How to start saving and investing money
(This interview took place on 1 August 2019.)
Saving is 80% of how people become financially independent… [investing] is about getting your money to make money babies…Warren Ingram, Personal Financial Advisor - Galileo Capital
Unless you are super rich, saving money is a must.
But it’s not easy.
So, how do you start?
Ingram reckons that if you can save and invest 15% of everything you earn while working, you’ll probably be amongst the 5% of formally employed South Africans who can retire comfortably.
Listen to the interview in the audio below (and scroll down for more quotes from it).
An emergency fund should be in a money market account… It’s not your holiday fund… it’s earning interest. Every now and again recalibrate it to three months’ expenses…Warren Ingram, Personal Financial Advisor - Galileo Capital
We’re panicky now… but it’s probably a great time to invest!... Be greedy when others are fearful… If you’ve got a longish timeframe you can largely invest your money in shares…Warren Ingram, Personal Financial Advisor - Galileo Capital
Choose a rand-based overseas investment… buy the whole world. Everything from Nike to Adidas to Toyota in Japan… I would start with the world index…Warren Ingram, Personal Financial Advisor - Galileo Capital
EasyEquities does it really easily…Warren Ingram, Personal Financial Advisor - Galileo Capital
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