The Insurance Debate: Do You Really Need All That Cover?
Asset manager Piet Vijoen has argued that people systematically overpay for insurance because they prefer the certainty of losing a little each month (i.e. the premium) rather than risk facing an uncertain loss at some point in the future.
In this episode of My Money, My Lifestyle, host Maya Fisher-French debates the relevance of insurance and how much is enough with financial planners Henri le Grange and Ben Nel.
Insurance is often viewed with scepticism, and many people question whether it is truly worth the investment. This episode addresses key concerns surrounding life cover, income protection, and critical illness cover, as well as how to avoid a "tick box" approach that leads to clients being overinsured and overpaying for premiums that may not align with their actual needs.
Listeners will also learn about the risks associated with age-rated premiums, which can escalate quickly and become unaffordable as individuals age.
The episode also explores the concept of self-insurance, where individuals accumulate sufficient liquid assets to cover potential liabilities without relying solely on insurance.
A personalised approach ensures that clients are not just sold a product but are guided to make informed decisions that benefit their overall financial health.
This episode is a must-listen for anyone looking to navigate the often confusing world of insurance and personal finance
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S2 Ep10: Money Bootcamp finale: Six months to financial transformation
After six transformative months, we’re concluding our Insure Your Future Money Bootcamp series with incredible stories of financial transformation that will inspire and motivate you to take control of your finances.
In this final episode, we discuss the game-changing themes that emerged from the journeys of our boot camp participants. From unexpected promotions to debt freedom, the results speak for themselves: money truly loves control.
What You’ll Discover:
• Why financial structure creates opportunities for prosperity in all areas of life
• How to overcome the psychological barriers that keep you stuck (fear, guilt, and shame around money)
• Practical strategies for setting boundaries with family financial expectations
• The compound effect of small, consistent financial actions
• How to balance financial responsibility with enjoying life guilt-free
Our participants’ stories prove that transformation is possible for anyone willing to face their financial reality and take action. We heard from individuals who accelerated their debt payoff, built emergency funds, inspired family members to change their money habits, and even received promotions at work after gaining financial stability.
Key Takeaway: Financial empowerment isn’t just about numbers, it’s about mindset, relationships, and creating sustainable habits that compound into life-changing results.
Whether you’re drowning in debt, struggling with family financial pressure, or simply want to level up your money management, this episode provides actionable insights you can implement immediately.
Ready to transform your relationship with money? Listen to the full series if you have not already done so. This is your roadmap to financial freedom!
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S2 Ep9: Money Bootcamp: Can you retire before 80?
Most people can only afford to retire comfortably by age 80. This sobering statistic was the focus of our latest Insure your Future Money Bootcamp podcast discussion that asked the question of whether early retirement is even possible in today’s economic climate.
In this episode, Maya and Mapalo are joined by seasoned financial planner Wynand Gouws, author of "To 100 and Beyond". They explore the realities of retirement savings, the importance of understanding replacement ratios, and the critical role of budgeting in preparing for retirement. Wynand emphasises that simply having a retirement fund is not enough; individuals must actively engage with their financial planning to ensure they can maintain their desired lifestyle post-retirement.
The conversation explores practical strategies for boosting retirement savings, including the importance of delaying retirement, managing lifestyle choices, and the advantages of tax-efficient savings. Wynand also highlights common myths surrounding retirement planning, urging listeners to take proactive measures now to avoid future financial strain.
Key topics covered:
• Understanding the implications of replacement ratios on retirement planning
• The importance of budgeting and tracking expenses for a secure retirement
• Strategies for increasing retirement savings and utilising tax benefits
• The impact of lifestyle choices on long-term financial health
• Debunking retirement myths and preparing for increased longevity
This episode serves as a wake-up call for those who may be underestimating their retirement needs. Tune in to gain valuable insights and actionable steps to ensure your financial well-being in your golden years!
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8: Retirement Reimagined Episode 8: Insurance as a retirement vehicle
The latest FNB retirement survey revealed that many South Africans are allocating more funds to insurance than to their retirement savings. So how do we find the balance between insuring for the unexpected while investing for longevity? This is the topic of the latest episode of the Retirement Reimagined series, with host Maya Fisher-French and guest Deepesh Desai, head of FNB Life.
Maya and Deepesh discuss how to utilise insurance to protect retirement savings and what types of insurance are suitable once you are retired. Deepesh explains how understanding one’s unique financial situation and life stage is vital in determining appropriate insurance coverage.
Key topics covered:
• The relationship between insurance spending and retirement savings
• How insurance can safeguard your retirement nest egg
• The importance of assessing insurance needs at different life stages
• The role of legacy planning and estate liquidity in insurance decisions
• The impact of critical illnesses on retirement planning and insurance needs
• The necessity for democratising financial advice to ensure informed insurance choices
By understanding how to integrate insurance into your overall financial strategy, you can better prepare for a secure and comfortable retirement. Tune in to gain clarity on how to protect your financial future while pursuing your retirement goals.
For more information on the retirement survey, click this link.
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S2 Ep8: Money Bootcamp: Investing - how to double your money
In the latest episode of the Money Bootcamp Podcast, we dive into the world of investing and the magic of compound growth. If you've ever wondered how your money can grow exponentially over time, this episode is for you.
We begin by discussing the Rule of 72, a straightforward formula that helps you determine how long it will take for your investment to double, based on a fixed annual rate of return. For instance, at a 10% return, your money could double every 7.2 years, but the real magic happens when you let it compound over a longer period.
We break down the significance of staying invested, explaining how early withdrawals can jeopardise your long-term financial goals. The discussion also covers realistic expectations for returns, drawing on historical data from the Johannesburg Stock Exchange and global markets to highlight the importance of diversification in investment strategies.
This episode is packed with insights and practical advice for anyone looking to improve their financial literacy and make informed investment decisions. Whether you're a seasoned investor or just starting, there's something valuable for everyone. Tune in to learn how to harness the power of compound growth and take control of your financial future!
Key topics covered:
• Understanding the mechanics of compound growth and the rule of 72
• The impact of market performance over different time frames
• The importance of investing consistently, even with smaller amounts
• Differentiating between nominal and real returns, and why inflation matters
• Exploring tax-free savings accounts and their benefits for long-term wealth accumulation
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/
South Africa