Investing money safely

By Staff Writer

The Ombudsman for Financial Services Providers (Fais), Charles Pillai, has asked for financial products to be subject to approval of sort in order to "protect members of public from being exploited by market forces motivated by nothing more than greed and irresponsibility".

These comments were released in a statement following a case where a couple demanded their money back after giving it to an authorised financial services provider to invest on their behalf.

So with all these dodgy schemes floating around, what exactly are your options?

  •  Invest in gold: While this might sound tricky and complex, gold is one of the most stable investment products and has a proven growth record. For large sums of money, investing in gold has great growth potential and almost no risk.
  • Open a standard savings account: for long term investments, this is obviously not the ideal way to go but for any short-term savings, opening a savings account could work for you. Make sure you do plenty of research and choose the option best suited to you.
  • Educate yourself: knowledge is power and researching the options available to you is vital when you want to see your money grow.

Whether you are saving or investing for a happy and relaxed retirement or whether you have a more short term goal like going on a holiday, buying a new car or saving for your child's education - there are still safe options out there which will suit your needs.

No matter what your goals though, always consult an expert in order to determine the best course of action for your financial needs.

Recent Articles

Featured Rating agencies may come knocking

It is only the middle of February, but the rand has already made two big moves. The first was the rand moving from R14.60 to R 13.20 at the beginning of the year, as emerging markets (EM) became fashionable again. The second was where the rand gave away nearly 90 cents in 2 weeks as the EM rally ran out of steam, and local events started to hit the headlines.

Read more

The cost of sending money home to neighbouring countries

Transferring money home within the Southern African Development Community (SADC) provides vital financial support for many households in neighbouring countries.

Read more

Student bank accounts: Which come out on top?

Being a student signals budgeting and not having a lot of money at your disposal. This means streamlining expenses such as your grocery costs and entertainment budget. But what if your bank account is in fact costing you more than you can afford?

Read more

Can you afford an ambulance in South Africa?

When a loved one is straddling the line between life and death, you won’t hesitate to call an ambulance. This week, Justmoney found out how much an ambulance ride costs in South Africa, whether you can refuse to get into an ambulance, and who pays the bill if you’re unconscious. 

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

President Hotel Easter Special

Price: From R1,500
When: 15 March to 30 April
Where: Cape Town

Kulula-Preskil Island Resort Special

Price: R16,999
When: 11 May -14 September
Where: Mauritius

A Touch Of Madness Tuck In Tuesday Special

Price: R70
When: Tuesdays
Where: Cape Town