There has been much talk around black tax and the negative effects it can have on one’s financial journey. Most people not only feel obliged but are also expected to help out parents, siblings or cousins. Although not an easy topic to write about since everyone’s situation is completely different, here are a few tips on how you can still work towards financial freedom while helping family out.

  1. Communicate

Communication is so important in any relationship,

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Tribe, my hope for you this year is to be courageous in the decisions and actions you take in your finances to build real wealth. I always talk about real wealth, but what is it really? It can mean different things for different people, but since this is a blog about money… it is:

  • The ability to take care of your needs and family’s needs without being worried when the next paycheck is coming.

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Happy New Year Tribe!

The New Year is upon us! With that comes  feelings of renewal, hope and many people set New Year’s resolutions to either start going to the gym, eat healthier, further their studies etc, but how often do we set a goal or a new year’s resolution for financial success? 

Remember, whatever stage of your financial life you are at, with what you have; you can work towards a financially successful life.

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The festive season is fast approaching and with all the braais, cocktail lunches with the girls, travelling with family and the Christmas lunch, your budget can easily be thrown out the window, giving you a financial hangover come January.

Here are some tips to stay on top of your finances throughout the holidays:

 

  1. Budget for your holiday expenditure

It’s easy to throw caution to the wind with all the festivities happening this time of the year.

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You have handed in your resignation, you are excited about you next move then HR hands you forms to complete on what you want to do with your Pension/Provident fund. What do you do? What options do you have?

Whatever the reason you are leaving your current employer for, you need to make the decision on what to do with your retirement fund.

Here are your options:

  1. Transfer your pension/provident fund to your new employer

If you are starting a new job and your new employer has a pension or provident fund,

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Ever wondered what your money personality is?

  1. THE SPENDER

The spender loves to make money and spend it. They convince themselves that they work too hard and therefore they deserve to enjoy their money. They give little to no thought about savings or investments. They are all about instant gratification. They assume ‘something will come up’ as they spend their last couple of Rands! They are normally in debt          and even if they manage to pay their debts,

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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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