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Speaker 1: Seven not you're listening to the best of The Money Show.

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Speaker 2: The Money Show.

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Speaker 1: Welcome to the best Bits of the Money Show, a

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Speaker 1: digestive some of the most important thoughts, comments, insights, and

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Speaker 1: sometimes just the best jokes from The Money Show over

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Speaker 1: the last week. If you'd like to hear more, please

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Speaker 1: go to our website or your podcast s app and

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Speaker 1: just search for us The Money Show. Where's a good

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Speaker 1: idea to send it along to someone who you think

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Speaker 1: might benefit from one of the conversations as well. Might

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Speaker 1: be someone in your office you think actually really needs

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Speaker 1: to hear this conversation, or would just find it very

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Speaker 1: interesting To start. Some of the news stories that we

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Speaker 1: thought were important from the week. That was the Reserve

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Speaker 1: Bank keeping the reaper rate unchanged at six point seven

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Speaker 1: five percent. The prime lending rate, as long as it lasts,

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Speaker 1: also stays steady at ten and a quarter percent. Lots

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Speaker 1: of conversations, of course, around what is going to happen

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Speaker 1: in the future, particularly when you look at the stronger

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Speaker 1: rand and to an extent, a weeker dollar and a

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Speaker 1: weeker oil price. South Africa also considering imposing tariffs, perhaps

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Speaker 1: of up to fifty percent on vehicles from China and

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Speaker 1: India because so many cars from those countries are becoming

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Speaker 1: into South Africa. And this week the official launch of

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Speaker 1: the African Credit Rating Agencies in Johannesburg that wants to

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Speaker 1: have more transparent rating systems and to allow more collaboration

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Speaker 1: across African markets. Tonight, if we bring you a mixture

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Speaker 1: of stories from the world of money, from the week

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Speaker 1: that has been and how I make my money. This

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Speaker 1: week we spoke to nip Maketo Vandenbracht, the co founder

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Speaker 1: of Chocolate Tribe. They do high end animation and visual effects.

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Speaker 1: Her studio has created premium content for global giants night

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Speaker 1: like Netflix. She started out in Soweto and then became

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Speaker 1: a top lawyer. Here's no thank you.

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Speaker 3: So much that you also find it, you know, a

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Speaker 3: wonderful story because as you know, I started off as

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Speaker 3: an attorney in practice and actually a high end law firm,

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Speaker 3: and in ty fourteen I decided to take a shot

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Speaker 3: left and go into the creative industry.

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Speaker 1: So yeah, I mean you started. If I've understood your

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Speaker 1: history correctly, you actually grew up mostly in Soweto. Which

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Speaker 1: part of Soweto was that in deep.

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Speaker 3: Clue fin Zone five, and yeah, a very vibrant childhood.

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Speaker 3: And I mean I grew up in the seventies eighties

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Speaker 3: and the hive of you know, a lot of fun,

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Speaker 3: tension and strife in our country. And yeah, when I

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Speaker 3: was ten years old, we left the country actually, and

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Speaker 3: so when I was eighteen, we came back and I

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Speaker 3: went to this. So for me, there's a very you know,

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Speaker 3: strong bond with Soweto and Johannesburg in particular. I remember

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Speaker 3: Joe Burck as you know, the City of Gold. Even

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Speaker 3: with all the sort of like tensions that were happening,

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Speaker 3: I always kind of view it as this, you know,

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Speaker 3: absolute amazing place if its potential is fully realized in

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Speaker 3: different ways.

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Speaker 1: So yeah, no, sure, I mean there's something about the vibe.

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Speaker 1: I think that Cape Town frankly, and we're broadcasting Cape

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Speaker 1: Town as well tonight, of course. So I say this

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Speaker 1: as loudly as I can, that Cape Town after just

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Speaker 1: doesn't seem to have You didn't just stop with an LLB.

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Speaker 1: I mean you are passionate enough about law to do

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Speaker 1: a master's. I mean that's that's a lot of passion.

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Speaker 3: A lot of passion. I mean I often tell people

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Speaker 3: the story that for me, there was a natural connection

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Speaker 3: between law and film or creativity. I mean, one of

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Speaker 3: my colleagues once said, you know, lawyers are failed actors,

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Speaker 3: you know, so I did. I actually went to the

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Speaker 3: College University of London to do a master's in law,

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Speaker 3: and while I was there, there was actually an elective

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Speaker 3: called Laws Moving Image, and it was really about how

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Speaker 3: you know, fail can move people and you know, can

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Speaker 3: change laws and can change people's minds and hearts. So

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Speaker 3: I think it was that moment when the tennt drops

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Speaker 3: that there's a possibility to kind of you know milians

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Speaker 3: or connect all my my my you know, aspirations and passions.

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Speaker 3: And I was also marriage to, or still a marriage

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Speaker 3: to a you know, an artist, so there was always

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Speaker 3: this deep love and kind of like fascination with the

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Speaker 3: artistic world. And so for me it was an easy

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Speaker 3: I don't want to call it a transition because I

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Speaker 3: feel like I still live in both worlds. I'm still

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Speaker 3: my company's lawyer and I you know, do all the

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Speaker 3: you know, contractual work and at the same time, you know,

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Speaker 3: feast on all the wonder and joy of being in

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Speaker 3: a very you know, vibrant creative space.

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Speaker 1: So what do you do now as structor tribe And

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Speaker 1: I was trying to think of the best way to

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Speaker 1: explain it. But you do you make sort of parts

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Speaker 1: of movies. Would that be the right way to describe it?

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Speaker 1: You know the I don't know, do we still use

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Speaker 1: the phrase CGI or is that a little twentieth century

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Speaker 1: you sort of put together some of the really complicated

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Speaker 1: technical parts.

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Speaker 3: True? True, I mean like that's that's a great, you

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Speaker 3: know explanation. I mean, we create assets to the service

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Speaker 3: of the story. The thing with us in the VFX

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Speaker 3: and even in the animation space, we really want to

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Speaker 3: create mesmerizing worlds and characters that push the story forward

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Speaker 3: and just to mess you know, audiences into that. I mean,

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Speaker 3: if you imagine the Avatars, the Lord of the Rings,

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Speaker 3: and I mean even regular stories. The point is how

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Speaker 3: can we capture your your mind and heart as we

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Speaker 3: tell the story. So the effects is really the art

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Speaker 3: and science of you know, capturing the audience in a

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Speaker 3: fantastical way, in a way that you know, imagination can

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Speaker 3: travel as far and as wide as possible.

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Speaker 1: So yeah, I mean it is amazing how big that is.

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Speaker 1: Over the holiday season, for various reasons, I found myself

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Speaker 1: rewatching the Shrek series and enjoying them as much as

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Speaker 1: someone on the wrong side of fifty as my children were.

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Speaker 1: And look, we were all watching them again, we've all

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Speaker 1: seen them before. But there's something about animation. There's a

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Speaker 1: K Pop demon Hunters at the moment which is really

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Speaker 1: just caught the imaginations and I'm afraid to say the

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Speaker 1: playlists of so many people. It's really quite a powerful medium.

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Speaker 3: Absolutely absolutely, and I think for me why it's so powerful,

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Speaker 3: particularly at this time of our lives in South Africa

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Speaker 3: and in Africa, is the fact that, you know, for

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Speaker 3: the first time it feels that our stories really really match,

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Speaker 3: and the global stage is ready to hear them and

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Speaker 3: is open to, you know, getting to know us through

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Speaker 3: that that you know method of storytelling, and I mean

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Speaker 3: what it's done. As much as you might think you're

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Speaker 3: on the wrong side of fifty, I think all of

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Speaker 3: us are children, you know, and we should always embrace

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Speaker 3: that sense of wonder and that sense of you know, curiosity.

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Speaker 3: So I definitely think we are at a beautiful time

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Speaker 3: in terms of creativity, where there's an openness. It's no

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Speaker 3: longer seen as you know, like creativity was often seen

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Speaker 3: like this little sort of dirty secret. You couldn't really

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Speaker 3: openly come out and say you're an artist or a creative.

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Speaker 3: People just thought you were crazy and you didn't want

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Speaker 3: to actually take on a proper job and do what

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Speaker 3: everybody else was doing, which is being you know, grown

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Speaker 3: up in a sense. So I think we are at

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Speaker 3: a golden age of creativity. And what I would like

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Speaker 3: to actually see, especially from an African and aur Aftan perspective,

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Speaker 3: is us telling those mesmerizing stories, those stories that humanize us,

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Speaker 3: but that also allows us to fly and just explore

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Speaker 3: our imagination beyond stories of struggle and stories of you know, colonization.

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Speaker 3: Those stories matter absolutely and they're important for us to

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Speaker 3: tell them, but I think what's also important is for

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Speaker 3: us to be able to open up our aperture for

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Speaker 3: a fantastical method of storytelling.

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Speaker 1: Yeah, so in a way, what happened in the past matters,

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Speaker 1: But our dreams matter too, and I don't know if

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Speaker 1: we spend dreams.

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Speaker 3: It is and that's it, and that's really what for me,

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Speaker 3: animation and VFX is about. It's about you exploring those

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Speaker 3: recesses that have been closed off because a lot of

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Speaker 3: us grow in places where you know, it's bread and

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Speaker 3: butter issues, and that kind of you know, is reflected

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Speaker 3: on the kind of stories that we tell, and I

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Speaker 3: reiterate those stories do matter, but there should also be

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Speaker 3: a widening of our perspective and ability to explore and

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Speaker 3: go to, you know spaces. You always tell people that

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Speaker 3: the thing about animation and their sex is it allows

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Speaker 3: you to get into an intergalactical space, you know, spaces

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Speaker 3: that we never knew existed, and now we can create

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Speaker 3: those worlds. Now we can dream and we can actually

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Speaker 3: see them in reality. And that's really important for any

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Speaker 3: human imagination to be able to have that level of freedom.

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Speaker 1: And so yeah, yeah, that just the transition. So you're

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Speaker 1: a lawyer, you've got a master's in law and your husband,

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Speaker 1: your partners working in the visual space in the great space.

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Speaker 1: Was it did it happen quickly? Was it was there

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Speaker 1: one conversation? Did it happen over six months? Was it

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Speaker 1: a period of a decade that made you actually change

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Speaker 1: direction in this way and and want to work with him?

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Speaker 3: If I'm being one hundred percent, I never really thought

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Speaker 3: of working with Rob. I always thought, you know, quite

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Speaker 3: like his sort of Dutch background, very you know, formulaic,

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Speaker 3: and so for me, I was like, yeah, you know,

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Speaker 3: this is a little bit and at the same time

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Speaker 3: very creative. And so it was a series of conversation

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Speaker 3: and I think there was also a constellation of stars

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Speaker 3: in terms of where we were in our life as

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Speaker 3: a couple. We had just returned to South Africa and

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Speaker 3: we'd had our third child, and we were trying to

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Speaker 3: think how do we go beyond, you know, in terms

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Speaker 3: of our dreams and aspirations, and was transitioning in the

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Speaker 3: company that he was at, and I was going through

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Speaker 3: I guess some level of you know crisis in terms

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Speaker 3: of I wanted to be more than just a lawyer.

