Know Your Money with Bronwyn Waner and Craig Finch

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What is a Ponzi scheme and how can you avoid this scam. It can be described as robbing Peter to pay Paul.

If it sounds too good to be true, then it is!

We discuss what warning signs to look out for.

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In this episode we discuss the different elements of money and how certain elements may be blocked or more difficult for you to manage. Our relationship with ourselves impacts our relationship with money.

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Do you know what interest rate you are being charged on your credit card? Most people don’t know.

We tend to see the credit card limit as our money and an emergency fund, and we don’t see how this impacts our future self.

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In this episode we explain how your money is taxed in a bank savings or a money market account. 
The amount you can hold in a bank savings, or a money market account without paying tax will depend on:

1.Your interest exemption bracket.( Under 65 years of age is R23 800 over 65 years of age is R34 500).

2.The interest you earn.

To calculate the the value of the investment until you pay tax, please apply the formula below.
Interest exemption / funds interest rate = Maximum amount before you will start paying tax.
e.g., R23 800 / 6,45% = R368 992.

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If you have a mental block about analysing your budget, we suggest that you implement a system of ‘financial buckets’ to assist with setting boundaries. 

When using buckets, you divide assets into separate buckets based on periods of time. Those time horizons and the number of buckets can be flexible.

By putting boundaries in place, you become accountable in the moment rather than after the fact.  This truly helps with the psychology of managing your money.

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Money is an energy it constantly needs to flow. You need to be a part of redirecting the flow when certain debit orders stop.

If you can do this, you can redirect the funds your budget has been used to paying into new goals.

Do you know when your debit orders/subscriptions are coming to an end?

Take note and move these debit orders to savings goals.

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If you add additional contributions to your Access bond what effect does this have on your overall home loan.

Is an Access bond a good or a bad thing?

This depends on how you use it and how disciplined you are.

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Purchasing a home can be over whelming.

The interest you pay and how long you pay it dramatically impacts the overall cost of your home.

Paying it off quicker or increasing your monthly payments can reduce these costs.

You need to think of the costs over the long term not just today.

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“Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn't … pays it.” Albert Einstein

Compound interest is like a snowball at the top of a mountain, the longer the mountain the bigger the snowball will be at the end.

We hope this episode helps you to understand compound interest a little bit better, so you can manage your money.

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Understanding how you talk to yourself about money can help you shift your relationship with money.
Our inner voice creates our belief system and sometimes we don’t even realise what our inner voice is saying.
In this episode we discuss who your inner voice is and how you can shift this to positive inner conversations.

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