Common TFSA (Tax Free Savings Account) mistakes to avoid!
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- Опубліковано 12 вер 2024
- This video addresses the following:
- What is a TFSA or a Tax Free Savings Account?
- 3 different types of Tax Free Savings Accounts.
- How are TFSA works.
- 4 common TFSA mistakes to avoid.
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#tfsa #easyequities #investing #etf #etfinvesting #stockmarket #stocks
Link to my online store: talkingmoneywithnozi.com/collections/all
Nozi do you have any podcasts we could listen to?
You have explained this so well! Thank you so much. I started mine 2 months ago thinking that it was a "savings account". I've been so confused trying to understand all of this stuff and this has cleared so much up before I make any big mistakes!
Thank you for this!! Finally after a year of trying to understand this, you explained it beautifully in 16.30 mins. You're a gem!!
I'm glad you finally understand 😊👍🏼
I'm very happy I found you , Nozi.
Wow Nozipho, I'm not even going to mention my numerous mistakes made with investing but I am going to start rectifying it all - Thanks to you once again.
You're welcome 😊
I'm watching your videos and correcting my financial decisions 😩
Weh 😭😭 I’m so glad I came across this video bc I didn’t know any of this information
Thank you so much for explaining the TFSA. I now understand how it works. Thank you, Nozi😊
You're welcome 😊
Great video Nozi! I liked how simple and straight forward you kept everything. I appreciate how you also compared it to cash savings with interest at the end which gave a good overall look at how to maximise not paying tax.
🙂🙏🏼
Thank you so much Nozi you are the best 🤞🏽 I get answers to my questions everytime I watch your videos
Thanks for clarifying the stash account too many are making the same mistakes.
Yoooh thank you thank you. You just got yourself a new subscriber. I've been looking for someone to explain the TFSA essay equity a lay man language. Thank you, you made it so easy and very Claire.
You're welcome 😊 🙏🏼
Love how this was explained so simply
Explanation is simplified for me to understand. Luv it
Thanks Nozi your the best when coming to simplify things
🙏🏼
Your videos are so informative! Amazing content.
Thank you for watching
The spreadsheet really clarified everything proper.
Brilliant, thank you Nozi!
Thanks Nozi. Your channel is changing lives...❤️❤️
🙂🙏🏼🙏🏼
Mis Nozi , your content 🔥🔥🔥🔥🔥
Brilliant! Thanks so much
Aaaahhhh Nozi you're doing the Lord's work 🙌
🙏🏼🙏🏼🙏🏼😊
You are the best at simplifying Nozi
Thanks for watching
Explained beautifully
Brilliantly EXPLAINED LOL DAMN
Wow,thank you Nozi.
You're welcome 😊
Very informative, thank you Nozi
Pleasure 🙏
Thank you for this, Nozi!
You're welcome 😊 🙏🏼. Thanks for watching
Hi Nozi
I think my first mistake was opening a TFSA with stash and using it like a “savings account “ like you’ve said , I’ve made one withdrawal already and I guess we learn from our mistakes but I want to rectify that
How do I now change from using stash to easy equities? And can I permanently remove stash at that?
You can request a transfer from Stash directly into the TFSA on EasyEquities. Make sure you TRANSFER, not Withdraw.
What advice would you give to a 50 years old who want to start his retirement annuity and tfsa or any retirement investment
Thank you so much this so clear
Glad it is clear. Thanks for watching 😊
Thank you❤
Thank you for the great video ma’am. Just wanted to find out, how can one find out how much they have already consumed from 500 000?
@@Le_bo733 hi,you can ask for your annual statements
Hello Nozi, Quick question lets say you have TFSA in easy equities and you get dividends, do those dividends count on the money you deposited? or have an impact on your annual 36k limit or 500k life time limit ?
No dividends DO NOT count as a contribution
I'm loving you Nozi😘
Thank you 😊
WoooooooooooW❤❤❤❤ I get you 100%
@@sewelamaggiematjekane2400 😊
Hi Nozi
Thank you very informative videos, I started following you and I'm learning so much.
Can one have multiple TFSA with different banks and have different 36 000 max in each account.
Second question, do funds in your EasyEquity TFSA earn interest like they would if invested in a normal bank?
Looking forward to hear from you
You can have multiple TFSAs but you CANNOT put R36 000 in each. It can only be R36 000 in TOTAL across your TFSAs.
Secondly, I use my EasyEquities TFSA to invest in stock market investments called ETFs. I never let it sit as cash because interest from cash has poor growth compared to investing in the stock market
Great teacher 🥰💐
❤️🙂
Thank you Nozi
Pleasure
"No tax on all south african dividends"
Hi.
Great video!
So if you invest in a ETF in the TFSA that is for an overseas ETF such as S&P500 there will still be some taxes?
Yes, there is 15% tax on foreign dividends, but that is the only tax applicable
@@TalkingMoneyWithNozi where can I find more information and clarification on this specific tax? Is it 15% tax on profits only once withdrawing?
I opened a TFSA for my son. I currently invest 30k a year. He is a minor so while the account is in his name I am the main account holder. I recently started investing in ETFs through easy equities for myself. My question is can I invest 36k a year for myself in efts or only 6k since I'm already investing 30k a year for my son? I don't want to exceed the limit and get taxed.
Hi, lets say i inbested 36k into my tfsa and bought etfs with it.
Lets say during the year, i wanna sell my current etfs and buy another etf in the tfsa section.
Will it come out of my annual limit?
@@DhiviBoy no. Only DEPOSITS affects limits. Not buying and selling
@@TalkingMoneyWithNozi thanks so much Nozi💯🙏🏽Have a great life! You're awesome.
Oky im not sure i followed it all
Whats the best way to save for kids education?My daughter is currently 7months?
Invest in a normal account. Not a TFSA
Please explain how to invest on stash app. It doesn't have the choices as easy equities does.
Yes, stash is a standard bank/Liberty product. It has only Liberty/Standard Bank products. Easyequities has everything
Hi Nozi, is it advisable to sell profit shares from ETFs within my TFSA as the market share goes up and reinvest the funds back into TFSA. If yes, how often can I sell?
@@nomsamohlamme1217 good day, Please give me an example of which ETFs you want to sell and which ETFs you want to buy after selling
@@TalkingMoneyWithNozi Thank you so much for your prompt response I have: Satrix top 40, Satrix capped all share, Invest Global REIT & SAP 500
Hi Nozi, is it advisable to sell profit shares from ETFs within my TFSA as the market share goes up and reinvest the funds back into TFSA. If yes, how often can I sell? I have: Satrix top 40, Satrix capped all share, Invest Global REIT & SAP 500. I will re-invest my profits in the same portfolio or in my USD EE account.
@@TalkingMoneyWithNozi please see my responses to your question and kindly revert.
Simplified,💯👏👏👏
Can you also do the transfer for the TFSA you opened for a child?
Yes
How can i invest money from my stash app
@@lb_mpakane buy the top 40 on Stash
Hi sis Nozi firstly I love your videos ❤
And I just wanted to ask as new business perosn that does microlending as a business is it possible for me to open up a TFSA and withdraw my R36K at the end of the year, lend it out and reinvest the interest and deposit the money back into the TFSA please advise
Did you watch the video? Your question was answered in the video
Hi Nozi. What is the significance of choosing the 2nd option before clicking on "place buy order"
The first option buys your shares immediately regardless of the price, meaning you could pay a higher price than current price. The second option waits and only buys your shares at the current price or lower
@@TalkingMoneyWithNozi Thank you
Hi Nozi
Thanks for this video.. I wanted to clarify something. You said that you moved your TFSA from African bank ( cash TFSA), so know I want to move mine as well but since we in the new financial year ( 1st of March ) and we can all invest again the 36k in our TFSA. When I transfer to Easy E for ( ETFs TFSA) from African bank and still contribute the required limited limits? Lol I hope I am explaining this correctly 😅… basically will it be reflected as R72 000 and I can invest that full amount?
Yes you can. A transfer is not counted as a new contribution. You can transfer from African Bank into Easyequities TFSA and then also make deposits for this tax year
@@TalkingMoneyWithNozi… Thank you so much! This was extremely helpful ❤️
So when you make the transfer from one TSFA to another, are you also limited to R36K a year per transfer?
No. You can transfer any amount. Transfers are not counted as deposits
Hi Nozi I am very new to this so I see that you invested 170.15, does that mean I can invest any amount it does not have a specific amoung to buy
Yes, you can
I noticed on the Easy Equity platform it mentioned that South Africans are automatically registered for TFSA. How about foreign users I am from Zimbabwe can we open our own TSFA with Easy Equity?
It depends whether you pay tax in South Africa or not. If you don't, you will not have access to a TFSA
Hi Nozi. Using the two institution examples Ee TFSA and Stash is the life limit for both R500 000 or R500 000 in each institution???
NO!!! The R500 000 lifetime limit applies in TOTAL. You add all your deposits to different institutions and they must not be above R500 000
@@TalkingMoneyWithNozi Thank you! In the future, I would like to hear your take on Stash...
@@financialsavvybunny_ I mentioned it in the video though. Stash is a TFSA. Personally I don't like it. I prefer Easyequities TFSA because of the wide variety of investment products
Hi Nozi,I just signed up on easy equities , am I supposed to automatically get the TFSA or do I have to do an extra step before getting it because it doesn’t show
It should be there automatically if you're a South African citizen
@@TalkingMoneyWithNozi,I am a South African citizen, I’m just not living in South Africa though,could that be the issue maybe?
Wait wait how do open TFSA account and whts then minimum amount needed to invest and how long u should be putting money in or is it once off
Did you watch the video?
@@TalkingMoneyWithNozi good point . Ngyaxolisa i just read' comments my bad .. I will and then come back and ask where langisalela khon plz reply i really need to know this.
How will i know i have reached the 500 k lifetime limit if i havent been keeping track of my deposits?
You can download your statements
I just found out i can download for each year on SARS account under IT3(s) it shows all the tax free investments ive used over the years💃
I really learned a lot from you as i would have a tax free account and use up all the money. Never making that mistake again
Hi. Nozi sikuthola kanjani for private consultation?
Please book me for a private consultation here talkingmoneywithnozi.com/collections/all
Hi can I buy more than 1 ETFs in one account?
Yes you can
Lol i know you Nozi🙈👌But let's leave there "my Question is How much can earn per Month if invest R1000
If you invest it where??? There are many investments out there
@@TalkingMoneyWithNozi in EasyEquiteis *I commented about your Video you Describe about EasyEquities "
Hi Nozi please assist is Franc somehow a ' TFSA' because I noticed that when depositing money for saving is invested in Satrix Top 40?
Eix you destroyed yours and now you want to destroy the kids( Eix i felt that)😢
The fact that even I could simply understand everything you said in this video though 😅🤌🏾
It actually frustrates the heck out of me knowing this isn't taught in schools, and it's soooo basic and so easy!!😢Man thank goodness for sis Nozi 😀🙏🏾😘
(I'm not on school anymore lol, but I have a younger sister and it's nice to be able to send her this to learn, together 😀) xx
😊🙏🏼. You're welcome
What advice would you give to a 50 years old who want to start his retirement annuity and tfsa or any retirement investment
@@hermanndj9252 start