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Speaker 3: I absolutely love being a lawyer and what it's done

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Speaker 3: for me, and I'm very appreciative of all the people

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Speaker 3: along the way. However, I wanted something bigger, and so

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Speaker 3: we set for you know, months and months. I can

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Speaker 3: openly say there were nights and days where we ate

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Speaker 3: tinned fish and you know, because we were building this

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Speaker 3: thing together. So it was a series of conversations. It

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Speaker 3: was a lot of sweat and you know, discomfort because

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Speaker 3: we were not sure whether we were crazy or you know,

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Speaker 3: going to you know, do something that was amazing, so

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Speaker 3: we're very grateful that it has, twelve years later, materialized

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Speaker 3: into this wonderful community of artists. And you know, it's

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Speaker 3: also changed how you know, African the effects and animation

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Speaker 3: is seen. So yeah, I'm incredibly proud to be a

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Speaker 3: couple working together and having created an amazing things such

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Speaker 3: as a chocolate tribe. You see it as our fourth child.

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Speaker 1: So yeah, all right, I've got so many questions about

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Speaker 1: how the industry has changed in those twelve years. Speaking too,

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Speaker 1: fanden BRACHTI founder of Chocolate Tribe Nacipor, You've been running

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Speaker 1: the studio for twelve years and the technology behind what

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Speaker 1: you do has changed immensely in that time. What's it

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Speaker 1: been like to sort of keep up because the image

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Speaker 1: that you can create, the imagination that you can give

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Speaker 1: life to, has changed dramatically, and you really do have

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Speaker 1: to be on a par with everyone else in the industry.

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Speaker 3: Absolutely. I mean, I think right now the sort of

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Speaker 3: biggest and topical change is in relation to AI and

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Speaker 3: real time rendering. I mean we have to sort of

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Speaker 3: like trace it back to the fact that you know,

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Speaker 3: the streaming revolution that happened from like twenty twelve to

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Speaker 3: now has kind of you know catapulted you know, the

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Speaker 3: sort of like tastes of audience to from TV to

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Speaker 3: feature film and how we are able to create you know,

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Speaker 3: a lot more high end VFX because when it was

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Speaker 3: still TV, you know that there wasn't much of a

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Speaker 3: demand for high end VFX, and so the technique and

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Speaker 3: the you know, the sort of like requirements were of

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Speaker 3: a lower quality. But now because even episodics on the

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Speaker 3: likes of Netflix have to be of higher quality, that's

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Speaker 3: meant that there's a lot of investment in terms of

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Speaker 3: you know, the technical requirements, but also software and hardware.

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Speaker 3: And then the most sort of the greatest movement now

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Speaker 3: is in relation to AI and how do we render

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Speaker 3: images in real time and forto realistically so that when

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Speaker 3: you look at it, you know, you cannot tell which

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Speaker 3: is real and which is you know, created by AI

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Speaker 3: or even by you know, human hand. So I think

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Speaker 3: that's where we are. And as you know, this is

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Speaker 3: kind of like created a feriory of conversations from ethical

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Speaker 3: conversations to you know, employment and you know security and

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Speaker 3: all of that. So there's been a leap. I think

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Speaker 3: the film industry is one of those industries that are

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Speaker 3: often under mind in terms of innovation, and people don't

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Speaker 3: understand that there's such a great movement within a short

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Speaker 3: space of time that now even the likes of you know,

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Speaker 3: James Cameron, when they are filming something, they can actually

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Speaker 3: see the VFX live on their cameras. Whereas before you

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Speaker 3: would then film something, hand over the plates to the

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Speaker 3: post production team and they'd have to do what they

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Speaker 3: need to do from the VFX and editing. But now

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Speaker 3: there's like real time rendering where you see what's happening

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Speaker 3: almost you know, close to what the audience will be

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Speaker 3: seeing on screen.

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Speaker 1: This is a strange question, but I mean we're probably

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Speaker 1: quite close to Niro where anyone with a big Apple

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Speaker 1: laptop can create a very very high quality animation movie

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Speaker 1: and sort of send it to Netflix. And that's fine,

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Speaker 1: but it kind of kills the industry. I mean, it's

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Speaker 1: it might be slightly different, I suppose, but musicians will

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Speaker 1: tell you that they make far less money now because

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Speaker 1: the Spotify doesn't work for them as much as it did,

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Speaker 1: And I mean does that worry you. I mean, for

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Speaker 1: a start, there's going to be a lot more high

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Speaker 1: quality content than there's ever been, and to kind of

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Speaker 1: stick out from that, it's going to be harder.

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Speaker 3: Sure. I think the thing is that the industry has

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Speaker 3: been shifting for the past twenty years. Certainly those who've

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Speaker 3: been in the industry for a lot longer, you know,

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Speaker 3: speak of the glory days of the Effects, where you know,

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Speaker 3: there was a lot more budget and a lot more

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Speaker 3: kind of like investment in terms of craftsmanship. And I

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Speaker 3: think now there is We are definitely, you know, concerned

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Speaker 3: in the sense that how do we embrace change without

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Speaker 3: necessarily almost copying out because one of the biggest issues

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Speaker 3: that are really critical for us as chocolate tribe is

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Speaker 3: to empower and upscale the next generation. And how do

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Speaker 3: you upscale you know, a generation and that skill is

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Speaker 3: shifting itself, you know. So I think there is you know,

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Speaker 3: a I want to say, an unease with the first

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Speaker 3: placements of AI, But I think we are taking it

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Speaker 3: in our stride as a company and we are learning

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Speaker 3: how do you you know, manage this kind of change

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Speaker 3: and at the speed that it's happening. But for me,

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Speaker 3: I still think Stephen, nothing is going to beat the

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Speaker 3: sort of like human heart and soul that is poured

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Speaker 3: into a piece of art. I often also tell people

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Speaker 3: that when you and I make art, we are making

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Speaker 3: it for each other. It's a human conversation. So when

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Speaker 3: I'm looking at a Picasso, you know there was something

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Speaker 3: that Piicauso was saying in his art, and he's talking

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Speaker 3: to me. And you you know, he's not talking to

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Speaker 3: an inanimate object or an algorithm or a data set.

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Speaker 3: He's talking to another hum And so I think for me,

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Speaker 3: as much as you know, AI being a tool and

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Speaker 3: all the other different innovations, they are there to help

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Speaker 3: perfect spedite processes. But the human hand and the human

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Speaker 3: heart must be steeped in our art and in our experience.

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Speaker 1: No Spermoketo fond Brachbe, co founder of Chocolate Tribe, just

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Speaker 1: taking you behind the scenes of some of what happens

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Speaker 1: in the animation space in South Africa.

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Speaker 2: The Best of the Money Show one.

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Speaker 1: Two Personal Finance. This week weren Ingram the financial advisor

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Speaker 1: co founder of Galileo Capital, speaking about what you could

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Speaker 1: do in the final month of the tax here to

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Speaker 1: minimize what you have to give to SARS and to

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Speaker 1: maximize your finances. Outlining the steps you need to take

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Speaker 1: to boost your savings, make use of all of the

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Speaker 1: available deductions, and to improve your overall financial position ahead

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Speaker 1: of the tax deadline.

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Speaker 4: Sorrs are not the most generous lot today of us

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Speaker 4: that pay income taxes, and so you're right, we don't

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Speaker 4: get a lot of tax breaks, and the few that

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Speaker 4: we do get, I'm suggesting we should do our very

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Speaker 4: best to maximize all the legal things that we can

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Speaker 4: to pay our dues, but not to pay access.

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Speaker 1: Okay, I suppose we should start. I should have known

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Speaker 1: your start with retirement funds. And this is about how

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Speaker 1: you make the most from your tax with your retirement

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Speaker 1: fund contributions.

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Speaker 4: So just to give a little bit of a little

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Speaker 4: bit of background here, we can contribute a certain amount

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Speaker 4: every year to our retirement fund, so whether it's a

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Speaker 4: company retirement fund like a provident fund, or your own

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Speaker 4: retirement in uity. And if you contribute up to a

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Speaker 4: maximum of twenty seven and a half percent of your

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Speaker 4: income or limited to three hundred and fifty thousand a

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Speaker 4: year for the big earners, you can get quite a

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Speaker 4: big tax break back from size for those contributions. So,

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Speaker 4: just to give you a simple example, if you earn

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Speaker 4: a salary that puts you in a forty one percent

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Speaker 4: tax bracket, and you decide that you haven't maximized your

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Speaker 4: retirement fund contribution and you top it up by ten

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Speaker 4: thousand rand now in the next month that you'll get

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Speaker 4: back around four one hundred from sorrow's in a tax saving.

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Speaker 4: So it's real the tax saving that we get from sorrow.

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Speaker 4: So making a contribution to your own retirement fund, in

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Speaker 4: other words, investing in your future for you gives you

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Speaker 4: quite a big tax saving now in the amount of

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Speaker 4: income tax that you would pay in this tax here.

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Speaker 4: So I think it's quite a big one that we

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Speaker 4: should maximize. And most people's contributions, they're not really maximizing

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Speaker 4: the amount that they can paint to their retirement funds.

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Speaker 4: And it's to me a little bit of a no

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Speaker 4: brainer something you really should be doing.

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Speaker 1: You don't have to do this in advance. You can

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Speaker 1: you can do it sort of at the last minute

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Speaker 1: if you want one payment.

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Speaker 4: Yeah, And and you know, especially for people who work

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Speaker 4: in the gig economy or you know, have very variable

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Speaker 4: earnings through the year, they might not want to do

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Speaker 4: it a monthly debit order. And so now just to

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Speaker 4: say you've got a month to go. And you know,

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Speaker 4: if you calculate what you've earned, whether it's been you know,

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Speaker 4: commission or salary or contract fees, interest or even rent,

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Speaker 4: you know, all all the things that that attract income tax,

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Speaker 4: it's worth working out what you've earned in the year

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Speaker 4: and and and then saying, you know it, does that

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Speaker 4: have I done the contributions to get to the point

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Speaker 4: of twenty seven and a half percent of that amount

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Speaker 4: of money? And if you haven't and you've got the

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Speaker 4: money available, then then you really should you should do

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Speaker 4: it now?

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Speaker 1: Okay, you don't, can you overdo it? I mean you

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Speaker 1: need to be you need to actually do the maths

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Speaker 1: quite carefully to you.

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Speaker 4: Uh yeah. So this is one of those things where

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Speaker 4: where people disagree with each other in my industry. So

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Speaker 4: if you over contribute to your retirement funds, you're not

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Speaker 4: going to get penalized and you know, and saras won't

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Speaker 4: fine you or rest you or do anything like that.

