Money Questions? Answered by Maya Fischer-French is a collection of questions that Maya on Money gets asked frequently. She shares her vast knowledge of financial concepts and uses practical examples including her own money journey.
Maya worked for Investec Private Bank and was a stockbroker before becoming a financial consumer journalist. She is known to most as the presenter of the popular Money Matters on eNCA (DSTV 403), editor of the Money pages at City Press, and Maya on the Money website. Maya shares how she and her husband found themselves unemployed, with a new baby and a massive overdraft and the steps they took to take control of their finances.
The book has 32 chapters that are split into sections about:
Property and Money Questions Answered By Maya
Maya was a guest on the Unpack: Property Investment Podcast where she answered my property and money questions: mistakes to avoid when purchasing your first property, costs to consider when purchasing a home, and getting a personal loan vs. using your credit card for transfer costs.
Things I learned from Money Questions? Answered:
Planning and Learning
Having a financial plan is important, you need to start by setting financial goals – this makes budgeting and saving more intentional as you know what you are putting money aside for and how long you’ve given yourself to achieve that goal.
You need to track your money, and redirect it toward your goals. Print out your bank statement and check what you’re you’re spending most of your money on. Alternatively, you can download a budgeting app the 22Seven,
Spending with Cash
There are many reasons why you should pay in cash. My mother actually does this and I never got it until I read Money Questions? Answered. You withdraw a specific amount and commit to only spending that. Psychologically, the visual of accumulating cash may make you become more resourceful about planning for the future. You also save on banking fees.
This strategy has personally helped when I go to Dischem (pharmacy) or food shopping. I take a specific amount of cash and leave my card at home. This helps as I stick to planned purchases and avoid impulse buys.
In this book, Maya shares how using the cash envelope method works for her and her family.
Cutting off Credit
There are many pros and cons of buying things on credit. There’s good debt and bad debt. Good debt is when you invest in something like education or property, while bad debt is money borrowed to buy something that will not increase in value.
It’s always recommended that you should be living within your means, some things like groceries, clothes and entertainment should not be charged to your credit card.
In this book Maya shares some tips for cutting of credit and credit mistakes to avoid.
Importance of a Salary Fund
You need to make sure emergencies don’t become disasters. The world is uncertain and as a freelancer or small business owner, we often don’t have consistent income. Maya shares the importance of having a personal and business account and why you need a saving account for your salary (salary fund).
This is the chapter I loved the most, as a homeowner and adult you need to make sure you are aware and protected in the cases of:
- Medical Aid or Hospital Cover: If you get sick and you need to be hospitalized?
- Life Insurance: money your beneficiary receives when you die. Type of cover you need if you are young and single, house and kids, kids moving out.
- Home Insurance: Damages to your home
- Disability Cover: Temporary or Permanent
- Marriage and Money
This is one of those books you can read and re-read over time. I highly recommend adding this personal finance book to your collection.
Get the Book: Money Questions? Answered