Presented by 10X Investments

Avoiding money-gobbling fees and loan sharks

Muzi Mthethwa does not mince his words, and his sentiments will be very familiar to many South Africans. Muzi doesn’t want fees to “chow” (eat) his money.

Also, he doesn’t want to have to go to a mashonista (loan shark) to make it through the month like “so many of our elders have to do”.

Muzi says his children can expect a full helping of this plain talk from him “as soon as they are old enough to have the talk about money”.

The 39-year-old father of two wishes he had known what he knows now when he was younger. He is determined to help his children, only 5 and 10 years old, to get an understanding of the value of money at a young age.

Muzi says you can never save enough, never mind too much, and he “stashes” money into his retirement annuity whenever he can.

Something that seems less in keeping with the no nonsense, straight-shooting Muzi is that he has three retirement annuities with different providers. But it is probably just a matter of time before he consolidates his various investments.

What he likes most about 10X Investments, he says, is that his money is not “chowed” by admin fees. He says he has noticed that with his other policies a lot of money goes on fees, and the result is “sluggish” growth.

Another thing he loves about 10X is My10X, the client portal, where he can “log in and have a view of how my money is growing at any given time”. With his other annuities, he complains, he must wait for a benefit statement to be mailed to him and he says “sometimes you see it, sometimes you don’t”.

For Muzi, who is very focused on reaching his retirement goal, this just won’t do. Straight-talking and unapologetic, like many of his fellow South Africans, Muzi exhibits the sort of clarity and discipline that is surely the envy of his countrymen.

The views expressed in this interview are Muzi’s opinion, based on his personal experience, and should not be construed as financial or tax advice. Muzi Mthethwa was not paid for this interview although 10X compensated him for time spent and expenses incurred on the day.

Must Read

Partner Content

Trending Now

Follow Us

Avoiding money-gobbling fees and loan sharks