The Woman & Finance Podcast

Send us a text

In this episode, we dive into the world of retirement planning with Johann Steyn, a certified financial planner at Rainmaker Bluestar by Sanlam. As retirement draws near, having a well-thought-out financial strategy becomes more crucial than ever. It’s not just about understanding where you stand financially but also knowing how to make the most of your tax options. Johann shares valuable insights on getting retirement-ready, whether you’re five years away or just one. He stresses the importance of setting realistic goals, understanding the legislative landscape, and assessing the purchasing power of your hard-earned money.

One of the standout conversations is about creating a solid retirement budget and the need to clear your debts before retiring. Johann also breaks down the significance of knowing your expenses and preparing for what it might take if you dream of early retirement. We address some common misconceptions, like the difference between taking a lump sum or an ongoing income and how your life expectancy plays a major role.

We also explore various retirement products, including living annuities and life annuities, and discuss when each might be the best fit. Johann sheds light on the advantages and risks, from market volatility to the idea of a hybrid approach, while emphasizing the importance of keeping a medical scheme in place, especially given the rising inflation of healthcare costs.

And of course, we touch on how tax-free savings accounts can complement your retirement plan. Johann shares how these accounts can be a smart way to provide tax-free income later on.

Tune in for this comprehensive discussion on retirement planning and get equipped with the knowledge to secure your dignity and independence during your golden years!

Send us a text

In the last two episodes, we explored saving and investing for goals we aim to achieve during our working years. However, there comes a time when we want to relax and retire, or at least have the option to choose whether to keep working or not.

One of the major challenges with retirement funding is that people are living well beyond the traditional retirement age. Many companies set retirement at 60, yet with life expectancy nearing 90 years, that leaves us with around 30 years of retirement to fund.

There are really only two ways to address this: either start saving 18% of your salary from your very first paycheck, or delay retirement until 65. Even in that case, saving at least 15% of your income from the age of 25 is necessary to retire comfortably. Many people still find they need to supplement their retirement income, and in the next episode, we'll dive deeper into retirement strategies. In this episode, however, we discuss “how much is enough,” the importance of paying off debt before retirement, how to invest for retirement, and the different investment products available.

We also cover the introduction of the Two Pot retirement system and its impact on retirement planning outcomes.

Send us a text

In our last episode, we focused on saving for those shorter-term goals, but today we’re diving into those medium to longer-term ones—like funding your child’s university education in 10 years, leaving a financial legacy, or maybe even starting your own business. So, how do you begin?

We kick off by emphasizing the importance of setting clear and realistic financial goals. We provide a real-world example of how to calculate future education costs, demonstrating how inflation can dramatically increase the amount you need to save over time.

One of the key lessons in this episode is understanding the difference between interest and growth. While interest is a guaranteed return you get from a bank, growth comes from investing in assets that increase in value over time. We talk about how unit trusts and ETFs are great tools for growing your capital.

We also spend a good portion of the episode discussing tax-free savings accounts (TFSAs). Since their introduction in 2015, TFSAs have been an excellent tax-efficient way to save and invest. We highlight how they can be a smart choice for long-term goals like saving for your child’s education or even adding to your retirement pot. It’s important to view them as long-term investment vehicles, not just regular savings accounts.

We also explore the idea of investing offshore, showing how you can access global markets through local funds that invest abroad. For those looking to diversify and build assets outside of South Africa, local companies offering offshore investment products are a good place to start.

Lastly, we caution against using endowment products for education savings. These often come with high fees and tax complexities that aren’t always in the investor's best interest. Instead, we advocate for simple, low-cost options like TFSAs and unit trusts.

Send us a text

In this episode, we guide listeners on breaking free from debt reliance by establishing a solid savings plan. We explore the importance of saving, what goals to aim for, and the necessity of an emergency fund—why it’s crucial and how to create one. Contrary to common belief, a credit card should not be mistaken for an emergency fund!

We share practical tips for building an emergency fund and discuss the advantages of having a financial safety net for unexpected expenses. We also review the different types of accounts suitable for emergency savings and consider whether incorporating your mortgage as part of your financial buffer is a good idea.

Additionally, we provide insights on how to save for school fees and daily school-related expenses, as well as how to support your parents in building a home without accumulating debt.

By planning and saving for these costs in advance, you can avoid the pressure of last-minute financial emergencies.

#podcast #savings #investing

Send us a text

In this video, Dr. Lekalakala takes us through her inspiring journey to becoming a homeowner. From unexpected shocks to costly mistakes, she shares the highs and lows of the process, what she wishes she knew before starting, and the valuable lessons she's learned along the way. Whether you're a first-time homebuyer or just curious about the realities of owning a home, this conversation is packed with practical advice and real-life insights. Don't forget to like, comment, and subscribe for more content on personal finance and empowering money stories!

Watch the episode here: https://youtu.be/EWyT7NhqDA0?si=SS6bklrCMo3WaVB-

Send us a text

In our previous episode, we discussed life and risk cover—insurance that provides financial support if our health takes a turn or in the event of our passing. Equally important is health insurance, which helps cover medical expenses, not just for doctor visits but also for hospital stays or chronic treatments. Unfortunately, in South Africa, relying solely on government health services isn’t always an option, so many people turn to private healthcare, making health cover essential.

In this podcast, we’re joined by Mbali Khumalo from Simeka Health, who will guide us in choosing the best medical options to suit our needs. We’ll break down the jargon and clarify the concepts of hospital plans, comprehensive medical scheme cover, gap cover, and medical insurance. We’ll explore the costs and benefits of each, helping you understand what makes the most financial sense.

Send us a text

🎙️ In Episode 6 of the Santam Insure Your Future Money Bootcamp, Maya and I are joined by Johann Steyn, a certified financial planner at Rainmaker BlueStar by Sanlam. We dive deep into the complexities of life cover—what it means, why it matters, and how to make the best choices for your financial future.

#moneybootcamp #podcast

Send us a text

In this episode, we address the challenge of managing overwhelming debt, particularly as interest rates and inflation continue to rise. With many people finding it difficult to keep up with their debt payments, we're here to provide practical advice and strategies to help you take back control of your finances. We'll cover topics like the snowball method, how to negotiate with your creditors, and the benefits and drawbacks of debt consolidation. We’ll also explain what debt review entails, how it operates, and the key things to watch out for. By making small adjustments and redirecting your funds, you can make significant progress in reducing your debt.

Don’t forget to download our budgeting and credit agreement templates to support you on your path to financial freedom.

https://www.santam.co.za/about-us/santam-insure-your-future-money-podcast/

Send us a text

In today's episode of  Santam Insure Your Future Money Bootcamp, Maya and I focuse on responsible credit use, offering insights into budgeting, borrowing, and distinguishing between good and bad debt. We provide a comprehensive guide to understanding and managing debt.

Enjoy

Send us a text

In Today's podcast, I sit down with Olen Sterling, a seasoned bond originator, to explore the ins and outs of the home buying process. Olen shares expert advice on securing the best bond deals, understanding interest rates, and navigating the often complex journey to home ownership. Whether you're a first-time buyer or looking to upgrade your current home, this episode is packed with valuable tips and strategies to help you make informed decisions and achieve your dream home. Don't miss it!

#personalfinance #moneytips #property #homeownership