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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

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:

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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.


2 April 2020 8:04 PM

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