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Speaker 4: Uh and but but you're not going to get a

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Speaker 4: tax break immediately. What will happen is you will get

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Speaker 4: a benefit that's very delayed. So when you get your

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Speaker 4: retirement and you start drawing money from your your your

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Speaker 4: retirement investments. Then your over contributions will be will be

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Speaker 4: beneficial there you'll get an offset it. So some people

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Speaker 4: would just say, well, you know, don't worry about about

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Speaker 4: the benefit. Just go and contribute as much as you

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Speaker 4: can to your retirement funds and and then worry about

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Speaker 4: that tax benefit later. I think I'm maybe a bit conservative,

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Speaker 4: but I don't really want to over contribute during my lifetime.

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Speaker 4: I'm happy to do the maximum that Sorrows allows every

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Speaker 4: year and and and save save money for the rest.

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Speaker 1: No, sure, that does make sense, all right. Medical expenses,

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Speaker 1: I mean lots of five about the medical aid tax

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Speaker 1: credit at the moment is I think there will be

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Speaker 1: for some time. And we're not talking about that, we're

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Speaker 1: actually talking about what you pay directly.

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Speaker 4: Yeah, so so there there is. I mean, for people

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Speaker 4: who spend a lot of money on medical expenses, my

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Speaker 4: suggestion here is make sure that you've got all your

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Speaker 4: receipts and the expenses that you've paid for that haven't

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Speaker 4: been covered by your medical aid, because there is a

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Speaker 4: point when when you can actually start to claim those

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Speaker 4: expenses that are unpaid. Unfortunately, it's not for every cent

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Speaker 4: that you haven't been able to claim and and all

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Speaker 4: sorts of limits. But the bottom line for the next

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Speaker 4: month is to make sure you've got all your your

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Speaker 4: your slips and receipts, and you know, contact your medical

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Speaker 4: providers if you haven't, because you know they might not

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Speaker 4: keep everything by July when you start and start needing

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Speaker 4: to submit. So so get yourself ready now and be

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Speaker 4: prepared now.

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Speaker 1: Okay, donations to public benefit organizations charities, NGOs, things like that,

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Speaker 1: what's the benefit there?

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Speaker 4: Yeah, not many people know this, but you can donate

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Speaker 4: up to ten percent of your income, your taxable income

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Speaker 4: to register charity. So they have to be registered with

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Speaker 4: SARS as public benefit organizations and you get a tax

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Speaker 4: deduction for that. In other words, if you contribute, Let's

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Speaker 4: say you earn a million round a year and you

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Speaker 4: do your ten percent contribution, that will mean that one

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Speaker 4: hundred thousand round of which is your contribution, will be

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Speaker 4: deducted from the amount of income that you earn for

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Speaker 4: tax calculation purposes. In other words, SOS will say, Okay,

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Speaker 4: for the purposes of this calculation, although you earned a

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Speaker 4: million round, we're going to look at it as if

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Speaker 4: you've earned nine hundred thousand rund and then work out

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Speaker 4: the tax that you owe from that perspective. So the

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Speaker 4: reality here is you get a bit of a tax

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Speaker 4: break for doing something very good. And to me, you know,

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Speaker 4: there are people in a position who would like to

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Speaker 4: make donations to whether it's you know, animal shelters or

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Speaker 4: schools or you know, education funds, whatever it is that's

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Speaker 4: important to you, and and you know, use this time

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Speaker 4: now to make sure that those organizations are registered with

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Speaker 4: SARS and then take advantage of this opportunity to pay

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Speaker 4: but less tax and do you know, do good with

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Speaker 4: your money in a way that you want to do.

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Speaker 1: I've always been interested in this because I kind of

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Speaker 1: sometimes wonder if SARS is going to crack down, if

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Speaker 1: other people are going to get it quite cynical about

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Speaker 1: public benefit organizations have In fact, that might change at

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Speaker 1: some point because it really does allow people to give

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Speaker 1: to their sort of pet causes rather than give the

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Speaker 1: money to government.

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Speaker 4: In the end, I mean, I think the view is

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Speaker 4: that there are so many, you know, very good public

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Speaker 4: benefit organizations that do work that you know, that that

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Speaker 4: government simply cannot get to. And and so it would

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Speaker 4: be you know, I always think about some you know,

436
00:25:54,200 --> 00:25:56,560
Speaker 4: an organization a gift of the givers, you know, I mean,

437
00:25:56,600 --> 00:26:00,199
Speaker 4: look at what they do in towns and situation of

438
00:26:00,200 --> 00:26:03,399
Speaker 4: great distress. And you know, if SARUS, you know, doesn't

439
00:26:03,440 --> 00:26:06,520
Speaker 4: do what they can to help organizations like that deliver

440
00:26:06,600 --> 00:26:09,960
Speaker 4: good to to to the South African public, you know,

441
00:26:10,000 --> 00:26:12,440
Speaker 4: that would be a tragedy. So I really hope they don't.

442
00:26:12,840 --> 00:26:14,800
Speaker 4: I'm very happy that you know that SARUS does the

443
00:26:14,840 --> 00:26:17,520
Speaker 4: work to make sure that these are legitimate public benefit

444
00:26:17,680 --> 00:26:20,520
Speaker 4: organizations doing real work and not just you know, tax

445
00:26:20,600 --> 00:26:23,720
Speaker 4: avoidance schemes. But but yeah, I hope I hope that

446
00:26:23,720 --> 00:26:27,080
Speaker 4: that never happens, Stephen, that they're banos those deductions.

447
00:26:28,000 --> 00:26:30,080
Speaker 1: All right, your travel logbook, and this is this is

448
00:26:30,080 --> 00:26:33,919
Speaker 1: about a car and and how you actually manage what

449
00:26:34,040 --> 00:26:34,920
Speaker 1: you can claim back.

450
00:26:36,280 --> 00:26:41,719
Speaker 4: Yeah, so not everyone you know, gets gets travel allowances

451
00:26:42,359 --> 00:26:45,760
Speaker 4: or earns let's say, commission where where you can write

452
00:26:45,760 --> 00:26:48,479
Speaker 4: off the expense of of the of the journey that

453
00:26:48,520 --> 00:26:51,359
Speaker 4: you do every day for for work purposes. So so

454
00:26:51,480 --> 00:26:53,719
Speaker 4: just to be clear, this isn't about you know, traveling

455
00:26:53,760 --> 00:26:55,560
Speaker 4: to and from your office every day. If you're an

456
00:26:55,560 --> 00:26:58,119
Speaker 4: office worker earning a salary, this is not this is

457
00:26:58,119 --> 00:27:00,400
Speaker 4: not for you. But but for people who have all

458
00:27:01,040 --> 00:27:04,439
Speaker 4: two different places, you know, doing work and earning income

459
00:27:04,480 --> 00:27:07,680
Speaker 4: at that point that they can get a tax break.

460
00:27:07,720 --> 00:27:09,960
Speaker 4: And one of the things that people in this situation

461
00:27:10,119 --> 00:27:13,640
Speaker 4: often forget to do is make sure that their log

462
00:27:13,640 --> 00:27:15,480
Speaker 4: book is up to date. So you've you've got to

463
00:27:15,560 --> 00:27:17,480
Speaker 4: keep a record of every single trip, you know, the

464
00:27:17,520 --> 00:27:20,679
Speaker 4: mileage of that trip, and then take notes of what

465
00:27:20,720 --> 00:27:23,400
Speaker 4: your mileage on your car is at the end of February.

466
00:27:23,680 --> 00:27:26,160
Speaker 4: So so don't you don't wait until July and then

467
00:27:26,320 --> 00:27:28,359
Speaker 4: then go gee, I can't remember what the mileage was

468
00:27:28,359 --> 00:27:30,040
Speaker 4: in my car at the end of the month, and

469
00:27:30,040 --> 00:27:32,200
Speaker 4: and and you know, at the end of February rather

470
00:27:32,200 --> 00:27:35,760
Speaker 4: and then you find yourself scrambling. So so just again,

471
00:27:35,840 --> 00:27:38,040
Speaker 4: make sure your records are up to date now, because

472
00:27:38,359 --> 00:27:41,200
Speaker 4: the paperwork is important, and it is one of those

473
00:27:41,240 --> 00:27:43,439
Speaker 4: things that I think Sienz is looking at very closely.

474
00:27:43,480 --> 00:27:47,199
Speaker 4: And you know, every time people get audited, this is

475
00:27:47,200 --> 00:27:48,760
Speaker 4: one of the things that trips them up because they

476
00:27:48,760 --> 00:27:52,720
Speaker 4: haven't got proper records, and then those deductions for their

477
00:27:52,760 --> 00:27:54,959
Speaker 4: expenses around their car not allowed.

478
00:27:56,080 --> 00:27:57,800
Speaker 1: One of the things I find interesting about the whole

479
00:27:57,800 --> 00:27:59,560
Speaker 1: log book issue for a car is there's quite a

480
00:27:59,600 --> 00:28:03,680
Speaker 1: lot of Even if you had a good electronic system,

481
00:28:03,720 --> 00:28:06,800
Speaker 1: and I'm sure someone somewhere has a kind of car

482
00:28:06,960 --> 00:28:09,720
Speaker 1: log book app thing for a phone that makes it

483
00:28:09,760 --> 00:28:12,320
Speaker 1: as easy as possible, you still have to remember to

484
00:28:12,400 --> 00:28:15,840
Speaker 1: do it each time. And obviously for some people you

485
00:28:15,880 --> 00:28:18,679
Speaker 1: travel quite a bit in your card really is worth it.

486
00:28:18,720 --> 00:28:21,040
Speaker 1: I'm sure there's some people who just think, ah, it's

487
00:28:21,080 --> 00:28:22,120
Speaker 1: really not worth the hack.

488
00:28:23,520 --> 00:28:27,040
Speaker 4: Yeah, I wish, I wish, you know, Sorrus could find

489
00:28:27,040 --> 00:28:29,520
Speaker 4: a way to automate this, because it really is a hack.

490
00:28:29,560 --> 00:28:33,760
Speaker 4: And and again, you know, for people who are legitimately

491
00:28:33,800 --> 00:28:37,320
Speaker 4: traveling for work and incurring expenses and you know, dodging

492
00:28:37,359 --> 00:28:40,440
Speaker 4: potholes in joe Burg and you know, whatever the conditions

493
00:28:40,480 --> 00:28:42,640
Speaker 4: are and fires in the Western care but it's kind

494
00:28:42,640 --> 00:28:44,360
Speaker 4: of a hazardous thing being on the road trying to

495
00:28:44,400 --> 00:28:46,640
Speaker 4: earn a living. And so you know, this should be

496
00:28:46,640 --> 00:28:49,720
Speaker 4: one of the situations where where the technology I'm sure

497
00:28:49,800 --> 00:28:52,560
Speaker 4: is available, and if Sarrus could offer it to people

498
00:28:52,600 --> 00:28:54,880
Speaker 4: in that position, everyone's life would be easier.

