The Personal Finance series with Warren Ingram, Evergreen Content

Not so young anymore? How to invest for best growth (and least amount of tax)

A regular listener of The Money Show called in with the following question:

"My 60-year-old mother recently sold a property for R1.2 million.

She is deregistered for tax and doesn’t owe the bank any money.

She recently bought a Land Rover for which she still owes about R700 000.

She wants to add the money to her retirement savings, but doesn’t know where to put it in order to get the best growth.

Should she pay off the Land Rover or invest it and, if so, where is best place considering her age and the tax implications?"

Scroll down for quotes from the audio below in which Galileo Capital Financial Advisor Warren Ingram gives an answer. He also answered a number of other calls you may be interested in.

What is a 60-year-old doing buying a R700 000 vehicle on debt? That’s terrible! Really not a good idea.

Warren Ingram, Galileo Capital Financial Advisor

It’s worth putting R30 000 every year into a Tax Free Savings Account with an allocation in listed property.

Warren Ingram, Galileo Capital Financial Advisor

I would more likely look at unit trusts rather than exchange traded funds.

Warren Ingram, Galileo Capital Financial Advisor

What’s the interest rate on the car? If it’s around 9% or 10% then pay off the debt.

Warren Ingram, Galileo Capital Financial Advisor

Click here (then“like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.

Read More
Financial advisor answers listeners' money questions

Financial advisor answers listeners' money questions

The Money Show’s Bruce Whitfield interviewed Galileo Capital Personal Financial Advisor Warren Ingram.

Victims of FNB safety deposit box heists hire private investigators

Victims of FNB safety deposit box heists hire private investigators

The Money Show’s Bruce Whitfield speaks to a woman whose father lost Krugerrands worth almost R1 million.

Meet the orphan who started a novel carwash service to pay for his own education

Meet the orphan who started a novel carwash service to pay for his own education

Abandoned as a baby; the young orphan knew his potential, so he founded a innovative carwash service to pay for his education.

Gold may amaze us this year (coal, not so much) – Mineweb Editor Warren Dick

Gold may amaze us this year (coal, not so much) – Mineweb Editor Warren Dick

The outlook for gold (and other precious metals), oil, coal and steel in 2017…

Data, data everywhere! Meet Ornico Group’s Oresti Patricios…

Data, data everywhere! Meet Ornico Group’s Oresti Patricios…

Ornico monitors and simplifies “big data” for 300 local advertisers, either directly or through their agencies.

3 Business Unusual predictions for 2017

3 Business Unusual predictions for 2017

How speech, hacking and blockchain will generate lots of news this year.

Popular articles
Hooters introduces 'angel shots' to rescue women from dangerous dates

Hooters introduces 'angel shots' to rescue women from dangerous dates

Hooters SA has introduced the ‘Order an Angel Shot’ initiative for female customers who are feeling unsafe during a date.

Zuma taking over from Zuma is a good thing - Jacob Zuma

Zuma taking over from Zuma is a good thing - Jacob Zuma

Political Analyst Dr Sethulego Matebesi says it is concerning that the President is publicly and boldly endorsing his ex-wife.

South Africans get a kick out of Pornhub, Dr. Eve uncovers

South Africans get a kick out of Pornhub, Dr. Eve uncovers

South Africans enjoy watching pornography, so much so that they've made it onto the top 20 countries with highest hits on Pornhub.

Naked Scientist explains why mosquitoes 'discriminate' who they bite

Naked Scientist explains why mosquitoes 'discriminate' who they bite

Dr Chris Smith explains why some people are more desirable than others to mosquitoes.

3 emergency numbers you should have on speed dial and how they work

3 emergency numbers you should have on speed dial and how they work

These are the emergency numbers you should have on your cellphone and this is what you must understand about how they work.