My Money My Lifestyle

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.