499
00:28:54,920 --> 00:28:55,040
Speaker 3: You know.

500
00:28:55,040 --> 00:28:57,280
Speaker 4: It's just it's such a simple thing to kind of

501
00:28:57,280 --> 00:29:01,200
Speaker 4: get the taxpayer and the tax man aligned. I agree

502
00:29:01,200 --> 00:29:02,640
Speaker 4: with you, it should just be done.

503
00:29:04,800 --> 00:29:06,960
Speaker 1: For some people they like to try and claim on

504
00:29:07,000 --> 00:29:09,120
Speaker 1: an office when they work from home. If you have

505
00:29:09,160 --> 00:29:11,200
Speaker 1: a home office, are you able to do that?

506
00:29:13,520 --> 00:29:17,080
Speaker 4: You can just you know, for example, if it's your

507
00:29:17,080 --> 00:29:19,920
Speaker 4: primary residence, so it's the place where you live, and

508
00:29:20,040 --> 00:29:22,680
Speaker 4: you say, okay, I'm going to I'm going to dedicate

509
00:29:22,720 --> 00:29:24,960
Speaker 4: some space. I've got a you know, little office. You

510
00:29:25,000 --> 00:29:26,680
Speaker 4: know that that I'm now going to claim as a

511
00:29:26,680 --> 00:29:30,400
Speaker 4: home office. It's it's possible to do that, I think again,

512
00:29:31,080 --> 00:29:33,440
Speaker 4: you know that the documentation and the paperwork around this

513
00:29:33,560 --> 00:29:36,160
Speaker 4: is very important, and and and and are we getting

514
00:29:36,240 --> 00:29:39,040
Speaker 4: right to the limits of my tax knowledge, Stephen. But

515
00:29:39,720 --> 00:29:41,600
Speaker 4: what one of the things that's also going to happen

516
00:29:41,680 --> 00:29:43,920
Speaker 4: is that that portion of your property you will not

517
00:29:44,040 --> 00:29:46,760
Speaker 4: be treated as your primary residence when you then sell

518
00:29:46,800 --> 00:29:49,240
Speaker 4: it one day. And and why that's important is, you know,

519
00:29:49,280 --> 00:29:51,040
Speaker 4: if we've got our if we live in our home

520
00:29:51,640 --> 00:29:54,840
Speaker 4: and uh and we sell that home one day, you know,

521
00:29:54,880 --> 00:29:57,320
Speaker 4: if we've made a profit on on the sale of

522
00:29:57,320 --> 00:29:59,760
Speaker 4: that home, we do get a bit of a tax

523
00:29:59,760 --> 00:30:02,800
Speaker 4: break from SARS before we start paying for capital gains tax.

524
00:30:03,280 --> 00:30:05,720
Speaker 4: And so if you've now used up you know, a

525
00:30:05,760 --> 00:30:07,920
Speaker 4: third of the size of your home as a home office,

526
00:30:07,960 --> 00:30:10,160
Speaker 4: for example. Then then you might find that you're not

527
00:30:10,200 --> 00:30:12,600
Speaker 4: getting such a big tax break on the capital gains.

528
00:30:13,080 --> 00:30:14,960
Speaker 4: And and you know, if if you live in a

529
00:30:14,960 --> 00:30:18,280
Speaker 4: place where property prices are going up strongly, it could

530
00:30:18,360 --> 00:30:20,280
Speaker 4: be that that benefit that you got from your home

531
00:30:20,320 --> 00:30:24,320
Speaker 4: office doesn't outweigh the last now of that capital gains

532
00:30:24,400 --> 00:30:27,640
Speaker 4: tax break that you got on your primary residence. So

533
00:30:28,040 --> 00:30:30,960
Speaker 4: I would suggest someone in this position should do the

534
00:30:31,040 --> 00:30:34,040
Speaker 4: work just to you know, go and pay a tax consultant,

535
00:30:34,040 --> 00:30:36,080
Speaker 4: just to work, you know, walk it through with you

536
00:30:36,120 --> 00:30:38,360
Speaker 4: and make sure that you're making the right call before

537
00:30:38,400 --> 00:30:40,360
Speaker 4: you make a decision.

538
00:30:39,960 --> 00:30:44,480
Speaker 1: Like this, So so much sort of put together ahead

539
00:30:44,480 --> 00:30:47,560
Speaker 1: of the tax. Yeah, your questions Warren Ingram, the co

540
00:30:47,600 --> 00:30:50,000
Speaker 1: founder of Galileo Capital A double one double A three

541
00:30:50,040 --> 00:30:52,400
Speaker 1: or seven two two one four four six o five

542
00:30:52,480 --> 00:30:54,720
Speaker 1: six seven, and of course voice notes on a seven

543
00:30:54,760 --> 00:30:57,520
Speaker 1: two seven O two one seven O two. We do

544
00:30:57,600 --> 00:31:00,560
Speaker 1: have a question tonight, and it goes like this, Hi,

545
00:31:00,640 --> 00:31:03,160
Speaker 1: I just got a new job with a decent salary increase.

546
00:31:03,200 --> 00:31:06,600
Speaker 1: At the moment, my expenses are matching my income, so

547
00:31:06,640 --> 00:31:09,600
Speaker 1: the increase would give me some breathing room. I don't

548
00:31:09,640 --> 00:31:12,200
Speaker 1: want to waste the increased money, but I would like

549
00:31:12,280 --> 00:31:14,600
Speaker 1: to buy some extras to improve my life a bit.

550
00:31:14,880 --> 00:31:16,840
Speaker 1: We all need a little bit of ice cream in life.

551
00:31:16,920 --> 00:31:21,640
Speaker 1: Warren for the Money Show Personal Finance with Warren Ingram.

552
00:31:22,280 --> 00:31:25,320
Speaker 1: Warren Ingram, of course, the co founder at Galileo Capital.

553
00:31:25,360 --> 00:31:28,080
Speaker 1: Some questions coming in for him, now them to put

554
00:31:28,120 --> 00:31:30,200
Speaker 1: them to you in a moment, Warren at first, a

555
00:31:30,280 --> 00:31:32,040
Speaker 1: question that came in earlier. I've got a new job

556
00:31:32,080 --> 00:31:35,120
Speaker 1: with a salary increase. My expenses are matching my income,

557
00:31:35,200 --> 00:31:37,080
Speaker 1: so the increase gives me some breathing room. I don't

558
00:31:37,120 --> 00:31:39,400
Speaker 1: want to waste the money, the extra money. I would

559
00:31:39,440 --> 00:31:42,320
Speaker 1: like to buy some extras to improve my life. Warren,

560
00:31:42,320 --> 00:31:44,320
Speaker 1: how do you sort of judge that? How do you

561
00:31:44,520 --> 00:31:46,160
Speaker 1: assess what you should do in that case?

562
00:31:47,640 --> 00:31:49,160
Speaker 4: I mean, I think it's one of those things where

563
00:31:49,720 --> 00:31:54,440
Speaker 4: let's say your increase is ten percent, then by all

564
00:31:54,480 --> 00:31:57,800
Speaker 4: means allow your lifestyle costs to increase as well, but

565
00:31:57,840 --> 00:32:00,920
Speaker 4: don't let them increase by ten percent in line with

566
00:32:01,000 --> 00:32:04,719
Speaker 4: your your salary rise. Rather let your your lifestyle costs

567
00:32:04,720 --> 00:32:07,440
Speaker 4: go up by five percent, and that means that you

568
00:32:07,520 --> 00:32:10,600
Speaker 4: are saving half of that big you know, that big increase,

569
00:32:10,640 --> 00:32:13,400
Speaker 4: that you've got and and so what you're doing is

570
00:32:13,440 --> 00:32:16,480
Speaker 4: you're allowing your savings to grow at a faster rate

571
00:32:16,520 --> 00:32:19,720
Speaker 4: than your salary and or maybe than your expenses is growing.

572
00:32:19,960 --> 00:32:21,920
Speaker 4: So yes, you get to give yourself a bit of

573
00:32:21,920 --> 00:32:24,800
Speaker 4: a reward, but you don't fall subject to something called

574
00:32:24,880 --> 00:32:28,000
Speaker 4: salary creep where or lifestyle creep where where you just

575
00:32:28,240 --> 00:32:30,280
Speaker 4: you know, allow your expenses to grow as fast as

576
00:32:30,280 --> 00:32:32,320
Speaker 4: your income and then you never get to save enough.

577
00:32:32,440 --> 00:32:35,920
Speaker 4: Your goal here is save more as you can, and

578
00:32:36,400 --> 00:32:38,680
Speaker 4: a salary increases a great time to give yourself that

579
00:32:38,720 --> 00:32:41,080
Speaker 4: opportunity to to save for your future.

580
00:32:42,000 --> 00:32:44,840
Speaker 1: Yeah, I mean, I've seen that where someone gets an

581
00:32:44,840 --> 00:32:47,560
Speaker 1: increase in salary and then they kind of strangely, you

582
00:32:47,600 --> 00:32:49,360
Speaker 1: get you're so used to the money you can't get

583
00:32:49,400 --> 00:32:51,480
Speaker 1: out of it, and actually your options become very limited.

584
00:32:52,880 --> 00:32:56,480
Speaker 4: Yeah, you know, and as your expenses rise, you know,

585
00:32:56,480 --> 00:32:59,160
Speaker 4: along with your your income, it's very hard to adjust

586
00:32:59,160 --> 00:33:02,480
Speaker 4: yourself from from that new lifestyle back to the lifestyle

587
00:33:02,560 --> 00:33:05,080
Speaker 4: you had you know, one or two increases ago. So

588
00:33:05,600 --> 00:33:08,880
Speaker 4: the pain of going backwards is much worse than just

589
00:33:08,920 --> 00:33:12,120
Speaker 4: not going there. And so allowing yourself an extra little

590
00:33:12,120 --> 00:33:15,120
Speaker 4: bit of breathing rome is great and you should do that.

591
00:33:15,200 --> 00:33:17,640
Speaker 4: It is a reward for the hard work. But just

592
00:33:17,680 --> 00:33:19,760
Speaker 4: don't get used to that new lifestyle and then you

593
00:33:19,760 --> 00:33:20,560
Speaker 4: don't feel the pain.

594
00:33:21,720 --> 00:33:24,520
Speaker 1: Carliso's got in touch with us tonight saying Hi, Warren,

595
00:33:24,760 --> 00:33:29,120
Speaker 1: I've certified, I think satisfied. She means with my contribution

596
00:33:29,200 --> 00:33:32,040
Speaker 1: to my RA and I also max my tax free

597
00:33:32,080 --> 00:33:35,760
Speaker 1: payment every year. I have the Discovery Vitality rewards between

598
00:33:35,760 --> 00:33:38,600
Speaker 1: one thy six hundred rand and two thousand rand every month,

599
00:33:38,640 --> 00:33:41,680
Speaker 1: and I'd like to deploy it effectively. My portfolio is

600
00:33:41,760 --> 00:33:43,880
Speaker 1: very poor in crypto. Should I add these funds to

601
00:33:43,960 --> 00:33:49,240
Speaker 1: my RA, my retirement annuity or to crypto? That's Carliso's question, Warren.

