How to save and buy an island (you need only R2000 per month)
There are a whole bunch of audacious, really fun things you could be doing with your money, says Sam Beckbessinger, author of Manage Your Money Like a F*cking Grownup.
Like buying a private island in the Caribbean.
But we assume we can never afford these things, so we limit our ambitions.
Maybe we daydream about buying a better car but assume that to buy a private island, you'd have to win the lotto.
Well, fun fact:
If you sell your expensive car and buy a cheaper one, and invest R2000 a month into the JSE Top 40, you will be able to afford to buy TWO private islands over your lifetime.
No, for real.
Beckbessinger has done the maths.
They chatted about how spending less money every month on the boring stuff like your car can allow you to do outrageous and courageous stuff with your money.
Because compound interest is magic.
For more detail listen to the interview in the audio below (and/or scroll down for quotes from it).
This gorgeous island costs R3 million… it’s a lot of money, but it’s not Richard Branson money…Sam Beckbessinger
If you spend R4000 a month on your car… trade it in for one that costs R2000 a month… invest the difference… it’s likely to grow to R6 million over your working life… Which means you could have two private islands if you wanted to!Sam Beckbessinger
Car salesmen use every trick in the book to make you think you can afford it… if you can pay off a R400 000 car over five years, you can just as easily pay off a R400 000 flat.Sam Beckbessinger
Enjoy The Money Show, but miss it sometimes?
Get the best bits emailed to you daily, right after it ends:
This article first appeared on 702 : How to save and buy an island (you need only R2000 per month)
Kruger International Asset & Wealth Management Director Mia Kruger shares her stock picks of the week on The Money Show.Read More
Most personal finance advisors suggest reducing “risk” a year or two before retirement. Ignore them, reckons Warren Ingram.Read More
After a "calamitous” mini-budget, Austen Morris Associates does not see a single reason to invest any discretionary funds in SA.Read More
Rowan Williams shares his stock picks of the week with Bruce Whitfield on The Money Show.Read More
Personal finance expert Warren Ingram on how to determine your “financial freedom number”. There's a simple formula.Read More
Portfolio Manager Byron Lotter shares his stock picks of the week with Bruce Whitfield on The Money Show.Read More
Personal finance expert Warren Ingram warns that divorce almost always destroys wealth. Here’s how to not lose your money.Read More
The Money Show’s Bruce Whitfield asks investment analyst Nolwandle Mthombeni to share her stock picks of the week.Read More
It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.Read More
If only we earned more – we’d be rich! Kieno Kammies interviews Certified Financial Planner Paul Roelofse.Read More
'Marketing' is not 'sales'. It’s not noise. It's a science, and you must get it right, says Pavlo Phitidis.Read More
The Money Show’s Bruce Whitfield interviews Morbee about his attitude to money (hopes and fears, successes and failures, etc.).Read More
Small business guru Pavlo Phitidis on the basics of building a resilient business. He gives clear guidelines for getting it right.Read More
Bruce Whitfield interviews Phillip Retief, CEO at Van Loveren Vineyards, the origin of the SA's top-selling wine, "Four Cousins".Read More
Bruce Whitfield interviews Darren ‘Whackhead’ Simpson about his attitude to money (hopes and fears, successes and failures, etc.).Read More
The Money Show’s Bruce Whitfield interviews athlete about his attitude to money (hopes and fears, successes and failures, etc.).Read More
About 20% of every rand spent in South Africa goes to informal stores, mostly foreign-run. GG Alcock on his book “KasiNomics".Read More
Bruce Whitfield interviews Williams about her transformative business delivering quality cookies to hotels and Pick n Pay.Read More
The Money Show’s Bruce Whitfield interviews small business guru Pavlo Phitidis, founder of Aurik Business Accelerator.Read More