MyMoney Online, The Personal Finance series with Warren Ingram, Evergreen Content

Moving? Getting divorced? Keep money in your pocket when change is in the air

Change is the only constant.

Frank Magwegwe (in for Bruce Whitfield on The Money Show) interviewed Personal Finance Consultant Samke (Sam) Ngwenya (in for Warren Ingram) about the finances of change.

She had the following advice (listen to the audio below for more detail):

Finances of relocation:

  • Work backwards from rental affordability.

  • Research before buying property – buying immediately may not be the best route until you’re familiar with your current and future needs (i.e. work-home distance, schooling of current or future children, growth areas or established areas, etc.)

  • Keep tabs on all expenses that need to change or that you still have to honour after the move (particularly security services, Eskom accounts, Telkom accounts and any other location specific subscriptions) as ignorance of these may hit your credit score hard.

Finances of divorce:

  • Cost your single life before you jump ship.

  • Have a buffer for legal fees and ask about payment terms and conditions.

  • Determine your financing and banking reality without the support of your spouse.

Finances of being globally mobile:

  • Discuss available options of your offshore base with your banker or financial advisor.

  • Research cost of living overseas (education, property, travel, domestic help, etc.) given your specific family circumstances and keep abreast of these at all times, especially to SA-preferred destinations such as Australia, the UK and the US.

  • Research citizenship options (E.g. investments amounts needed to gain permanent residency or citizenship). Keep abreast of these as it will add to your competitive advantage should there be mass movement towards your preferred destination. You are not only competing against other South Africans, but also against the rest of the world.

Click here (then“like” the page) to follow Bruce on Facebook.

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.

Subscribe to our Business Wrap Newsletter

Article brought to us by Old Mutual.


Recommended

by NEWSROOM AI
Read More
[Exclusive interview] President Cyril Ramaphosa opens up to Xolani Gwala

[Exclusive interview] President Cyril Ramaphosa opens up to Xolani Gwala

Xolani Gwala speaks to President Cyril Ramaphosa in an exclusive interview.

How to make best use of your year-end bonus

How to make best use of your year-end bonus

The Money Show’s Bruce Whitfield interviews Warren Ingram, Personal Financial Advisor and Executive Director at Galileo Capital.

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

Bruce Whitfield sat down with GT Ferreira, Laurie Dippenaar and Paul Harris, the inspirational founders of Rand Merchant Bank.

10 most-read articles of 2018 from Bruce Whitfield's The Money Show

10 most-read articles of 2018 from Bruce Whitfield's The Money Show

It's interesting to see which The Money Show articles were most widely read in 2018; a very tough year for the economy.

Research proves networking doesn’t work (if you try it with strangers)

Research proves networking doesn’t work (if you try it with strangers)

Review of “Friend of a Friend: Understanding the Hidden Networks That Can Transform Your Life and Your Career” by David Burkus.

How to avoid losing your money when you divorce your spouse

How to avoid losing your money when you divorce your spouse

Divorce destroys wealth. But it doesn’t have to be this way, says financial advisor Warren Ingram.

Popular articles
[WATCH] Mom gets  a touching Christmas gift, a surprise visit from her daughter

[WATCH] Mom gets a touching Christmas gift, a surprise visit from her daughter

Khabazela shares tweets and Facebook posts that have gone viral.

'He arrived without integrity and dismantled Sars'

'He arrived without integrity and dismantled Sars'

EWN reporter Barry Bateman looks at different political news that made headlines in 2018 such as Tom Moyane and Sars.

Africa State of Mind: 'My dream is to be global' -  Sho Madjozi

Africa State of Mind: 'My dream is to be global' - Sho Madjozi

In this episode of Africa State of Mind, Lee Kasumba chats to South African rapper Sho Madjozi about her upbringing, and rise to fame.

'Cyril is the most popular president since Nelson Mandela'

'Cyril is the most popular president since Nelson Mandela'

Author Max de Preez weighs in on where SA would be if Jacob Zuma was still president and the impact of Ramaphosa now.