Seventy percent of South Africa’s middle-class is suffering from financial stress.
This is according to Sanlam’s 2017 Benchmark survey.
The five most significant sources of financial stress are:
Short term debt obligations (car, personal loans, credit cards, etc.)
Not saving for the future
No emergency funds
Family financial obligations
- Education costs of school or university
All of these issues relate to planning, and how to save and invest your money.
Ingram discussed the following three steps you can take to rid yourself of financial stress and achieve financial freedom:
Get rid of bad debts
Build an emergency fund
- Create an investment portfolio to cover your lifestyle costs.
For more detail; listen to the interview in the audio below (and/or scroll down for quotes from it).
The middleclass is a stabiliser.— Warren Ingram, Galileo Capital Financial Advisor
The new-South African miracle is dying.— Warren Ingram, Galileo Capital Financial Advisor
Growth is how you solve this problem.— Warren Ingram, Galileo Capital Financial Advisor
You may want to use your emergency fund to clear expensive short-term debt.— 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.
Recommendedby THE NEWSROOM
The Money Show’s Bruce Whitfield interviews Galileo Capital Financial Advisor Warren Ingram.
Personal Financial Advisor Warren Ingram advises a listener who inherited some money, and wants to work well with it.
But can they be trusted? Are they independent? Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
Bruce Whitfield interviews Personal Financial Advisor Warren Ingram. He also read a question sent by Nick, a regular listener.
Naspers constitutes a whopping 20% of the Top 40 index. Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
Warren Ingram helps a listener who loves her cars, and asks how to combine a good lifestyle with proper financial planning.
In the parenting feature, Nikki Bush chats about why schools need to implement Physical Development into their daily curriculum.
In the health feature, infectious diseases specialist Professor Helena Rabie talks about stomach bugs, and how to treat them.
The DA has written to President Cyril Ramaphosa asking him to initiate an urgent Special Investigation Unit into the case.
National Institute for Communicable Diseases says all cases traced back to the same bacterial strain and source needs to be found.
UCT planning expert raises concerns over bidder's proposed plans for Foreshore development.
E Cape Saps says they are investigating the murder of five police officers and one retired soldier at Ngcobo Police Station.