Tshepo Mathatho from Momentum Corporate on the Importance of Saving

 The "Zenzele" series is a video series by Momentum Corporate that educates and entertains viewers about retirement planning and financial wellness. 
The Podcast has partnered with Momentum Corporate to bring you conversations that give insights to help you make the right decisions for you and your finances. 
In Episode 1, we discuss the importance of savings, and Tshepo Mathatho, a Retirement Benefit Counselor from Momentum Corporate, shares tips on how you can find little pockets of savings in your budget and how that can help you with your long-term financial goals. 

The Podcast:
Camera: Mluleki Dlamini & Siyabonga Meyiwa
Sound: Sibusiso 'Dust' Nkosi
Editing: Mluleki Dlamini & Kwenza Trevor Masinga
Co-ordinator: Phumelele Khambule
Host: Nongcebo Vukile McKenzie

Contact: info@nvmckenzie.co.za
View episodes on YouTube : Link ➡️ https://youtube.com/@nvmckenzie?si=y8ZcaOQ0yYqjGhA8

Disclaimer:
Some content may include sensitive topics and discussions, listener discretion is advised. The intention is not to offend but to provide information. Proceed only if you are comfortable with potentially sensitive topics. The content on this podcast does not constitute financial, legal, medical, or any other professional advice. Users should consult with the relevant professionals for specific advice related to their situation.

The Podcast is not responsible and cannot be held liable for any damages resulting from reliance on the content provided through the channel's content. All content is provided without warranty.

Transcript

SPEAKER_00: 0:00

I am Ngago Mgele Mckenzie and this is the podcast, Saubon. Every fortnight a guest joins us for a conversation or to share a story. It's a pleasure to share these with you and to have you with us. Welcome Ngago Mgele to another episode of Ngago Mckenzie. the podcast. On the podcast, we are going to have a series of conversations with the team from Momentum Corporate as part of their Zenzeles series. We're going to be looking at everything from savings all the way to planning your retirement and life post-retirement. And what better place to start the conversation off than at savings? Because as you will see throughout these conversations, a good relationship with your savings can set you up for a good financial life and a good life post-retirement. We've got a retirement benefit company How are you ma'am? I'm good and how are you? I

SPEAKER_01: 1:21

am fantastic. Thanks for inviting me

SPEAKER_00: 1:24

today. Thank you. So Tsepo, let's talk about savings. Nobody wants to hear the word savings because we equate the word savings with depriving ourselves of isn't this a nice time. Let's talk about savings. Is it really a nice time?

SPEAKER_01: 1:38

It is. Ultimately, it is. There has to be a level of discipline that you need to have. And ultimately, with discipline, you're taking away a bit of things that you enjoy. But the ultimate goal is the ultimate goal. At the end, what are you getting from this discipline that you've actually got through these years? So it does not mean I always believe from my side. It's not about removing completely. I always say to clients, reduce. Because if I say to you, stop doing something that you really enjoy, you're going to rebel against me. And so you know what? Go to whatever. Rather reduce. So if you're going out four times a month, bring it down to twice or once a month. That at least gives you or whatever thing that you want, you still are able to get it with that reduction. But with savings, it's a journey. Anything that is worthwhile in this world, you do need to have a sort of a journey. First, you need to have the end goal, the big goal that you have, and you'll have minor little goals and minor little milestones that you need to achieve with each and every single time that you're saving towards something. But savings is about reducing. It is about taking away from yourself. There's no way you can say, I want to achieve something and still have everything that you want. There has to be a level of discipline. There has to be something that says, it is uncomfortable for me. but at least I know that there's something that I'm working towards.

SPEAKER_00: 3:06

So a lot of people will say when they can't save because their income is just not enough. They can't see what they would take from where to save. And a lot of people would say they can't save because

UNKNOWN: 0:00

,

SPEAKER_00: 3:23

you know, I don't want, I grew up without this and I grew up without that and I don't want my children to grow up, you know, lacking of anything. And a lot of people will say they can't save because they've got extended family that they need to look after. And the net result of those scenarios, And there are many other scenarios, but the net result would be that the person would then genuinely feel or put up the argument that there isn't anything to take from to put into savings.

