Last Month we shared our pocket guide to money. This month let's focus on Step 1 - Make as much money as you can. For most people, most of our money or wealth comes from our ability to work, to earn an income. Most of us were not born into a rich family. Many in South Africa were born into abject poverty. We had to learn, acquire skills, find a job or start a business, to provide for ourselves and our family. It is therefore important to improve your education, knowledge and skills, to network with the right people, to enhance your employability, or be equipped to have your own business. 1. Formal education This is the official way of certifying that you have a certain level of education. While a matric certificate is probably the minimum requirement when looking for employment, many young people study further, to get a degree, honours, or even masters and doctorate, to gain in-depth knowledge in certain discipline, to increase his job and income prospects. An example is a medical doctor. A student will need to complete a 5 year Bachelor's degree in Medicine and Surgery. he then works 2 years as a Clinical Intern. Then he becomes a Medical Doctor. A Medical Doctor has an income of R50,000 to R110,000 per month. If he studies further for 5 years to become a specialist, he can expect to have an income of R100,000 to R300,000 per month. So by studying further, a medical doctor increases his income potential. What you study is important. You will want to study something that you enjoy, that has applications in real-life work. 2. Study to become a skilled tradesman This is so underrated, but skilled tradesman like plumbers, electricians, handyman, carpenters, builders are in demand and earn a good income. If you don't like studying but like doing things with your hands, this may be the job for you! 3. Learn something new and useful YouTube is arguably the undisputed largest video library in the world. 1.3 billion people use YouTube. 300 hours of video are uploaded to YouTube every minute! Almost 5 billion videos are watched on YouTube every single day. Instead of just watching fun, entertainment, sports and gaming videos, choose a topic you want to learn and watch videos on that topic. Over the last 12 months I have watched videos on cooking (and that helped me make delicious bolognese and chicken biryani); technology and financial planner coaching (and that helped me transform my business to be remote working ready); chess (thanks to Agadmator channel, I have improved my chess game); news (in English and in Mandarin, to understand how the world is evolving); investing and book summaries. Recently I have decided to become a YouTuber, so I have been watching tons of videos on how to develop a YouTube channel and contents, and video editing. There is so much to learn out there, but focus on one thing at a time. Watch videos that are related to your work or business. I highly recommend anyone watching lots of YouTube to subscribe to YouTube Premium. It costs R71.99 per month, and the family plan costs R109.99 per month. It gives you ad-free viewing. Consider this as an investment in yourself and your family. Why try save the (little) cost and waste all the time watching/enduring the ads, not to mention the interruptions. 4. Start a business While starting a business is not for the faint-hearted, it can be rewarding. A successful business can meet a customers' need, create employment, contribute to the economy, and generate sustainable income to its owners. When I was in my university years, I was already fascinated by the idea of starting my own business one day. In 1991 I bought my first book in this pursuit, Small Business Opportunities in South Africa by Ian Clark and Eric Louw. Over the years I bought or received many business books. Only in 2006 I stepped into starting my own business, a financial advisory business. I had a plan, I wanted to focus on investments only, but after I got into contact with my target market, I quickly realised I had to broaden my offering to one-stop shop, covering life insurance, medical aid, car insurance, business insurance and investments. 15 years later, in 2021, I have a viable financial advisory and insurance brokerage with a sustainable annuity income, providing income to 12 families. Along the way I have made mistakes, faced challenges and setbacks, had to learn quickly, continuously adapt to ever-changing regulatory and business environment. During this period we went through at least three global crises: The 1997 Asian financial crisis, 2008 Global Financial Crisis, and 2020 Coronavirus pandemic crisis. If you want to start a business, you need to do at least 4 things well:
5. Networking In business, it's about who you know. Whether you are a salaries employee or business owner, it is important to network with the right people, to learn, to exchange ideas and to get exposure. You should consider networking with:
I hope this gives you some ideas you can implement. What is the one thing you want to do? Write it down, stick on your wall, and do it. Next time, I will talk about "Do not spend more than you earn."
