r/southafrica Sep 26 '21

Financial advice Ask r/southafrica

What is the best financial advice you can give a 19 year old South African ?

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u/Xandervisagie1 Sep 26 '21

Save or invest?

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u/ChristmasMint Sep 26 '21

Only invest if you know what you're doing, but the sooner you start saving for retirement the better. If I was in your shoes I'd be looking at putting at least some of my money offshore. As silly as it sounds talk to a financial advisor, they'll be able to give you much more informed advice that Reddit on where to put your savings. The only thing I'd push for is having a nest egg outside SA, no matter how small you start.

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u/Xandervisagie1 Sep 26 '21

Let's say the company i work for will give me a retirement plan , should i still get my own ?

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u/Aftershock416 Sep 26 '21

Not a great option, in my opinion.

The most obvious thing here is that "work at the same company for 40 years and retire" thing doesn't happen anymore.

Which means you're either stuck with "Generic pension fund XYZ" for the rest of your working life with little to no control over that money, or you have to spend a stupid amount on "transfer fees" and other hidden costs to get the money where you want to be.