SPEAKER_01: 3:53

Firstly, we all have a finite amount of money that we have, whether it's a salary, whatever income that you have. You need to work within that finite amount of money. So this starts with discipline. At the end of the day, you need to say, I'm reducing one, two, three, four, five with the end goal at the end. So you can reduce any sort of thing. I'm not going to sit here and say you need to do one, two, three, four, five. But each person has got different things that they have within their budgets, which they can reduce. The last time I spoke about streaming services, for example, that people can reduce. I can speak about coffee. I can speak about clothes. I can speak about many different things that we do do as people where we can just reduce. And with any small reduction, reduction. The one thing as people who always think about money as large amounts, I want 10,000, I want 100,000 rand, but that 100,000 rand starts and is comprised with 100 rands and 500 and 1,000 rand and so forth and so forth. So what you then do with those small reductions, they are then working towards that large goal that you have. So that's why I always say at the office they call me Mr. Beaky, Beaky MacMillan. At the end of the day, everything is beaky, beaky, beaky. There is no way you can eat an elephant in one sitting. You need slow movement. You need a bit of consistency in what you do. So I'll have clients that will say, Tsepo, I'm in debt right now. What can happen? And I always say to them, there is no magic pill. At no particular point is there a magic pill that can do anything overnight. You need to have a concerted, consistent effort in what you're doing. And I'll sit here and people will think, oh, this is so bad. This is such a bad way of doing things. Ultimately, in order to get something, you need a level of discipline. So let me just step one level back. You spoke about your kids and depriving them of certain things. That is a good thing, in fact. I firmly believe depriving yourself of certain things is a good thing. So you delay gratification. So delay gratification, because a lot of these things that we believe that we want right now, if you look at it holistically speaking, majority of these things are bad. I wanted extra donuts. I wanted extra ones, whatever you want. A lot of these things are intrinsically bad for you. But if you then reduce those things and you work towards a serious goal, I want to maybe buy a new car. I want to reduce my debts. I want to pay education costs for my kids. Because I, for example, me, Teppo, personally, I've got a child who's 16 right now. They've got education costs in the next, what, three, four years? I have previously started saving towards that. You can't start too late. So all that reduction, I used to go out. I like things. I like clothes. I like going out. But I've had to reduce those things because there is a goal that I have, including that son that I'm speaking of right now. I've had to speak to him and say, Biko, you cannot get one, two, three. because there is an end goal at the end. You want certain things, but dad cannot provide them right now. So the one thing that we need to get as people, we need to have frank conversations with our family members, whether you're married, kids, extended family that you spoke of. So when your mom starts calling you for every single, you know, oh, Maui, we'll call you for whatever. Hey, I saw something at the shops. Please borrow me 500 grand. You need to be able to say to Maui, I can't give you X, Y, and Z because I'm also saving towards something. So there's a lot of discipline that we need to have internally, but also include our loved ones. Money is a very emotional subject. At the end of the day, it's very emotional. But the best thing to do is to have a conversation with your loved ones, to let them know that this discipline has got a great goal that is linked to it. And when you achieve this goal, you'll be very empowered. Whether it's reduction of debt, whether it's saving towards something that's important for your life, even as something as simple as a holiday. You know, a lot of times when we speak about saving, we're speaking about things, I want to pay off this, I want to do this. At the end of the day, even a holiday is something that you then need to say, for the next six months, next 12 months, I need to save each and every single month towards that. Because the next thing that you want to do, you want to take that holiday, you then are going to start taking debt. That's another thing that we need to speak today about. Because rather save versus going into debt.

SPEAKER_00: 8:30

So there are many things that come from what you've just said. The ability to say no to your children. So your relationships need to be managed because a lot of us feel bad saying no to our children. For some reason, we feel like what they desire, we exist to make it happen. And a lot of parents will feel like failures and you're making your child get left out. If everybody's got this toy or this brand of shoes or this brand of cell phone or this brand of whatever and you can't provide it, a lot of parents will take that on as failure if they cannot. Now, if they're making their When you get to the teenagers, it gets a bit tricky. You speak about our mothers. How do we rope them into the savings conversation? Because mothers don't say, And by the time she gets to the actual value of the pots, you know, it's tugged at your heartstrings. You said money is a very emotional subject. So now when you're saying that I am saving towards having better credit, so I am saving towards reducing my credit so that I can then, because at the end of the day, we're going to get to this conversation, with retirement, and I want to have a comfortable retirement, you're going to feel a little bit selfish. You're going to feel like I'm not considering the people around me right now. They need me right now. And I am thinking about my retirement. I'm going to make up for this. Oh, what? I'm 30-something. I'm 40-something. Oh, I've got 20 years to go to retirement. There's still time to make up for it.