602
00:33:50,680 --> 00:33:55,360
Speaker 4: So my view is like, I'm I understand investments, and

603
00:33:55,400 --> 00:33:58,000
Speaker 4: I understand you know how you can value shares and

604
00:33:58,760 --> 00:34:02,600
Speaker 4: you know property company and even government bonds, but but

605
00:34:02,720 --> 00:34:05,280
Speaker 4: I can't value crypto. So so for me at the moment,

606
00:34:05,720 --> 00:34:08,680
Speaker 4: it's one of those things that's evolving. I think it's

607
00:34:08,680 --> 00:34:10,640
Speaker 4: I still struggle to call it an investment. I think

608
00:34:10,640 --> 00:34:14,040
Speaker 4: it's still a speculation. So so rather go into the

609
00:34:14,080 --> 00:34:16,400
Speaker 4: retirement funds than than than the cryptos.

610
00:34:17,080 --> 00:34:18,960
Speaker 1: Yeah, I mean it's so interesting because so many people

611
00:34:18,960 --> 00:34:21,799
Speaker 1: will go the other way, but actually some of it

612
00:34:21,840 --> 00:34:24,000
Speaker 1: is still very difficult to kind of know what's going

613
00:34:24,040 --> 00:34:27,919
Speaker 1: to happen. Mon Tomby asks any advice on a retirement plan.

614
00:34:27,960 --> 00:34:29,759
Speaker 1: I'm just going to quote this word for word, any

615
00:34:29,760 --> 00:34:32,200
Speaker 1: advice on a retirement plan that one can take on

616
00:34:32,239 --> 00:34:34,840
Speaker 1: the side, And how do I determine the correct amount

617
00:34:34,880 --> 00:34:38,319
Speaker 1: to add in line with the maximum allowance? Thanks? That's

618
00:34:38,360 --> 00:34:39,960
Speaker 1: from from MN Tomby Warren.

619
00:34:41,000 --> 00:34:43,840
Speaker 4: Great question, Man Tomby. I think so the thing that

620
00:34:43,880 --> 00:34:45,560
Speaker 4: you do on the side, I'm assuming that means that

621
00:34:45,600 --> 00:34:48,080
Speaker 4: you've got a company retirement fund and you want to

622
00:34:48,120 --> 00:34:50,520
Speaker 4: do something extra on your on your own and and

623
00:34:50,640 --> 00:34:52,920
Speaker 4: for all of us that that would be a retirementenuity.

624
00:34:53,440 --> 00:34:56,440
Speaker 4: And and you can, you know, you can do almost

625
00:34:56,480 --> 00:34:59,239
Speaker 4: any size contribution to retire intinuity. So you can either

626
00:34:59,320 --> 00:35:02,520
Speaker 4: do a debit or or an annual lumpsum. And the

627
00:35:02,520 --> 00:35:06,560
Speaker 4: way to decide on what retirement annuity to choose look

628
00:35:06,600 --> 00:35:09,000
Speaker 4: for one that's you know, on a unitraust platform where

629
00:35:09,000 --> 00:35:12,399
Speaker 4: there's no upfront fees or exit penalties. And then when

630
00:35:12,400 --> 00:35:15,920
Speaker 4: you're trying to decide how much to contribute, workout what

631
00:35:15,960 --> 00:35:18,839
Speaker 4: your your pre tax salary is so if you earn

632
00:35:19,400 --> 00:35:22,760
Speaker 4: one hundred thousand around a year, then you know twenty

633
00:35:22,800 --> 00:35:24,640
Speaker 4: seven and a half percent of that is what your

634
00:35:24,680 --> 00:35:27,960
Speaker 4: maximum contribution to the retirement fund can be. So then

635
00:35:28,040 --> 00:35:30,080
Speaker 4: you can work out what you're currently contributing to your

636
00:35:30,080 --> 00:35:33,200
Speaker 4: company fund and you can then do the balance. If

637
00:35:33,200 --> 00:35:34,920
Speaker 4: there's a gap, you can do the balance into your

638
00:35:34,920 --> 00:35:38,120
Speaker 4: own ra and choose the investments that work for you.

639
00:35:38,520 --> 00:35:41,680
Speaker 1: Warren Ingram there Financial Advice, a co founder of Galileo Capital,

640
00:35:41,760 --> 00:35:44,480
Speaker 1: sharing what you can do in the final month of

641
00:35:44,520 --> 00:35:47,600
Speaker 1: the tax yeah, to save you money.

642
00:35:48,040 --> 00:35:50,920
Speaker 2: You are listening to the money shows the best Bids.

643
00:35:51,480 --> 00:35:54,360
Speaker 1: Africa Business Focus this week doctor Rtinda and Dingui, the

644
00:35:54,400 --> 00:35:57,360
Speaker 1: founding director of Tribe Africa Advisory, looking at some of

645
00:35:57,400 --> 00:36:00,359
Speaker 1: the top business stories from across the continent, but also

646
00:36:00,400 --> 00:36:03,799
Speaker 1: exploring the major trends that are shaping markets in our

647
00:36:03,840 --> 00:36:08,640
Speaker 1: content and the shifts in regional economies. Eco charcoal, I

648
00:36:08,640 --> 00:36:11,359
Speaker 1: mean eco charcoal, Can there be such a thing. It's

649
00:36:11,360 --> 00:36:14,239
Speaker 1: a sort of cleaner, cheaper alternative to fire with. This

650
00:36:14,280 --> 00:36:14,960
Speaker 1: is in Cameroon.

651
00:36:15,520 --> 00:36:17,640
Speaker 5: This is in Cameroon. So just to sort of define

652
00:36:17,680 --> 00:36:20,840
Speaker 5: eco charcoal, It's made up of agricultural waste, of fast

653
00:36:20,880 --> 00:36:24,560
Speaker 5: grained non native plant species. So like you summarize it, Stephen,

654
00:36:24,600 --> 00:36:30,239
Speaker 5: it's a combination of cleaner, cheaper and more affordable form

655
00:36:30,280 --> 00:36:32,719
Speaker 5: of coal. Why this is so key we know from

656
00:36:32,719 --> 00:36:35,440
Speaker 5: an Africa perspective, Stephen, the challenge we have is about

657
00:36:35,440 --> 00:36:37,960
Speaker 5: half of the African population that are six hundred million

658
00:36:37,960 --> 00:36:41,000
Speaker 5: people don't have access to energy, and those that do

659
00:36:42,160 --> 00:36:45,960
Speaker 5: because they use cheap fossil fuels like normal coal, it

660
00:36:46,040 --> 00:36:49,080
Speaker 5: actually contributes to health problems. The average rated the moment

661
00:36:49,120 --> 00:36:51,720
Speaker 5: of deaths one hundred thousand is one hundred and fifty

662
00:36:51,719 --> 00:36:53,960
Speaker 5: five people, which is quite higher and higher than the

663
00:36:53,960 --> 00:36:57,440
Speaker 5: world average. So the eco Chuckal solution, which is a

664
00:36:57,520 --> 00:37:01,120
Speaker 5: graining ya Wanda Cameroon, is allowing for this clean up

665
00:37:01,320 --> 00:37:04,680
Speaker 5: source of fuel to be able to be used. It's affordable,

666
00:37:04,960 --> 00:37:08,719
Speaker 5: it reduces deforestration, and from a strategic perspective in terms

667
00:37:08,719 --> 00:37:11,560
Speaker 5: of solving Africa's a health and energy problem. At the

668
00:37:11,560 --> 00:37:14,319
Speaker 5: same time, it's the right step forward and so it's

669
00:37:14,400 --> 00:37:17,920
Speaker 5: quite a good solution. In your one day is leading

670
00:37:18,080 --> 00:37:21,440
Speaker 5: in terms of pioneering this offering from a continental perspective.

671
00:37:21,600 --> 00:37:23,239
Speaker 1: To make something like that work, you have to get

672
00:37:23,280 --> 00:37:25,319
Speaker 1: people on board. They have to agree to do it.

673
00:37:25,320 --> 00:37:27,919
Speaker 1: It often has to be the same price or cheaper,

674
00:37:27,880 --> 00:37:29,160
Speaker 1: otherwise it's not going to work.

675
00:37:29,280 --> 00:37:32,280
Speaker 5: Yeah, and that's the you should be able to scale,

676
00:37:32,320 --> 00:37:35,040
Speaker 5: and not just from a social impact perspective, but from

677
00:37:35,080 --> 00:37:37,600
Speaker 5: an economic perspective. And that's where the whole dilemma happens

678
00:37:37,600 --> 00:37:40,960
Speaker 5: because obviously it's a combination that, say, from agricultural waste

679
00:37:41,000 --> 00:37:43,920
Speaker 5: a fast growing non native plant species. So the dynamic

680
00:37:43,960 --> 00:37:45,799
Speaker 5: around that, Steven, is in terms of the amount of

681
00:37:45,880 --> 00:37:48,480
Speaker 5: investment that you have to put in so to scale

682
00:37:48,960 --> 00:37:50,919
Speaker 5: is always the challenge, and you need to get key

683
00:37:50,960 --> 00:37:53,960
Speaker 5: investors and skill sets that are able to drive that.

684
00:37:54,080 --> 00:37:57,080
Speaker 5: So it's still a long way from selves solving Africa's problems,

685
00:37:57,080 --> 00:37:59,080
Speaker 5: but definitely a step in the right direction, Stephen.

686
00:37:59,400 --> 00:38:02,840
Speaker 1: And then Jan has now got zero duty access to China.

687
00:38:02,840 --> 00:38:04,680
Speaker 1: I mean, this is interesting. We were talking about the

688
00:38:04,680 --> 00:38:08,400
Speaker 1: India EU deal earlier today. There's a lot going on

689
00:38:08,440 --> 00:38:10,600
Speaker 1: around trade at the moment. This will be important for Kenya.

690
00:38:10,800 --> 00:38:13,239
Speaker 5: Yeah, so this is a sort of a reflection of

691
00:38:13,239 --> 00:38:14,960
Speaker 5: the global shakeup that's happening Stephen.

692
00:38:15,440 --> 00:38:15,720
Speaker 1: Kenya.

