STEP FIVE:

Finweek English Edition - - MONEY -

KEEP AN EYE ON COSTS Over a long pe­riod, com­pound­ing works in your favour. You earn money on the money you’ve earned as your in­vest­ment grows. Un­for­tu­nately, the same is true for fees. One per­cent of R500 is R5, which you can prob­a­bly af­ford. But when the R500 you save each month turns into R50 000, sud­denly 1% is a lot of money.

“Costs are im­mensely im­por­tant and you should pay at­ten­tion to all costs as­so­ci­ated with your in­vest­ments and sav­ings,” adds On­g­ley.

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