SPEAKER_01: 10:16

And there isn't time. At the end of the day, whether you're 20, whether you're 40, whether you're 50, You need to start today. With regards to any sort of saving, you need to start today. You cannot procrastinate and say, I'll do it in five years, in 10 years. Because by you doing that, firstly, you're not putting away money for that time. You're also losing out on the compounding that you'd be getting by investing right now. So there's interest, there's dividends that you'd be getting in this money that you are saving from today. But to speak to your question about mothers or children, telling them and being frank about this thing, you ultimately have to be frank. There's no nice way of doing this without breaking a few eggs. You know, sometimes they say to make an omelet, you need to break a few eggs. So with this one here, you need to have frank conversations with your loved ones. But also from my side, you cannot say to your child, you can't have one, two, three. Yet mother is buying new weaves and new shoes and whatever every single second. It needs to be a holistic type of concerted effort that everyone sees that mom is also taking the strain of not doing one, two, three, four,

SPEAKER_02: 11:27

five.

SPEAKER_01: 11:27

Because the end goal is the most important thing. But on a long level, I just want to start, if I may. You see the journey of saving. To me, it's almost the end goal, if I may. I always believe in eradicating debt first.

SPEAKER_02: 11:44

A

SPEAKER_01: 11:45

lot of South Africans are highly indebted. That is a real statistic. That's a fact. Maybe some of us, you, yourself and myself have got debt and that's a reality that we have.

SPEAKER_00: 11:55

But the perception is that you can't survive without debt because everything is so expensive though.

SPEAKER_01: 12:02

That is a perception.

SPEAKER_00: 12:03

It

SPEAKER_01: 12:04

goes back to discipline. You can't have every single thing that you want. If I had to ask you right now, you tell me there are so many things that you want.

SPEAKER_00: 12:10

So many. And I

SPEAKER_01: 12:12

could show you more and you still want those things too. Yes. And I could show you some more and you'd want those too. So the wants will always be there. So you then need to then make a decision between your needs and your wants. So focus on the needs. You'll have those wants. As I've spoken about, reduce. I'm not here advocating removal of having fun, of living. I'm speaking about reducing. So from four times a month going out, you bring it down to twice, you bring it down to once.

SPEAKER_00: 12:40

The example that you made, going out, right? And you were going out four times a month, and it's going to be two times now. So let's take a sum that will make it tidy. R1,200, that was your entertainment budget. Mm-hmm. and you're going to halve that. So three times two is 600, right? So now there's the 600 rand that you're going to spend, now you're going out twice, and the 600 rand that you're now not going to spend. Now, you've reduced now with the aim of saving, but it's easier to fall into the pitfall of just redirecting that as opposed to taking it and putting it into a savings vehicle. So you might top up on something or you might, oh, I magically have extra 600 rand in my pocket and then you're going to use that on something else. So a strategy for ensuring or disciplining yourself or putting in systems in place to make sure that what you've decided that you're going to cut down on, the rand value of that is then transferred to a savings vehicle.

SPEAKER_01: 13:45

It's very simple. We've got technology. You can automate that type of transaction. So you can speak to your bank or your service provider to say, take an extra 600 rand from me to pay that particular debt. It's as simple as that because you know the one thing is, if the money is sitting there in your bank account, As you said right now, you then start believing that it's your money. I can spend it in this particular way. But if you've automated through debit orders or whatever collection system that they use, it never even hits your bank account. You never even see it. However, it is working for your benefits by reducing that credit card or that personal loan that you have. And that personal loan now has an extra 600 Rand that is being reduced by it every single month. You know, at the end of the day, you are now bringing down your capital amount, i.e. you're bringing down your interest that you're paying on this thing. So in a very short space of time, you would have finished paying this debt off that you have. So you had your minimum installment amount that you had to pay. Now you've added the 600 grand from this automated extra that you're doing. So you're reducing this debt much quicker, i.e. reducing the debt and the interest that you're paying. Because all banks, all institutions make money off interest. And if you're paying off this much sooner, you are paying less interest to the bank or the service provider. So automate all of this. I feel, for example, I've got so many little debit orders that are coming off for my RA, for my other investments and stuff like that. So by the time that I get paid or the first time I look at my bank account, all the money that's there belongs to me, if I can put it that way. All the money that I've decided that is not mine, whether it's extra savings or it's paying credit cards, is gone from the get-go. So it's as simple as automating your functions.

