? What if we told you that exploring your money mindset can lead to a more balanced and fulfilling financial life? In this thought-provoking episode, we discuss the three common money mindsets: never enough, just enough, and more than enough. We share our personal experiences and insights on how these mindsets can shape our happiness and financial decisions.

We also dive into the importance of values and goalposts in determining our mindset and happiness. Discover practical exercises to help you reflect on your own money mindset and find a balance that works for you. Don't miss this conversation about the psychology of money and its impact on our financial choices and overall well-being!

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Please subscribe to our podcast or have a look at our website
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Support the show

Please subscribe to our podcast or have a look at our website
www.growthfp.co.za