My Money My Lifestyle

Join hosts Maya Fisher French and Mapalo Maku in this special episode as they reflect on the incredible journey of Santam staff members who participated in the six-month Santam Insure Your Future Money Bootcamp. This transformative experience culminated in a final event that celebrated the courageous individuals who opened up their financial lives to scrutiny, embraced change, and achieved remarkable personal growth. The episode shares the mentees' powerful testimonials about their newfound financial empowerment. Discover how the bootcamp helped them overcome fears and shame around money, leading to improved financial literacy and self-discovery. Participants learned to read the fine print, question financial entities, and understand the implications of their financial choices. This newfound confidence allowed them to have open conversations about money, not just with themselves but also with their families, breaking cycles of poverty and setting a positive example for their children. Throughout the episode, Maya and Mapolo share invaluable tips and insights from the bootcamp, including the significance of reviewing bank statements, managing subscriptions, and understanding debt statements. The episode also addresses the psychological aspects of money management, encouraging a positive mindset and intentional financial planning. Join us in this episode to learn how you can transform your financial mindset, gain control over your money, and embark on your journey to financial empowerment. Listen now and be inspired by the incredible stories of those who have taken charge of their financial futures.

The Psychology of Financial Decisions In this episode of the "My Money, My Lifestyle" podcast, host Maya Fisher French chats to Rudolph Geldenhuys, the Financial Planner of the Year, about the psychology behind financial decision-making. They discuss the importance of understanding the 'why' behind one's financial actions. Rudolph, who has been in the financial services industry for over a decade, shares his journey of overcoming imposter syndrome and embracing his calling to help people make better financial decisions. His insights shed light on the fact that while technical, financial planning is crucial, the emotional and psychological aspects are equally significant.  We look at real-life scenarios, such as the emotional choice of withdrawing retirement funds for immediate desires and the need for a balanced approach to financial planning that considers both short-term and long-term consequences. Listeners are encouraged to reflect on their financial motivations and the trade-offs they are willing to make. Rudolph introduces the concept of the 'decision-free zone,' a framework to help people categorise their financial decisions based on urgency and impact. This practical advice empowers listeners to manage their resources—time, money, and energy—more effectively. The episode also explores the universal question of financial security: "Am I going to be okay?" Rudolph emphasises addressing this concern by aligning financial decisions with personal values and life goals. He advocates for a holistic approach to financial planning that goes beyond numbers, focusing on the human element and the pursuit of a meaningful life. Whether you're facing retirement, contemplating a major purchase, or simply seeking to improve your financial well-being, this episode offers valuable insights and actionable advice. Tune in to gain a deeper understanding of the psychology of money and learn how to make decisions that truly serve your best interests.

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 previous episodes we have spoken about building wealth, but what about succession and building intergenerational wealth? How do you protect your family but also transfer wealth to future generations? We are joined by Moremadi Mabule, a fiduciary expert, to explore the complexities of wills, estate planning, and the often-overlooked aspect of tax implications upon death.  Estate planning is not just for the wealthy; it’s about ensuring that your accumulated wealth is passed on to future generations.  In writing up a will and planning your estate you also need to look at issues such as estate duty, and the impact of executor fees, which can be as much as 4% of your entire estate. Moremadi explains how to navigate these costs and the strategies you can employ to minimise them, such as negotiating executor fees and planning for tax implications.  The episode also covers the importance of keeping your retirement fund nomination forms up to date, as well as understanding how retirement benefits are treated differently from other assets in your estate. We explore the concept of testamentary trusts and beneficiary funds, which can protect your children’s inheritance and ensure it is used as intended. Moreover, we touch on the sensitive topic of selecting a guardian for your children and how to structure your will to safeguard their future financially. The discussion extends to the importance of having a living will and the role it plays in making your wishes known should you become incapacitated. Join us for this insightful episode as we uncover the steps you can take to secure your legacy and ensure your wealth benefits those you care about most.

This week Finance Minister Enoch Godongwana announced the Medium-Term Budget which is tabled every year in October.  Most people only really care about the February budget because that is where the minister announces the changes to taxes. But the medium-term budget is packed with really important information about how government is going to be collecting and spending our money over the next three years. It also gives us some idea about what we can expect in February and whether taxpayers will be on the hook.  In this podcast I am joined by Gcobisa Magazi, Director: Public Finance at National Treasury to discuss the medium-term budget.  We discuss the significance of the medium-term budget, often mislabelled as a "mini budget," and explore its role as a policy statement outlining government priorities and fiscal strategies. Key topics include the challenges of revenue collection, unexpected expenditures, and the government's strategy to manage debt, which currently consumes 21% of the budget. We also delve into the concept of fiscal anchoring, a legislative approach to ensuring sustainable fiscal policy, and the balancing act required to meet the needs of a financially vulnerable population while striving for a primary budget surplus. Join us for an insightful conversation on the intricacies of public finance, the importance of economic growth, and the government's efforts to balance debt management with essential social and infrastructure spending. 

