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The Fat Wallet Show from Just One Lap

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by JustOneLap.com

4.7(28 reviews)

246 episodes

Updated Daily

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Podcast Overview

The Fat Wallet Show is a show about questions. It's about admitting that we don't know everything, but that we're willing to learn. Most of all, it's about understanding as much as we can to make us all better investors. Phrases like, "I'm not sure" or, "Let me look that up and get back to you" or, "I don't know" don't exist in the financial services industry. If you ever had a financial question you were too embarrassed to ask, you know what we're talking about. In this business, appearances matter, and nobody wants to seem like they don't know how things work or what the outlook is for the buchu industry. It's easy to excuse that little vanity, except that people in the investment industry are meant to service investors - people like you and me who need to figure out what to do with our money. There's no such thing as a stupid question in this show. If you have unanswered financial questions, this is your opportunity to have them answered in a way that even I can understand. Pop them to us at ask@justonelap.com.

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Publishing Since

5/27/2016

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Recent Episodes

March 28, 2021

What The Fat Wallet taught me (#245)

Like many of you, I have listened to every episode of The Fat Wallet Show. I’ve learned so much over the years, but I find it interesting that some lessons keep repeating. This week, Simon and I spend our last episode together reflecting on lessons we keep on learning. Think of this as the TL;DR version of 245 episodes of this incredible show. Here’s what we know for sure: <ul> <li style="font-weight: 400;" aria-level="1">Many people who listen to the show think their biggest financial decision is ahead of them when actually they’ve already made it: being an active participant in your own financial life is the best financial decision you’ve ever made.</li> <li style="font-weight: 400;" aria-level="1">Emergency funds are more important than any other product we ever discuss, but you can’t tell because it’s boring.</li> <li style="font-weight: 400;" aria-level="1">A bad plan is better than no plan.</li> <li style="font-weight: 400;" aria-level="1">Time matters more than money. Lesegisha <a href="https://justonelap.com/podcast-the-financial-literacy-test/" target="_blank" rel="noopener">pointed this out</a> using a kota as an example, so I also learned what a kota was.</li> <li style="font-weight: 400;" aria-level="1">Fees matter at least as much as returns, if not more. Grant Locke <a href= "https://justonelap.com/video-outvest-onefee-a-0-2-percent-ra/" target="_blank" rel="noopener">explained why</a> this is when OUTvest introduced its Onefee product. 100 years worth of market data support this.</li> <li style="font-weight: 400;" aria-level="1">Because there are so many variables in the market, it’s worth being suspicious of people who sell certainty. Cash offers certainty. Fixed interest bonds offer certainty. Aside from that, forget it.</li> <li style="font-weight: 400;" aria-level="1">“The best investment” doesn’t exist (but bad investments do). Taking positive action, keeping a close eye on things and learning as you go is the only way to do this. Start with what makes you comfortable and build from there. If that means a GIANT emergency fund and one fixed-interest bond in addition to your work RA, that’s as good a place to start as any.</li> <li style="font-weight: 400;" aria-level="1">The habit of setting money aside matters more than where the money goes.</li> <li style="font-weight: 400;" aria-level="1">There is no single right answer. In fact, there are as many ways to get to financial independence as there are people in the world. </li> <li style="font-weight: 400;" aria-level="1">ETFs are the market. When ETFs try to beat the market, they are no longer the market.