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 NEWSROOM AI
Got R50? No? Got R5? Personal finance expert Warren Ingram on how to buy shares with tiny amounts of money.
A simple savings plan for people who don’t like to budget. Bruce Whitfield interviews personal finance guru Warren Ingram.
Ray White talks to personal finance guru Warren Ingram, who reckons women should take financial planning more seriously than men.
#FeesMustFall, but don’t hold your breath. Take matters into your own hands to ensure a tertiary education, says Warren Ingram.
The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.
The JSE is struggling. The rand is toast. Trump’s trade war has markets rattled. Advisor Warren Ingram discusses places of safety.
Helen Zille responds to alleged comments made by Lindiwe Mazibuko at a dinner, saying she's doing the same to Musi Maimane.
Waitress praised for standing up for herself after a man touched her butt on his way to the toilet and a dog comforts its owner.
The new Home Affairs upgrades to the system include printing parents details at the back of the child's passport.
What are your sexual fantasies? Disclosure can bring sexual freedom, but it can also have downsides. A study lists the top trends.
Seven suspects were arrested in Limpopo in less than 24 hours after a cash-in-transit vehicle was blown up in the province.