How Much to SAVE by AGE in South Africa
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- čas přidán 6. 09. 2024
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In this video, we break down how much money you should aim to save at each age in South Africa. Whether you're in your 20s, 30s, 40s, or beyond, we provide valuable money-saving tips to help you achieve your financial goals. Watch till the end to learn how to effectively manage your finances and secure your future. Don't miss out on this essential financial advice tailored for different age groups in South Africa!
How Much to SAVE by AGE in South Africa
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20 years old, recently subscribed, and this is advice I need to hear.
Welcome to the channel. Thanks for your comment 💪🏻
Great stuff here Louis, thank you for spreading knowledge. It'd be great if you could maybe getting into detail about how to do this .. maybe some tips and tricks or something like that .. especially for young people, I think they probably need it the most .. so it would be really helpful if you were to help in developing or recommending a step by step guide or breakdown on how to go about securing and building wealth and security.
Might I suggest a video for every age group?
Thanks for watching and for the suggestion. I will look into making a video about this for every age etc. Thanks for the support. 💪🏻
At 30-39 you say we should have our annual salary saved in a high yield savings account. Why annual salary and not annual expenses? That would be a 12 month emergency fund. That seems a lot to me as I would rather have my extra money other than my emergency fund invested in the S&P 500 where it will get a better return. Not to mention the risk in holding so much money in Rand.
Absolutely, I reckon the larger your savings, the less overall risk you have. It's definitely a good idea to invest in the Sp500 or any other index but most people will be more confortable with saving instead of investing. However the investing route will make much more sense financially.
Ya, I don't hold anywhere close to that. I don't even hold 6 months. I guess it depends on your situation, but I wouldn't hold 1 year salary because that's just a poor return.
Absolutely, saving is not about the best return. it's about risk-free return. Also, by the time you are "able" to save a years salary, you should have a pretty large sum invested already. But again, these are just guidelines and will, of course, be different for everyone m as long as you can start somewhere. Thanks for sharing your thoughts 💪🏻
Currently I'm 19 years old , hopefully in future I will definitely give you credits for the benefits I'll have so thank you for the help 🤲
That would be a great testimony. Well done for educating yourself on a Sunday evening. Keep it up 💪🏻💪🏻
Thanks for the video, i notice that the rule of thumb matches american standards.
Suppose you are from a poor family and are subjective to black tax. You really start being able to run in your 30s.
Secondly, if you earn somewhere on the top 3%-5% of the country it seems impossible to naturally have x6 of your annual salary on your 40s regardless of your economic background. For example a high salary of R1,500,000 translates to R9 million in savings/investments and suppose you earn R2m by 50, x7 would be R14milliom. These are crazy numbers for anyone who doesnt have a highly successful business or is super skilled in investments (or got lucky)
What would you say is the point where the rule of thumb become void?
Thanks for your comment. You make some valid points. I think it all comes down to living frugally from a young age. The goal should be to set these goals early and stay on track. Unfortunately its not always possible, but setting these high and for some unrealistic goals is still a great way to work towards retirement.
Thanks for the breakdown and the great video. If you are 40 and have not saved😢. What is the advice
Huge pleasure. I would say to start with whatever you can. The important part is to educate yourself. Hopefully this channel can help with that.
Turning 30 next year 😢 ive been thinking about my investment strategy ideal for 30 years old starting out.
I would say, start with whatever you can. Even if its R50 or R100
Just start somewhere. Thanks for watching 👊🏻
Thank you very much for your content 🙏
Pleasure. Thanks for watching 💪🏻💪🏻
Not sure about the math. TFSA started in 2015. To have it maxed out already means your salary should have been quite high from the start. Or do you mean that within the age bracket, ie, starting at 40 ending at 49?
Sorry for the confusion, but lets say you watch this video at 20 years old, by the time you are in your 40s, you need to tick those boxes. Its different if you are already in your 40s, but still you should be close to this goal even though you only had 10 years to contribute.
The math doesn’t add up here.
Feel free to eloborate. Remember these are set as guidelines at each age
Hi! Thanks for the great video! When talking about 20% savings rate, is this 20% of gross or net salary? And does the 20% include provident/RA contributions?
@bernadettepieterse2329 Great question. Ideally Gross salary but being realistic net salary makes more sense. Its important to use these rules as a guideline and adjust it to what will work for your situation. Just start with what you can💪🏻
@@louisreynhardtShould I include provident/RA contributions in my savings rate calculator (when using gross salary)?
Love the content🙏 Did your prices go up for your courses, from last time?
Thanks so much for watching. Yes it did. Its currently on promotion until end of July but It will continue to go up due to the demand. Especially the 1 on 1 options. The course only is still very cheap in my opinion. Check out the link
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Hi there, i have tried numerous times to build my credit but for some reason i am not permitted to even open an account for clothes in our local retail shops. please help me? i am 29 already and this has been discouraging
Have you done a credit check before? If so do you see any judgments on tbe check? You can search for videos like how yo fix bad credit. I also made a couple videos about this topic.
@@louisreynhardt Thank you i will def check it out, I have not checked my credit myself or used a method, only found out when i wanted to layby
@bestofreelsandtiktok582
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Definitely check out this video then. Hope it helps 🙏🏻
Get a bank account with FNB. Build a savings and a history for maybe 1-3 months and then ask them for a credit card. Capitec didn’t allow me because it’s fixed on their system the criteria but FNB approved it.
@@ItsEthanMarques Thank you so much! Will def try this
I wonder how practical is this in this Ramaphosa ' s economy
Its going to be quite tough I can tell you that 🤣
much higher than 25k per month ? in SA? geez.
Feel free to eloborate on your comment ?
@@louisreynhardt the average person in SA won't get close to that, nevermind much higher at age 30 to 39. So I'd say the numbers are a tad high. Unless it's aimed at the average professional, and not the average citizen.
@lukie1024 Absolutely, unfortunately, the income gap is huge in SA. The goals should be to increase your income . That is what I like to teach on the channel. Rather, set high goals and fail instead of not living up to the full potential. But I completely understand that it might seem unrealistic for most. Thats why everyone should adjust it to their own liking. Hope that makes sens.
@@louisreynhardt definitely true and possible. It's actually laughable what people assume will be a decent amount of money at retirement. Then wake up at 55 to 60 years old when it's too late. You are 1000% helping by raising awareness on what to focus on early. The "much higher" bit just triggered me lol. Don't want to have those people feeling inadequate.
@lukie1024 you make a great point. Its really hard to cover all perspectives in these short videos but its generally just guidelines and my opinion. At the end of the day the main goal for my is to educate and not make anyone feel worthless by any means.
Saved or invested 7x annual in your 50s?
Saved 💪🏻
Actual figures mentioned would’ve been cool, but as you did say each person is different so might be too broad a figure anyway.
Thank man, I considered it, but the video would have been very long. Thanks for watching 💪🏻
Can you do a video about investing on your banking app
Sure Ill look into it. Which banking app do you use
@@louisreynhardtFNB
goated bro.
🐐 💪🏻💪🏻