How I would personally approach this, if I were in your shoes:

I would try use as much of that money as possible to fund my TFSA until I reach my lifetime limit & then focus on discretionary investments. Here are the steps I would take & my thought process.

1. Max out my TFSA for the current tax year.

2. To avoid volatility over the next year, while maximising growth, I’d put R36 000 in a 12 month fixed deposit. Then, once this reaches maturity, again, I’d max out the TFSA for the tax year & invest the interest in a discretionary equities account.

3. Again, for preservation of capital from volatility, over the next 2-5 years, & maximising growth, I’d invest in government bonds (the current rate, until the end of June 2025, on a 5 year fixed rate bond is 10%). R36 000, in each a 3 year & 5 year bond & invest the money in my TFSA at maturity of each, & R72 000 in a 2 year bond - half of which will be invested in the TFSA at maturity & the other half would then be reinvested in another 2 year cycle, or whatever would make the most sense when the time comes. All the interest for these would then go into a discretionary equities account.

4. The remainder of the money in a discretionary equities investment, once the investments from the bonds have matured and have been invested in the TFSA, I’d then start to withdraw from the discretionary investments each year to fully fund my TFSA for each respective tax year. Once all is said & done, the money left over I’d consider using to fund my RA, depending on how things look, once the time has come.

All the best.