70% of my net salary goes straight to debt repayment and this is a consequence of wanting soft life. I regret the day i was told i qualify and not assessing if i afford.
Trying to look rich will have you drowning under consumer debt, a wise man once said " you should rather go broke buying assets with your salary instead of buying status symbols to look rich"
Some how I think that the numbers or statistics that speak about unemployment and over indebtedness are divorced from the reality. People are always buying, and you ask yourself where are they getting the money when unemployment is so high
Example of many South African men: Uber driver hired by another person, Will buy a golf shirt and jean that is 90 % of his salary and go out partying while having kids and wife, and say "Re leboga mmele".
Debt is enivitable in an economy run by a government that hates us. These are scary stats bro, everyone is in or going to be in debt inevitably, especially our working class. We also have an economy that loves offering debt knowing you can't afford it - that's hate.
There's also loan sharks that we need to pay, no credit checks done there 😅, but yah they are dangerous (40 to 50 % interest on a monthly basis) and they don't like payment plans :( .
Interesting that you raise this. There is currently an amendment to the National Credit Act that has yet to come into effect, which deals with exactly this - called "Debt Intervention"... a president just need to sign it into effect🙏
Hyper inflation, repo rate was increased about 5 times last year. Consumer Price index is also at an all time high, as well as unemployment rate. Rand lost value. Peoples income remained stagnant. Therefore purchasing power reduces. The scale is too big for some people to suggest that people are living beyond their means. My opinion anyway…
People are still recovering from the pandemic. Emergency funds were used and depleted during the pandemic. This led to people getting unsecure debt, and the state of the economy is not helping either. Izinto azihlangani, you will try but not get the end results you hoped for.
My salary technically does not last a day 😂. When it gets paid, it technically settles my overdraft facility. I go to minus from the first debit order. To be honest, I’m not stressed at all. I live on overdraft on purpose. As long as I settle it with 45 days, there’s no interest. In directly, I’m financing assets, not a lifestyle. That’s why overall, I still have a positive net worth
While I understand your "concern" for South Africans, this video sounds like an adapted and generic Wikihow article with no feasible solution for people who live under austerity measures with depressed wages.
Video mainly highlights the problem. People feel like it’s only them. Maybe I’ll do a video on solution but for now, it’s just to show the macro view of the crisis. But you’re free to offer solutions 🙏🏾
@@mooshtaffa thank you for responding. Sorry if I sounded a bit harsh but if you are looking at the macro view you might want to mention why this is? Is it low wages? Is it bad labour legislation and regulation? Who benefits from this? and so on. The average person I think is aware of the status quo, but they may be other factors besides just personal responsibility.
If you listen with an ear of interest for the solution, they are all over the video. Like on 3:38, he identifies the problem and mentions that as soon as consumers sense they are in financial trouble or difficulty, they must seek help immediately.
70% of my net salary goes straight to debt repayment and this is a consequence of wanting soft life. I regret the day i was told i qualify and not assessing if i afford.
Financial knowledge is important
Hare Mabizo but all the best , cut back if you have to, you will be back on your feet in good time.
Good luck Thabiso! Have Champion thoughts! Tough times doesn't last. Only tough people!
I was honest with myself and started to pay down debt and stop blaming the economy.
It's a tough journey, but I will make it
all the best
you've got this!💪
On this here in 🇺🇬
Trying to look rich will have you drowning under consumer debt, a wise man once said " you should rather go broke buying assets with your salary instead of buying status symbols to look rich"
👇iPhone debt awareness button
5 days is too long. It vanishes within 3 days.
😂😂😂
mine , does not last even 3 hours
Everyone I know is currently reassessing their lifestyles because their money is not going as far as it used to anymore. Things are bad.
The economy is not economing 🤔🤔🤔
Graphics would have made this already awesome pop even more! Consider it Zimasa!
We'll get there. Hiring more team members. Keep watching the channel. I appreciate you.
Anytime I leave my house to go to the shop or mall it feels like I'm the only one broke due to how full it always is
Lol imagine if everyone else is having the same thought
And at that point you will be going to the mall just to buy goods worth at most R100 😂
Some how I think that the numbers or statistics that speak about unemployment and over indebtedness are divorced from the reality. People are always buying, and you ask yourself where are they getting the money when unemployment is so high
Can we have part2. This was too short
Will definitely be coming. New segment loading
I GOT PAID TODAY AND I CAN FEEL BROKENNESS LAIRING, AFTER PAYING MY RESPONSIBILITIES AND I HAVENT EVEN PAID RENT😅💔
Im getting paid month end and I'm already broke.
