Streaming issues? Report here
Bongani Bingwa 702 Gradient Bongani Bingwa 702 Gradient
Breakfast with Bongani Bingwa
06:00 - 09:00
volume_up
volume_mute

Up Next: The Clement Manyathela Show
See full line-up
Breakfast with Bongani Bingwa
06:00 - 09:00
Home
arrow_forward
MyMoney Online

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

15 October 2019 3:36 PM

Saving money on boring stuff such as a car can allow you to do really outrageous and courageous stuff, says Sam Beckbessinger.

(This interview took place on 1 November 2018.)

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

15 October 2019 3:36 PM

Recommended

More from MyMoney Online

Naked Insurance

Car insurance from R180 per month – and you don’t pay if you don’t drive

30 June 2020 8:03 PM

Meet Alex Thomson of Naked Insurance, a high-tech company with vastly lower operating costs than most traditional insurers.

Share this:
Read More arrow_forward

Old house abandoned namibia 123rfbusiness 123rflifestyle 123rf

What will become of South Africa's property market and industry after lockdown?

30 April 2020 7:52 PM

Personal finance expert Warren Ingram shares his concerns and offers a few pointers.

Share this:
Read More arrow_forward

naspers-tencentjpg

6 best long-term, affordable local shares to buy, right now

28 April 2020 4:37 PM

Chantal Marx (FNB Wealth and Investments) says these six South African companies are looking resilient and attractively priced.

Share this:
Read More arrow_forward

piggy-bank-coins-money-budget-savings-personal-finance-123rf

Earn up to 11.5% interest on one of the safest investments around

16 April 2020 7:33 PM

Personal finance guru Warren Ingram on why you should consider this risk-free investment, especially if you live off interest.

Share this:
Read More arrow_forward

capitec bank

Capitec Bank full-year profits skyrocket by 19% despite the recession

14 April 2020 7:12 PM

The Money Show’s Bruce Whitfield interviews Gerrie Fourie, CEO at Capitec Bank.

Share this:
Read More arrow_forward

Piggy bank mask covid-19 coronavirus 123rfbusiness 123rflifestyle 123rf

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

2 April 2020 8:04 PM

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

Share this:
Read More arrow_forward

Sorry we closed small business 123rfbusiness 123rf

Covid-19: Struggling to pay - or collect - the rent?

2 April 2020 7:37 PM

The Money Show's Bruce Whitfield interviews property lawyer Julian Scher about rental payment problems caused by Covid-19.

Share this:
Read More arrow_forward

household-bills-debt-expenses-money-finances-black-young-couple-worried-123rf

Struggling to pay a debt? Your options: credit insurance vs debt relief holiday

1 April 2020 6:29 PM

Personal Finance expert Maya Fischer-French on the pros/cons of dipping into credit insurance vs opting for a debt relief holiday.

Share this:
Read More arrow_forward

mtn-sim-reusablejpg

Why Anchor Capital is buying MTN, Sibanye and Transaction Capital

9 December 2019 7:34 PM

The Money Show’s Bruce Whitfield asks Peter Armitage (CEO at Anchor Capital) for his stock picks of the week.

Share this:
Read More arrow_forward

Airport departure

Considering emigration? Financial planner discusses the affordability of leaving

6 December 2019 11:04 AM

Can you afford to leave South Africa? Certified Financial Planner (CFP) Barry O'Mahony on what to consider before deciding.

Share this:
Read More arrow_forward