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'If you still have a job, get rid of your debt as fast as you can'

2 April 2020 8:04 PM
Tags:
Banking
Unemployment
Warren Ingram
The Money Show
Bruce Whitfield
Debt
Savings
Unemployment Insurance Fund
Personal finance
Galileo Capital
investing
investments
Offshore
etf
financial advice
rent
UIF
emergency fund
Coronavirus in South Africa
covid-19 in south africa
short-term debt
long-term debt

Personal finance expert Warren Ingram has advice on how to survive – or even thrive – amidst the Covid-19 outbreak.

A regular listener of Warren Ingram’s personal finance feature on Bruce Whitfield’s The Money Show emailed the following question:


Also, read:


Question:

I'm a 29-year-old accounting professional with a strong interest in personal finance.

I am writing this email out of concern for employed professionals and soon-to-be unemployed professionals during the shutdown period.

I am hoping that with your expertise you could help other South Africans answer some basic questions on what they can do right now (or not do) during the shutdown from a financial perspective.

Specifically:

  • For the employed: What should you be doing with your short- and long-term debt and assets? For example, what conversations we should be having with banks or landlords if we're renting? Should we be paying off debt? Should we stay put?

  • Unemployed: If you fear that you may be laid off; what measures should you have in place (outside of having a six-month emergency fund)? How does the Unemployment Insurance Fund work? What legal advice should they seek, if any?

  • Savings and Investments: If you're able to invest, how should you go about it? For example, offshore vs local, ETF vs individual shares?

  • Don’ts: What should people not be doing at this time (I imagine it to be a terrible time for taking on debt? What about to buy a home?)

If you’ve got a job now… get rid of your short-term debt as fast as you can…

Warren Ingram, Personal Financial Advisor - Galileo Capital

Go straight to ufiling.co.za [online system about UIF for employers and employees] …

Warren Ingram, Personal Financial Advisor - Galileo Capital

Let’s face it – this is a crash! The rational response is to look for opportunities to buy great assets at a discount… Increase your debit order… A great buying opportunity on the JSE! …

Warren Ingram, Personal Financial Advisor - Galileo Capital

Do not cancel your insurance! … Try to get a deal if you’re not driving so much… Avoid debt and don’t make big decisions… Delay big purchases… Wait this out, the world does turn again.

Warren Ingram, Personal Financial Advisor - Galileo Capital

For more detail, listen to Ingram’s answer in the audio below.

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2 April 2020 8:04 PM
Tags:
Banking
Unemployment
Warren Ingram
The Money Show
Bruce Whitfield
Debt
Savings
Unemployment Insurance Fund
Personal finance
Galileo Capital
investing
investments
Offshore
etf
financial advice
rent
UIF
emergency fund
Coronavirus in South Africa
covid-19 in south africa
short-term debt
long-term debt

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