Posted by: minki | 2011/05/05

Advice financial

hi i am due to get an amount of R1.4 million in divorce situation. My 2 kids will be in my primary care. I would like advice on how to use this money wisely. I am currently unemployed although i am looking for a job which should bring me a income of around 10 000 according to my exp and training. However i would like flexibility with my kids esp since emotionally they now need me more than before. I thought of a half day job which would be about 6000 pm nett. I could supplement this with other work from home opportunities i am currently investigating.

What i really want advice on is the following:

1. I have been offered suitable accomodation by family for unlimited time period IF i invest the 1.4 million and live off the interest. This would allow me the flexibility with kids and i can still continue the work from home options at no risk as i will be receiving the interest.

My question is this something wise to do as i had intended to find a job as per above either full or half day and buy a property to the value of 1.4 million and have a paid off bond. My husband will pick up other costs like levies etc until i can afford to share these costs.

What i also need to know before making the decision re investing the amount as opposed to buying property, is the family members return from the us in 5 yrs time how much will my 1.4 million be worth ito if i should at that stage 5 or 10 yrs time want to then buy my own property? i understand that the interest per month would then cease...

pls help as these are just ideas and no calculations have been done, i dont even know what the interest on 1.4mill is? and also if that is a good option which bank to do the investment with?


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Our expert says:
Expert ImageMoney Expert

This is such an important question and one that is far too complex to answer in this forum. I strongly advise that you get hold of a financial planner and speak to him/her about this. Make it clear that you want to pay them for their advice/time and that you do not want to buy any products from them (for now - that might come later but it is not what is important now). You need to work through the different scenarios and also to consider the tax implications as well as the emotional benefit of being around/with your kids at this time. You can find a financial planner through the Financial Planning Institue of South Africa - or drop me an email and I will point you in the right direction (you can find me on google or via .

The information provided does not constitute a diagnosis of your condition. You should consult a medical practitioner or other appropriate health care professional for a physical exmanication, diagnosis and formal advice. Health24 and the expert accept no responsibility or liability for any damage or personal harm you may suffer resulting from making use of this content.

Our users say:
Posted by: Health24 Admin | 2011/05/23

Thank you for writing to Health24, Minki - please note that this expert only replies to questions relating to health insurance.

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