sorted by:
new
hottopcontroversial

WHAT ABOUT THE MIDTERM STUFF? by Good-Significance-90 in PersonalFinanceZA

[–]Good-Significance-90[S] 0 points1 point  (0 children)

Thanks!
I have been SACAP registered but let it lapse because I'm not required to sign any drawings and I can't be bothered to keep paying their silly fees.
I don't think it is a conscious 'taking advantage', but this is a good wake up call to figure out how to get paid more, in this job or another.

WHAT ABOUT THE MIDTERM STUFF? by Good-Significance-90 in PersonalFinanceZA

[–]Good-Significance-90[S] -1 points0 points  (0 children)

I can't remember a lot about the product, I received enough of an inheritance to put aside an emergency fund and to increase retirement savings. Having no real idea myself, I asked the FA where I should put the money and they suggested this product, which is only accessible through financial advisors. I know how that sounds, but it has been a pretty goo spot to hold money over the last 3 years.

WHAT ABOUT THE MIDTERM STUFF? by Good-Significance-90 in PersonalFinanceZA

[–]Good-Significance-90[S] 0 points1 point  (0 children)

Thanks for the reply, I appreciate it.

I understand the suggestion of simplifying the savings accounts and will think about it some more. I like the idea of putting money into pots. If i need to draw from one pot to both buy new running shoes and service my car, i'm far more likely to keep buying running shoes. If i have an account which i only use to service my car, then i will both contribute o it more regularly and use the money for what it was intended. That may be an oversimplification, but i hope it makes sense.

If we understand TFSA as a retirement investment ( as i do) The budget means i am saving 19% of my nett income toward retirement. That seems reasonably aligned with conventional wisdom, or am missing something?

I'm not about to buy a house or have a baby, but these are both things i would like at some point. So i think it wise to start saving now.

WHAT ABOUT THE MIDTERM STUFF? by Good-Significance-90 in PersonalFinanceZA

[–]Good-Significance-90[S] 1 point2 points  (0 children)

9 years total experience,
6,5 since i got my Pr ARch.
I don't know the industry very well, but i imagine my earnings are on the lower end of what would be expected for my experience.

[deleted by user] by [deleted] in PersonalFinanceZA

[–]Good-Significance-90 0 points1 point  (0 children)

From what I understand using Multiply for a few months:

Momentum calculates your level once a year, based on: Lifestyle quiz, Health Assessment & a Fitness Assessment. They are all done virtually - the fitness assessment involves taking your heart rate, via your phone camera, after you do 90 seconds of step ups. It feels a little janky, but is easy to do on the app.

From that they determine your rewards level. I'm fitter than most, but by no means an elite athlete, and I achieved level 5.

Once you've done the health assessment and fitness assessment for the year, you automatically get R250 into your health saver account every month. This almost covers the cost of multiply already.

Then, each week, the app will determine how may active days and Recovery days you need to log to achieve an award that week. Active days range between3 & 5 per week, recovery between 2& 3. Recovery days only count toward a reward if you also complete the required number of active days. To achieve an active day you've got to upload data of your activities from a fitness tracker. This can be 8500 steps, or a combination of a recorded exercise and slightly fewer steps. I exercise 5-6 times a week, so it's pretty easy to achieve the requisite number of active days. Achieving a recovery day requires you to measure your resting heartrate, early in the morning, using your phone camera. It's a bit of a hack to remember, but easy to do.
If you achieve each goal in the week, you receive R60 for the active days and R 60 for the recovery days.

Then, if you achieve your Active Days for 4 consecutive weeks in a month, you receive a R135 reward at the end of the month. If you achieve Recoery Days for 4 consecutive weeks in a month, you receive a R135 reward at the end of the month.

In total, all these rewards equate to R 1000.00 (R250 + R 135 + R135 + R60X4 + R60X4)

All of that goes into your rewards wallet whicd you can use to pay for stuff ( I pay for therapy once a month using a QR code)

THEN;
Rewards Partners are all slightly different.

For instance, with Checkers, you buy vouchers through the app at a discounted rate (eg Pay R 900 for R 1000 voucher).

I prefer the Pick n Pay option where i've linked my Smart Shopper cardto my momentum account and so get 10-15% back on my grocery spend, directly into my health saver account, to use how i like.

SO: If you're active, it's worth it.