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.