I'm hurt to hear this because I asked for an account I can save emergency funds in obviously means I might need to withdraw those funds anytime. Standard bank offered me a tax free account and never explained what it could do and so forth. Banks don't want the youth to grow in terms of money.
Oh my Word!! What an eye opener, now i understand these tax free accounts better and i definitely want to open an account for each of my kids. Long term goal=Education (Varsity). Also have a better understanding of which savings vehicle to use for my emergency savings. Thanks a mill for such useful information, much appreciated!!!
I love your videos but i wish they were more specific because the people who struggle most with finances in our countrey are young people usually come from the rural areas who have no financial background at all. Even the language can be more simple because id love to download your videos and play them for the people in my rural area back in the Eastern Cape but all they understand is bank accounts and loans and i believe if we want to fight this war of financial literacy within our balck communities is to be more inclusive. Thank you for the work that you do sisi. God bless you
You should learn what she says in her videos and explain to the people in your village. She cannot do everything. You have the knowledge, find a simple way to help your people. Spread the message because you may understand your people even way better than Nicolette. You can even make your own examples for your people, examples they could identify with better than the ones Nicolette uses. Hope you understand what I mean. You are doing great sharing, keep doing it :)
i seriously get what you saying the level of understandi ng things are not the same bcz of our standard of living ... i woud even like if i could listern to the video im my language ISIXHOSA bcz the main point is to UNDERSTAND
You really are amazing you should give some crash course videos. I am new to this investment "thing" the thing is their is too many options out there and your videos really bring this into light but would really love to see more videos about the theory of savings I guess you know what I mean
I recently asked you on twitter if you can do a TFSA video, not knowing you have already done it (twice infect). And thanks to this video I now understand better what's a TFSA.
Took one out with a life insurer and they attach it to property tracking. Problem are the management fees. The beauty of money markets are the low fees. Useful if you're using it to supplement retirement.
The total contribution from all the accounts should also not exceed R500000 in a natural person's lifetime. Otherwise, 40% of the excess contribution will be normal tax payable. This also applies to the R36000 contribution a year; i.e. if there is an excess contribution of R36000 a year, 40% of the excess contribution will be normal tax payable. So to answer your question, yes you can have more than one TFSA but the above consequence is applicable.
A tax-free savings account is an account to which you save money and SARS does not tax you on your savings. This, of course, has conditions to it, some of which the Financial Bunny briefly explains in the video.
I'm hurt to hear this because I asked for an account I can save emergency funds in obviously means I might need to withdraw those funds anytime. Standard bank offered me a tax free account and never explained what it could do and so forth. Banks don't want the youth to grow in terms of money.
Same thing here in canada.We are their revenue why would the let us know.Banks encourage youths to get themselve in debts.Ours work diferently.
@@tradeinvest3 Wow. It is up to us as the youth to take initiative and educate ourselves because the banks do not care
More than often the people at banks do not even know what they are selling.
Oh my Word!! What an eye opener, now i understand these tax free accounts better and i definitely want to open an account for each of my kids. Long term goal=Education (Varsity). Also have a better understanding of which savings vehicle to use for my emergency savings. Thanks a mill for such useful information, much appreciated!!!
I love your videos but i wish they were more specific because the people who struggle most with finances in our countrey are young people usually come from the rural areas who have no financial background at all. Even the language can be more simple because id love to download your videos and play them for the people in my rural area back in the Eastern Cape but all they understand is bank accounts and loans and i believe if we want to fight this war of financial literacy within our balck communities is to be more inclusive. Thank you for the work that you do sisi. God bless you
You should learn what she says in her videos and explain to the people in your village. She cannot do everything. You have the knowledge, find a simple way to help your people. Spread the message because you may understand your people even way better than Nicolette. You can even make your own examples for your people, examples they could identify with better than the ones Nicolette uses. Hope you understand what I mean. You are doing great sharing, keep doing it :)
i seriously get what you saying the level of understandi ng things are not the same bcz of our standard of living ... i woud even like if i could listern to the video im my language ISIXHOSA bcz the main point is to UNDERSTAND
Thanks for simplifying the matter so well. I was wondering about that exmption. Now I know.
Please explain this SARS exemption on income tax
Thanks gal, very informative.
You really are amazing you should give some crash course videos. I am new to this investment "thing" the thing is their is too many options out there and your videos really bring this into light but would really love to see more videos about the theory of savings I guess you know what I mean
I recently asked you on twitter if you can do a TFSA video, not knowing you have already done it (twice infect). And thanks to this video I now understand better what's a TFSA.
such a lovely and relevant video even today can we talk about shares from small companies how does one start
Beautiful expression.
I like before listen..m forward yoh 😅
Took one out with a life insurer and they attach it to property tracking. Problem are the management fees. The beauty of money markets are the low fees. Useful if you're using it to supplement retirement.
Excellent explanation!
Properly explained!
Thanks sisi...
Thank you for this.
Where can one keep their emergency funds? Something that is flexible in terms of withdrawals but yield some interest.
Tyme bank.
Thanks Nicollete, if I may ask. Can I have more than one TFSA?
Yes, but the total contribution (from all those accounts)a year should should not exceed R36 000 otherwise you get penalised.
The total contribution from all the accounts should also not exceed R500000 in a natural person's lifetime. Otherwise, 40% of the excess contribution will be normal tax payable.
This also applies to the R36000 contribution a year; i.e. if there is an excess contribution of R36000 a year, 40% of the excess contribution will be normal tax payable.
So to answer your question, yes you can have more than one TFSA but the above consequence is applicable.
Would you say the African Bank Tax Free investment account is good ?
Can you make a video about African bank 12.95 fixed deposit account
My issue is inflation, what will the 500 000 be worth?
Do you trade stocks if so can we chat privately kushalgopee@gmail.com@Anne Day
The interest on the TFSA compensates for the possible inflation.
This video was so helpful!
My sister, gao investile that 33k/ year in a tax free account and your investment grows interest does SARS tax you?
No
Nicolete unobu Nandipha nyana
Kindly say you don’t know me. What you are not going to do is disrespect me. Respectfully thanks
@@FinancialBunny Dont take yourself too seriously. Its just a joke. No wonder people are not subscribing 😂
What is a tax free account?
A tax-free savings account is an account to which you save money and SARS does not tax you on your savings. This, of course, has conditions to it, some of which the Financial Bunny briefly explains in the video.
Does anyone here have experience with Sanlam TFSA?
😍
what tax free accounts are out there
they are everywhere. Nedbank, Capitec, Standard bank etc just go to your bank and ask