Txs alot, learned the hard way withdrew money thinking i will add up same year only to be told its not possible... also disciplining myself was not easy, thanks for the clarification really comes in handy
Thanx for the good info. Am I correct to understand that my money into this account will find its way to the SA Treasury? And WHO will manage those funds ... Treasury or me or some Asset company?
Thank you, Mapalo, I really needed this lesson "How Not to Use the Tax Savings Account". It's with my Bank and I have fallen into a trap of transferring some of it into my transactional Account 😩.I am transferring it into an asset management account . Thanks for sharing😊 #LongtermInvestments I am learning so much from your book "You're Not Broke, You are Pre-Rich" Thank you for life lessons
Hi Aus Mapalo. What are the cons of investing with a life insurance company? I think I may have to transfer to an asset management company. Great video!
Hi Mapalo I have a TFSA with Old Mutual. What are your recommendations on this, because you mentioned assessment management (fairly new to me). Thank you so much!
Hi Tribe, someone asked me a question regarding A Retirement Annuity vs A Tax-Free Savings Account. And I thought I’d share My answers: You cannot transfer a RA to a TFSA - they are two different products or different purposes. You can transfer your existing RA to another RA with an asset management company, this is called a section 14 transfer- you are not withdrawing the funds, just transferring them. Please note that when you transfer your existing RA with an insurance company, there might be penalties. Your tax-free savings account only allows you to contribute a MAX of R36 per year only. That is why I use it as a top up to my existing RA with an asset manager
Hi Mapalo I have been investing in a tax free savings account with my Bank,but now I am thinking of changing and invest via easyequties do you think it is a good option? Is Easy equity investments safe? Do you recommend it?
Hello Mapalo. I just open mine yesterday with allan gray but I chose the money market fund, was this a right move? Or I should have chosen balanced fund?. Also it is still in process, so can I contact them to change to balanced fund?
Are you allowed to have multiple tax free saving account from different banks using AuM/ Assets under Management. 2. Can you take 36.000 and put it under Tax Free saving account instead contributing monthly until you reach your 36 000 limits and invest under Assets under Management of another 15 year to achieve compound interest and dividend
Hi Mapalo I have been investing in a tax free savings account with my Bank,but now I am thinking of changing and invest via easyequties do you think it is a good option? Is Easy equity investments safe? Do you recommend it?
Hi Mapalo, if I transfer my tax free from a previous tax year in the new tax year does that mean I will have contributed my threshold for the new tax year or does it still fall under the previous tax year?
Been going back and forth contemplating between Old Mutual TFSA and Allan Grey. I'm glad you mention the Allan Grey option. Its time to stop procrastinating and start taking action now. Question: is it advisable to keep the contributions at the same debit order amount over the years and increase/put in more with time whenever i have more to put in or is the fixed % yearly increase better?
Hi Mapalo. Heard you saying "You must not invest it with your bank".. What is the reason behind these?? And you again said "It's a maximum of R3000 pm" Can I put in more than that for as long as I won't exceed R36000 per year??
Is there a possibility that the money I invest can be lost due to market volatility or is my contribution safe? Say if I invest monthly with a fund manager like Coronation?
If I have a set debit order of 500, that's 6k a year. And I have 5k once off to invest in the same tax free account, am I allowed to pay the once off. It'll bring the annual contribution to 11k.?
Do you have 14 years only or do you have until you have reached the maximum investment limit? N does one have to cash out after max investment limit is reached (500k) or can it be left in the asset management account to still gain compound interest even though you no longer contribute to it?
Hi Karabo. The maximum you can contribute in your lifetime is R 500 000.00 so if it takes you more than 14 years to get to that point, provided you stick to the maximum R 36, 000.000 limit per year, then that is also fine. I don't think you are forced to cash it out. Remember, compound interest is your friend here.
Hey Tribe, there is always risk when it comes to investing, whether it is a Tax-Free savings account, Retirement Annuity, investing in Shares or Exchange-Traded Funds. You just have to decide which funds suit your risk personality (appetite).
