On this week’s episode, Warren Ingram answers your questions around financial priorities for new parents. A new mom seeks advice on choosing between buying a retirement annuity (RA), life cover, or medical aid, tune in and learn about risk management protection, insurance and more.
Takeaways
- Prioritize risk management and protection before focusing on long-term savings.
- Get medical aid first to cover potential medical costs for yourself and your baby.
- Shop around and compare quotes from different providers for medical aid and insurance.
- Consider life and disability insurance to protect your child in the event of your death or inability to work.
- Once insurance is in place, consider long-term retirement savings options like a retirement annuity and tax-free savings account.
- Ask friends and family to contribute to a tax-free savings account for your child as a gift.
Get more insight on how Prescient Investment Management can help you: https://bit.ly/3VGGDxQ
Have a question for Warren? Don’t forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod
