Streaming issues? Report here
Clement Manyathela 1500 x 1500 2020 Clement Manyathela 1500 x 1500 2020
The Clement Manyathela Show
09:00 - 12:00
volume_up
volume_mute

Up Next: The Midday Report with Mandy Wiener
See full line-up
The Clement Manyathela Show
09:00 - 12:00
Home
arrow_forward
Business
fiber_manual_record
Opinion
fiber_manual_record
Lifestyle

'If you still have a job, get rid of your debt as fast as you can'

2 April 2020 8:04 PM
Tags:
Banking
Unemployment
Warren Ingram
The Money Show
Bruce Whitfield
Debt
Savings
Unemployment Insurance Fund
Personal finance
Galileo Capital
investing
investments
Offshore
etf
financial advice
rent
UIF
emergency fund
Coronavirus in South Africa
covid-19 in south africa
short-term debt
long-term debt

Personal finance expert Warren Ingram has advice on how to survive – or even thrive – amidst the Covid-19 outbreak.

A regular listener of Warren Ingram’s personal finance feature on Bruce Whitfield’s The Money Show emailed the following question:

© andreypopov/123rf.com

Also, read:


Question:

I'm a 29-year-old accounting professional with a strong interest in personal finance.

I am writing this email out of concern for employed professionals and soon-to-be unemployed professionals during the shutdown period.

I am hoping that with your expertise you could help other South Africans answer some basic questions on what they can do right now (or not do) during the shutdown from a financial perspective.

Specifically:

  • For the employed: What should you be doing with your short- and long-term debt and assets? For example, what conversations we should be having with banks or landlords if we're renting? Should we be paying off debt? Should we stay put?

  • Unemployed: If you fear that you may be laid off; what measures should you have in place (outside of having a six-month emergency fund)? How does the Unemployment Insurance Fund work? What legal advice should they seek, if any?

  • Savings and Investments: If you're able to invest, how should you go about it? For example, offshore vs local, ETF vs individual shares?

  • Don’ts: What should people not be doing at this time (I imagine it to be a terrible time for taking on debt? What about to buy a home?)

If you’ve got a job now… get rid of your short-term debt as fast as you can…

Warren Ingram, Personal Financial Advisor - Galileo Capital

Go straight to ufiling.co.za [online system about UIF for employers and employees] …

Warren Ingram, Personal Financial Advisor - Galileo Capital

Let’s face it – this is a crash! The rational response is to look for opportunities to buy great assets at a discount… Increase your debit order… A great buying opportunity on the JSE! …

Warren Ingram, Personal Financial Advisor - Galileo Capital

Do not cancel your insurance! … Try to get a deal if you’re not driving so much… Avoid debt and don’t make big decisions… Delay big purchases… Wait this out, the world does turn again.

Warren Ingram, Personal Financial Advisor - Galileo Capital

For more detail, listen to Ingram’s answer in the audio below.


This article first appeared on CapeTalk : 'If you still have a job, get rid of your debt as fast as you can'




2 April 2020 8:04 PM
Tags:
Banking
Unemployment
Warren Ingram
The Money Show
Bruce Whitfield
Debt
Savings
Unemployment Insurance Fund
Personal finance
Galileo Capital
investing
investments
Offshore
etf
financial advice
rent
UIF
emergency fund
Coronavirus in South Africa
covid-19 in south africa
short-term debt
long-term debt

More from MyMoney Online

Economy in 2021: 'Expect a better year for South African assets'

15 January 2021 3:02 PM

An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.

Share this:
Read More arrow_forward

Retirement funds in SA are changing – new laws come into effect on 1 March 2021

15 January 2021 1:23 PM

Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.

Share this:
Read More arrow_forward

How to buy your very first share – even if you have mere cents to invest

13 January 2021 3:04 PM

You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.

Share this:
Read More arrow_forward

Buying a new car may be possible – even if you can’t afford the monthly payments

13 January 2021 10:49 AM

Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.

Share this:
Read More arrow_forward

Buy hugely discounted properties (up to 70% off) on auction right now

11 January 2021 7:23 PM

Distressed properties on auction are going for a song. Bruce Whitfield interviews property economist Francois Viruly.

