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Everything posted by Bandit

  1. Don't mess with the formula. It's meant to be difficult close to the end else what are we doing here? It is designed to foster a culture of saving. If you are fortunate enough to have your financial affairs in order you'll be saving a flat amount every month. There's not reason to change anything. Commit some values, even if it is "play" money and play the game.
  2. Rosendal has a deal where you buy 12 bottles of wine and get 6 free. If you drink a lot of wine (or are married to a white chick) it's not a bad deal at all. Their wines are pretty damn good. https://www.rosendalwines.com/collections/black-friday-deals Specifically, this is the one you want https://www.rosendalwines.com/collections/black-friday-deals/products/black-friday-bundle-3
  3. @Njabulo Nsibande @Spreadsheet Ranger @Groovy @SaurusDNA
  4. I'll start: Multiplier: 2 Rand value: R200 Total input for year: R31 200
  5. To work out your projected savings before interest (in other words the amount you'll put away): Multiplier x Rand Amount x 78 = ? 1 x R100 x 78 = R7 800 after 12 months 2 x R100 x 78 = R15 600 after 12 months 3 x R200 x 78 = R46 800 after 12 months (hello, this is good chunk of money)
  6. To work out you projected savings before interest (ie. the total you'll put in for the year): Multiplier x Base Rand Amount x total months, or rather: multiplier x rand amount x 78 1 x 100 x 78 = R7800 2 x 100 x 78 = R15600 3 x 200 x 78 = R46800
  7. Thanks to @Njabulo Nsibande who created this how-to thread: The basic idea is this: Every month has a number: January = 1, February = 2, March = 3 .... December = 12 You decide on a multiplier number, let's say: 2 You decide on a base amount of money: R100 Every month you take the month's number and multiply it by the multiplier and the base Rand amount. The result you save into a savings account. Example 1: Multiplier: 1 Base Rand amount: R50 Jan (1) x multiplier (1) x base amount (R50) = 1 x 1 x R50 = 1 x R50 = R50 Feb (2) x multiplier (1) x base amount (R50) = 2 x 1 x R50 = 2 x R50 = R100 Dec (12) x multiplier (1) x base amount (R50) = 12 x 1 x R50 = 12 x R50 = R600 Example 2: Multiplier: 2 Base Rand amount: R100 Jan (1) x multiplier (2) x base amount (R100) = 1 x 2 x R100 = 2 x R100 = R200 Feb (2) x multiplier (2) x base amount (R100) = 2 x 2 x R100 = 4 x R100 = R400 Dec (12) x multiplier (2) x base amount (R100) = 12 x 2 x R100 = 24 x R100 = R2400 Let's use this thread to track our progress for 2020 and see if we can meet our targets. Maybe those who want to participate can tell us and if you feel comfortable the amounts you have chosen.
  8. We'll need to create an official thread. This one belongs in the how to section but we need a 2020/2021/2022 etc. thread to track this.
  9. I'm in. I'm fortunate enough to be saving biggish amounts already but it would be nice to see this grow in an account of its own. I have not used up all of my Tymebank allowances yet (very far from it to be honest) so one of those goal saves will be reallocated to this.
  10. Once you access the bank you access the loan. No banky, no loany.
  11. /does happy dance: https://www.sharenet.co.za/free/sens/disp_news.phtml?tdate=20191031100000&seq=22&scheme=default
  12. Bandit

    Local ETFs

    Seems like EE handled the corporate action without a problem.
  13. I suppose it is easy for a Capitec client to be impressed... /runs
  14. Very nice, some feedback though: .... I can't see Jack.
  15. Bandit

    Local ETFs

    ASHGEQ or STXWDM - 65% SMART or CTOP50 - 35% That's if I had to have local exposure. Else I would just go 100% ASHGEQ. That's very simple.
  16. "Trace" amounts, surely. I don't think we're losing out that much at all. Those offshore ETFs paying dividends etc have crappy payouts anyway.
  17. Benefit of a TFIA if you start it early enough is that although your contribution limits are low the years it has to grow in value will result in quite a sum of money. Chances are that those limits will increase a couple of times more in the coming decades before you retire. Once you reach retirement (or have enough funds in your TFIA) you can use it to buy income generating funds which will provide you with additional income (tax free).
  18. You as an individual cannot open a pension fund. The company you work for can. As an individual, you can open an RA. RA - matures at retirement age. You'll then be able to buy an annuity with it which will provide you with income. Other than that, the only way to get money out of an RA is to formally emigrate or you have to prove that you'll basically die if that money doesn't become available (I've only heard of this, can imagine that it is borderline impossible). Pension - when you leave your current place of employment you'll have four options: Take the Pension money and move it into an RA Move the pension money to your new employer's pension fund Take the money and run (you'll pay tax on it) Move it to a preservation fund Preservation fund uses the same type of funds (regulation 28) as your pension and RA does, however you have the option of withdrawing from the fund once before retirement. Not sure if that restriction is per fund or per tax entity (you). Personally, I have a pension fund at 10x and an RA at Allan Gray. When I leave my current place of employment I will move my pension to a preservation fund. If I had to start an RA and only have one - 10x.
  19. All I'm going to say is this: Assuming you bring in a R20,000 pm salary, SARS will take R2,722.06 and leave you with R17,277.94. Assuming you pay 15% of your salary into an RA (and your payslip is structured like a pension fund), SARS will take R1,942.06 and you'll be left with R15,057.94. So for the R3,000 you saved into an RA/Pension, you are only R2,220 "poorer" and scored R780 (that's about 25% growth right there depending on how you look at it). If your salary wasn't structured you'd get back almost R10,000 from SARS come EFiling season provided you include it on your tax return. Now, it's not all sunshine and roses. The money in the RA/Pension will be taxed again at some stage and you don't know what the tax climate is going to be like at that time. They're also talking about prescribed assets (Eskom, Telkom etc) which is a concern. I reckon that if you can afford an RA you should definitely make use of it (a Pension Fund is even better imo, less rules). If you cannot easily afford it you should probably go speak to a financial advisor but I'm willing to bet good money that their response will be the stock standard: Get insurance Settle debt Secure retirement Look at other investments (TFSA). So if you do go see an FA, get one that charges for the consultation and with a good reputation and most importantly: DON'T SIGN ANYTHING. Listen...
  20. Bandit

    Local ETFs

    But in all seriousness - if you had ASHGEQ and SMART you probably have a better portfolio than most other people out there. Can't go wrong with that combination for a strong investment foundation.
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