Its very much possible, my husband & I paid off our 700k apartment in 10 months by combining our salaries and living below our means, we have 2 kids but managed to push
This is possible my twin and I have paid off an apartment that we bought with R750k and paid it off in 3 years 💃💃💃💃💃💃💃💃💃 moving on to the next property
It's possible if you earn good money. Most of the people can't do this because they don't earn much. Just the same way someone say they saved up for 4 years to buy their house cash
Its doable when determined, disciplined with your money and live within your means. I paid up a bond of R650 000 in 2 years 2 months. Rental money+ monthly installment+ 2 years bonuses + paying extra in between the months helped. I must say though, I do not have lots of finanncial responsibility. I am driving 2011 model Polo that was a passed on to me by my brother, so the money I would have used to pay for car installments was going to the bond.
Unfortunately I come from a family where I am a first time fir everything and parents did not help with anything.Car by myself, home by myself, school by myself.all by myself.While servicing black tax and u know our mothers always add other people on ur food bill.Extended cousins and more plus ke mozalwane they live for jesus making things worse!
@@lebopeguni every extra money and bonus we paid it towards our bond instead of buying unnecessary items that are not going to give us a return in future.
The extra amount one must add on the bond,how do we do that?I can just deposit it through or should I go to bank to ask them to deposit or help me cut interest?
You link your property bond or home loan account to your transactional account and then just do transfers or pay it as a beneficiary if your bond is not with your primary bank . It's as simple as that.
Good invitee, unfortunately, the journalist speaks and laugh too much. Give him space to explain properly next time. You missed the backhouse point he was addressing. That's the problem we facing, regulation. You need to apply for second and third dwelling from municipality before you build on your plot. Very long and costly process.
People must also mention that settling the amount is in a way breaking the agreement, and banks lose out on the interest and that has a negative impact on your credit score.
It does not. Banks charge notice interest when settling a bond early, which is equivalent 3 months’ interest but it does not negatively affect credit score.
@@sphamandlastengile1430 You don't know what you're talking about. It takes a few seconds to search on Google and get the answers, I have experienced this 1st hand.
3years=36 months. 36 x 15 000= 540 000, why did he only have 520 000? What happened to his 20 000? Furthermore, did he earn a negative interest in his investment account? I am more interested in knowing what happened to his savings? Did he get penalised for withdrawing his money early? Seems like he would have been better off putting the money in the mattress.
@siphiwemaseko9854 It helps me know which investment vehicles to use for short term investing and how to avoid taxation and/or early withdrawal or temination fees. I like learning from other people's mistakes.
@@mohlomphehi to be honest I want to buy those wall saves to just put money there, tax is hitting us hard and with sars checking out banks. It could be that he lost that exact 20k on tax.
You are spot on - this financial math is not mathing. Either we are lied to here or the banks lied to the brother. Or this is just another clickbait. The interest in any monthly payment will never be above the capital amount - something not right here. I wont finish watching this video - nonsense.
Professional investors will never do this because they know the interest they will earn on that 15k is higher then the interest rate on the loan. But for normal people, do this if you have access money.
How much are these people earning to save 15k pm? Saving 50% of your salary sheesh, ears and eye opener. Edit: You noh that's a rip off, from R522k to R1.7m in 2010 😢, I was in the process of copping a house worth R640k and it amounted to just over R1.2m. So he was earning over 32k, yerrr they said we must do science for more money, I'm not even at 30k 😭😢
Its very much possible, my husband & I paid off our 700k apartment in 10 months by combining our salaries and living below our means, we have 2 kids but managed to push
This is possible my twin and I have paid off an apartment that we bought with R750k and paid it off in 3 years 💃💃💃💃💃💃💃💃💃 moving on to the next property
By "we" you mean... just curious... I'm learning
My twin sister and I
My twin sister and I
It's possible if you earn good money. Most of the people can't do this because they don't earn much.
Just the same way someone say they saved up for 4 years to buy their house cash
Its doable when determined, disciplined with your money and live within your means. I paid up a bond of R650 000 in 2 years 2 months. Rental money+ monthly installment+ 2 years bonuses + paying extra in between the months helped. I must say though, I do not have lots of finanncial responsibility. I am driving 2011 model Polo that was a passed on to me by my brother, so the money I would have used to pay for car installments was going to the bond.
I am very much inspired
Looove this story ❤. Well done Sis
Unfortunately I come from a family where I am a first time fir everything and parents did not help with anything.Car by myself, home by myself, school by myself.all by myself.While servicing black tax and u know our mothers always add other people on ur food bill.Extended cousins and more plus ke mozalwane they live for jesus making things worse!
My husband and I paid off our property worth R 1,5 million within 5yrs and we are now thinking of adding more to our portfolio.
Mam - how did you do it? Do share strategies please
@@lebopeguni every extra money and bonus we paid it towards our bond instead of buying unnecessary items that are not going to give us a return in future.