Share this:
Read More arrow_forward

Free Covid-19 vaccine for all medical aid members – Discovery CEO

6 January 2021 9:01 AM

"It’s mandatory for medical schemes to pay for for the Covid-19 vaccine," says Dr Ryan Noach, CEO at Discovery Health.

Share this:
Read More arrow_forward

Vaccine optimism is priced in – asset manager

7 December 2020 7:48 PM

Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.

Share this:
Read More arrow_forward

Need new wheels? Car subscriptions at a monthly fee have arrived in South Africa

7 December 2020 7:21 PM

Bruce Whitfield interviews Tinashe Ruzane of FlexClub, where you can choose from a variety of car subscriptions for a monthly fee.

Share this:
Read More arrow_forward

Naspers-owned Prosus (owner of Tencent) starts JSE's largest share buyback ever

23 November 2020 7:35 PM

The Money Show’s Bruce Whitfield interviews Basil Sgourdos, CFO at Naspers.

Share this:
Read More arrow_forward

Pepkor Holdings profits fall 34% but gains 'significant' market share

23 November 2020 7:28 PM

The Money Show’s Bruce Whitfield interviews Leon Lourens, CEO at Pepkor Holdings.

Share this:
Read More arrow_forward

More from Personal Finance with Warren Ingram

Economy in 2021: 'Expect a better year for South African assets'

15 January 2021 3:02 PM

An economist expects China growth at 9.5%, US money-printing, rising metal prices and trade- and current-account surpluses in SA.

Share this:
Read More arrow_forward

Retirement funds in SA are changing – new laws come into effect on 1 March 2021

15 January 2021 1:23 PM

Bruce Whitfield asks personal finance advisor Warren Ingram to explain in detail the new laws affecting provident funds.

Share this:
Read More arrow_forward

How to buy your very first share – even if you have mere cents to invest

13 January 2021 3:04 PM

You can buy R1 (or even one cent) worth of shares. "The key to getting started is to get started," says Charles Savage.

Share this:
Read More arrow_forward

Buying a new car may be possible – even if you can’t afford the monthly payments

13 January 2021 10:49 AM

Need new wheels? WesBank’s Lebogang Goaaketse discusses a popular method for making repayments more affordable.

Share this:
Read More arrow_forward

Make your retirement savings last longer

13 November 2020 11:34 AM

Personal finance advisor Warren Ingram on ensuring you don’t run out of money before you run out of life.

Share this:
Read More arrow_forward

Yes, money can 'buy' you happiness! But invest in experiences, not things

29 October 2020 8:43 PM

There's also a magic number beyond which more money doesn't equate to more happiness, says personal finance guru Warren Ingram.

Share this:
Read More arrow_forward

'Don't overspend on a car purchase - smaller and cheaper equals better value!'

17 September 2020 9:12 PM

Low interest rates and plenty of deals on offer - personal finance guru Warren Ingram points out the pitfalls on The Money Show.

Share this:
Read More arrow_forward

Stressed out? Playing for time when you have a home loan but no income

2 September 2020 7:12 PM

Warren Ingram explores the options, focusing on case study of guest house owner whose investments equal outstanding bond amount.

Share this:
Read More arrow_forward

Feel you've missed the money boat? Don't fall into the FOMO investment trap!

13 August 2020 8:43 PM

Bruce Whitfield and personal finance expert Warren Ingram get to grips with why perhaps you shouldn't, if you didn't...

Share this:
Read More arrow_forward

What does the contentious Regulation 28 mean for your retirement funds?

30 July 2020 8:23 PM

On The Money Show, finance expert Warren Ingram explains why he believes the pros of the regulation outweigh the cons.

Share this:
Read More arrow_forward

More from Covid-19 coronavirus explained

Alcohol ban: Consol, hanging by a thread, burns through millions to stay alive

18 January 2021 6:39 PM

It cannot stop its furnaces, so it must keep them going. Bruce Whitfield interviews Mike Arnold, CEO at Consol Glass.

Share this:
Read More arrow_forward

Covid-19 vaccine: Government may have to milk bone-dry taxpayers some more

18 January 2021 6:25 PM

Treasury is mulling raising taxes, says Prof Adrian Saville, Chief Executive of Cannon Asset Managers.

Share this:
Read More arrow_forward

South African invention revolutionises oxygen delivery to Covid-19 patients

11 January 2021 6:57 PM

"I have witnessed this device saving lives," says Dr Warren Gregorowski of the proudly South African device.