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 delve into the intricacies of retirement planning with Johann Steyn, a certified financial planner at Rainmaker Bluestar by Sanlam. As one approaches retirement, the need for strategic financial planning becomes critical – not only to understand your financial position, but also to maximize your tax options. Johann shares insights on how to prepare for retirement, whether you're five years away or just a year before. He emphasises the importance of setting realistic expectations, understanding legislative options, and the purchasing power of your money. One of the critical discussions revolves around having a retirement budget and the importance of eliminating debt before retiring. Johann advises on the significance of understanding your expenses and what you would need to do if you planned on retiring early. The conversation also touches on the misconceptions surrounding lump sums vs income and the reality of life expectancy. The episode further explores the different retirement products available, such as living annuities and life annuities, discussing when each is appropriate. Johann highlights the benefits and risks associated with these products, including market volatility and the potential for a hybrid approach. The importance of maintaining a medical scheme in retirement is also discussed, considering the high inflation rate of medical expenses. In the podcast we also discuss the role of tax-free savings accounts as a supplement for retirement, offering insights into how they can be strategically used to provide tax-free income later in life. Join us for a comprehensive discussion on retirement planning, ensuring you have the knowledge to maintain your dignity and independence in your golden years.

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.

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.

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.

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.

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

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!

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.

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.

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. While many risks are beyond our control, there are steps we can take to mitigate them. By adopting proactive and healthier lifestyles, we can reduce the incidence of severe diseases and even mortality.  In this episode, we explore the significant impact of health screenings on severe illness claims, particularly cancer. Maya is joined by Discovery Life Deputy Chief Executive Gareth Friedlander and Chief Medical Officer Dr. Maritha van der Walt who shed light on the correlation between screening and claims, highlighting the dramatic drop in screenings during the COVID-19 pandemic and the subsequent rise in late-stage cancer diagnoses.  We also delve into the broader implications of these findings for life insurance and the substantial increase in payouts under Discovery Life's living benefits, such as severe illness, disability, and income protection, which in 2023 exceeded death benefit payouts. As a result, Discovery Life has responded by investing heavily in screening initiatives, leading to a notable increase in early-stage cancer diagnoses in 2023.  For more information on preventative screening go to https://www.discovery.co.za/medical-aid/screening-and-prevention-cover This podcast series was sponsored by Discovery Life

Welcome to the Money Bootcamp with Maya Fisher-French and Mapalo Makhu. This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months. In this episode, we tackle the issue of managing excessive debt, especially in the face of rising interest rates and inflation. Many people are struggling to meet their debt repayments, and we are here to offer practical solutions and insights to help you regain control of your finances. We explain concepts like the snowball method, how to have a conversation with your creditors, and the pros and cons of debt consolidation. We also explain debt review, how it works and what to watch out for. By making small sacrifices and reallocating funds, you can make a substantial dent in your debt. Don't forget to download our budgeting and credit agreement templates to help you on your journey to financial freedom

Inflation is a term we hear often, especially when discussing the economy and our personal finances. But have you ever wondered how it's calculated and why it sometimes feels like your expenses are rising faster than the official inflation rate? In our latest podcast episode, I am joined by Sanisha Packirisamy, Economist at Momentum Investments to help unpack the intricacies of inflation calculation in South Africa, shedding light on some common misconceptions. One of the key points discussed is the concept of the Consumer Price Index (CPI) basket. This basket represents a range of goods and services that the average household consumes, and its prices are tracked over time to calculate the inflation rate. However, as our guest Sanisha explains, this basket is reweighted every five years to reflect changes in consumer habits. For instance, items like DVD players have been replaced by more relevant products like smartphones and streaming services.   Sanisha also touches on the "owner's equivalent rent," a term that might seem confusing at first. Essentially, it estimates what homeowners would pay if they were renting their own homes. This figure is crucial for calculating housing costs within the CPI basket. Interestingly, due to the soft housing market in recent years, rental inflation has been lower than overall inflation, which affects the average inflation rate.   The episode also explores how different income groups experience inflation differently. Lower-income households spend a larger portion of their income on necessities like food and public transport, making them more sensitive to price increases in these areas. In contrast, higher-income households might spend more on services and luxury goods, which can distort their perception of inflation.   Behavioral biases also play a role. For example, we tend to notice price changes in items we purchase frequently, like groceries and fuel, more than in items we buy less often, like electronics or cars. This can make us feel like inflation is higher than it actually is.   Moreover, the podcast delves into the impact of global events like the Covid-19 pandemic and geopolitical conflicts on inflation. These events can cause sudden spikes in prices for essential goods, further complicating our understanding of inflation.   So why does the official inflation rate often seem out of sync with our personal experiences? The answer lies in the complexity of the CPI basket and the various factors influencing it. By understanding these nuances, we can better grasp why our bills might not always align with the official figures.   Tune into our latest episode to get a comprehensive understanding of how inflation is calculated and why it might not always match your personal experience. Whether you're an economist or just someone trying to make sense of your monthly expenses, this episode offers valuable insights that you won't want to miss.

