How long before you are a millionaire?
A lot of people I meet often says that you have to earn a lot of money in order to get ahead and be wealthy, I agree to a certain extent, but that is not the whole story.
High income earners definitely have an advantage, but there is something called the lifestyle creep that affects most of the high-income earners, meaning they start spending more as they earn more, thus never getting ahead.
Everyone can become a millionaire, it takes patience and dedication, in the table below you will see that it is a simple bit of math that can easily get you there:
South African consumer debt – Higher earners are the most indebted
Debt busters recently released their Quarter 4 findings over the past 5 years indicating that consumers are now funding their lifestyles by getting more and more indebted, with the higher income earners being the worst off.
What the budget speech revealed
I think there weren’t too many shockers in the budget speech, it went pretty much as everyone predicted, except for a few welcomed tax reliefs.
Below is the new income tax calculator you can use to see what impact it has on your salary.