SPEAKER_00: 15:40

But from what you've just said, what I'm hearing is that R600, saving is not necessarily putting it into a savings vehicle. It's saving by reducing your debt and reducing interest before you actually get to a point of... putting it in a savings vehicle. I'm not saying not put it in a savings vehicle, but what I'm saying is what I'm hearing is that the other option in terms of saving is reducing the actual debt and reducing on the amount that you spend servicing that debt through interest.

SPEAKER_01: 16:12

Absolutely correct. So if I can put it to you this fashion, let's look at a credit card. A credit card on average or maximum in terms of interest rate is around 22.5% that you are paying as interest on the debt that you have. If you look at any investment vehicle, let's look at an average of 7% that you are getting from this bank or this investment house for them having your money. So negative 22%, positive 7%. So it is always beneficial for you to start by reducing this 22.5% first. So my belief is always start with the debt. Finish paying off the debt, and then once you are debt-free, you can then now start saving. Because whatever saving that you have, if you put it into a unit trust or whatever sort of investment vehicle, you're getting anything between 5% to let's say 10%. But on a credit card, it's up to 22.5% that you are paying. So start putting the money into the credit card or into the clothing accounts or the personal loan and reduce that. And then once you're out of debt, you can then start using that money into a savings vehicle now to work for you. So now you're getting positive interest from the money that you've put into this kitty or this investment vehicle that you have. So it doesn't serve you well in terms of saving. Meanwhile, you're paying more for a personal loan or a credit card.

SPEAKER_00: 17:40

And how do I prioritize my debt? So if I have got a credit card, I've got a personal loan, I've got clothing accounts, and I borrowed from my mother because things were a bit tough three months ago, so I borrowed like maybe 5,000 rand from her stock fell money that she got. How do I prioritize? People are different. would approach these things differently. But generally, how do I prioritize?

SPEAKER_01: 18:08

I revert back to the last statement that I made. The highest interest. Because it literally is you paying the most for that money.

SPEAKER_00: 18:16

So approach it from the debt which costs you the most. Correct.

SPEAKER_01: 18:19

So you've got credit cards, you've got personal loans. Your mother is interest-free. So she'd be at the bottom rung of your creditors, if it's in this example. So from 22%, maybe it's 17, maybe a car is nine, all these different things about different interest rates. So you prioritize the one with the highest interest that you're paying, all the way to the least. And in your example, Uma, unfortunately, is getting her money lost. Yes.

SPEAKER_00: 18:44

Okay. Now, with regard to tying that to your retirement plan and your retirement strategy, How do I integrate my savings to the ability to retire comfortably? Now, I've saved, I've you know, maybe not prioritized, deprioritized Uma because, you know, it's going to start a family fight and then my brother's going to come in and say, so I'm like, okay, maybe let me try and pay Uma first or try and find a way. But I've figured out a way, all right? Maybe I'm not all the way debt-free, but I now need to then make sure that the amount that I did not have physically to put in as much in terms of my contributions for retirement, in terms of channeling this to pay for a more comfortable retirement. How do marry the two?

SPEAKER_01: 19:37

For me, it's actually two things. When you reduce debt, because by the time that you get to retirement, the best case scenario is for you to be debt free. So I don't want you to go into retirement and now there's so many debts that you have.

SPEAKER_00: 19:50

But can I ask a question though, Seppo? What about somebody who would say, That's okay because I'm going to get a lump sum at retirement. So it's okay if I get to retirement with large debt because really I'm going to get a lump sum. Because there are some people who are like, oh, okay, I'm 50. I'm planning to retire at 60. I might as well just, you know, not squeeze myself so much. It's getting harder and harder. Children are at university, this, that, and the other. And there's nothing to take from anymore. It's fine. The debt that I have, I know that in 10 years I'm getting. potentially 550,000 tax-free lump sum from my retirement savings.

SPEAKER_01: 20:33

Keep in mind that those 10 years, you're still paying interest. So if you are now deferring paying that, you are literally paying more with interest. So it's beneficial for you to pay off the debt right now. Because obviously, if you're over 10 years, you are paying more and more interest. Let's say that the capital amount is a million rand. You are then paying almost maybe one and a half times that. if you defer this for 10 years.

SPEAKER_00: 20:56

That's actually so scary when you say that.

