MyMoney Online, Evergreen Content

How to save and buy an island (you need only R2000 per month)

There are a whole bunch of audacious, really fun things you could be doing with your money, says Sam Beckbessinger, author of Manage Your Money Like a F*cking Grownup.

Like buying a private island in the Caribbean.

But we assume we can never afford these things, so we limit our ambitions.

Maybe we daydream about buying a better car but assume that to buy a private island, you'd have to win the lotto.

Well, fun fact:

If you sell your expensive car and buy a cheaper one, and invest R2000 a month into the JSE Top 40, you will be able to afford to buy TWO private islands over your lifetime.

No, for real.

Beckbessinger has done the maths.

pexels.com, 2018

Ray White (in for The Money Show’s Bruce Whitfield) interviewed Beckbessinger for his weekly personal finance feature.

They chatted about how spending less money every month on the boring stuff like your car can allow you to do outrageous and courageous stuff with your money.

Because compound interest is magic.

For more detail listen to the interview in the audio below (and/or scroll down for quotes from it).

This gorgeous island costs R3 million… it’s a lot of money, but it’s not Richard Branson money…

Sam Beckbessinger

If you spend R4000 a month on your car… trade it in for one that costs R2000 a month… invest the difference… it’s likely to grow to R6 million over your working life… Which means you could have two private islands if you wanted to!

Sam Beckbessinger

Car salesmen use every trick in the book to make you think you can afford it… if you can pay off a R400 000 car over five years, you can just as easily pay off a R400 000 flat.

Sam Beckbessinger

Enjoy The Money Show, but miss it sometimes?

Get the best bits emailed to you daily, right after it ends:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Why Mergence Investment Managers is buying Standard Bank and Mr Price

Why Mergence Investment Managers is buying Standard Bank and Mr Price

The Money Show’s Bruce Whitfield asks investment analyst Nolwandle Mthombeni to share her stock picks of the week.

Decade of corruption under Jacob Zuma cost SA up to R1tr – Cyril Ramaphosa

Decade of corruption under Jacob Zuma cost SA up to R1tr – Cyril Ramaphosa

It was shocking and astonishing to hear the President talk about such a high figure, says Financial Times reporter Tom Wilson.

Clicks and Dis-Chem join Wellness Warehouse in stocking CBD oil (dagga oil)

Clicks and Dis-Chem join Wellness Warehouse in stocking CBD oil (dagga oil)

Outlawed and stigmatised for 90 years; dagga-products are making their way into pharmacies across the country.

5 retirement saving tips for those who left it late

5 retirement saving tips for those who left it late

It’s better to start late than never! The Money Show’s Bruce Whitfield interviews Jeanette Marais.

South Africans are drowning in debt but still clamouring for credit

South Africans are drowning in debt but still clamouring for credit

Loans sharks are having a field day and there's an organised crime element, says personal finance journalist Maya Fischer-French.

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

Enjoy life and save for the future by splitting income using the '50/15/5 rule'

You only live once — personal finance guru Warren Ingram on divvying up your income if you're not the budgeting type.

Popular articles
[WATCH] Viral schoolkid who cried at Bok tour attends awards with the Kolisis

[WATCH] Viral schoolkid who cried at Bok tour attends awards with the Kolisis

He was caught on camera earlier this month, bawling his eyes out when he saw the Bok squad at the start of their victory tour.

Demolition of Bank of Lisbon building in Jhb CBD to take place on Sunday

Demolition of Bank of Lisbon building in Jhb CBD to take place on Sunday

EWN reporter Mia Lindeque gives an update on the demolition plans, which include viewing of the implosion.

[VIDEO] Family take dead family member to Old Mutual after no funeral pay-out

[VIDEO] Family take dead family member to Old Mutual after no funeral pay-out

Khabazela shares tweets and Facebook posts that have gone viral.

'Pravin Gordhan is part of SAA mess, he is not a saint'

'Pravin Gordhan is part of SAA mess, he is not a saint'

Wits School of Economics and Business Science senior lecture Lumkile Mondi says the South African Airways crisis is self-created.

3 best JSE shares to buy, right now (by The Robert Group)

3 best JSE shares to buy, right now (by The Robert Group)

Devin Shutte (Head of Investments at The Robert Group) shares his stock picks of the week with Bruce Whitfield on The Money Show.

[WATCH] SABC reporter heading for danger during looting goes viral

[WATCH] SABC reporter heading for danger during looting goes viral

Khabazela shares tweets and Facebook posts that have gone viral.

How to buy your first share (even if you only have R50, or less)

How to buy your first share (even if you only have R50, or less)

Got R50? No? Got R5? Personal finance expert Warren Ingram on how to buy shares with tiny amounts of money.

13 tips for saving hundreds (nay, thousands!) of rands each month

13 tips for saving hundreds (nay, thousands!) of rands each month

The economy is toast. Personal finance expert Warren Ingram shares 13 highly effective tips for making ends meet.