MyMoney Online, The Personal Finance series with Warren Ingram

Got a bit of money in the bank, not earning much? Here’s how to invest it…

Richard is a student.

Over the years of doing internships during his holidays he has saved up a small amount of money.

Currently he has around R70 000 sitting in his ABSA account doing absolutely nothing.

The Money Show’s Bruce Whitfield interviewed Galileo Capital Financial Advisor Warren Ingram who advised Richard.

Scroll down for quotes from the audio below.

I save the majority of my income.

Richard

I have a life. I go out twice a week, when time allows.

Richard

The longer he can allow this money to compound the better.

Warren Ingram, Galileo Capital Financial Advisor

If Richard had any kind of debt I would suggest he paid that off.

Warren Ingram, Galileo Capital Financial Advisor

Richard should keep three months’ expenses in a very liquid investment.

Warren Ingram, Galileo Capital Financial Advisor

He should look at a Tax Free Savings Account. A retirement annuity, at this stage while he’s not earning much, does not make sense for him.

Warren Ingram, Galileo Capital Financial Advisor

He should be invested purely in shares, using a Tax Free Savings Account, but only if he’s committed for the long term.

Warren Ingram, Galileo Capital Financial Advisor

It’s unfair to expect your mentor to be 100% right.

Warren Ingram, Galileo Capital Financial Advisor

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