693
00:38:15,880 --> 00:38:18,239
Speaker 5: Remember that two things that's happened to Kenya. One is

694
00:38:18,320 --> 00:38:21,279
Speaker 5: that it was also impacted by the terraffs by the

695
00:38:21,400 --> 00:38:24,440
Speaker 5: US in terms of higher tariffs. But having say that

696
00:38:24,480 --> 00:38:27,040
Speaker 5: they got the lower bracket of terraffs, I think THEIRS

697
00:38:27,120 --> 00:38:30,200
Speaker 5: was about ten percent, and more importantly, they also got

698
00:38:30,200 --> 00:38:33,520
Speaker 5: impacted by gore and the reality with trade globally there's

699
00:38:33,520 --> 00:38:35,440
Speaker 5: never a vacuum, so Kenya was forced to look at

700
00:38:35,440 --> 00:38:37,960
Speaker 5: other options. Kiya has always been quite good in terms

701
00:38:37,960 --> 00:38:41,000
Speaker 5: of positioning themselves. So remember last year, the early last

702
00:38:41,080 --> 00:38:43,920
Speaker 5: year they broke at a deal with thirty EU countries

703
00:38:43,960 --> 00:38:48,120
Speaker 5: to send pre manufactured goods across to the EU. From

704
00:38:48,120 --> 00:38:51,359
Speaker 5: an agri perspective, and what they've been able to still

705
00:38:51,400 --> 00:38:53,560
Speaker 5: to be ratified by Parliament, but they'll be able to

706
00:38:53,560 --> 00:38:57,680
Speaker 5: secure a deal with China to get zero percent rated

707
00:38:57,760 --> 00:39:01,560
Speaker 5: tariffs with regards to them sporting into China, which is

708
00:39:01,600 --> 00:39:05,359
Speaker 5: a big thing and the key products around agriproducts. So

709
00:39:05,440 --> 00:39:07,520
Speaker 5: for from a Kinga perspective, and I think from an

710
00:39:07,560 --> 00:39:10,480
Speaker 5: Africa perspective, it says the right tone because we've always

711
00:39:10,520 --> 00:39:13,360
Speaker 5: had the challenge of exporting and not being competitive in

712
00:39:13,400 --> 00:39:15,880
Speaker 5: the markets to export to. So with zero tariffs and

713
00:39:15,920 --> 00:39:17,680
Speaker 5: if this works out, it'll be a key step up

714
00:39:17,680 --> 00:39:20,320
Speaker 5: for Quina in terms of going in the Asian market.

715
00:39:20,920 --> 00:39:23,359
Speaker 1: I was amazed when the story broke because I found

716
00:39:23,360 --> 00:39:26,000
Speaker 1: it fascinating. So we got on the one side, fetch

717
00:39:26,080 --> 00:39:30,040
Speaker 1: the global ratings agency. We everyone takes them very seriously

718
00:39:30,400 --> 00:39:35,439
Speaker 1: and AFROCSM Bank and Affraction Bank has basically said, we're

719
00:39:35,480 --> 00:39:37,279
Speaker 1: no longer going to be a part of you. We

720
00:39:37,360 --> 00:39:39,120
Speaker 1: do not accept your credit ratings.

721
00:39:39,160 --> 00:39:42,200
Speaker 5: Like wow, that sounds quite familiar. I think somebody else

722
00:39:42,200 --> 00:39:44,040
Speaker 5: has been saying that in other parts of the world.

723
00:39:44,360 --> 00:39:46,960
Speaker 5: But on a more serious snort. I think from the

724
00:39:47,040 --> 00:39:49,680
Speaker 5: positive side, it's good. Affrics and Bank has kind of

725
00:39:49,680 --> 00:39:52,959
Speaker 5: stood up well. They've highlighted that they've got to last

726
00:39:53,040 --> 00:39:56,760
Speaker 5: year a triple B I'm saying a triple B rating,

727
00:39:56,840 --> 00:39:59,399
Speaker 5: which put them in the negative outlook, and they've said,

728
00:39:59,440 --> 00:40:02,160
Speaker 5: based on the member states and as well as how

729
00:40:02,239 --> 00:40:05,799
Speaker 5: they define the methodology of FISH, they believe that it

730
00:40:05,920 --> 00:40:08,719
Speaker 5: was an unfair rating. So they've said it's no longer

731
00:40:08,800 --> 00:40:11,520
Speaker 5: relevant in terms of their strategy, and it's as a

732
00:40:11,520 --> 00:40:14,800
Speaker 5: as a multilateral institution from an African perspective, it's totural

733
00:40:14,840 --> 00:40:16,520
Speaker 5: in their right in terms of saying that. So they've

734
00:40:16,520 --> 00:40:18,040
Speaker 5: stepped out and said were no longer I'm going to

735
00:40:18,160 --> 00:40:20,600
Speaker 5: use the future rating. I think the risk there, Steve,

736
00:40:20,719 --> 00:40:25,439
Speaker 5: is that when you have key associations or entities like Fish,

737
00:40:25,480 --> 00:40:27,880
Speaker 5: which are obviously which way from a global perspective, and

738
00:40:27,920 --> 00:40:30,319
Speaker 5: you step away from them, then the question is who's

739
00:40:30,360 --> 00:40:32,480
Speaker 5: going to set the right standard from a global perspective,

740
00:40:32,840 --> 00:40:35,120
Speaker 5: and so that's where the risk is. So I think

741
00:40:35,160 --> 00:40:37,200
Speaker 5: with where the world is going, where the question in

742
00:40:37,280 --> 00:40:40,319
Speaker 5: multi literism, where people are standing out and saying yes

743
00:40:40,360 --> 00:40:42,480
Speaker 5: to this and not that it does create a bit

744
00:40:42,520 --> 00:40:44,320
Speaker 5: of a risk in terms of how long is a

745
00:40:44,360 --> 00:40:46,840
Speaker 5: piece of string in terms of defining who's got the

746
00:40:46,920 --> 00:40:48,959
Speaker 5: right standard and who do we follow, because we still

747
00:40:49,000 --> 00:40:51,160
Speaker 5: need some sort of a global standard. In the case

748
00:40:51,200 --> 00:40:53,480
Speaker 5: of AFRICS and Bank, they've said no to FICH the

749
00:40:53,880 --> 00:40:56,760
Speaker 5: other they're obviously other rating agency that people can follow.

750
00:40:57,040 --> 00:40:59,560
Speaker 5: But it'll be interesting to see how this plays out

751
00:41:00,200 --> 00:41:02,440
Speaker 5: in terms of some of the concerns that AFRICS and

752
00:41:02,520 --> 00:41:04,840
Speaker 5: Bank have reached out on and how that will shape

753
00:41:05,080 --> 00:41:07,840
Speaker 5: future discussions are outrated on the African continent.

754
00:41:08,000 --> 00:41:10,719
Speaker 1: It's also no use if you're the only one if

755
00:41:10,800 --> 00:41:14,840
Speaker 1: other countries say to Fish's like actually no, And it

756
00:41:14,880 --> 00:41:17,520
Speaker 1: would really help if an institution another part of the

757
00:41:17,520 --> 00:41:20,120
Speaker 1: world did it. But if it's just one in Africa,

758
00:41:20,200 --> 00:41:21,920
Speaker 1: or if it's just Africa, it doesn't really help.

759
00:41:22,080 --> 00:41:24,160
Speaker 5: It doesn't really help. And remember Africa is only three

760
00:41:24,160 --> 00:41:27,120
Speaker 5: percent of global GDP. Even if you look at VC

761
00:41:27,800 --> 00:41:30,480
Speaker 5: funding for take start ups on Africa, we only attract

762
00:41:30,480 --> 00:41:33,200
Speaker 5: three percent. And the ratings by feature some of the

763
00:41:33,239 --> 00:41:36,319
Speaker 5: things that global players of investors look at. So when

764
00:41:36,320 --> 00:41:37,719
Speaker 5: you stand out and you say we're not going to

765
00:41:37,800 --> 00:41:39,319
Speaker 5: use them, the guys kind of say, look, you're already

766
00:41:39,400 --> 00:41:42,520
Speaker 5: high risk. Now one of the measure in lines that

767
00:41:43,200 --> 00:41:45,799
Speaker 5: is used to measure your success you said no to.

768
00:41:45,880 --> 00:41:48,759
Speaker 5: So where do we stand. So again, on one side,

769
00:41:48,760 --> 00:41:51,240
Speaker 5: it's positive, but it does create a risk with regards

770
00:41:51,239 --> 00:41:53,480
Speaker 5: to grain forward in the perception in terms of that

771
00:41:53,880 --> 00:41:54,600
Speaker 5: part of the world.

772
00:41:55,000 --> 00:41:59,800
Speaker 1: It's a fascinating story and history to Somali land. Most

773
00:42:00,040 --> 00:42:02,440
Speaker 1: countries don't see it as a nation. South Africa doesn't

774
00:42:02,480 --> 00:42:07,719
Speaker 1: recognize it. Israel did controversially and that was about something else,

775
00:42:07,800 --> 00:42:10,440
Speaker 1: I think. But then it seems that they were at

776
00:42:10,440 --> 00:42:13,760
Speaker 1: the World Economic Forum and they had dinner with Eric.

777
00:42:13,640 --> 00:42:17,479
Speaker 5: Trump, hey, the son of Donald Trump. So a chip

778
00:42:17,480 --> 00:42:20,120
Speaker 5: off the old block to put it lightly, but as

779
00:42:20,160 --> 00:42:22,399
Speaker 5: well well away. Somalia Land has been for a number

780
00:42:22,400 --> 00:42:25,359
Speaker 5: of years, I think over sixteen years, Stephen, they've been saying, look,

781
00:42:25,360 --> 00:42:28,239
Speaker 5: we want to be separate from Somalia. One of the

782
00:42:28,320 --> 00:42:32,600
Speaker 5: key assets that Somalia Land has is the port of Barbera, Yeah,

783
00:42:32,640 --> 00:42:35,680
Speaker 5: which is which is the key obviously faces the Indian Ocean.

784
00:42:36,080 --> 00:42:39,760
Speaker 5: And recently I think two months ago, you know, Israel

785
00:42:40,560 --> 00:42:45,040
Speaker 5: as well as supported by Americans, but obviously Americans and

786
00:42:45,200 --> 00:42:47,320
Speaker 5: endorsed it. But Israel is the only country in the

787
00:42:47,480 --> 00:42:49,960
Speaker 5: UN that has actually stood out and say that they

788
00:42:50,000 --> 00:42:53,840
Speaker 5: will recognize Somalia Land. So apparently there was a dinner

789
00:42:53,840 --> 00:42:58,840
Speaker 5: it with and the president of Somalia Lan President Mohammad,

790
00:43:00,040 --> 00:43:03,520
Speaker 5: and I present hazeg from Israel as also they they

791
00:43:03,560 --> 00:43:08,440
Speaker 5: did a pitch to Erictop. Apparently that was the presentation

792
00:43:08,520 --> 00:43:11,000
Speaker 5: that happened. What came out of it, nothing has been confirmed,

793
00:43:11,160 --> 00:43:13,360
Speaker 5: was any deal confirmed. Nothing, So it was sort of

794
00:43:13,360 --> 00:43:16,200
Speaker 5: a pitch where nobody knows really what happened. What was pitch?

