Posts by Max Chin


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Max has joined the 22seven team as a Slice and Blog writer. He has experience in start-ups and the corporate world alike, where he's currently employed in the finance industry. He's a strong believer in improving financial literacy amongst South Africans. You can catch him in the gym, exploring Cape Town's food scene or watching sports in his free time.
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The good, the bad and the wealthy ๐Ÿ’ฐ

The key to building wealth and increasing your net worth is to generate long-term income over and above your normal, job-based income. The best way to do this is through a combination of savings, investments and income-generating assets. Assets can be divided into two categories โ€“ tangible and intangible assets. Tangible assets are those you… Read more โ†’

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Reducing Your Long-term Loan ๐Ÿฆ

Picture this: youโ€™ve just bought the house of your dreams. A few days pass by and you start thinking about the loan attached to the house, which needs to be repaid โ€“ a period that usually lasts anywhere between 20 to 30 years. Itโ€™s alright to think of the implications of taking out the loan,… Read more โ†’

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(Financial) Knowledge is Power ๐Ÿ“š

Financial literacy isn’t as complex as most people set it out to be. It’s the ability to understand and apply financial skills including those related to saving, investing and budgeting. It’s a skill that everyone has the ability to master but one that many seem to overlook the most. In South Africa, we have a… Read more โ†’

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Part 2: Visualised: Pre-lockdown vs post-lockdown expenditure

Last week, we looked at how spending on Entertainment by 22seveners changed after the lockdown started. We also highlighted the top 10 spending categories before and after lockdown and identified who the big movers were. If you missed out, you can find the post here. This week, we’ll be focusing on the levels of spending… Read more โ†’

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Visualised: Pre-lockdown vs post-lockdown expenditure

Would you have believed it if someone told you that we would be where we are now at the beginning of the year? The coronavirus pandemic has certainly caused not only a health pandemic but an economic and social pandemic has resulted too. Our data and design teams have worked hard to bring together what… Read more โ†’

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How the Repo Rate Cut Affects You ๐Ÿ“‰

The SARB has announced yet another reduction in the repo rate from 3,75% to 3,5% last week. This 25 basis point* reduction will have an impact on all South Africans, so weโ€™ll break this down into how this affects you as a consumer, investor and saver below. The repo rate is the interest rate as which the… Read more โ†’

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Starting from Zero ๐Ÿ“

Last week, Finance Minister Tito Mboweni delivered an emergency budget which comes as a result of the economic impact caused by the Covid-19 pandemic. Some of the highlights which came from the speech include: our economy being on course to experience its biggest contraction in 90 years, tax revenue collection being behind target by R35 billion and… Read more โ†’

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Debt Repayment Strategies: The Debt Snowball

Given South Africaโ€™s geographic location, snow is hard to come by for the average citizen. However, snow does occasionally fall in some parts of the country when the colder weather passes โ€“ you can actually see live webcams here. We wonโ€™t be focusing on real snow today, but rather on the analogy and methodology behind… Read more โ†’

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The Best Debt Repayment Strategies ๐Ÿ’ณ

Debt: the four-letter word which can haunt you or make you feel free. Whatever it makes you feel like, just know that you have the power to control it.  Regardless of the task at hand, every good plan always starts with a good strategy. Today, we will introduce three different strategies to help you reduce… Read more โ†’

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Printing Money to Save SA? ๐Ÿ–จ

Government’s debt has been increasing each year since 2008. The reason boils down to two simple concepts that everyone is familiar with: spending too much, earning too little or a combination of the two. The current pandemic looks set to worsen our levels of debt. A country’s debt is typically measured as a percentage of… Read more โ†’