A regular The Money Show listener sent the following question to Bruce Whitfield:
- "We are inheriting approximately R1.3 million and want to know what is the best to do with it. We were thinking of settling our bond and short term debt and investing the rest of the money. We should be left with about R600 000 to invest..."
Whitfield solicited help from Galileo Capital Financial Advisor Warren Ingram in answering the question.
Scroll down for quotes from the audio below.
Time and time again; people who win the lottery are worse off.— Warren Ingram, Galileo Capital Financial Advisor
Short-term debt is the first thing you want to address.— Warren Ingram, Galileo Capital Financial Advisor
If your interest rate is 10% or more – do nothing else than pay it off.— Warren Ingram, Galileo Capital Financial Advisor
Set aside money in an emergency fund. You need three to six months’ expenses.— Warren Ingram, Galileo Capital Financial Advisor
Give yourself a short-term reward for planning for the long-term.— Warren Ingram, Galileo Capital Financial Advisor
If you put it away for a long time it really needs to be in shares.— Warren Ingram, Galileo Capital Financial Advisor
If you don’t know what you’re doing, put it in an index or a unit trust.— Warren Ingram, Galileo Capital Financial Advisor
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Do you have a chunk of money, but you’re unsure where to put it? How should you invest, say, R50 000?
Have some spare cash to save and invest, but not sure how? Galileo Capital Financial Advisor Warren Ingram presents your options…