Seventy percent of South Africa’s middle-class is suffering from financial stress.
This is according to Sanlam’s 2017 Benchmark survey.
The five most significant sources of financial stress are:
Short term debt obligations (car, personal loans, credit cards, etc.)
Not saving for the future
No emergency funds
Family financial obligations
- Education costs of school or university
All of these issues relate to planning, and how to save and invest your money.
Ingram discussed the following three steps you can take to rid yourself of financial stress and achieve financial freedom:
Get rid of bad debts
Build an emergency fund
- Create an investment portfolio to cover your lifestyle costs.
For more detail; listen to the interview in the audio below (and/or scroll down for quotes from it).
The middleclass is a stabiliser.— Warren Ingram, Galileo Capital Financial Advisor
The new-South African miracle is dying.— Warren Ingram, Galileo Capital Financial Advisor
Growth is how you solve this problem.— Warren Ingram, Galileo Capital Financial Advisor
You may want to use your emergency fund to clear expensive short-term debt.— 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.
Recommendedby NEWSROOM AI
Financial advisor Warren Ingram rubbishes some popular, yet blatantly untrue ideas that are keeping people from growing wealthy.
Rich. Wealthy. Financially free... Call it what you will; the first million is how you get there. Warren Ingram on his book...
Personal financial advisor Warren Ingram has advice on keeping the money side of the relationship healthy when shacking up.
Galileo Capital Financial Advisor Warren Ingram on "good debt", "bad debt", "neutral debt" and consolidation your debts into one.
Earn peanuts, but want to start investing? You can now buy even tiny fractions of a share at a time. And it's very simple!
What does your behaviour teach them? The Money Show’s Bruce Whitfield interviews Certified Financial Planner Kim Potgieter.
The Money Show’s Bruce Whitfield interviews Sxollie cofounder Karol Ostaszewski for his weekly “ShapeShifter” feature.
The annual MTN Walk the Talk with 702 takes place on 22 July this year, under the theme 'Walking for South Africa'.
Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.
Favourites to feed your soul on Sunday.
A trending Twitter debate has left social media users arguing over whether Winnie the Pooh is a girl or boy.
Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.
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?