The Money Show’s Bruce Whitfield received the following question from a listener:
“Over the past few years my wife and I have accumulated a seven digit sum of cash which is currently sitting in a seven-day call account with a bank.
“The problem I have with this is that the interest earned on the sum of money is greater than the allowable interest exemption offered by Sars on a yearly basis.
“We’re, therefore, getting taxed at 41% of the additional interest earned over the Sars exemption.
“The problem we face is that there are so many different investment vehicles offered by so many different companies.
“It is very daunting for us.
“Please, can you ask Warren Ingram to explain the possible investment vehicles which would yield the best, tax efficient return at the lowest cost?”
For Ingram’s answer, listen to the audio below (and/or scroll down for quotes from it).
He should split the money between himself and his wife to pay less tax.— Warren Ingram, Galileo Capital Financial Advisor
He should invest at least 30% or 40% in growth assets. That’s property, listed property and shares.— Warren Ingram, Galileo Capital Financial Advisor
I suggest a moderate or conservative or stable fund.— Warren Ingram, Galileo Capital Financial Advisor
Shares are by far the most tax efficient investment.— Warren Ingram, Galileo Capital Financial Advisor
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Education is, more often than not, key to a good life. But how do you provide when you earn peanuts?
She returns to The Money Show one year (and A LOT of water under the bridge!) later to report back.
Have some spare cash to save and invest, but not sure how? Galileo Capital Financial Advisor Warren Ingram presents your options…
I earn peanuts, yet I’m slowly (but surely!) on my way towards never having to work for money ever again in my life.
Is there a single best way to build your wealth so you can retire with dignity? Yes, there is, despite costs and limitations.
How to protect your wealth should the JSE start to weaken...
The broadened bill will see those who lose their jobs receive money for a longer period when they apply for unemployment benefits.
"Recognise that it’s not the end, it’s the beginning." Expert advise for school-leavers who want to improve their results.
"My earliest memory of money is my father saying, ‘Why do you want to do this thing? How are you going to feed the family?'"
National Student Financial Aid Scheme says it will reopen 2017 loan applications after receiving requests for deadline extension.
Bruce Whitfield interviews the razor-sharp tongued Vestact MD Paul Theron about his money hopes, fears, successes, failures, etc.
WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...
Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?