</li> <li style="font-weight: 400;" aria-level="1">The harder they shout, the farther I run. Wealth building is either silent and slow, or extremely hard and slow. </li> <li style="font-weight: 400;" aria-level="1">Just because someone says they’re doing something in the media doesn’t mean that’s what they’re doing. </li> </ul> <hr /> <ul> <li>Subscribe to our <a href= "http://thefatwallet.libsyn.com/rss">RSS feed here</a>.</li> <li><a href= "https://itunes.apple.com/za/podcast/fat-wallet-show-from-justonelap.com/id1133460357"> Subscribe or rate us in iTunes</a>.</li> </ul> <hr /> Win of the week: Tim I feel like you are both good friends due to the millions of hours of the Fat Wallet Show I have listened to. I have been there from the beginning when I discovered your show in 2016 during the start of my financial obsession ( don't judge me for not writing, I'm an expert procrastinator). Although living in Germany since 2018, I have been listening to your show religiously and a lot of what I have learnt is the bedrock of my financial strategies. In October last year, my world changed forever, when in the week of the birth of our first child, my partner and I both got Corona which was a complete nightmare. Now 5 months later, a healthy beautiful boy, 2-3 hours of sleep a night, I am emerging from the haze of these challenging last few months to get back to old habits. I turned on the Fat Wallet Show and was shocked and saddened to hear that you are leaving Kristia. I just wanted to thank both of you for the amazing job you have done over the last 240 something episodes. You have taught me so much and done it in such a fun and enjoyable way. As a teacher myself, I hope that some of my students could have such an enjoyable learning experience as I have had with the two of you over the last few years. <hr /> Ros It's worth looking into the bottom-of-the-range Discovery card. The Gold credit card, on its own, is R60pm. If you want, you can add R15pm for Vitality Money. I would recommend adding the Vitality Money for the extra discounts and rewards it gives you. I'm attaching the Discovery brochure that explains the "dynamic discounts" (it's almost impossible to find this on their website, and almost impossible to understand the product without it, which is why I'm attaching it) as well as my spreadsheet showing how much I "make" out of Discovery Health and Card each month. Some things to note about the spreadsheet (there are two tabs): All my calculations are based on Diamond Vitality money status. (Also Diamond Vitality Health status, but I'm not sure that has any effect on the cashback calculations). A lower Vitality Money status means lower Vitality Money cashback percentages. I got to Diamond Vitality Money status without really trying - you should be able to as well. I'm a single person and generally a low spender. About 90% of my food spend is on "Healthy" food at Pick n Pay. I don't spend much on HealthyCare or HealthyGear, so the extra monthly cost of the Platinum credit card, or taking out a Gold transactional account, isn't worth it for the extra percentage discount on HealthyCare or HealthyGear. I battle to hit the R12500 monthly credit card spend in order to hit the maximum Vitality Money extra cashback percentage on HealthyFood, fuel, and exercise points to miles. And I put *everything* on my card - even a chocolate for R15! Of course I pay it off in full every month. Even at my low spend levels, I'm netting R450 to R650 per month (and that excludes my gym savings). <a href= "https://justonelap.com/wp-content/uploads/2021/03/Discovery-cashback.xlsx"> Download Ros' Discovery cashback</a> spreadsheet. <a href= "https://justonelap.com/wp-content/uploads/2021/03/understanding-your-dynamic-discounts-rewards-percentages-gold.pdf"> Discovery dynamic discounts</a>

March 21, 2021

Access bonds explained (#244)

If you’re new to this money business, access bonds will confuse you. Not only do we use the word “bond” to mean “lending money to the government” and “borrowing money from the bank to buy a house”. The access we’re talking about has changed over the years. As Simon Brown explains in this week’s episode, in the bad old days before the 2008 crash, banks used to give you a little additional spending money when you took out a home loan. Those days are long gone, but the idea prevails. These days you can’t access the interest or principal repayments you’ve already made. You can only access additional repayments you’ve made to reduce your interest payments over time. For this reason, many people store their emergency fund in their access bond. It simultaneously reduces the interest you pay by reducing your principal amount outstanding and protects your cash from tax on interest. In this episode we discuss the possibility of using your access bond to become your own credit provider. <hr /> <ul> <li>Subscribe to our <a href= "http://thefatwallet.libsyn.com/rss">RSS feed here</a>.</li> <li><a href= "https://itunes.apple.com/za/podcast/fat-wallet-show-from-justonelap.com/id1133460357"> Subscribe or rate us in iTunes</a>.</li> </ul> <hr /> Gwen I am in the process of searching for a house and I often hear people saying that they use an "access bond" as an emergency fund. A friend of mine once told me in the past that I should never take up an access Bond because you never finish paying it. Listening to a lot of podcasts I often hear people saying they use it to put their emergency fund and then they get the benefits to reduce interest. Am finding it difficult to understand how this works, can you kindly explain this to me and how it works practically. I need to understand how I put money in the access facility, do I deposit it and will the interest reduce automatically? <hr /> Win of the week: Katrien Just a short note to say thank you for the work you’ve done at Just One Lap. I’m one of the many thousands of people who drive to work on a Monday morning with a big smile to start our week. In addition to learning about personal finances, you guys lift our spirits and give us hope. <hr /> Greg Moving towards pulling the trigger on the investment side so getting there... TFSA for kids... (trustworthiness aside) If I want to play catch up with their contributions (or mine) as we are all starting late (12 & 14 for them and 49 for me) I am aware of the 40% tax on over contributions, but surely in the long term their returns will work this off and they will be ahead of the slower sticking to the limit curve? No.. I have not tried to spreadsheet this yet... My assumption is that the tax is on the input only?

March 14, 2021

The cost of moving retirement products (#243)

