advertisement
Question
Posted by: IT Buddy | 2006/07/25

Money matters. Advice welcomed

Asking for advice. I recovered from a bad spell of debt recently by selling off a property. There were many factors contributing to my slipping into debt, the main one being my inability to work with money. After coming clean I now have a stand and approx R90 000 cash to work with. My monthly income suffices in covering all my expenses and leaves me with approx R5 000 surplus and a retirement benefit. The apartment I’m staying in is jointly owned by my ex and myself and for staying there I keep the monthly instalments up to date. How do I go about spending this money wisely in an ethical fashion ? I don’t want to get caught up in “get rich quickly schemes”. Any Gurus out there to advise me on the matter ? I know property is a good wicket, but is R90 000 enough to start afresh ? I’m turning 44 soon.

Not what you were looking for? Try searching again, or ask your own question
Our expert says:
Expert ImageCyberShrink

,,,,,

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.

5
Our users say:
Posted by: IT Buddy | 2006/07/25

Excellent. I'll check it out. Thanx

Reply to IT Buddy
Posted by: Chelle | 2006/07/25

Yes, finding the right advisor is the trickiest part. I'd suggest getting someone who charges for the time spent, and not someone who gets commission on products sold - unfortunately, I don't think there are many of those available.

Our company pays for its employees to utilise the services of a site called moneysense dot co za - it does a personal profile and assesses your spending habits against the norm and provides suggestions about where you can lower or increase expenditure - I think those guys are independent advisors - maybe you should have a look and see if there is something helpful for you.

Reply to Chelle
Posted by: IT Buddy | 2006/07/25

Chelle. I'm pretty sure that the retirement benefit is too little. That's why I want to compliment this portion with whatever upshoot I can get from cleverly using the cash I've got. I know it's not a lot now, but rolling it over as quickly as possible is what I'm aiming at. As far as the lifestyle - ever since a divorce three years ago (which cost me a very neat amount cashed out to the ex) I've been doing the shoe-string budget thing, but I just came to the realisation that I'm saving myself poor, by clinging onto the property and having a terrible cash flow. My immediate needs are catered for now. It's looking ahead that bugs me. Thanks for the advice. Finding the right professional financial advisor is the trick, I think.....

Reply to IT Buddy
Posted by: Chelle | 2006/07/25

Oops - that should be "AFTER retirement"

Reply to Chelle
Posted by: Chelle | 2006/07/25

What type of retirement benefit? Have you had that checked to ensure that it will be sufficient to provide a decent income until retirement?

The property market is slowing down, and so you're not likely to get good returns quickly - but over 10 years you should still get a decent return on your money.

In order to give you proper financial advice a financial adviser needs more information - they need to understand your lifestyle, your goals for the future - whether you have dependents - how risk friendly or risk averse you are etc -

So, any advice given here shouldn't be seen as THE way. I suggest you get hold of an independent financial advisor who isn't out to sell you any old product.

Reply to Chelle

Have your say

Thanks for commenting! Your comment will appear on the site shortly.
Thanks for commenting! Your comment will appear on the site shortly.
advertisement