Share this:
Read More arrow_forward

'ANC is against another hard lockdown'

11 January 2021 6:33 PM

"Family meeting" – the scariest words in the English language. Bruce Whitfield interviews News24 Political Editor Qaanitah Hunter.

Share this:
Read More arrow_forward

Free Covid-19 vaccine for all medical aid members – Discovery CEO

6 January 2021 9:01 AM

"It’s mandatory for medical schemes to pay for for the Covid-19 vaccine," says Dr Ryan Noach, CEO at Discovery Health.

Share this:
Read More arrow_forward

[WATCH] President Ramaphosa on measures to battle 2nd Covid-19 wave

14 December 2020 7:44 PM

The President is addressing the nation on measures it's taking to combat the 2nd wave of Covid-19, now washing over South Africa.

Share this:
Read More arrow_forward

Odds of catching Covid-19 vs crashing your car (and other calamities)

14 December 2020 6:50 PM

Dr Johan Ferreira (Senior Lecturer in Statistics at UP) on the chance of contracting Covid-19 compared to other dangers.

Share this:
Read More arrow_forward

Lockdown destroyed 42.7% of small business in South Africa – study

7 December 2020 8:14 PM

It’s heart-breaking; the results of a study by Finfind and the Department of Small Business Development.

Share this:
Read More arrow_forward

Vaccine optimism is priced in – asset manager

7 December 2020 7:48 PM

Investors are getting ahead of themselves, warns Pieter Hundersmarck, a fund manager at Flagship Asset Management.

Share this:
Read More arrow_forward

Pfizer’s Covid-19 vaccine is extremely effective (90%)

9 November 2020 6:24 PM

Pfizer is on the verge of cracking a Covid-19 vaccine, says Dr Glenda Gray, CEO at Medical Research Council.

Share this:
Read More arrow_forward

More from 947 COVID-19 updates, tips, & information

'Schools are the safest space for learners but not at all costs,' says Naptosa

12 January 2021 2:02 PM

Naptosa executive director Basil Manuel says they don't want last-minute announcements and cancellations from the minister.

Share this:
Read More arrow_forward

South Africa records 20,999 new COVID-19 infections

8 January 2021 6:49 AM

The Health Department reported that 441 more people had died after contracting the virus - with the death toll now at 31,809.

Share this:
Read More arrow_forward

Naptosa: COVID-19 may lead to interruptions in matric exam marking

7 January 2021 3:33 PM

The National Professional Teachers' Organisation of South Africa (Naptosa) is worried the process might have to be interrupted.

Share this:
Read More arrow_forward

SA COVID-19 death toll passes 30,000 mark

5 January 2021 6:59 AM

The country also recorded over 12,600 new infections.

Share this:
Read More arrow_forward

Admission of guilt fine can leave you with a criminal record - Lawyer

31 December 2020 9:09 AM

Public health lawyer Safura Abdool Karim says people must be cautious when accepting the admission of guilt fine.

Share this:
Read More arrow_forward

[LISTEN] When can the police arrest you for not wearing a mask

30 December 2020 8:19 AM

Human Rights Deputy Director Wayne Ncube explains the regulations in terms of wearing a mask in public.

Share this:
Read More arrow_forward

SA's COVID-19 infections increase by 9,445 as new variant of virus is detected

21 December 2020 7:03 AM

The infections have increased the number to 921, 922 since the start of the outbreak.

Share this:
Read More arrow_forward

Concern as 8,166 new COVID-19 cases and 173 more deaths recorded across SA

11 December 2020 6:20 AM

The health ministry has also confirmed that 173 more people have died from the virus pushing the death toll to 22,747.

Share this:
Read More arrow_forward

Take COVID-19 precautions to keep you safe while traveling this festive season

4 December 2020 7:56 AM

Gauteng GP Collaboration member Dr Dan Israel says it is important for people to take personal responsibility to fight the virus.

Share this:
Read More arrow_forward

How big pharmaceuticals will profit from COVID-19 vaccine

20 November 2020 11:33 AM

Doctors Without Borders Access campaign advocacy officer Candice Sehoma talks about the economics of vaccines during a pandemic.

Share this:
Read More arrow_forward