In the savings and investment environment, Tax-Free Savings Accounts (TFSAs) stand out as both a beacon of potential and a puzzle of misconceptions. A common misconception is that TFSAs are only for short-term savings due to their accessibility. However, the true power of TFSAs lies in their potential for tax-free growth over the long-term. Nomzamo Manqele, an astute investment specialist and wealth advisor at Fedgroup, makes a pertinent point by saying: “Access to funds in long-term savings products are usually restricted until retirement age, but with TFSAs, people have access to their savings within seven days. This might create an impression that TFSAs are short-term savings products when in fact, they should be grouped with long-term savings.”

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