It has always been the philosophy of this show that a good question is more valuable than a good answer. It’s incredible what you can learn from a really good question, both about the topic and about the person asking the question. This week, Frank had an excellent question about moving retirement funds. This question reveals, first and foremost, just how much Frank already knows about the market. It also reveals a thoughtful person who has found a balance between taking calculated risks and doing whatever he can to protect his assets. In this episode, we address issues around the ethics of retirement product providers, loss aversion and rand cost averaging. All of that, from a single question! <hr /> <ul> <li>Subscribe to our <a href= "http://thefatwallet.libsyn.com/rss">RSS feed here</a>.</li> <li><a href= "https://itunes.apple.com/za/podcast/fat-wallet-show-from-justonelap.com/id1133460357"> Subscribe or rate us in iTunes</a>.</li> </ul> <hr /> Frank I have been contemplating transferring my retirement funds to OUTvest. I have some money with Allan Gray, some with Sygnia and most recently with EasyEquities. Combining all with Outvest will qualify me for the R4,500 fixed fee. My concern is switching providers too frequently and whether the risk associated with the potential savings is too high. The time out of the market between the exit and the re-entry may result in losses. Is it worth considering? What happens if someone cheaper comes along next year and I'm tempted to switch again? My other concern is the potential manipulation by the provider that I'm transferring away from, the amount that went to Allan Gray from Old Mutual was significantly lower than the balance showing on the investment platform around the time of the transfer. I had no control over what day the selling of the units happened and had no way of verifying whether the sale actually happened on the day they said. A number of weeks pass from the day you notify a provider of your intention to move away to when the move actually happens. What prevents them from selling on day two after I notify them, but selecting the lowest unit price in the following days and reporting that to me as the day on which they sold my units? They could sell on 1st of the month for R50, but the transaction is only finalised at the end of the month (31st) - they could then see that the unit price on the 12th was R46 and report to me that my units were sold for R46 - giving them the profit (is this a kind of arbitrage?). I'm conflicted about whether I should move to Outvest now and whether the benefit would be substantial or whether I should just leave the money where it is to grow and perhaps consider Outvest the next time I change jobs. With the bulk being in a Preservation Fund, what are the considerations I should take into account when combining it into my RA? Sygnia had allowed me, at the time, to change the allocation of my provident fund to 75% SYGWD (MSCI World ETF) and 25% SYGP (Global Property ETF). My concern is that with the uncertainty around the changes, the online platform is now reporting that my investment is not reg 28 compliant. What are the risks? Whose responsibility is it to ensure that the provident fund is compliant (me or Sygnia). What happens in reg 28 compliant providence where there is "drift" in allocation (ie I may have had the correct percentage in equities during January, but price changes in asset classes may have resulted in "drift" where the asset value in that class is now outside the allowed percentage?) In a previous episode Simon briefly mentioned that there may be scope to use available funds from a bond to invest in the market for returns that neat the interest. My current bond interest rate is 6.55% and I have a substantial amount available in the access bond portion. Could you discuss whether I should use those funds to buy ASHEQF? Am I correct in stating that 6.55% per annum is 0.55% per month? My logic says that as long as ASHEQF returns more than 6.55% per annum I should get out ahead. Thoughts? <hr /> Win of the week: Shumi I am 33 years old, single, female with no dependents. I am not a cat, engineer or doctor. I studied Philosophy, Politics and Economics and ended up in finance but not the math side. I found the Fat Wallet in late 2018 after a financial awakening when I found FIRE and Stealthy’s blog. Since then my net worth has grown from -R660 000 in June 2018 (I bought a house before I found FIRE 😓) to over half a million in March 2021 (technically over a million if you include the house but I know that although it is an asset it is not an investment). This is attributable to two main factors, my standard of living remained the same as my income increased allowing me to save and invest the difference. Kristia once posted a hand written note of the Fat Wallet manifesto on twitter and I followed it to the letter. I live on less than 40% of my income, no debt except for my bond, have a 12 month emergency fund, max out my RA and TFSA and also have ETFs in a local and offshore discretionary accounts. I also save and invest any increases and bonuses (Simon’s rule of thirds really helped me). So far I’ve stayed away from bitcoin, bees, gold and Tesla. Precovid travel was my money dial and I happily spent on frugal and extravagant local and international trips. Most of that has been diverted to chuckles & diy during the pandemic. This simple plan has worked well for me. My income is relatively high (2 promotions in 3 years) so a lot of this success is because I earn enough to have a gap between what I make and what I spend. But without the Fat Wallet, lifestyle inflation would have creeped in and I wouldn't have known how to grow my money. From the outside nothing much has changed, I live in the same house and drive the same car (pushing 8 years now) as when I was in debt but I sleep much better knowing I have a solid financial base. Thank you for all you do. Good luck on your new journey Kristia. Simon I listen to you 8 times a week so I will still be learning. Feedback from Kris about contributing to a bond vs investing in the market A good approach could be to use asset allocation. E. G. If you already have a lot (or some) home equity but now want to start investing then why not aim for a certain ratio e. G. 50% each. So over time contribute to each such that you reach equal amounts in home loan equity as in stock market investments. Once you reach this equilibrium just maintain it going forward. It's diversification. <hr /> Itshekeng I was swamped with debts and could not repay them all at the same time. I sold my house and have a lump sum which I would like to invest. On the other hand, I wish I could use some of it to reduce my debt repayment period. I am still working and would really like to get out of debt and be able to save up for a house and a car and retirement, and take out policies for my child. What is most important and where to invest with good returns over 5 years?

246 total episodes available

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What is The Fat Wallet Show from Just One Lap?: The Fat Wallet Show is a show about questions. It's about admitting that we don't know everything, but that we're willing to learn. Most of all, it's about understanding as much as we can to make us all better investors.

Phrases like, "I'm not sure" or, "Let me look that up and get back to you" or, "I don't know" don't exist in the financial services industry. If you ever had a financial question you were too embarrassed to ask, you know what we're talking about. In this business, appearances matter, and nobody wants to seem like they don't know how things work or what the outlook is for the buchu industry. It's easy to excuse that little vanity, except that people in the investment industry are meant to service investors - people like you and me who need to figure out what to do with our money.

There's no such thing as a stupid question in this show. If you have unanswered financial questions, this is your opportunity to have them answered in a way that even I can understand. Pop them to us at ask@justonelap.com.
How often does this podcast release new episodes?: This podcast updates daily.
Where can I listen to this podcast?: This podcast is available on 4 platforms including Apple Podcasts, Spotify, and more. You can also use the RSS feed directly.
Does this podcast accept guests?: Yes, this podcast regularly features guests.

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