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Thread: Emergency cash reserves?

  1. #91
    Super Grandmaster OrbitalDawn's Avatar
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    Quote Originally Posted by yebocan View Post
    I have no real expenses, and zero debt....have 100k + saved up...sitting in a Capitec Account, buy Satrix @ 2k per month and put away about 3k .....I do not have credit cards, nor any other line of credit. I pay cash for everything, I live simply...Once upon a time I was in a black hole of debt...--bumped my head big time...took time, but got out...and vowed, nooit bloody weer...
    Do you own property?
    "If, after I depart this vale, you ever remember me and have thought to please my ghost, forgive some sinner and wink your eye at some homely girl."

  2. #92
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    Quote Originally Posted by OrbitalDawn View Post
    Do you own property?
    Nope, will dive into that madness in 2015-
    BSG -the best show on SciFi at the moment.

  3. #93
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    Quote Originally Posted by yebocan View Post
    Nope, will dive into that madness in 2015-
    so you at home with the parentals?

  4. #94
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    Quote Originally Posted by akescpt View Post
    so you at home with the parentals?
    Nope, share with a best mate... total expenses, includes ADSL/DSTV/Rent/Food/Sundries.... my share comes to about 5k a month...
    BSG -the best show on SciFi at the moment.

  5. #95
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    Quote Originally Posted by yebocan View Post
    Nope, share with a best mate... total expenses, includes ADSL/DSTV/Rent/Food/Sundries.... my share comes to about 5k a month...
    bloody hell that's neat. how long to bank the 100k?

  6. #96
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    Quote Originally Posted by akescpt View Post
    bloody hell that's neat. how long to bank the 100k?
    Took me about 24 months...must add, also dumped some moola into some tech stocks via the Etoro platform....got some nice returns from them....
    BSG -the best show on SciFi at the moment.

  7. #97

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    Quote Originally Posted by OrbitalDawn View Post
    Do you own property?
    With all the racist rhetoric and gaining popularity of leftish groups like the EFF who's policies clearly target the seizure of privately owned land, I'm not so sure it's a good idea to consider purchasing or owning any property in South Africa.

    Of course this is more of a knee-jerk reaction but if one looks at what is happening just North of us it does not help shake off the nagging uncertainty regarding property rights and the possible abuse thereof.

    I have even considering withdrawing all the spare money in my access bond and moving it to offshore investments. Then if I need to flee the country I have something outside their reach and they can sort out the money owed to the banks.
    Last edited by Paul_S; 16-05-2014 at 11:51 AM.

  8. #98
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    Quote Originally Posted by yebocan View Post
    Nope, will dive into that madness in 2015-
    Then you can kiss your R100k goodbye. Rather don't.

  9. #99

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    Quote Originally Posted by garp View Post
    Then you can kiss your R100k just for transfer costs, taxes, etc. goodbye. Rather don't.
    Amended it for you.
    If only we knew what lay 20 to 40 years ahead. It would make financial planning so much easier.

  10. #100
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    Quote Originally Posted by Paul_S View Post
    With all the racist rhetoric and gaining popularity of leftish groups like the EFF who's policies clearly target the seizure of privately owned land, I'm not so sure it's a good idea to consider purchasing or owning any property in South Africa.

    Of course this is more of a knee-jerk reaction but if one looks at what is happening just North of us it does not help shake off the nagging uncertainty regarding property rights and the possible abuse thereof.

    I have even considering withdrawing all the spare money in my access bond and moving it to offshore investments. Then if I need to flee the country I have something outside their reach and they can sort out the money owed to the banks.
    I know a couple of guys with several properties each, that have this plan of action. Pay off the bond, except for R100 to keep it open and if **** hits the fan, they can quickly empty the bond and take the cash out of country, leaving the banks to fight over what's left.

  11. #101
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    Quote Originally Posted by Messugga View Post
    I know a couple of guys with several properties each, that have this plan of action. Pay off the bond, except for R100 to keep it open and if **** hits the fan, they can quickly empty the bond and take the cash out of country, leaving the banks to fight over what's left.
    How do you quickly empty your bond? And then how do you just take the cash out of the country? You need reserve bank clearances, bank approvals, etc etc. These days that could take months. If they have access bonds, then they could withdraw the access portion quickly, but then just transferring large sums of money offshore isn't that easy and anyway if the shtf probably wouldn't get much for it.

  12. #102

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    Quote Originally Posted by HavocXphere View Post
    ....

    To be clear cb, I think you've got a reliable mindset there & many would do well to copy it. I just object to the blanket dismissal of debt in a personal context i.e. "it should never be considered".
    My main motivation for that statement is when I see friends around me haul out their credit card to buy a 2nd 50" TV because it was on special and not doing so is a lost opportunity.

    Only to see a year later they are loosing everything they own


    We just don't have the cultural of working wisely with money in this country and people abuse credit cards with no thought of its consequences.
    Character is how you treat those that can do nothing for you.

  13. #103
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    Quote Originally Posted by garp View Post
    How do you quickly empty your bond? And then how do you just take the cash out of the country? You need reserve bank clearances, bank approvals, etc etc. These days that could take months. If they have access bonds, then they could withdraw the access portion quickly, but then just transferring large sums of money offshore isn't that easy and anyway if the shtf probably wouldn't get much for it.
    Transferring large sums of money out the country becomes significantly easier if you're the owner of several dozen companies registered in various tax havens... I never said their plans were completely above board, but if you never plan on returning to SA, why should you care?

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