795
00:43:16,280 --> 00:43:19,920
Speaker 5: Nobody really knows. But from a WAVEE perspective, there was

796
00:43:19,960 --> 00:43:22,640
Speaker 5: a good dinner that was had. So again another great

797
00:43:22,680 --> 00:43:25,080
Speaker 5: interest is storing to follow through because obviously from an

798
00:43:25,080 --> 00:43:28,240
Speaker 5: au perspective, they've made it quite clear they don't recognize

799
00:43:28,280 --> 00:43:31,960
Speaker 5: so many land. But again with global politics happening and

800
00:43:32,040 --> 00:43:36,440
Speaker 5: America wigning. Also on the Ethiopian Egypt debacle, which is

801
00:43:36,520 --> 00:43:39,400
Speaker 5: quite close to so many eland, you never know what happened.

802
00:43:39,440 --> 00:43:41,120
Speaker 5: So it's another thing to keep an eye on.

803
00:43:41,360 --> 00:43:46,280
Speaker 1: Two important people are in a room and then where

804
00:43:46,719 --> 00:43:49,680
Speaker 1: you'd really want to feel sick if you're in Africa,

805
00:43:49,840 --> 00:43:53,080
Speaker 1: which cities have access to the best health services?

806
00:43:53,239 --> 00:43:57,200
Speaker 5: Now, an interesting report from the Africa Report where they

807
00:43:57,480 --> 00:44:00,759
Speaker 5: surveyed forty one cities in Africa and they looked at

808
00:44:00,800 --> 00:44:04,760
Speaker 5: about eight thousand health institutions, and the criteria was really around,

809
00:44:04,840 --> 00:44:09,839
Speaker 5: you know, the staffing levels, primary health care, institutional stability,

810
00:44:10,320 --> 00:44:14,200
Speaker 5: and the five top performing countries in terms of health conditions.

811
00:44:14,280 --> 00:44:16,279
Speaker 5: And that's for you or Bridge also learn espec you

812
00:44:16,360 --> 00:44:18,760
Speaker 5: do fall thick in Africa where you must fall seeking.

813
00:44:19,080 --> 00:44:21,799
Speaker 5: The first city that came up tops in terms of

814
00:44:22,000 --> 00:44:24,360
Speaker 5: great health facilities was Kigali.

815
00:44:24,800 --> 00:44:26,080
Speaker 1: Noturt, not Joburt.

816
00:44:26,800 --> 00:44:31,759
Speaker 5: Pretoria was number four. The Pretoria pre Pretoria was number four,

817
00:44:32,280 --> 00:44:35,200
Speaker 5: and so so South Africa was there. Number three was

818
00:44:35,239 --> 00:44:39,120
Speaker 5: tunis in Tunisia, number four Pretoria and number five our

819
00:44:39,200 --> 00:44:43,400
Speaker 5: surprise was caught to know in Benin. So those are

820
00:44:43,400 --> 00:44:47,080
Speaker 5: the top five again and funny enough for Wanda. One

821
00:44:47,120 --> 00:44:49,359
Speaker 5: of the key drivers of them coming up to the

822
00:44:49,360 --> 00:44:52,560
Speaker 5: top was there health insurance scheme which was which is

823
00:44:52,680 --> 00:44:55,560
Speaker 5: named mutualis disanti moving to say it properly because it

824
00:44:55,640 --> 00:44:58,600
Speaker 5: sounds very French, but has actually been dorsed by the

825
00:44:58,600 --> 00:45:01,719
Speaker 5: World Health Organization of the World. Capital was number ten.

826
00:45:02,200 --> 00:45:04,520
Speaker 5: I think Joeberg was slightly below came but it was

827
00:45:04,560 --> 00:45:08,759
Speaker 5: interesting again just in terms of a third party doing

828
00:45:08,800 --> 00:45:11,359
Speaker 5: an external survey and just highlighted some of the key

829
00:45:11,360 --> 00:45:13,120
Speaker 5: countries that are doing the right thing in terms of

830
00:45:13,160 --> 00:45:16,480
Speaker 5: their health strategy from an African perspective.

831
00:45:16,320 --> 00:45:19,320
Speaker 1: Doctor Rutendo and Dingui there the founding director of Tribe

832
00:45:19,400 --> 00:45:23,000
Speaker 1: Africa Advisory, looking at the top business stories from across

833
00:45:23,040 --> 00:45:27,400
Speaker 1: our continent. Seven notes The best of the Money Show

834
00:45:27,480 --> 00:45:30,640
Speaker 1: from this week. I consume an injur of this week

835
00:45:30,640 --> 00:45:34,080
Speaker 1: Wendy Knoeler explaining how The Money Show actually helped a

836
00:45:34,160 --> 00:45:38,200
Speaker 1: loyal listener navigate the challenges of buying their home.

837
00:45:38,480 --> 00:45:42,439
Speaker 6: It's always gratifying when you get feedback like this. It's

838
00:45:42,600 --> 00:45:45,839
Speaker 6: very seldom actually you put advice out and you think, well,

839
00:45:45,880 --> 00:45:50,239
Speaker 6: maybe that'll help someone, but you're never quite sure. So yeah,

840
00:45:50,440 --> 00:45:54,640
Speaker 6: I got an email from Matthew earlier in the week

841
00:45:54,680 --> 00:45:56,920
Speaker 6: and it began. I listened to your segment on The

842
00:45:56,920 --> 00:45:59,680
Speaker 6: Money Show every week the podcast, and I just wanted

843
00:45:59,680 --> 00:46:01,840
Speaker 6: to say thank you. My wife and I are buying

844
00:46:02,360 --> 00:46:05,640
Speaker 6: our first home together and thanks to you, I knew

845
00:46:05,680 --> 00:46:08,680
Speaker 6: how to Then he goes on to list all the

846
00:46:08,719 --> 00:46:11,160
Speaker 6: precautions that he took. So I thought it was worth

847
00:46:11,200 --> 00:46:15,960
Speaker 6: sharing because it's quite good key advice on.

848
00:46:18,080 --> 00:46:19,520
Speaker 2: How to go about buying the house.

849
00:46:20,480 --> 00:46:22,759
Speaker 1: What was on his list, because I mean, he would

850
00:46:22,800 --> 00:46:25,359
Speaker 1: have taken some time to put it together, and it's

851
00:46:25,440 --> 00:46:28,719
Speaker 1: obvious stuff. It's not stuff that's always obvious.

852
00:46:28,760 --> 00:46:31,239
Speaker 2: Okay, Yeah, So I found it really interesting. He said.

853
00:46:31,239 --> 00:46:33,920
Speaker 6: He first got Inspector Home. That's one of these professional

854
00:46:34,320 --> 00:46:37,680
Speaker 6: property inspection companies. There are others. House Check is another one.

855
00:46:37,719 --> 00:46:39,200
Speaker 6: I think that's the biggest one in the country, but

856
00:46:39,239 --> 00:46:42,040
Speaker 6: there are many. They got Inspector Home out to check

857
00:46:42,160 --> 00:46:45,279
Speaker 6: that the home that they were buying was sound. He says.

858
00:46:45,280 --> 00:46:48,360
Speaker 6: It's an old home built one hundred years ago in Parktown,

859
00:46:48,400 --> 00:46:51,359
Speaker 6: North So this was crucial, he says, because he has

860
00:46:51,400 --> 00:46:54,640
Speaker 6: the thing. According to John Graham, who's the head of

861
00:46:54,840 --> 00:46:57,319
Speaker 6: house Check, one of which is one of the one

862
00:46:57,320 --> 00:47:00,560
Speaker 6: of these companies, only between three and five percent of

863
00:47:00,640 --> 00:47:03,279
Speaker 6: homeowners do this on average. I don't know about us even,

864
00:47:03,360 --> 00:47:07,600
Speaker 6: but I found that horrifying statistic given and probably because

865
00:47:07,760 --> 00:47:10,480
Speaker 6: I get the emails from people who weren't told that

866
00:47:10,520 --> 00:47:14,080
Speaker 6: there was damp or you know, a dodgy roof and

867
00:47:14,160 --> 00:47:18,640
Speaker 6: found out the hard expensive way later. So so yeah,

868
00:47:18,719 --> 00:47:20,840
Speaker 6: for me, it's a no brain And I was so

869
00:47:20,840 --> 00:47:22,719
Speaker 6: so many, so few people do it that when not

870
00:47:22,800 --> 00:47:24,959
Speaker 6: Matthew told me about it, I was like, oh, that's

871
00:47:25,640 --> 00:47:26,520
Speaker 6: that made by day.

872
00:47:27,160 --> 00:47:28,000
Speaker 2: Yeah.

873
00:47:28,040 --> 00:47:30,120
Speaker 1: And the main issues, I mean, there are obviously so

874
00:47:30,239 --> 00:47:32,399
Speaker 1: many things that can happen with the house, it's such

875
00:47:32,440 --> 00:47:33,160
Speaker 1: a purchase.

876
00:47:34,280 --> 00:47:37,839
Speaker 2: The main ones are no plans or.

877
00:47:37,800 --> 00:47:40,399
Speaker 6: An extension done in addition done no plans, and that's

878
00:47:40,400 --> 00:47:45,120
Speaker 6: a big issue. Roof poorly constructed or badly maintained or both,

879
00:47:45,600 --> 00:47:50,759
Speaker 6: non compliant, installation of geezers and damp it is a

880
00:47:50,880 --> 00:47:53,760
Speaker 6: huge one have in many of those cases. And then

881
00:47:54,080 --> 00:47:57,000
Speaker 6: walls and roots are not built to building regulation standards

882
00:47:57,000 --> 00:48:00,160
Speaker 6: and also boundary walls, and this of course is a

883
00:48:00,160 --> 00:48:02,640
Speaker 6: big issue. If you have an insurance plan. Is a

884
00:48:02,640 --> 00:48:05,759
Speaker 6: big storm, it's your area of the roof avison or

885
00:48:05,800 --> 00:48:08,239
Speaker 6: the wall falls down, and then your insurer comes back

886
00:48:08,239 --> 00:48:10,440
Speaker 6: and it's a huge reason for rejections that come back

887
00:48:10,480 --> 00:48:13,800
Speaker 6: and say, oh, but urs says, the wall wasn't built

888
00:48:13,960 --> 00:48:16,200
Speaker 6: according to regulations and that's why it felt down, and

889
00:48:16,239 --> 00:48:21,200
Speaker 6: the storm is just a contributing factor. So yeah. The

890
00:48:21,280 --> 00:48:23,600
Speaker 6: Graham of house Check says no one should put an

891
00:48:23,600 --> 00:48:28,000
Speaker 6: offer to purchase without making it a conditional upon a

892
00:48:28,120 --> 00:48:32,360
Speaker 6: satisfactory home inspection. Well, of course you would, that's his business.

893
00:48:32,880 --> 00:48:37,359
Speaker 6: But I completely agree that it is crazy to do that.

