In terms of what to choose in the ETFs, I find that if u pick S&P500s, MSCI Worlds, Nasdaq 100 & FTSE100 u will win. These ones grow by double digit % within a short space of time. The SA top 40 does grow but at a snails pace.
WOW, from 36k to 2.9M 😄 that is the most interesting thing I have ever heard. I will consider that one Thank you Mapalo. You are a star. Considering this with Allan Gray
R36 000 per annum(tax year). Will take around 13 years 8 months to reach R500 000 lifetime limit. If you pay in more than 500 000 then you also get charged 40% same as the yearly limit
I am 56 and will try pay r36000 every tax year. I will reach my lifetime limit around 69. So it can be done. But pay as much as you can but not more than the limits. If you withdraw you can not add more to top up. Say you pay r36k and withdraw r10k you cannot pay r10k in, as limit has already been reached
@@Lucky23Gal yes you can. contact the asset manager with which you'd like to transfer to, open a tfsa with them and let them know that there is one you'd like to transfer from the bank and they'll assist you with forms
My life changed too when I started doing this and putting money in stocks. The first few years it as really great, but this year I haven't felt like my portfolio is doing well. I have lost more than $40,000 from my portfolio the past four months, and it's now very worrisome.
The year has been really rough for everybody. But I've been able to cushion the effect though. Have you thought of using an investment advisor? They can make you good money especially during uncertain times like this.
Yes, I agree. I use a financial advisor too. Same person since 2020. I don't worry about whether the economy is going up or down or sideways. I always ride through.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for the awesome video. So, are you saying on that last part here 17:50 , that you can only open one tax-free saving account so that your life-time limit is not impacted vs having multiple tax-free savings accounts?
You can have more than 1 TFSA but the limits apply. So if you have 2 then you can pay r18k into each max per tax year. So your TFSAs are added together for yearly and lifetime limits
I am wondering why africa is using the same T.F.S.A name as canada. I click it because I though it was canada, so we have to be careful. Where do you get 9 % from, because even banks in america are not giving you such high interest so tell me where in Africa I can get 9%
You will pay R24k ×40% if you pay r5000x 12 or r9600 in tax.. R36k max into tfsa per tax year and r500 000 lifetime limit. So if you pay for 7 months the that is r35000.
In terms of what to choose in the ETFs, I find that if u pick S&P500s, MSCI Worlds, Nasdaq 100 & FTSE100 u will win. These ones grow by double digit % within a short space of time. The SA top 40 does grow but at a snails pace.
So educational!!!thanks for the wisdom shared ❤❤
WOW, from 36k to 2.9M 😄 that is the most interesting thing I have ever heard. I will consider that one Thank you Mapalo. You are a star. Considering this with Allan Gray
R36 000 per annum(tax year). Will take around 13 years 8 months to reach R500 000 lifetime limit. If you pay in more than 500 000 then you also get charged 40% same as the yearly limit
I am 56 and will try pay r36000 every tax year. I will reach my lifetime limit around 69. So it can be done. But pay as much as you can but not more than the limits. If you withdraw you can not add more to top up. Say you pay r36k and withdraw r10k you cannot pay r10k in, as limit has already been reached
Very insightful, thank you ❤
This is super helpfull, in my third year of my TFSA❤
🥰
Can I transfer my tax free to a different entity. I have with a bank and think I need to open with likes of coronation
@@Lucky23Gal yes you can. contact the asset manager with which you'd like to transfer to, open a tfsa with them and let them know that there is one you'd like to transfer from the bank and they'll assist you with forms
Hello Mapalo. I have a tax free account with stash liberty and I wanted to know if a wise move
Thanks Mapalo 👏
I have one, opened it 2 years ago.
My life changed too when I started doing this and putting money in stocks. The first few years it as really great, but this year I haven't felt like my portfolio is doing well. I have lost more than $40,000 from my portfolio the past four months, and it's now very worrisome.
The year has been really rough for everybody. But I've been able to cushion the effect though. Have you thought of using an investment advisor? They can make you good money especially during uncertain times like this.
Yes, I agree. I use a financial advisor too. Same person since 2020. I don't worry about whether the economy is going up or down or sideways. I always ride through.
My CFA NICOLE ANASTASIA PLUMLEE a renowned figure in her line of work. I recommend researching her credentials further... She has many years of experience and is a valuable resource for anyone looking to navigate the financial market..
Thank you for your time and for this insightful video. Very informative ❤
Thanks, Mapalo❤
This was extremely informative- Tysm
Can you tell me which bank is giving you 9% I would like to join
Thank you for the awesome video. So, are you saying on that last part here 17:50 , that you can only open one tax-free saving account so that your life-time limit is not impacted vs having multiple tax-free savings accounts?
You can have more than 1 TFSA but the limits apply. So if you have 2 then you can pay r18k into each max per tax year. So your TFSAs are added together for yearly and lifetime limits
Hi,can I open a tax free account with one of the big banks?
Yes the all have TFSA's
Thanks for the information! Can one have more than 1 TFSA under one’s name?
Yes you may, as long as you keep track of them all to make sure the total contribution doesn't exceed R 36K/pa.
Can i contribute the maximum of 500000 within the 1st year and wait
I am wondering why africa is using the same T.F.S.A name as canada. I click it because I though it was canada, so we have to be careful. Where do you get 9 % from, because even banks in america are not giving you such high interest so tell me where in Africa I can get 9%
Love this
Hey, Nna am saving R5000 per month does that means am doing it wrong😮?
yep! it must be up to R3K per month, anything above that will be taxed at 40%!!!!!
You are doing right Until you reach 36k for the year. You can even invest lumpsum of 36k once a year
In tax free account? For 12 months? You doing it wrong.
You will pay R24k ×40% if you pay r5000x 12 or r9600 in tax.. R36k max into tfsa per tax year and r500 000 lifetime limit. So if you pay for 7 months the that is r35000.
One thing about Mapalo, she will plug you! From there, it's your choice😅
First!😅💯