SPEAKER_01: 20:58

So the first price is if you are able to, is to kill the debt right now. That is the first, first price. Because at the end of your working career, that$550,000 or that one-third that you'd be taking at retirement, I want you or any of our members or people out there to be able to do nice things for themselves. You've been working hard for donkey years. 40 years that you're working. So take that cruise. Buy whatever you want to do. That is literally the money you've been working hard. I don't want you now, at the age of retirement, you need to take a large amount of this money to settle debt. Buy that car. Do whatever that you want to do that is of a positive nature. So this lumsum, I always speak to clients that try and use it in the best possible way for yourself. Buy those shoes. Do whatever sort of thing that you want to have. So There were two questions you asked. How beneficial is it at retirement? So the second part of this question is when you are having this extra bit of money, it is always beneficial now. Let's say you're out of debt at this particular point. You can now start putting more into your retirement. The ultimate goal is that at retirement, I want more for you. I want more for you as my mother, my daughter, whoever we are servicing, we want more. So the more, the better. So you can put that extra 1,000 rand or 2,000 rand or whatever amount of money as an additional voluntary contribution into your pension or provident fund. Because the more, the better. So the more you've saved by retirement, the more you are then able to withdraw from that as an income. So we're marrying both things. You finish paying off those debts so that when you get to retirement, you are debt-free. Once that's sorted out, if there's a bit of money left, you start putting that into your pension fund. which now gives you more money at retirement. So it's a win-win, if you think about this. You reach retirement debt-free, and you've got more money to draw as an income at that point. So you can go for yoga lessons, you can do whatever sort of thing that you want to do with that money at that point.

SPEAKER_00: 23:10

So, Seppo, I have now sat down, looked at my finances, talked to my children, talked to my extended family, and I've done all the necessary things to... eliminate my debt or reduce it significantly. And I am now sitting with this extra bit of cash at the end of the month that I am saving. And there's also the option to increase your contribution towards your retirement savings. The benefit of that long term, because we are trying to set ourselves up for a comfortable retirement, the actual benefit of doing that, of saving, of increasing my contribution, Where does that lend me up at retirement?

SPEAKER_01: 23:56

The unfortunate statistic is that only about 6% of South Africans are able to retire comfortably. And comfortably means 75% of your lost salary. So right now, if you're earning 10,000 Rand, you need to be able to earn from your annuity, from your income that you're getting at retirement, 7,500 Rand. So the unfortunate thing is that majority of South Africans are sitting below that 7,500 rand. So the more you are putting away for retirement, the better. So the 94% are people, for example, that are growing from the state pension, are people that need to rely on extended family members, are people that need to work extra long in retirement. So the one thing is the more the better. So I'm sitting here saying, whichever vehicle that you prefer, use that vehicle. At the end of the day, the ultimate goal is for you to retire comfortably. So if you're using a retirement annuity, you're using a pension fund, you're using a unit trust, ultimately the ultimate goal is for you to have more rather than less at retirement. Because the one thing is that at retirement, your expenses still remain. you'll still need to pay electricity. You'll still need to buy clothes. You'll still need to buy groceries. So the more you have that you're able to draw on a month-to-month basis, that means the more comfortable you are. So obviously at the age of 65 or whatever age that you retire, kids are out of the home. Probably your bond has been paid. But things like your medical aid, you may need a stronger and bigger medical aid at that point. Because right now you're healthy, you know, relatively speaking. But the older you get, you've got chronic illnesses and things of that nature. You may need a bigger medical aid. So that is why we then look at the 75%. So people ask, where are the 75% coming from? It's looking at reductions of certain things and increases of certain things. But the one thing that we always need to know is that expenses will always be there. You are going to need to have an income, and the higher the income, the better. So the one thing that I always say is that we're creatures of habit. We're creatures of comfort. I don't want you at the age of retirement now needing to reduce and downgrade everything. If you go to a particular club, if you go to a particular gym, if you go to a particular store, if you want to maintain that, you then need to take away from yourself right now. As I'm saying to you, I'm not a doomsayer with regards to this thing. It is a discipline that we need to have. It's a habit that we need to have an over extended period of time. So I speak to members and clients who say, Teppo, why did I not have this conversation with someone earlier? Because if you are now 58 and retiring in two years, it is very late for you to make a huge impact onto this thing. I always say it's never late. But you won't make as much of an impact as you could have had you started much earlier. So when I sit here, I always say the young people that are there listening today or any other time, start today, have a culture of saving towards something. Get debt-free. Once you're debt-free, start saving. Once you start saving, whether you want to invest in a unit trust, an RA, your pension fund, but the habit and culture of saving is very important because we do get old. We do need things at a later stage of our lives. So that to me is the most important thing. I see a lot of people in my line of work that have not saved enough. It is not a nice place to be at. Retirement and old age is a time for you to be happy. It's a time for you to walk your dogs. It's a time for you to whatever sort of thing that you want to do. Tend to your garden. It's not a time to be thinking about finances. I don't have electricity. I don't have this, this, this, this. But it starts early in your life. So if I may, start today. Please do not procrastinate. This is something, if you can... take anything from today, start today with regards to saving. So

