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.


This article first appeared on 702 : Not so young anymore? How to invest for best growth (and least amount of tax)


Read More
6 tips on how to avoid overspending this festive season

6 tips on how to avoid overspending this festive season

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

DStv subscriber? ANN7 thanks you for the payday!

DStv subscriber? ANN7 thanks you for the payday!

Bruce Whitfield interviews Outa’s Wayne Duvenhage about his open letter to MultiChoice, who will pay ANN7 R245 million.

‘People believe there’s going to be a rapid economic turnaround’

‘People believe there’s going to be a rapid economic turnaround’

The Money Show’s Bruce Whitfield interviews independent Africa analyst Ronak Gopaldas.

How to start a career (or business) with no experience, money or support

How to start a career (or business) with no experience, money or support

The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis.

Soldiers detain Robert Mugabe

Soldiers detain Robert Mugabe

Grace Mugabe may have fled to Namibia. Bruce Whitfield interviews political commentator Rashweat Mukundu.

Meet Vuyani Jarana, the brave man tasked with saving SAA

Meet Vuyani Jarana, the brave man tasked with saving SAA

The Money Show’s Bruce Whitfield interviews South African Airways' brand-new CEO.

Popular articles
Oscar's family unhappy with producers as movie makes SA debut this weekend

Oscar's family unhappy with producers as movie makes SA debut this weekend

The movie stars Joburg-born actor Andreas Damm as Pistorius and Victoria Secret model Toni Garrn as Reeva Steenkamp.

Statement to remove LLB programme from SA universities is misleading: Max Price

Statement to remove LLB programme from SA universities is misleading: Max Price

Max Price says Council on Higher Education's announcement that UKZN, UCT and UL could lose their LLB accreditation is not right.

DStv subscriber? ANN7 thanks you for the payday!

DStv subscriber? ANN7 thanks you for the payday!

Bruce Whitfield interviews Outa’s Wayne Duvenhage about his open letter to MultiChoice, who will pay ANN7 R245 million.

Is taking items from the hotel room stealing?

Is taking items from the hotel room stealing?

Tsogo Sun Cape regional manager explains which items are free to be taken home by guests and why.

WATCH: Innovative spray limits toilet flushes and saves water

WATCH: Innovative spray limits toilet flushes and saves water

Loo Me is a simple yet effective scented foam that takes the yuck out of "mellowing" toilets preventing multiple flushes.