Experts from the financial fraternity informed younger people of the city about investment opportunities and ways to improve their financial position at a workshop hosted at Bolivia Estate on Saturday and the general message was that it is never too early to start with the building of a financially viable portfolio.
Director of Bohlabela Property Developers, Peter Mohlala, said that earned income from a job, portfolio income from paper assets like stock and bonds and a passive income from real estate, a business or royalties are the main sources of revenue for individuals. “The two ways to be financially free is either to work for your money and to ensure that your income covers all your usual expenses at all times and that you have at least 10 to 20% surplus or to have your money to work for you by investing in income generating assets,” Mohlala explained. Mohlala advised that it is important to have a strong desire to be financially free and to set definite targets and dates. “An investment in fixed property is a safe and very viable option,” he said.
Nedbank Senior Home Loans specialist, Tumelo Matlou, said that Nedbank’s aim is to connect with people who need homes and explained the requirements and procedures attached to an application for a home loan. “Nedbank’s affordable housing offer criteria apply to people who earn not more than R23 300 combined income per month and includes a 100% bond, waiving of an initiation fee of R5 985 and a 30% discount on the bond registration fees charged by attorneys,” Matlou explained and added that only three months’ proof of income, the latest three months’ bank statements and ID documents are required to initiate a loan application. Matlou said that Nedbank is a preferred financial services provider because it offers better control of the full process of loan application by providing shorter turnaround times and knowledge and expertise and ensures that the client is always informed about the status and progress with the application.
Story and photos: BARRY VILJOEN
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