Put R10,000 into a tax-free savings account (TFSA). “This sort of product allows investors to grow their money and obtain income or dividends on their investment without incurring any taxes on the growth or distributions,” he says.
Purchasing government, corporate, or agency bonds is an excellent method to generate monthly income. Bonds are debt securities issued by the government, a financial institution, or a firm to raise cash or capital. Purchasing a bond is simply making a loan.
How Much Money Do I Need To Invest To Earn R10000 Each Month?
Approximately R2.4 million. You’ll need around R2.4 million to invest, assuming a 5% withdrawal rate (R10 000 per month). This is for the initial monthly withdrawal requirement of R10,000.
Which South African Bank Offers The Highest FD Interest Rates?
Standard Bank has the best fixed deposit rate for 2022, at 9.05%, followed by Capitec Bank and First National Bank, both at 9.00%, and African Bank, in fourth place, at 8.80% for a 60-month Fixed Deposit Investment.
