The Money Show’s Bruce Whitfield received the following question from a listener:
“Over the past few years my wife and I have accumulated a seven digit sum of cash which is currently sitting in a seven-day call account with a bank.
“The problem I have with this is that the interest earned on the sum of money is greater than the allowable interest exemption offered by Sars on a yearly basis.
“We’re, therefore, getting taxed at 41% of the additional interest earned over the Sars exemption.
“The problem we face is that there are so many different investment vehicles offered by so many different companies.
“It is very daunting for us.
“Please, can you ask Warren Ingram to explain the possible investment vehicles which would yield the best, tax efficient return at the lowest cost?”
For Ingram’s answer, listen to the audio below (and/or scroll down for quotes from it).
He should split the money between himself and his wife to pay less tax.— Warren Ingram, Galileo Capital Financial Advisor
He should invest at least 30% or 40% in growth assets. That’s property, listed property and shares.— Warren Ingram, Galileo Capital Financial Advisor
I suggest a moderate or conservative or stable fund.— Warren Ingram, Galileo Capital Financial Advisor
Shares are by far the most tax efficient investment.— Warren Ingram, Galileo Capital Financial Advisor
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.
Education is, more often than not, key to a good life. But how do you provide when you earn peanuts?
She returns to The Money Show one year (and A LOT of water under the bridge!) later to report back.
Have some spare cash to save and invest, but not sure how? Galileo Capital Financial Advisor Warren Ingram presents your options…
I earn peanuts, yet I’m slowly (but surely!) on my way towards never having to work for money ever again in my life.
Is there a single best way to build your wealth so you can retire with dignity? Yes, there is, despite costs and limitations.
How to protect your wealth should the JSE start to weaken...
The judge presiding over Henri van Breda's murder trial has urged the media to report carefully in the highly sensitive case.
According to Deputy president of the SA cabin crew Association, all SAA flights will be affected by the strike.
ANC sec gen dismisses Zuma's claims in court papers that Mantashe and Ramaphosa apologised to him as factional divide deepens.
Chris Malgas speaks about his experiences as a prison warder at the notorious Pollsmoor prison for four decades.
A new lifestyle market is set to open in Sea Point, offering a variety of food, art, fashion and entertainment seven days a week.
During the van Breda home visit State prosecutor Susan Galloway described to the judge where the murder weapon was found.
The caller from Bedfordview responds to complaints around the lack of late night transport provisions for Virgin Active workers.