There are continued economic difficulties faced during the COVID-19 pandemic. As such, financial security has become increasingly important, and the time to maximize your savings is now – and you can do it tax-free! The tax-free investment mechanism was introduced some years ago and is a good way for people to save money effectively....
Tag: shariah-compliant investing
What happens to your debt when you die?
A deceased estate is a term for your assets, income, and liabilities after you pass. This is vested in the Master of the High Court, who appoints an executor to manage the affairs of this estate – including: collecting assets, liquidating the estate’s liabilities, and distribution of the balance to heirs. The executor is...
Living annuity vs life annuity
Once you opt to retire from a retirement savings product, two-thirds of your funds need to be invested into a living or life annuity. If you have reached retirement (55), the time to draw an income from your retirement savings is now. People who have retired have two options, to purchase either a life...
Tame your finances to regain control of your money
Credit, in conjunction with bad spending habits, often leave many South Africans living from payday to payday. However, it is never too late to take control of your finances and free yourself from bad spending habits. Recent surveys conducted by Debt Rescue, indicate that 85% of South Africans need help, financially and emotionally as...
What is the best way to spend my tax refund?
Consumer profile: Khalid is a contractor and a single male in his mid-30’s. Each year, he receives a SARS refund, primarily driven by retirement annuity (RA) contributions and other items which he can claim based on his line of work. For illustrative purposes, let’s assume an annual pre-tax income of R1 Million and that,...
The economic volatility surrounding the pandemic | A financial perspective
The COVID-19 pandemic has affected us all in different ways. Of which, our emotional and financial health suffers in such times of volatility. What you need to remember is that during this period, we are surrounded with anxious situations that render us feeling that one situation will result in our entire world. In such...