894
00:48:37,640 --> 00:48:39,479
Speaker 6: But if you didn't think of it before you bought

895
00:48:39,480 --> 00:48:41,719
Speaker 6: the house and moved, and you should absolutely do it

896
00:48:41,760 --> 00:48:44,440
Speaker 6: now to for that insurance reason, right, and to make

897
00:48:44,480 --> 00:48:46,680
Speaker 6: sure that you're not sitting with a problem that means

898
00:48:46,680 --> 00:48:49,160
Speaker 6: you're going to be wasting your premiums. You're never ever

899
00:48:49,160 --> 00:48:50,919
Speaker 6: going to get a successful storm plan.

900
00:48:52,000 --> 00:48:54,120
Speaker 1: Yeah, I mean I see that, and I suppose. I

901
00:48:54,120 --> 00:48:56,040
Speaker 1: mean you think about a conditional offer, and I think, well,

902
00:48:56,120 --> 00:48:58,000
Speaker 1: in joe Burg, I'm sure you could do that. In

903
00:48:58,080 --> 00:49:00,960
Speaker 1: Cape Town, the person it's just going to take, you know,

904
00:49:01,000 --> 00:49:02,600
Speaker 1: in some parts of Cape Town we'll just take the

905
00:49:02,600 --> 00:49:05,880
Speaker 1: next offer that's not conditional. Because there's such a shortage

906
00:49:05,880 --> 00:49:07,480
Speaker 1: of property in some places.

907
00:49:07,880 --> 00:49:10,560
Speaker 6: Absolutely so at Cape Town. I can totally see that

908
00:49:10,640 --> 00:49:12,560
Speaker 6: being a problem, and it has been worrying me. I've

909
00:49:12,560 --> 00:49:14,160
Speaker 6: been thinking about this. If you look at if you

910
00:49:14,360 --> 00:49:17,759
Speaker 6: look at listings for anything from a studio apartment to

911
00:49:18,120 --> 00:49:22,520
Speaker 6: your average home in Cape Town, you'll see under off,

912
00:49:22,760 --> 00:49:25,120
Speaker 6: under off of sold, sold, sold. I mean, it's just

913
00:49:25,280 --> 00:49:29,520
Speaker 6: absolutely crazy, huge shortage of stock and too many people

914
00:49:29,840 --> 00:49:32,120
Speaker 6: wanting to buy. And so I can imagine if you

915
00:49:32,160 --> 00:49:34,120
Speaker 6: said to the agent, well, I'm here's my offer, but

916
00:49:34,160 --> 00:49:36,560
Speaker 6: I'm making it conditional upon getting a check done first,

917
00:49:36,560 --> 00:49:38,160
Speaker 6: which is the wise advice.

918
00:49:38,800 --> 00:49:39,560
Speaker 2: You'll lose out.

919
00:49:39,719 --> 00:49:42,760
Speaker 6: It's a difficult one for me because I foresee, especially

920
00:49:42,760 --> 00:49:45,320
Speaker 6: in the Cape Town era, because of that, I foresee problems,

921
00:49:45,360 --> 00:49:47,880
Speaker 6: big problems with think about it, you can sell just

922
00:49:47,920 --> 00:49:50,160
Speaker 6: about anything so that you didn't know any of the

923
00:49:50,200 --> 00:49:52,960
Speaker 6: problems were there, and the desperate buyer who was like

924
00:49:53,000 --> 00:49:56,240
Speaker 6: the lucky one and inverted Commas, lands up with big

925
00:49:56,360 --> 00:49:59,760
Speaker 6: structural issues to deal with very expensively later.

926
00:50:00,920 --> 00:50:03,480
Speaker 1: These inspections are are they expensive.

927
00:50:02,960 --> 00:50:05,719
Speaker 2: Wendy, It's all relative.

928
00:50:06,040 --> 00:50:09,240
Speaker 6: They're about fall to five thousand rand for the average

929
00:50:09,280 --> 00:50:10,600
Speaker 6: sized house, And you think of.

930
00:50:10,800 --> 00:50:11,640
Speaker 2: What they're doing.

931
00:50:11,760 --> 00:50:14,560
Speaker 6: They're checking getting in the roof, they're checking your plans,

932
00:50:14,600 --> 00:50:17,719
Speaker 6: they're checking the integrity of your boundary walls, checking to

933
00:50:17,760 --> 00:50:20,640
Speaker 6: see that was built according to regulation, all the things

934
00:50:20,640 --> 00:50:22,720
Speaker 6: that could trip you up later. So it might seem

935
00:50:22,800 --> 00:50:25,239
Speaker 6: like buying a house is so expensive, and now there's

936
00:50:25,320 --> 00:50:28,440
Speaker 6: this extra thing when you consider what is what's at stake.

937
00:50:28,760 --> 00:50:33,720
Speaker 6: I really think it's crazy, crazy, risky to not get

938
00:50:33,719 --> 00:50:36,399
Speaker 6: that check done before you sign on that dotted line

939
00:50:36,400 --> 00:50:36,840
Speaker 6: and commit.

940
00:50:38,719 --> 00:50:41,000
Speaker 2: So yeah, it's.

941
00:50:40,800 --> 00:50:43,560
Speaker 6: A difficult one, but I talk about it a lot because,

942
00:50:43,680 --> 00:50:45,200
Speaker 6: as I say, I get a lot of emails from

943
00:50:45,200 --> 00:50:48,440
Speaker 6: people who didn't and then really really live to regret it.

944
00:50:50,000 --> 00:50:51,319
Speaker 1: I mean, was that other advice that.

945
00:50:54,320 --> 00:50:56,640
Speaker 6: A few more things on this list was I made

946
00:50:56,640 --> 00:50:58,759
Speaker 6: sure the home had approved plans so that we can

947
00:50:58,760 --> 00:50:59,919
Speaker 6: properly ensure the home.

948
00:51:00,280 --> 00:51:01,480
Speaker 2: He says, they didn't.

949
00:51:02,880 --> 00:51:04,880
Speaker 6: Have the plans ready for him, so they're getting him

950
00:51:04,920 --> 00:51:07,280
Speaker 6: done now part of the sale. So I was like, yay,

951
00:51:07,440 --> 00:51:09,799
Speaker 6: so glad to hear that, because that would have been

952
00:51:09,840 --> 00:51:11,640
Speaker 6: a mistake if he hadn't known to do it. And

953
00:51:11,800 --> 00:51:15,000
Speaker 6: also how to avoid remember we talk about business economic

954
00:51:15,440 --> 00:51:19,080
Speaker 6: slorry business email compromised when you're paying your money over

955
00:51:19,160 --> 00:51:20,560
Speaker 6: to the convincing attorneys, and.

956
00:51:22,280 --> 00:51:24,239
Speaker 2: Yeah, the brook jumps in the.

957
00:51:24,160 --> 00:51:27,440
Speaker 6: Middle, intersects the email, puts their bank details there, and

958
00:51:28,800 --> 00:51:32,279
Speaker 6: you go and pay the CROC instead of the transferring attorneys.

959
00:51:32,280 --> 00:51:35,400
Speaker 2: So he's done all those checks and tests.

960
00:51:35,760 --> 00:51:37,400
Speaker 6: He did a test one hundred rand to see it

961
00:51:37,480 --> 00:51:39,960
Speaker 6: landed in the correct account. So I just wanted to

962
00:51:39,960 --> 00:51:41,840
Speaker 6: say thank you for all the lessons. There's still a

963
00:51:41,880 --> 00:51:44,880
Speaker 6: way to go and purchase purchasing the home bond approvals,

964
00:51:44,880 --> 00:51:47,480
Speaker 6: et cetera. But I feel a little bit more knowledgeable

965
00:51:47,520 --> 00:51:51,719
Speaker 6: going into the whole process and hopefully everything continues smoothly,

966
00:51:51,840 --> 00:51:55,319
Speaker 6: and I certainly hope so too. Yeah, as I say,

967
00:51:55,320 --> 00:51:56,799
Speaker 6: really gratify to get that.

968
00:51:57,040 --> 00:51:59,839
Speaker 1: Yeah, I mean, I mean, I was just thinking about

969
00:51:59,840 --> 00:52:01,320
Speaker 1: how do you make sure you're paying it into the

970
00:52:01,400 --> 00:52:03,000
Speaker 1: right thing, And I was thinking, oh, I would take

971
00:52:03,040 --> 00:52:05,960
Speaker 1: my phone to the attorney's office and make them put

972
00:52:06,040 --> 00:52:06,640
Speaker 1: in the details.

973
00:52:06,640 --> 00:52:07,000
Speaker 2: There's that.

974
00:52:08,080 --> 00:52:11,680
Speaker 6: So I should add here that the other thing you

975
00:52:11,719 --> 00:52:13,520
Speaker 6: can and must do is most of the banks will

976
00:52:13,520 --> 00:52:14,800
Speaker 6: have a little if you look at when you go

977
00:52:14,880 --> 00:52:16,759
Speaker 6: to pay do ANYFT, you'll see a little thing that

978
00:52:16,840 --> 00:52:20,200
Speaker 6: says something like verification. It's really an expense of a

979
00:52:20,239 --> 00:52:23,239
Speaker 6: few rand. And so if you're paying to the name

980
00:52:23,280 --> 00:52:25,680
Speaker 6: of your transferring it to and you're the legal practice,

981
00:52:26,520 --> 00:52:29,360
Speaker 6: you can check that that actually is the practice's account

982
00:52:29,680 --> 00:52:31,840
Speaker 6: and if it's not a match, your bank will tell you.

983
00:52:31,840 --> 00:52:33,440
Speaker 6: So that's another way to find out. But I mean

984
00:52:33,480 --> 00:52:35,719
Speaker 6: at one hundred rand or ten rand, check is is

985
00:52:35,800 --> 00:52:36,759
Speaker 6: foolproof as well.

986
00:52:37,360 --> 00:52:40,560
Speaker 1: Sumer Ninja Wendy Nola there sharing how we is The

987
00:52:40,600 --> 00:52:42,840
Speaker 1: Money Show ended up helping a loyal listener through the

988
00:52:42,920 --> 00:52:46,279
Speaker 1: hurdles of buying perhaps their biggest purchase, a new home.

989
00:52:46,680 --> 00:52:48,560
Speaker 1: You've been listening to the best bits of The Money Show.

990
00:52:48,560 --> 00:52:50,719
Speaker 1: A digest of some of the best conversations from the

991
00:52:50,760 --> 00:52:52,880
Speaker 1: show this week. If you'd like to hear more, please

992
00:52:52,920 --> 00:52:55,279
Speaker 1: go to our website, to your favorite podcast app and

993
00:52:55,320 --> 00:52:57,680
Speaker 1: search for The Money Show. Thanks for being with us

994
00:52:57,719 --> 00:52:59,920
Speaker 1: this week. We're back with The Money Show six o'clock

995
00:53:00,239 --> 00:53:01,759
Speaker 1: on Monday. Have a good week end.