Hello everyone. I'm a student wanting to open a tax free savings account with ABSA. Reason: To save up money every month to pay for my flight tickets from Gauteng to KZN when recess time creeps up. (Minimum R100.00pm) Why a tax free savings account? There are no charges when I transfer money from the tax free savings account to my normal debit account. In addition, I can access the money in the tax free savings account at anytime as opposed to a notice savings account where I would be charged heavily if I access the funds before the notice period Is a tax free savings account the best option or should I rather opt for another account? If so, which one?
What an encouraging video🙏 The information is clear . Thank you
Very informative.. 1st time that someone on UA-cam explains this tax incentive so well. Big ups Maps
Thank you so much Mapalo...was with my bank now transfering to and asset management company..thank you so much
Txs alot, learned the hard way withdrew money thinking i will add up same year only to be told its not possible... also disciplining myself was not easy, thanks for the clarification really comes in handy
Thanks Doc, unfortunately most of these lessons are learned the hard way! Thank you for sharing, I know it'll help other Tribe members.♥️
Thanx for the good info. Am I correct to understand that my money into this account will find its way to the SA Treasury? And WHO will manage those funds ... Treasury or me or some Asset company?
Thanks for this video just found ur channel . I wanted to know about opening one for my child .
Hello, Mapalo this is great... I just want to also know what are you recording this video with?
Thank you, Mapalo, I really needed this lesson "How Not to Use the Tax Savings Account". It's with my Bank and I have fallen into a trap of transferring some of it into my transactional Account 😩.I am transferring it into an asset management account . Thanks for sharing😊 #LongtermInvestments
I am learning so much from your book "You're Not Broke, You are Pre-Rich" Thank you for life lessons
Hi 'Mapalo,
Thanks for this video.
I just need to know, is Stanlib an Asset Manager?
Interesting lesson! ❤
Thank you for this. thank God I haven't started started contributing into my Tax free saving account.
Your explanation was crystal clear Mapalo, thank you
Hi Aus Mapalo. What are the cons of investing with a life insurance company? I think I may have to transfer to an asset management company. Great video!
so so helpful thank you.
most welcome Mbali ♥️
Hi Mapalo
I have a TFSA with Old Mutual. What are your recommendations on this, because you mentioned assessment management (fairly new to me).
Thank you so much!
Bathong thanks for this 😊very insightful
Hi Mapalo
Is "Stash" good?
informative, good quality video and audio.
Hi Tribe, someone asked me a question regarding A Retirement Annuity vs A Tax-Free Savings Account. And I thought I’d share
My answers:
You cannot transfer a RA to a TFSA - they are two different products or different purposes.
You can transfer your existing RA to another RA with an asset management company, this is called a section 14 transfer- you are not withdrawing the funds, just transferring them.
Please note that when you transfer your existing RA with an insurance company, there might be penalties.
Your tax-free savings account only allows you to contribute a MAX of R36 per year only. That is why I use it as a top up to my existing RA with an asset manager
Hi Mapalo
I have been investing in a tax free savings account with my Bank,but now I am thinking of changing and invest via easyequties do you think it is a good option? Is Easy equity investments safe? Do you recommend it?
6:53 Asset Management Accounts
Thanks, this was very helpful
Hello Mapalo. I just open mine yesterday with allan gray but I chose the money market fund, was this a right move? Or I should have chosen balanced fund?. Also it is still in process, so can I contact them to change to balanced fund?
Hello, can you kindly talk about retirement savings in terms of Annuity vs TFSA on which one is the best?
Are you allowed to have multiple tax free saving account from different banks using AuM/ Assets under Management. 2. Can you take 36.000 and put it under Tax Free saving account instead contributing monthly until you reach your 36 000 limits and invest under Assets under Management of another 15 year to achieve compound interest and dividend
What is National Debit Counselors and should I go for that if I am struggling to pay debt struggling not disable just struggling?
Thank you for this video! I have been doing it wrong! Very informative video, definitely fixing my mistakes after this!