SPEAKER_00: 28:23

what I'm hearing you say from what you've just said, Tsepo, is that savings is not something to defer, or rather, saving is not something to defer. It's something that you need to start thinking about from day one. As you said, it's not too late, but the later you start, the lesser the impact is. in terms of what you get when you retire. So what I'm hearing you say is start as early as possible in your career.

SPEAKER_01: 28:48

Correct. Speaking about that, there's a friend of mine whose child just was turning one year just the other day. He said to us, do not buy the child any presents. We've set up a tax-free saving for this child in the name of the child. So whatever sort of present that you want, deposit money into that tax-free. So that's the type of thing. So the earlier, the better. So whether you're working, even with your children, start speaking about the habit of saving early. These are habits that you then have, the earlier you start, the better. Because if you start working, you now have the habits and the culture of saving. So save whatever pockets that you have. So when you sell a house, when you do whatever sort of thing, do not have the instant gratification of saying, I want to buy this or I want to do this. Always teach yourself delayed gratification. Because ultimately, and I'm not a doomsayer, but the reality is we do need a large amount of discipline. If you look at every single person that is wealthy, If you had to sit with them, they'd tell you that discipline is one of the main fundamentals that they have. So the unfortunate thing that we want to live in a world where I want to keep up with the Jaminis and the Kardashians and, and, and, and. But meanwhile, back at the ranch, you then need to be able to look at your own life and say, I want to achieve one, two, three, four, five. And if you are keeping on looking at external things, you are going to actually get out of your roots. This is your life. These are your goals. And if you keep on looking outside, you're going to get derailed. So keep at it. It will not happen overnight. You know, a lot of people have got this tomorrow or now mindset with anything, whether it's weight loss, whether it's whatever sort of thing that we have. We want things to happen overnight. So in this industry, in this life, unfortunately, there needs to be a bit of discipline. And this happens over time. And with each and every single year, you're going to start seeing your debts going down and down and down and down. Like, for example, I know friends that are putting an extra thousand rand into a bond. That may seem like a small amount of money, but that can reduce your bond by two years of you paying

SPEAKER_00: 31:09

the bond. It sounds like a large chunk of money if you think about the money that's coming into your bank account at the end of the month. But I get the point that you're making. But we spend

SPEAKER_01: 31:16

thousand rands on other things. But what I'm trying to say is that even with a large thing like a bond, If you're putting away an extra 800 rand, 1,000 rand, whatever amount that you can afford, you are literally reducing that debt. It may not happen overnight, but I can tell you right now, because sit down with a financial calculator and I could do calculations for you, you would see that you've taken away a lot of interest. And for me, the most important thing, you're paying that thing off sooner. So instead of the 20 years, it could be 18 years. It could be 17 years. So it's three years of your life that you're saying, I'm out of debt. So it's that type of culture that I want people to have around us. It will not happen tomorrow, start today. Yeah, and biki, biki, magner.

SPEAKER_00: 32:02

Thank you very much for that, Zeppo. And in closing, I like how you say sit down with a calculator. I might not be able to sit down with a calculator, but I can definitely go see a financial advisor and get him to do the calculations so that I can actually figure out how much I'll be saving, how long it will take me to save if I pay 300 grand, 500 grand, 800 grand into my bond. And also just in terms of linking that back to what we were talking about in terms of planning for your retirement, how the additional contributions then help me 20, 30, 40 years down the line if I start making those decisions now. So thank you very much.

SPEAKER_01: 32:39

It is my pleasure. But yeah, as you were saying, financial advisors, retirement benefit counselors, so get financial advice around this thing. It will help you. You make correct decisions. Don't speak to your friends about certain things that they may not know. So speak to a qualified professional around this. It will then achieve the goal that you have. But thanks so much for your time.

SPEAKER_00: 33:01

Thank

SPEAKER_01: 33:02

you.

SPEAKER_00: 33:03

Thank you for joining us on this episode of the podcast. Remember, you can like the episode and share the podcast link as well as listen to more episodes on the channel. Subscribe to the channel for more. Thank you for listening.