MyMoney Online, The Personal Finance series with Warren Ingram, Evergreen Content

How to make the most of an inheritance

A regular The Money Show listener sent the following question to Bruce Whitfield:

  • "We are inheriting approximately R1.3 million and want to know what is the best to do with it. We were thinking of settling our bond and short term debt and investing the rest of the money. We should be left with about R600 000 to invest..."

Whitfield solicited help from Galileo Capital Financial Advisor Warren Ingram in answering the question.

Scroll down for quotes from the audio below.

Time and time again; people who win the lottery are worse off.

Warren Ingram, Galileo Capital Financial Advisor

Short-term debt is the first thing you want to address.

Warren Ingram, Galileo Capital Financial Advisor

If your interest rate is 10% or more – do nothing else than pay it off.

Warren Ingram, Galileo Capital Financial Advisor

Set aside money in an emergency fund. You need three to six months’ expenses.

Warren Ingram, Galileo Capital Financial Advisor

Give yourself a short-term reward for planning for the long-term.

Warren Ingram, Galileo Capital Financial Advisor

If you put it away for a long time it really needs to be in shares.

Warren Ingram, Galileo Capital Financial Advisor

If you don’t know what you’re doing, put it in an index or a unit trust.

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 six 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 : How to make the most of an inheritance


Recommended

by NEWSROOM AI
Read More
A compelling argument for using SA's pension funds to build infrastructure

A compelling argument for using SA's pension funds to build infrastructure

Bruce Whitfield interviews John Oliphant, former Principal Executive Officer at the Government Employees Pension Fund.

5 highlights from scathing Nugent report into self-imposed dysfunction at Sars

5 highlights from scathing Nugent report into self-imposed dysfunction at Sars

Taxpayer? You may want to check this out. Bruce Whitfield interviews Pieter du Toit, Assistant Editor of In-depth News at News24.

How flavour created the modern economy

How flavour created the modern economy

A look at how our desire for spice changed the world and how it continues to do so.

'Sars eFiling is stable, at the moment'

'Sars eFiling is stable, at the moment'

Testimonies at the Sars Inquiry has many South African taxpayers panicked. Bruce Whitfield interviews Sars' Mark Kingon.

How to invest, say, R50 000

How to invest, say, R50 000

Do you have a chunk of money, but you’re unsure where to put it? How should you invest, say, R50 000?

How to invest an extra R1000 (or so) per month

How to invest an extra R1000 (or so) per month

Have some spare cash to save and invest, but not sure how? Galileo Capital Financial Advisor Warren Ingram presents your options…

Popular articles
Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Pieter du Toit on VBS, Malema's EFF and contradicting ethics

Malema has accused the rogue unit of still being operational and Pravin Gordhan of working in the background against the EFF.

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Zondi tells court that she had to 'look happy' in church out of fear for Omotoso

Cheryl Zondi is testifying against Pastor Timothy Omotoso who is accused of rape and human trafficking in his Durban church.

'The EFF seems to be trying to find scapegoats'

'The EFF seems to be trying to find scapegoats'

Deputy Editor at Financial Mail, Sikhonathi Mantshantsha, seems to be finding excuses as to why its leaders are in trouble.

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

VBS gave Zuma R8.5m before any security was provided for loan - News 24 journo

News 24 investigative journalist Kyle Cowan reports that Zuma was granted the loan despite the fact that he could not afford it.

Woman alleges pastor Omotoso began sexually abusing her at 14

Woman alleges pastor Omotoso began sexually abusing her at 14

Nigerian pastor Timothy Omotoso and his two co-accused face multiple charges, including human trafficking, racketeering and rape.

Julius Malema is captured, says Kenny Kunene

Julius Malema is captured, says Kenny Kunene

Kenny Kunene describes the issues he has with EFF leader Julius Malema.

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.