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As we enter the holiday season, many South Africans will be heading off for a well-deserved break. But, it’s also that time of the year where we need to take extra safety precautions. Here are some holiday safety tips to help ensure your clients are doing all they can to minimise risk. Safety at home Burglaries and damages are on the rise during the holidays. That’s why it’s important that your clients are properly covered if something goes wrong. Here are some steps they can take before they lock up and go:
We offer SOS services including roadside assistance, route assistance and home drive assistance, as part of our vehicle cover should anything happen on the road. Help your clients prepare properly by sharing these road safety tips:
Safety for small businesses Smaller businesses are often cash-intensive which makes them especially vulnerable to crime during peak holiday season. If your client is a business owner, there are some precautions they can take to ensure they are protected and prepared for any potential criminal attacks:
Source: Santam We offer businesses and non-profit organisations two types of investment account facilities: 1.Business Investment Account We can offer your business a Business Investment Account facility, by opening an Allan Gray investment account and investing in Allan Gray Money Market Fund. Minimum starting balance R100,000 You can view account online, add or withdraw at any time, takes 3 to 4 business days for money to be back in your business bank account. Current interest rate 7.8% Interest is paid monthly. Our advice fee is 0.23% (including VAT) for the first R5,000,000, then 0% for amount above R5,000,000. Click here to download an illustrative investment overview 2.Enhanced Business Investment Account An Enhanced Business Investment Account offers a higher yield, by investing in a portfolio of income and fixed interest funds in an Allan Gray Investment Platform account. Minimum starting balance R100,000 Recommended minimum investment term: 12 months You can view account online, add or withdraw at any time, takes 3 to 4 business days for money to be back in your business bank account Current interest rate 8.96% Interest is paid monthly. Some income funds in the portfolio pay interest quarterly. Our fee is 0.23% (including VAT) for the first R5,000,000, then 0% for amount above R5,000,000. The net effective interest rate is as follows: Click here to download an illustrative investment overview.
If you would like to apply for a business investment account, please contact our Life & Invest Department on 011-658 1333, email invest@daberistic.com. Please note that our Short Term service providers will not be accepting new applications from 15 November 2017 - 15 January 2018 for any Commercial and Domestic policies. This only applies if you currently have no insurance but if you moving from one insurer to another cover can provided for. The service providers are; Santam, Momentum, Discovery Insure, CIB, Guard Risk and Brolink To ensure that you have cover before the deadline please submit your application by 14th November 2017, please contact Jan or Po-Lin in our Short Term department shortterm@daberistic.com tel no: (011) 658 – 1333 The new vehicle licence regulation specifies that no motor vehicle can be bought or sold with an expired licence disc. This means that, insurers, cannot write a vehicle off if it has an expired licence disc on the write-off date. Please take note of the below process as it will take immediate effect on all write-off claims. What this means for your clients Insurers cannot renew a licence disc on behalf of a client. As a result, as the client you must assist in renewing the licence disc if it has already expired or expires during the claim process. What happens when the licence disc expires after the date of loss? If the licence disc expires after the date of loss, but before the claim is settled,as the client you will will need to renew the licence disc and send proof of renewal to insurer before they settle the claim. Insurer will reimburse the cost of the renewal in the claim settlement amount. What happens if the licence disc expired before the loss date? If the licence disc expired before the claim event, it is the client’s responsibility to renew licence disc. Insurer will settle the claim once the client has sent proof of renewal. To get assistance with a claim, quote as well a reviewing policy schedule for your vehicle, home and business contact Jan in our Short-Term Department; email shortterm@daberistic.com ,tel (011)658 -1333 Source: Discovery insure “In these tough times we draw strength from the resilience and diverse capabilities of our people, our business sector, our unions and our social formations.”Pravin Gordhan, Budget Speech 22 February 2017 Personal tax
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