Life cover pays out tax-free in the event of the life insured’s death. At EFS we calculate how much life cover you need, considering the following factors: Your debt. We also recommend settling your spouse’s or partner’s debt. Master’s fees. Taxes such as capital gains tax, income tax and estate duty. Executor’s fees (currently a maximum of 3.5% plus VAT, 4.025% including VAT. Administration fees such as transfer costs on fixed property, bond cancellation costs, advertising, […]
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The importance of a Life File
What is a life file and why does everybody need one? Our world is fast changing especially because of the COVID-19 epidemic of the past number of years. We have become a lot more aware of our mortality – more so than most could have ever imagined before this pandemic. We face an uncertain future. Political upheaval and financial uncertainty are adding to our stress. At EFS we believe these factors present an even more compelling […]
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A living will
A living will is a legal document that sets out your wishes for your healthcare when you cannot share them yourself. It guides your family and healthcare providers when you are not in a condition to make decisions or express your wishes. The document gives instructions for not being kept alive through expensive life-support or other artificial medical interventions when there is no hope of recovery and death is inevitable – for example, if someone is […]
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The importance of an emergency fund
As the name indicates, an emergency fund is an investment or bank account that provides funds in the event of an emergency, such as car repairs, temporary unemployment, medical expenses not covered by medical aid, etc. During COVID many people realised just how crucial an emergency fund can be. It is recommended that you have between 3 and 6 months’ net income in the fund. In other words, if your net (after tax) income is R20 […]
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Are you co-habitating (living together)?
An increasing number of couples opt to cohabit rather than formalize their relationship through marriage. This choice raises pertinent questions about the financial and legal ramifications involved. When a couple resides together in a manner akin to a marital relationship without undergoing the legal procedures of marriage, it is legally termed “cohabitation,” also known as “living together” or forming a “domestic partnership.” There exists a prevalent misconception suggesting that couples cohabiting for a particular duration, typically […]
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When pausing becomes productive
Crafting a life that balances action with introspection, peace with productivity, is an art form in itself. In moments of stress or uncertainty, turning to specific practices can provide solace, clarity, and rejuvenation. It’s a tough challenge when we simply think about our schedule or responsibilities, but it’s even tougher when we think about managing the finances of a family or business. The more moving parts we have to contend with, the more we need these […]
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Embracing emotional honesty
In a world that often glorifies the “stay positive” mantra, it’s easy to fall into the trap of toxic positivity — the belief that no matter how dire or difficult a situation, people should maintain a positive mindset. But is there such a thing as too much positivity? According to Dr. Susan David, a psychologist at Harvard Medical School and author of “Emotional Agility,” the answer is a resounding yes. “Forced positivity is not leadership. It’s […]
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Smaller, manageable chunks, today
In the hustle and bustle of daily life, it’s easy to push aside the administrative tasks that seem daunting or time-consuming. Yet, when tax season rolls around, many find themselves overwhelmed by the mountain of financial paperwork that has piled up. The principle of tackling big tasks in small, manageable chunks isn’t new, but it’s astonishing how often it’s overlooked, especially when it comes to managing our finances. As the well-known organising consultant Marie Kondo says, […]
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Courage: The catalyst for personal and financial transformation
In the journey of life, courage is often the unsung hero that propels us toward change and growth. It’s the force that challenges us to step out of our comfort zones and embrace the unknown. Bonnie Garmus aptly reminds us, “Courage is the root of change – and change is what we’re chemically designed to do.” This powerful statement is a call to action, urging us to break free from the constraints of fear and self-doubt […]
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The ripple effect of change
Change, a constant companion in our journey through life, often becomes a focal point as we transition into a new year. However, its principles are timeless, transcending the boundaries of calendars and seasons. The essence of change lies in grand resolutions and the subtle shifts of our everyday choices – from our thoughts and attitudes to our actions. Significantly, these changes, no matter how small, can profoundly impact our finances and social environment. At the heart […]
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