Money Bootcamp: Investing for the future

This is a series of podcasts that you can follow to help create your own money journey. We share our experiences in working with individuals who turned their finances around in just six months.

Last episode we focused on saving for shorter-term goals, but what about those medium to longer-term goals like your child’s tertiary education in ten years or time, or leaving your child a legacy? Maybe you want to start your own business one day? How do you start?

The episode begins with the importance of setting clear and achievable financial goals, providing a practical example of calculating future education costs, illustrating how inflation can significantly impact the amount you need to save.

One of the key takeaways is the distinction between interest and growth. While interest is a guaranteed return from a bank, growth involves investing in assets that increase in value over time. They highlight the benefits of investing in unit trusts and exchange-traded funds (ETFs) as effective ways to achieve capital growth.

A significant portion of the episode is dedicated to the advantages of tax-free savings accounts (TFSAs). Introduced in 2015, TFSAs offer a tax-efficient way to save and invest. Maya and Mapalo explain how TFSAs can be used for various financial goals, including saving for your child's education and supplementing your retirement fund.

#financialeducation #moneybootcamp #investing #taxfreesavings

[tebohomoloi]

Thanks Ladies, Enjoying your podcast's.

[nontobekobongekilesithole]

If you have opened a tax free saving account with a certain institution is it possible to change/ move to another institution if you feel like you made a wrong choice?

[nontobekobongekilesithole]

If you have opened a tax free saving account with a certain institution is it possible to change/ move to another institution if you feel like you made a wrong choice?