@@KNathi1 😭😭😅😅zyakhala bro
Damn! 😂😂
I wish more people cared about this stuff
Live within your means
Thank you for your informative content, brother.
Just subscribed and liked. This is the financial content I was looking for!
Blaming someone else wont change your situation ,live within your means and stay there!!!!
The whole month shame. I live in the rural areas git little to spend on
Example of many South African men:
Uber driver hired by another person, Will buy a golf shirt and jean that is 90 % of his salary and go out partying while having kids and wife, and say "Re leboga mmele".
SE× and booze is dangerous
Debt is enivitable in an economy run by a government that hates us. These are scary stats bro, everyone is in or going to be in debt inevitably, especially our working class. We also have an economy that loves offering debt knowing you can't afford it - that's hate.
It's lasts for a day brah , when i bought my bond , it was 6K now it's 8.5K the increase is heavy
Will increase more, be prepared
My repayment is exactly the same just because of interest. Its tough out there
5 days and salary is gone for most😮. That bringing a different meaning to paycheck to paycheck 😳
This is painful to watch.
Mine is already finished before it comes to me. I have to steal from myself to enjoy R200
Informative as always
Thanks again!
There's also loan sharks that we need to pay, no credit checks done there 😅, but yah they are dangerous (40 to 50 % interest on a monthly basis) and they don't like payment plans :( .
The Govt needs to write off Debt of a X Amount for poor people that's earning under a X Amount ...people are struggling 😮
Doesn't work like that unfornately
The people's debts to the government are the government's debts to some other entity and that entity does not do write offs.
Also the government adds to the problem by charging very high taxes to the working class.
Interesting that you raise this. There is currently an amendment to the National Credit Act that has yet to come into effect, which deals with exactly this - called "Debt Intervention"... a president just need to sign it into effect🙏
The question is, that are safe to put your money there?
Hyper inflation, repo rate was increased about 5 times last year. Consumer Price index is also at an all time high, as well as unemployment rate. Rand lost value. Peoples income remained stagnant. Therefore purchasing power reduces. The scale is too big for some people to suggest that people are living beyond their means.
My opinion anyway…
People are still recovering from the pandemic. Emergency funds were used and depleted during the pandemic. This led to people getting unsecure debt, and the state of the economy is not helping either. Izinto azihlangani, you will try but not get the end results you hoped for.
For me my salary last for 5 hours if i have to pay everything in 1 day
Student debt
My salary technically does not last a day 😂. When it gets paid, it technically settles my overdraft facility. I go to minus from the first debit order.
To be honest, I’m not stressed at all. I live on overdraft on purpose. As long as I settle it with 45 days, there’s no interest. In directly, I’m financing assets, not a lifestyle. That’s why overall, I still have a positive net worth
This is a design feature not accident...it was predicted and customers were lied to and fooled...dont get fooled again.
1:36 the only that it impacts is cadres having more to steal 😂
What are they spending their money on? You can't be earning R20000 a month and you are broke in 5 days.
NcR is a useless institution 😂 people are still over indebted , who do they allow them to extend more credit? It's all a trap
While I understand your "concern" for South Africans, this video sounds like an adapted and generic Wikihow article with no feasible solution for people who live under austerity measures with depressed wages.
Video mainly highlights the problem. People feel like it’s only them. Maybe I’ll do a video on solution but for now, it’s just to show the macro view of the crisis. But you’re free to offer solutions 🙏🏾
@@mooshtaffa thank you for responding. Sorry if I sounded a bit harsh but if you are looking at the macro view you might want to mention why this is? Is it low wages? Is it bad labour legislation and regulation? Who benefits from this? and so on. The average person I think is aware of the status quo, but they may be other factors besides just personal responsibility.
Maybe south Africa need to move to paying people in fortnight rather than monthly
If you listen with an ear of interest for the solution, they are all over the video. Like on 3:38, he identifies the problem and mentions that as soon as consumers sense they are in financial trouble or difficulty, they must seek help immediately.