My Money My Lifestyle

My Money My Lifestyle
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My Money My Lifestyle

Talking all things money. Maya Fisher-French discusses the do’s and don’ts when it comes to your finances. To join the conversation send me an email via https://mayaonmoney.co.za/contact/

  1. Investing for retirement

    OCT 17

    Investing for retirement

    Welcome to the Santam Insure your Future money boot camp with Maya Fisher-French and Mapalo Makhu.  In the last two episodes we looked at saving and investing for those goals we want to achieve during our working years. But at some point, we want to kick back and retire, or at least have choices about whether we want to continue to work or not.  One of the massive challenges of retirement funding is that we are living way past our retirement age. Some companies have a retirement age of 60 and given that many people are expected to live to nearly 90 years old – that is 30 years of retirement you need to fund. There are only really two ways to do this: either you start from your first paycheque and put away about 18% of your salary, or you defer retirement to age 65. But even then, you probably need to be putting away at least 15% of your salary from the age of 25 to be able to retire comfortably. Most people find they must supplement their retirement income in some way and next episode we will look at more detail around strategies at retirement, but in this podcast we discuss “how much is enough”, the importance of settling debt before retirement, how to go about investing for retirement and the various investment products.  In this podcast we also explain the implementation of the Two Pot retirement system and how that is going to affect retirement outcomes.

    33 min
  2. How to achieve your longer-term goals

    OCT 3

    How to achieve your longer-term goals

    Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This series is designed to guide you through essential financial topics, helping you make informed decisions for a secure future.  Last episode we focused on saving for shorter-term goals, but what about those medium to longer-term goals like your child’s tertiary education in ten years or time, or leaving your child a legacy? Maybe you want to start your own business one day? How do you start? The episode begins with the importance of setting clear and achievable financial goals, providing a practical example of calculating future education costs, illustrating how inflation can significantly impact the amount you need to save. One of the key takeaways is the distinction between interest and growth. While interest is a guaranteed return from a bank, growth involves investing in assets that increase in value over time. They highlight the benefits of investing in unit trusts and exchange-traded funds (ETFs) as effective ways to achieve capital growth. A significant portion of the episode is dedicated to the advantages of tax-free savings accounts (TFSAs). Introduced in 2015, TFSAs offer a tax-efficient way to save and invest. Maya and Mapalo explain how TFSAs can be used for various financial goals, including saving for your child's education and supplementing your retirement fund. They stress the importance of viewing TFSAs as long-term investment vehicles rather than regular savings accounts. The hosts also explore the opportunities and benefits of investing offshore. They discuss how local funds can invest on your behalf overseas, providing exposure to global markets. For those looking to build assets outside South Africa, they recommend starting with local companies that offer offshore investment products. Maya and Mapalo caution against the use of endowment products for education savings. They argue that these products often come with high fees and tax implications that may not be beneficial for most investors. Instead, they advocate for simple, low-cost investment options like TFSAs and unit trusts. Join Maya and Mapalo for an enlightening discussion that will help you secure your financial future.

    38 min
  3. Money Bootcamp: How to put a savings plan together

    SEP 19

    Money Bootcamp: How to put a savings plan together

    Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This series is designed to guide you through essential financial topics, helping you make informed decisions for a secure future.  In this episode we help listeners give up the debt dependency by having a savings plan. We look at why we save and what goals we should be saving towards. We also delve into the concept of an emergency fund—why it's essential and how to build it. Contrary to popular belief, a credit card is not an emergency fund!  We discuss practical strategies for setting up an emergency fund and the benefits of having a financial cushion for unexpected expenses. We look at the different type of accounts to use for your emergency fund and debate whether you should use your mortgage as part of your financial buffer.  We explain how to save for school fees and those daily school expenses as well as how to help your parents build a home without taking on debt. By anticipating these costs and saving in advance, you can avoid the stress of last-minute financial scrambles.

    32 min
  4. Avoid these mistakes when writing your will

    SEP 17

    Avoid these mistakes when writing your will

    As we mark National Wills Week, there's no better time to address the importance of having a properly drafted will.  In the latest episode of our podcast, Maya Fisher-French sits down with Deenisha Nadesan, Executive Director of Estates at Capital Legacy, to discuss the common pitfalls people encounter when drafting their wills and how to avoid them.  This is not just a matter of legal formalities; it's about ensuring that your hard-earned assets are distributed according to your wishes, thus preventing family disputes and financial ruin.  Marriage contracts are a significant area of concern. Many people don't understand how their marriage contract affects their will.  Misunderstandings here can lead to complications and unintended consequences, such as one spouse inadvertently receiving more than intended. Another critical issue is the witnessing of wills.  According to Nadesan, a will must be signed by the testator and witnessed by two competent witnesses who are present simultaneously. These witnesses cannot be beneficiaries or their spouses, a detail that often trips people up and can render a will invalid. Property inheritance is another complex area. Many people wish to leave their property to their children but don't consider the practicalities. For example, minors can technically own property, but they can't manage it. This can be solved by setting up a testamentary trust to manage the property until the child is of age. Additionally, if a property is left to multiple children, it can lead to disputes over maintenance costs, selling decisions, and more.  Then there's the matter of pensions. Many mistakenly believe their pension forms part of their will. However, pensions are governed by the Pension Funds Act, and the trustees of the pension fund make the final decision on who benefits. This underscores the importance of understanding what assets fall under your will and which do not.  The costs of winding up an estate can also be eye-watering. From executor fees to estate duty and even capital gains tax, the financial burden can be significant. Therefore, it’s essential to ensure there’s enough liquidity in your estate to cover these costs, either through life cover or other means.  In conclusion, while free wills or DIY templates might seem like a quick fix, they often lead to more problems than they solve. Consulting with a fiduciary expert can save your family a lot of heartache and financial strain. As Nadesan aptly put it, “What's worse than having no will is having a will that's not properly drafted.” So, take this National Wills Week as an opportunity to get your affairs in order. Your future self—and your family—will thank you. This podcast was sponsored by Capital Legacy.

    29 min
  5. Life behind the numbers: Unpacking the shared value insurance model

    SEP 12

    Life behind the numbers: Unpacking the shared value insurance model

    Welcome to Life Behind the Numbers, a Discovery Life podcast series where we delve into the trends driving insurance claims and explore how this data can help us improve health outcomes. In this episode of Life Behind the Numbers, host Maya Fisher-French speaks with Gareth Friedlander, Deputy Chief Executive of Discovery Life, and Daniel Stoch, Senior Manager of Market Analytics and R&D. They delve into Discovery Life's shared value insurance model, discussing how it benefits members by promoting healthier lifestyles and offering financial rewards. They also explore the sustainability of the model, the proactive claims initiative, and how life cover can supplement retirement savings. Tune in to learn how comprehensive life insurance can protect you and adapt to your changing needs. This podcast series was sponsored by Discovery Life

    26 min
  6. Money Bootcamp: How to choose the right medical cover

    SEP 5

    Money Bootcamp: How to choose the right medical cover

    Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This series is designed to guide you through essential financial topics, helping you make informed decisions for a secure future.  In our last episode we spoke about life and risk cover – this is insurance that pays out if something goes wrong with our health or we pass away. But equally important is health insurance to help pay those medical bills. And it is not just about doctor visits but also if we end up in hospital or require chronic treatment. Sadly, in South Africa we cannot necessarily rely on government health options, so most people use the private sector which means having some kind of health cover. In this podcast we are joined by Mbali Khumalo of Simeka Health to help guide listeners on how to select the best medical option for their needs. We get past the jargon and explain the concepts of hospital plans, comprehensive medical scheme cover, gap cover and medical insurance. We look at the costs and benefits of each and what makes the most financial sense. By the end of this podcast you will be well informed!

    42 min
  7. Don’t bet against the rand

    AUG 29

    Don’t bet against the rand

    In this podcast discussion Old Mutual Chief economist Johann Els explains why he believes we could see the rand strengthen to R14/R15 to the USD.  He explains how a softer US dollar, combined with better growth prospects in emerging economies, could lead to a stronger rand. This is particularly relevant for investors looking to balance their portfolios. Els discusses his overall economic outlook and the potential of economic growth. Given the current economic climate, Els suggests that local investments offer better returns and lower risks and why one should be overweight in South African investments as opposed to offshore investments.  We discuss the broader economic outlook for South Africa. With a focus on private sector growth, improved fiscal policies, and potential upgrades in investment grade ratings, there are several reasons to be optimistic about the country's economic future.

    19 min
  8. Money Bootcamp: The Foundation of Financial Security

    AUG 22

    Money Bootcamp: The Foundation of Financial Security

    Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This series is designed to guide you through essential financial topics, helping you make informed decisions for a secure future.  Risk cover can feel like a grudge purchase, especially when budgets are tight, it is also not as exciting as investing, yet it is one of the most important aspects of your financial plan. Very few people understand the various risk products such as income protection and critical illness so in this episode, we are joined by Johann Steyn, a certified financial planner at Rainmaker BlueStar by Sanlam who provides outstanding insight into the cover you do need, and what you don’t need. Johann explains the necessity of a proper financial plan to determine the right amount of life cover, taking into account factors like debt, education costs, and income replacement. He also discusses the differences in insurance needs based on age and life stage, highlighting that younger individuals might prioritise income protection over life cover. The conversation covers various types of risk cover, including critical illness, disability cover, and income protection, and the importance of understanding employee benefits. Johann sheds light on the complexities of premium patterns and the significance of planning for long-term affordability. For those nearing retirement or facing high premiums, Johann offers strategies to manage costs, such as converting life cover policies or adjusting coverage based on changing needs. This episode is packed with valuable information to help you navigate the intricacies of life cover and ensure your financial plan is robust and comprehensive.

    37 min
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About

Talking all things money. Maya Fisher-French discusses the do’s and don’ts when it comes to your finances. To join the conversation send me an email via https://mayaonmoney.co.za/contact/

Information

  • Creator
    My Money My Lifestyle
  • Years Active
    2020 - 2024
  • Episodes
    191
  • Rating
    Clean
  • Show Website
    My Money My Lifestyle

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