Great explanation
Hi is there an asset management company that allows to put as little as R500pm on your tax free savings account?
Yes I am with Allan gray and I pay 500pm . That's what I can afford for now
Hi Mapalo
I have been investing in a tax free savings account with my Bank,but now I am thinking of changing and invest via easyequties do you think it is a good option? Is Easy equity investments safe? Do you recommend it?
Hi Mapalo, if I transfer my tax free from a previous tax year in the new tax year does that mean I will have contributed my threshold for the new tax year or does it still fall under the previous tax year?
Hi Mapalo, is it possible to have 2 or more TFSA's with different management companies in your name ?
you can have multiple tfsa BUT the combined contribution MUST Not exceed the R36,000 yearly limit.
I would also love to know that.
Thanks for this. Quite informative.
Been going back and forth contemplating between Old Mutual TFSA and Allan Grey. I'm glad you mention the Allan Grey option. Its time to stop procrastinating and start taking action now.
Question: is it advisable to keep the contributions at the same debit order amount over the years and increase/put in more with time whenever i have more to put in or is the fixed % yearly increase better?
So informative. Thank you 🙂
Thank you , very informative.
Hi Mapalo. Heard you saying "You must not invest it with your bank".. What is the reason behind these?? And you again said "It's a maximum of R3000 pm" Can I put in more than that for as long as I won't exceed R36000 per year??
Is there a possibility that the money I invest can be lost due to market volatility or is my contribution safe? Say if I invest monthly with a fund manager like Coronation?
If I have a set debit order of 500, that's 6k a year. And I have 5k once off to invest in the same tax free account, am I allowed to pay the once off. It'll bring the annual contribution to 11k.?
Do you have 14 years only or do you have until you have reached the maximum investment limit? N does one have to cash out after max investment limit is reached (500k) or can it be left in the asset management account to still gain compound interest even though you no longer contribute to it?
Hi Karabo. The maximum you can contribute in your lifetime is R 500 000.00 so if it takes you more than 14 years to get to that point, provided you stick to the maximum R 36, 000.000 limit per year, then that is also fine.
I don't think you are forced to cash it out. Remember, compound interest is your friend here.
Hello Mapalo are they any charges that apply on a Tfsa through Easy Equities app thanks
Yes there are, but only once you start transacting on the app. their fees are NOT exorbitant though
Do you still get taxed/charged if you put a lump sum of let's say 70k to your existing tax free account that has maybe 20k?
Hi, you cannot contribute more the R36,000 yearly limit, if you do, you will get taxed 41% on the amount about the R36K per year.
Hi Mapalo,what about old mutual?I have a TFSA with them.
Me too
Is it with Old Mutual Life? the yes, but if its with Old Mutual Investment/Unit trust then its fine.
@@MapaloMakhu Yoo I will have to check
Why is it not good idea to have tax free account with the bank and also what is the difference between tax free account and tax free call investment
Where can I purchase that book?
@ Champion, I visited Mapalos' Women& Finance page, you can purchase it there as well, and it will be delivered within a period of 36hours.
Is tax free cash deposit and tax free shares account both fall under tax free savings that you are explaining here?
Hi hypothetical speaking can you open multiple tax free account from different banking financial system let me know asap
Mapalo, what could go wrong with TFSA? Losses or the possibility of it not growing?
Hey Tribe, there is always risk when it comes to investing, whether it is a Tax-Free savings account, Retirement Annuity, investing in Shares or Exchange-Traded Funds. You just have to decide which funds suit your risk personality (appetite).
👌👌👌
Hello everyone.
I'm a student wanting to open a tax free savings account with ABSA.
Reason: To save up money every month to pay for my flight tickets from Gauteng to KZN when recess time creeps up. (Minimum R100.00pm)
Why a tax free savings account? There are no charges when I transfer money from the tax free savings account to my normal debit account. In addition, I can access the money in the tax free savings account at anytime as opposed to a notice savings account where I would be charged heavily if I access the funds before the notice period
Is a tax free savings account the best option or should I rather opt for another account? If so, which one?