mimi_oftwo
New member
Hey, so I (31 F) am looking for some direction.
Long story short; my mom passed away unexpectedly in 2022 she had nothing in retirement or savings and it was a big wake up call for me. At the same time, I came across Caleb Hammers videos and started to educate myself around making my money work for me and not the other way around.
But as explained I don’t come from a financially literate family and what I have done over the past year is try educating myself, kill my debt (my car repayment is on it is last month, whoop whoop!) and I paid off my credit card and closed it – I don’t trust myself to utilise it correctly yet. I have also squirreled away as much money and I can, including work bonus and any freelance money that came my way – I have created a 55k emergency fund and have about 23k outside of that.
I budget religiously now and stick within it very well. But I am looking for advice on how to grow the money I have saved? They are both in Capitec accounts that are multi deposit locked accounts that receive interest but how does one go about investing the S&P 500? Am I able to pull money out if I need it? Ideally, I would like to build on the 23k for the next couple of years to build into a home loan deposit and leave my emergency fund untouched unless it is a drastic emergency.
I also deposit a measly R650 to an Old Mutual RA which I have done for about 10 years, but I really would like to drastically increase that amount – I very much had the “that’s futures me’s problem” mentality that I have switched.
Im looking for any advice that is beginner friendly, that’s easy to digest and understand as well as manage.
I have a financial advisor that comes standard with the RA he is a really nice guy we get on well, but I am worried because he works for OM that he will only recommend their products even if there are better options out there.
T.I.A
Long story short; my mom passed away unexpectedly in 2022 she had nothing in retirement or savings and it was a big wake up call for me. At the same time, I came across Caleb Hammers videos and started to educate myself around making my money work for me and not the other way around.
But as explained I don’t come from a financially literate family and what I have done over the past year is try educating myself, kill my debt (my car repayment is on it is last month, whoop whoop!) and I paid off my credit card and closed it – I don’t trust myself to utilise it correctly yet. I have also squirreled away as much money and I can, including work bonus and any freelance money that came my way – I have created a 55k emergency fund and have about 23k outside of that.
I budget religiously now and stick within it very well. But I am looking for advice on how to grow the money I have saved? They are both in Capitec accounts that are multi deposit locked accounts that receive interest but how does one go about investing the S&P 500? Am I able to pull money out if I need it? Ideally, I would like to build on the 23k for the next couple of years to build into a home loan deposit and leave my emergency fund untouched unless it is a drastic emergency.
I also deposit a measly R650 to an Old Mutual RA which I have done for about 10 years, but I really would like to drastically increase that amount – I very much had the “that’s futures me’s problem” mentality that I have switched.
Im looking for any advice that is beginner friendly, that’s easy to digest and understand as well as manage.
I have a financial advisor that comes standard with the RA he is a really nice guy we get on well, but I am worried because he works for OM that he will only recommend their products even if there are better options out there.
T.I.A