RIP Charlie Munger (1924-2023) - the Vice chairman of Berkshire Hathaway, and right hand man of Warren Buffet. In honour, I would like to give the 10 best quotes by Charlie. 1. "Spend each day trying to be a little wiser than you were when you woke up."

2. “The safest way to try and get what you want is to try and deserve what you want."

3. “In my whole life, I have known no wise people who didn't read all the time - none, zero."

So you want to buy into a sectional title scheme??
Well, let's talk what you should be looking for in the financials - and how to go about it. Oh, and the OTP. So the OTP. Add a clause stating the sale is dependent on your review of the financial statements. And you have 2 weeks from it dropping in your lap to review and change your mind. Just reword it nicely ;)

6 things you should know about a tax free savings account in south Africa... We'll start with the easy ones and go to more complex things 😎 1. TFSAs a lifetime limit of R500,000, which means that an individual cannot contribute more than that amount over the lifetime of the account. There is also a R36,000 annual limit.

Let's talk TAX AND RENTAL PROPERTIES!
How do you pay less tax on rental income?!
Thread below 👇👇👇 So, as you might know, rental income is taxed at your normal income tax rate. This means, if you're in the 36% bracket, you will be paying 36% income tax on all income made from property rentals.
But there has to be a way around it?
And that's what the rich and informed do ;)

DONT BUY PROPERTY FOR THESE 9 REASONS!!
1. Because you are prequalified/preapproved for an amount. Remember interest rates will climb and might make it unaffordable 2. Because levies are low. With bad management, these can increase. Check that the system and all finances are healthy too!

Travel tips from top places where I've been:
1. Croatia: beautiful, well priced and cheap for self-drive. Visit Plitvice, Dubrovnik and travel in a rental car so you can stop wherever you want. Booking flights via Rome tends to be cheaper. 2. Turkey: very cheap, amazing food, good coffee and worth just walking around Istanbul. We had a food checklist. Also, check out prices before you buy. Shop around. Avoid touristy places, but do try a Hammam for a scrub!

Let's talk about buying your first property today - a THREAD. Before you buy, you need a few things in place - so please, don't start viewing properties just yet! Lets's get into the thread... 1. If you need a loan, check your credit score. This will affect how much, if at all the bank will give you a loan. If there are any issues, fix them. Some companies such as @ClearScore_SA can help with that.

Frugal's weekly journal journey round up. A #Thread.
1. Intentions are powerful. Align your intentions with action and don't stray 2. Build friendships, but not at a cost of existing friendships. People who journeyed with you know you. And accept you.
Hold them close.

Getting rid of the things that drain your energy in your business/freelancing - a #SageForSmallBiz thread. Everyone has those things that suck their time and energy. But you don’t have to allow it to do that!
#Sponsored Why not look into automating these things, to give you more time for the things that’s important? Here are some of my top tips for automating those brain-draining tasks:
#SageForSmallBiz #Sponsored

#THREAD should I buy my property in a trust, company or in my own name? Well, the question is loaded and biased. If you're not planning to sell the property ever, it might make sense to put the property in a trust.
As a trust never dies, you can transfer the wealth to your kids without the issues of estate duties.
A trust is taxed at 45% for income, so you need some help with planning this!

The offer to purchase: a thread:
When you like a property and you consider buying it, you need to have bargained for a price lower than the asking price. Remember, people push up the price to be above market value. Once accepted, you need to sign a legally binding contract. This is the offer to purchase (OTP). You need to make sure you're covered, as the OTP from the agents are biased towards the seller, you need to consider a few things

#THREAD GET FILTHY RICH NOW!
We have this obsession with instant things:
Instant riches
Instant success
Instant noodles
Instant coffee
Instant cash
Instant business Sadly, anything worth something in life takes time. Think about relationships. We want to be married and happy. But we need to court and chase that person to make it worth the catch.
It's the same with money. We need to pursue the cause with vision.

#THREAD #RENTING Where should I rent a property? Shouod I rent a property? What should I consider when renting?
Well this is different for every person. Yes,you need safety,security, comfort and nayope.
But think about what you actually need. For example, don't rent a 12 bedroom home it a bachelor flat will do. Always live smaller and cheaper to what you gan do financially.
Rather invest that money and spend it later on important things like coffee.

#Thread Getting the best interest rates for your home loan.
The bank has a secret list of things to determine your interest rate. The more information you give the bank, the lower could your interest rate potentially be! They also check your credit score - if you're able to repay money to your mashonisas (the banks)
frugallocal.co.za/2019/12/30/1-b…

Thread: buying your first property:
While you're saving for a deposit, make sure your credit score is looking good and that you have enough disposable income available.
Make sure that you have a good 10-20% deposit. It will make for awesome negotiation power on your behalf. You need to start researching property in your chosen area a year or two before you're planning on buying.
You need to know what is overpriced, what is underpriced and what is a bargain.

When money hurts us. Many people burn their fingers chasing large profits and believe companies and 'advisors'/advisors promising us loads of money for our 50c investments. We crave quick money - which is what they promise.
And then they don't deliver.
We get hurt.
We react by placing all our money safely in cash or equivalents - 32-day notice accounts, money market accounts, etc.

#THREAD Property and tax.
When investing in property, you can either invest in:
bricks and mortar
REITS
Listed property companies

Each of these have their own tax stuff to consider. When investing in REITs, any profit made is taxable by the tax bracket that you're in. As you are owning property, you will be taxed as per the rent that you make. So make sure if you invest in this, that it's actually worth it.

#THREAD
I have been asked about how I got my properties, and here you go.
Note that you you need to make sure the property calculations add up - and that you don't make a loss. 1. I found a property while browsing some groups on Facebook. I made an offer and it was accepted.
2. A friend of my dad wanted to sell his property. I know the area and the block, and was able to pick it up at a good price.

#Thread Should I cash out my pension to fund a business?
This is a very subjective answer.
If you're not a veteran business person that knows what they are doing, then no. even if you know what you're doing - be careful.
Don't use tomorrow's money to fund today's luxuries.
Don't use tomorrow's money to fund today's unknowns.
Though it may look like opportunities, you need to have confidence and the numbers need to add up.

so, here's a couple of thoughts on buy to sell.
1. if you want to bring a partner in with money, what will you bring to the table? You need to be able to do something they cannot. It might be skill, experience or a property that you've found. 2. You need to know the area and the market really well. you need to know if you're buying something below market value, and that you'll be able to flip it for a profit.

Here are some top tips for side hustles: #1 Never work at a loss. You're sacrificing time for money. So make it worth your while.