Saving, hard work and avoiding unnecessary shopping sprees are simple strategies Primrose, Sanelisiwe and Nonceba have adopted to make their money work for them.
PRIMROSE MOLOANTOA, OWNER OF A-LIST INVESTMENTS
I was raised by a family of entrepreneurs. My parents owned supermarkets and butcheries while my uncle, Morgan Molwantwa is a founding member of hair label Black Like Me. I grew up watching them start from the bottom – selling cheap jewellery on trains to being the first blacks to own successful companies. I always knew that if you worked hard, success was guaranteed. I mimicked my parents as an eight-year-old and I asked them to buy me sweets so I could sell them door to door in the neighbourhood. When I turned 12, I opened an after school classroom at home to help other kids with their homework, making them pay a small fee of course. I even sold chickens at the Sunday markets. In my teens, I owned pool tables at the local shebeens, which made me even more money.
I’m an impulsive buyer and so I avoid cash savings at all times. Instead I’ve always invested my money in property. I started with a 32-day notice account to force myself to think long and hard before spending. I modelled in my teens and when I got paid lump sums for gigs, I used the money as a deposit to buy property. Today, I live on the money I’ve earned from those properties.
It took discipline not to spend the money I earned on the things I really wanted. I’d read the book Rich Dad Poor Dad by Robert Kiyosaki when I was young and it thought me about passive income and paying yourself first. Passive income is money you earn without ‘working’ for it. A little sacrifice today could mean financial freedom tomorrow. With properties, a minimum of five years is required before your property starts showing returns. I also invest on the stock market through a broker firm and I have insurance policies for emergencies.
Managing money is impossible without the services of a professional accounting company. When you are a small company, a bookkeeper is important and a bigger accounting firm should be employed as your company grows.
I love cars and that’s what I’d spoil myself with in the past. As I grow older however, I’m learning to relax a little and buy jewellery or an expensive bag; these are things I can sell should I get into financial stress.
I’ve learnt money doesn’t make you happy. Happiness is a decision you make, you decide to be happy now, not when you have a million. Money helps and makes life easier, but you don’t need money to be happy; joy and happiness are a choice.
My money advice is, you should understand your strengths and weaknesses and make the right choice when you choose a saving plan. Read and be curious, you don’t need a finance degree to know how to make and manage money, but you do have to keep yourself informed.
SANELISIWE GANTSHO (27), A CLIENT EXPERIENCE ANALYST AT LIBERTY LIFE INVESTMENTS
Growing up I had a respectful relationship with money. I was taught that money is earned; you get back what you put in. Also, what you put in is all the more meaningful if you have an education. Growing up, if I wanted something, I had to save for it. The simple act of putting money away every month (no matter how small) was solidified at a young age. I earned my extra pocket money by working as a receptionist at my mom’s medical practice over weekends. Back then my main focus was to make money to buy airtime.
Now that I’m older, my relationship with money still follows the strict foundations of my childhood. I live by the following principle: “Invest a little, save a little, spend within your means, pay off a little and spoil yourself a little.” I’m not an impulsive buyer. I research prices, but still try to find a balance with the quality of my purchases. I strive for an optimal balance between financial needs and wants.
Every time I progressed to a better paying job, I would reassess my financial health with my financial adviser. In my new position, I would try to stick to my philosophy as mentioned above and not overspend because I had more in my pocket.
I save the traditional way by putting away a set amount of money each month that I can’t access. I have a stop order for money that goes into a flexible investment plan. I also put away an amount each month for my retirement and I increase this amount every year. In these simple ways, I’m securing my future and I am able to budget for a yearly overseas travel trip. Most importantly, I make sure I maintain an emergency fund for unforeseeable circumstances.
I make sure I treat myself every month. I really enjoy grooming activities and eating out with friends. I love to travel so this is something I work towards yearly.
Over the years, I’ve learned that it is very important to make sure you are relevant to the South African labour market in whatever field you are interested in.
My money advice is; try and acquire a relevant skill or go to university; get up to the highest post graduate level you can afford. Be proactive about getting your first job so you can start your money journey. Remember that it really is a journey. I’m in a better financial space now than I was when I started working. It’s also a journey that needs to be guided preferably by a professional. It is essential to get a qualified financial adviser that understands what you want to get out of your money to assist you.
NONCEBA NKEBETLA THOM (50-SOMETHING) RUNS TRAVEL AND TOURISM AGENCY, SWIFT TRAVEL AND TOURS.
I started my business in 1994 and it took me 36 years to get to where I am today. My parents always taught me to save money and not waste it.
I have a healthy relationship with my finances. Duet 8:18 teaches us to remember the Lord our God, for it is He who gives us the ability to gather wealth. I am not an impulsive buyer at all; I usually weigh up wants and needs for every purchase. There is however times when I splurge and treat myself, and I also love spoiling my children once in a while.
I save and invest money in a 32-day account and also in other investment portfolios with different financial institutions.
I spoil myself by going out with my husband and our children. I especially enjoy going out on shopping trips with my family, but it is of course within a budget.
I now understand that money belongs to God, He gives us wisdom on how to spend it. According to Ecll 10:19 money answers everything, life is everything. Saving for a rainy day is essential; you don’t know what tomorrow brings.
I keep the principles in the Word of God. The Lord instructs us to tithe, that is to give 10% (Malachi 3:10) of our first fruits. I keep this principle and it’s rewarding. God gives back to those who diligently seek Him and He honors His Word Heb 11:6.
