27 Year Old Social Worker Investing 62% Of His R18k Salary! Money Audit Show Episode 2
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- Опубликовано: 20 окт 2024
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Welcome to the second episode of the Money Marx Money Audit Show! 🎉
In this episode, we dive into the financial journey of a 27-year-old social worker from Cape Town. 🏢💼 He's on his fourth year of employment, has no kids but a cute pet dog 🐶, and is focused on achieving financial goals like setting up an emergency fund, saving for a house 🏡, and planning for retirement. 💰🏦
Join me as we conduct a comprehensive financial audit for this young accumulator and uncover some key concepts that can benefit anyone starting their career. Remember, this is all about financial education, not advice! So listen closely as we explore his budget, investments, and strategies to improve his financial life. 📊💡
Discover how he's investing a remarkable 62% of his salary, contributing 15% to his pension fund, and exploring tax-saving opportunities with retirement annuities. We'll even discuss his credit score and how it affects future loans 📈💳, plus uncover his short-term investments, emergency fund, and savings goals. 📉🏠
This episode is packed with practical insights and tips you can apply to your own financial journey. So buckle up and let's dive into the world of finances together! Don't forget to check out the screenshots on-screen to follow along visually. 📺✨
Remember, we're here to empower you with knowledge, so hit that like button and subscribe to the Money Marks Money Show for more eye-opening episodes like this! 🙌 Let's make better financial decisions together! 💪💰
🔍 Check out your credit score for free at www.clearscore.com and take control of your financial future! 📊💯
🌟 Join the conversation and let me know your thoughts in the comments below. Have a lekker week! Cheers! 🎉
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My name is Dr. Pieter Marx de Villiers, and I'm a Veterinarian turned Financial Advisor from South Africa who aims to retire by the age of 35. Follow me in my journey towards Financial Freedom in (hopefully) just 10 years! :)
This channel will help you achieve your personal financial goals through the things I’ve learned and researched to improve my own financial health.
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Lekker!
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DISCLAIMER
Whilst I am a Registered Financial Advisor under the FSCA, the content on this RUclips Channel and all of my other Social Media Platforms are only for Educational Purposes and should not be taken for Financial Advice. You and only you are responsible for your financial decisions and must therefore conduct your own research and seek the advice of a licensed Financial Advisor where necessary.
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If compound interest is the 8th wonder of the world, Pete is the 9th.
Thanks for your work man, keep it up.
Haha thanks Karabo. That is a massive compliment! 💪
the medical aid video would be really helpful :)
For sure Niki. Medical aids are complicated to understand, so I'll try and simplify what you need to know in a video :)
Really enjoying this series keep it up
That's great to hear Khale! Glad you're enjoying it :)
This video was so educational. As a young South African working abroad this was an eye opener with regards to how we can invest and save for our short/long term financial goals. Thank you 🙏🫶
Lol small purchases like onties or socks...Legend! yster video chom!
Awesome vid, thanks for the update :)
Please do a comparison on the medical aids and life insurance, if you have the time 😁
Thanks Andries. Will make one soon :)
I would absolutely love to see a video on types of medical aid / plans etc pleeeeeease! 🙏🏻 Your videos are much appreciated, thank you so much!
Very informative thank you. How does one get you to look at my finances (audit)?
Thank you so much for your videos .
This is awesome!
Dankie Money Marx
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17min in this video and think it is 2 better to invest when you Young keep up the good work pieter❤
This series is extreamly helpful. Thanks for making it Pieter.
Just on another note. When you find someone who has a good chance of emigrating could you please just talk about if it is still worth it to invest in a TFSA as you are planning to retire oversees and not in South Africa, and also if you can move your TFSA money to the same type of investment in another country like a Roth IRA in the USA or The Lifetime ISA in the UK without charge or do you have to pull it out and lose the lifetime contribution. I know you can move between different providers in ZA but am unsure about internationally and I guess it also doesn't matter to lose the lifetime contribution if you plan to emigrate entirely and never come back but you might in the future want to come back.
You're welcome Patrick! Yes I'm sure I'll find someone looking to emigrate in the next couple of years to audit during which I will give my opinion on what one needs to take into consideration when structuring your finances :)
Our very own Caleb Hammer 😀
Haha hopefully a nicer version 😉
Hey Money Marx!! Please could I ask if you get this uploaded to Podcast platforms like Apple podcasts and Spotify :) I think it's a free process and quite easy in this day and age
Hey Jeremy. For sure! I am just waiting until I have a backlog of 3-5 episodes then I will start uploading them to various Podcast platforms. I will let you guys know in the community posts once they are published :)
Thanks for the informative video pieter! Much appreciated! Are they other investment platforms for short term investment of 1-3 years other than the outvest coreshares That can offer great annual returns with moderate risk profile you would recommended ?
I agree so much with investing for the future, but also enjoying life at the moment.. I'm an older man and have seen many die way before their time.. We all have an expiration date, so live life to the fullest..
Hallo Pieter,ek is 50 jaar oud en het hulp nodig om met die bietjie beleggings wat ek het en die paar rand ekstra elke maand te kyk na iets vir aftrede en vir studies vir 2 meisiekinders. Kan jy dalk help groot asb?? Groete Johan
I can see you're in Cape Town.
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👏🏾👊🏾
Would it not make sense to rather invest that R177 000 in a fixed deposit account where he can have an interest rate much higher.
Like tymebank has a fixed deposit account with 9, 10 and 11% interest based on time period ranging from 3 months to 1 year.
Hey Abrie. That is a great suggestion. He is contributing to this savings goal every month though and usually with Fixed deposits you cannot add more money once a lump sum is invested. So it might work if he ties up a certain amount for another year or two, but the rest will need to be put into a flexible investment vehicle to which he can continue to contribute every month
Ahh I did not know you cannot contribute after the initial sum.
Thank you🎉