Welcome to the Santam Insure Your Future Money Bootcamp with Maya Fisher-French and Mapalo Makhu. In previous episodes we have focused on budgeting and living within your means, but at some stage everyone will need to access credit. But how do you do that in a responsible and sustainable manner?  We begin with a cautionary tale from Thato, one of our mentees, who illustrates how easily consumer debt can accumulate. From small loans and credit cards to store accounts, many find themselves in financial turmoil without realising how they got there. Thato's story serves as a reminder of the importance of understanding the true cost of debt and making informed decisions. We explore the concept of good versus bad debt, providing practical examples such as using a loan for education or a car versus funding a lifestyle you can't afford. Maya and Mapalo discuss the emotional aspects tied to borrowing and how to avoid the pitfalls of succumbing to tempting offers from banks and credit providers. We also delve into the mechanics of credit cards, the myths surrounding the interest-free period, and the importance of paying off your balance in full each month. Mapalo shares a poignant story of a client who fell into the trap of using credit to fit in socially, highlighting the emotional triggers that can lead to poor financial decisions. For those looking to build a credit record responsibly, we offer actionable advice on how to do so without falling into debt. From setting realistic credit limits to understanding the impact of your banking behaviour on your credit score, we cover all the bases. We wrap up with a discussion on car finance, including the dangers of balloon payments and the long-term financial commitment they entail. Maya shares insights from her experience on how to negotiate better terms and avoid unnecessary fees, ensuring you make the most financially sound decision possible. Join us for this comprehensive guide to borrowing wisely, and don’t forget to complete the credit agreement worksheet available in this link. Your journey to financial freedom starts with understanding and managing your debt effectively.

Welcome to Life Behind the Numbers, a Discovery Life podcast series where we delve into the latest claim statistics with experts from Discovery Life. In this episode, we explore the fascinating concept of insuring yourself in a hard currency like US dollars. Maya is joined by Discovery Life's Deputy Chief Executive Gareth Friedlander and Head of Market Analytics and R&D, Kashmeera Kanji, to discuss the benefits and mechanics of the Dollar Life Plan. Discover why South Africans are increasingly opting for life cover that pays out in US dollars and how this can serve as a hedge against currency fluctuations and depreciation.  We explain how the cover works, when it is appropriate and why, even if premiums are paid in rands, all benefits are paid internationally.  The episode also covers the practicalities of managing premium costs, the innovative exchange rate protector feature, and how you can diversify your life insurance portfolio with offshore options. Whether you have family abroad, liabilities offshore, or simply want to protect your wealth, this episode provides valuable insights into the advantages of dollar-denominated life insurance. For more information you can go to https://www.discovery.co.za/life-insurance/personal-cover-in-dollars This podcast was sponsored by Discovery Life

Welcome to the Santam Insure Your Future Money Bootcamp with Mapalo Makhu and Maya Fisher-French.  In this, the third episode in the series, we delve into the financial intricacies of making major purchases, specifically focusing on buying a home and a car.  We are joined by Tshiamo, one of our mentees from last year, who shares her eye-opening experience of unexpected costs when purchasing property. From transfer duties and bond initiation fees to the often-overlooked levies and municipal rates, buying a home involves more than just the deposit.  We discuss the emotional aspects of home buying, recounting personal stories and offering strategies to manage these significant financial commitments.  The episode transitions to the topic of buying a car, stressing the importance of affordability beyond just the monthly instalments. We explain why we advocate for buying second-hand cars, sharing our personal experiences and tips for ensuring you get the best deal without compromising on quality or financial stability. Join us as we explore these essential financial topics and share practical advice to help you navigate your money journey. You can access the worksheets under Resources

With SARS announcing the opening of tax season on 15 July, it's crucial to understand the complexities of filing tax returns and how to maximise any tax breaks. Joining us to unpack this topic is tax expert Andre Bothma and Poobalan Govender, Acting Head of Old Mutual Rewards, who will explain how Old Mutual Rewards members qualify for discounted rates when using digital tax assistant TaxTim. In this podcast Andre Bothma provides essential insights on who should file a tax return and the importance of timely submissions to avoid penalties. He also clarifies the auto assessment process by SARS and the importance of verifying these assessments to ensure all income and deductions are accurately reported.  Andre highlights common mistakes people make, such as failing to declare additional income or not keeping a logbook for travel deductions. He also reminds taxpayers of the various deductions available to individuals, such as retirement annuity contributions, travel allowances, and donations to public benefit organisations. Poobalan Govender introduces the partnership between Old Mutual Rewards and TaxTim, a digital tax assistant designed to simplify the tax filing process. Members of Old Mutual Rewards can access substantial discounts on TaxTim services, making professional tax assistance affordable and accessible.  Poobalan explains the various membership tiers and the corresponding discounts available. Andre also shares his perspective on when to use a digital service like TaxTim versus seeking personalised assistance from a tax practitioner, especially for complex tax situations or future tax planning.  Don't leave your tax return to the last minute. Use the resources available, such as TaxTim, to ensure your tax return is accurate and submitted on time. If your tax situation is complex, consider consulting a tax specialist. This podcast was sponsored by Old Mutual Rewards