This man has hacked the rat race...big ups Percy 🙌
Better to pay off debt than saving on the side….great advice
Big up to Percy!! I follow him on the socials and the financial enlightenment is fire. I’m also a saver🙂
Percy and I are same WhatsApp group. I love saving, at least half of my salary❤
Eish that's not an easy thing to do or at least you need a very high salary to be able to achieve that
I always follow Percy Singo. You're an inspiration 🙌🙌🙌
We paid off a 6.3 mil house in 5 years. Could have been even in 3 years if we didn't buy a car cash from the funds in the access account.
Beautiful channel and fantastic wisdom thank you!
This is so empowering,how do we contact Percy?
Undisclosed information.... live a stingy life and dont date or date a girl with less expectations😂😂😂
I am learning and inspired.
So inspirational 👏🏾👏🏾👏🏾
We hear you loud and clear
Whatever amount, and interest rate, paying double will have you pay off your place in 5 years 6,7 months
True
Live below your standard. I like that very much.
Good day Percy ,what’s a current value of your property now bro? I a pretty impressed with your testimony 😮
living example of what frugality (even in the short term) can do for you in the long run
Percy is doing well 👏 👌 great inspiration 👏 👍
Big ups Percy🎉🎉🎉🎉
Legend
Best to pay it off ASAP
Welldone brother 🎉🎉🎉🎉
The extra amount one must add on the bond,how do we do that?I can just deposit it through or should I go to bank to ask them to deposit or help me cut interest?
I used the bank's banking details on my statement and my reference number to make extra payments.
You link your property bond or home loan account to your transactional account and then just do transfers or pay it as a beneficiary if your bond is not with your primary bank . It's as simple as that.
Can I ask is there a specific date you pay the extra? because I heard that if you pay on the 1st it has a better effect? @@maxine6933
Hi Guys I want to pay extra but I just need to know what date should we pay as it appears to be that if you pay extra on the 1st of the month it helps
Any day, any time. It will help
Good invitee, unfortunately, the journalist speaks and laugh too much. Give him space to explain properly next time. You missed the backhouse point he was addressing. That's the problem we facing, regulation. You need to apply for second and third dwelling from municipality before you build on your plot. Very long and costly process.
Did he never receive a statement of account for his bond?😮
It is possible I remember when I paid off 789k house in 2 weeks.
Ne?
😂 if that is true it means you bought it cash 😂
😂😂😂😂😂Yoooh was not never ready😊
😂😅😂😅😂😅😂
Does paying ya debt quicker than the debt period affect your credit score ???
It would increase it significantly cos that means you are reliable, you even paid earlier than what you were required to pay.
Banks will screw you over
People must also mention that settling the amount is in a way breaking the agreement, and banks lose out on the interest and that has a negative impact on your credit score.
It does not.
Banks charge notice interest when settling a bond early, which is equivalent 3 months’ interest but it does not negatively affect credit score.
@@sphamandlastengile1430 dude, read up on it. I have experienced this first hand.
@@sphamandlastengile1430 You don't know what you're talking about. It takes a few seconds to search on Google and get the answers, I have experienced this 1st hand.
@@sphamandlastengile1430dude, read up on it. I have experienced this first hand.
@@sphamandlastengile1430well, you can read up on it. I have experienced this 1st hand.
Is it possible for a non South African to get a Bond?
Hey, yes it is.
3years=36 months. 36 x 15 000= 540 000, why did he only have 520 000? What happened to his 20 000? Furthermore, did he earn a negative interest in his investment account? I am more interested in knowing what happened to his savings? Did he get penalised for withdrawing his money early? Seems like he would have been better off putting the money in the mattress.
How is that assisting you and what do u stand to get from this analysis 🙄
@siphiwemaseko9854 It helps me know which investment vehicles to use for short term investing and how to avoid taxation and/or early withdrawal or temination fees. I like learning from other people's mistakes.
@@mohlomphehi to be honest I want to buy those wall saves to just put money there, tax is hitting us hard and with sars checking out banks. It could be that he lost that exact 20k on tax.
Omgoshh banks can screw us. Is this black or white tax😢😢😢😢
The story is not make sure or rather the math stated but ke
I thought I was the only one lost here. But I think the story is more for inspiration than accuracy
You are spot on - this financial math is not mathing. Either we are lied to here or the banks lied to the brother. Or this is just another clickbait. The interest in any monthly payment will never be above the capital amount - something not right here. I wont finish watching this video - nonsense.
😂 @@mervinmorake4398 do you even have a home loan? Check your statements.
Its basically compound interests...in reverse!
It's make sure.
Its not make sure. The issue is that there's no such financing structure that baloons your interest and not take capital @@investorscavern
Professional investors will never do this because they know the interest they will earn on that 15k is higher then the interest rate on the loan.
But for normal people, do this if you have access money.
Show me any assest that is returning 13% interest currently(per annum)
@@malibongwemasango8454exactly he must show us😂people like to comment nje
@@malibongwemasango8454 i am also patiently waiting
How much are these people earning to save 15k pm? Saving 50% of your salary sheesh, ears and eye opener.
Edit: You noh that's a rip off, from R522k to R1.7m in 2010 😢, I was in the process of copping a house worth R640k and it amounted to just over R1.2m. So he was earning over 32k, yerrr they said we must do science for more money, I'm not even at 30k 😭😢