Hi Tribe!

Financial Coaching is a relatively new concept in SA and perhaps you wonder what you would gain from a coaching session? Or how different it is from a financial planning consultation, right?

Below I am going to highlight some of the benefits you can derive from a one-on-one coaching session:

  1. It is not a financial planning consultation. With a financial planning consultation, the focus is on which products you have and if you need a specific financial product to meet your needs.

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If you are an adult, you handle and make decisions about money on a regular basis. You should therefore know and be comfortable with a few financial terms:

  1. Interest and Compound interest

Einstein once said “Those who understand interest earn it, those who don’t, pay it!” Interest is the        cost of using somebody else’s money. When you borrow money, you pay interest. When you lend          money,

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Congratulations on becoming your own boss! While the benefits of being your own boss are evident, i.e. control of your own time, making your millions and possibly a lot more quicker than when you are employed and just the flexibility that comes with it are attractive; there is however another side to being your own boss. The lack of certainty for your next paycheck, lack of employee benefits ie Pension fund, medical aid etc. Being your own boss can be tricky.

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This past weekend, I had the privilege of being one of the keynote speakers at the #Finance4Women event. My host, Likeleli Monyamane, a CA(SA) and all round entrepreneur, asked for me to speak on the topic: Building Wealth and leaving a legacy. My presentation went a little something like this:

  • What does wealth mean to you?
    • Money/ networks/ impact/ freedom? You have to decide what wealth or financial success means to you.

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Investing made simple – 5 tips

In my workshops and speaking events, women always ask me: “how do I invest”, “which investment should I pursue”, “which has the highest return” etc. There is no one size fits all type of investment. However, there a few principles that make investing less intimidating.

Below are 5 of my favourite principles that make navigating the investment landscape easier:

 

  1. HAVE A GOAL IN MIND

Doing anything without a goal is like running a marathon without the finish line.

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1.Spend less than you make

Guys, this is not rocket science. Spend less than you earn. How else can you really reach your financial goals if you have debt down your throat? Debt is a slippery slope guys, it’s harder to start from negative than at zero. If you do have debt, work at paying it off like your life depended on it. You have to get aggressive with it.  Credit is just too expensive.  

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1. Know yourself

Knowing yourself can save you money! Yes it can. I see people breaking their bank just because they lack an understanding of their values and priorities. How you spend money is a reflection of what you value. I for one value experiences more than ‘things’,  don’t get me wrong, my dream is to drive a Bentley one day but for now, I have to choose my battles i.e.

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Link to purchase tickets: http://qkt.io/X26FYk

Get Your Finances Right is a 2 hour workshop that will focus on the following areas of your personal finances:

  1. Budgeting – Budgeting tools and techniques.
    2. Calculating your net worth – tips and tools of how to increase your net worth.
    3. Wealth creation – types of investments and the tax implications.
    4. How your employee benefits fit into the picture for wealth creation.

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I do both my own and family’s tax returns (yes, they trust me like that) and every year without fail, I get some money from good old SARS. I get so excited at the thought of getting money from SARS, I even plan what I am going to do with the money J !!!! I know you are guilty of it too!

In the 2015 tax season SARS paid out 1.82 million refunds to the value of R15 billion – perhaps you too were lucky enough and got a piece of the pie that year.

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Time to burst those myths!

 

Myth 1.                        You need bucket loads of money to start

I did an Instagram live session and a Facebook live session on investing for beginners, in this session, I showed how easy it is to start investing. Investing doesn’t have to be intimidating or scary and you certainly don’t need tons of money to start. You can start small and build up from there.

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