Safeguard the future: Sound advice for living in South Africa

Not everyone wishes to leave South Africa or can indeed afford to emigrate to countries where the standard of living is deemed to be on par with that in South Africa.

The recent signing of the Expropriation Bill has caused concern for many South Africans.

Last week President Ramaphosa signed the Expropriation Bill into law without consulting GNU partners.

Many are worried about the future and the security of private property ownership in South Africa.

That said, life in South Africa comes with a number of advantages that life in many other countries does not offer.

However, living in South Africa also comes with significant risks that one should try to mitigate, according to Dawie Roodt, chief economist at the Efficient Group.

SAFETY WHEN LIVING IN SOUTH AFRICA

As reported by BusinessTech, several things should be prioritised by those who will stay in South Africa for the long term.

Roodt says that a comfortable life in South Africa is more affordable than that offered by many developed countries.

This involves living in a safe space as well as staying out of harm’s way. Hence, where one lives is very important.

“South Africa is a dangerous place. There are many risks in South Africa. You need to identify these risks and manage them,” Roodt said.

He advises South Africans to hold off on property purchases as they may present a risk to personal wealth and cannot easily be disposed of.

INVESTING WISELY

Roodt emphasises the need to be careful with one’s investments.

With a volatile local currency, he says it is crucial to protect your wealth from potential devaluation.

He advises anyone living in South Africa to invest a portion of their assets offshore.

However, Roodt also says that keeping some investments in the country can be beneficial.

This is because interest rates in South Africa are relatively high, offering good returns on some interest-bearing investments.

AFFORDABILITY OF LIFE IN SA

South Africa is a country where one can generally enjoy a decent lifestyle with a reasonable income.

Considering the costs in other countries, life in South Africa is rather affordable, compared with the standard of living in places such as the United Kingdom, Australia and New Zealand.

“South Africa is not an ideal place for those without financial means, but for those with a reasonable income, it can be a wonderful place to live,” he said.

ADVANTAGES TO LIVING IN SOUTH AFRICA

Due to its geographical location South Africa offers a very hospitable climate, which is accompanied by unparalleled natural beauty.

Added to this, is the unique warmth and hospitality offered by South Africa’s people.

“The weather is fantastic, the natural beauty is breathtaking, and the people are welcoming.” Roodt said.

What advice would you give to anyone wishing to secure the future when living in South Africa?

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