Building Wealth and leaving a Legacy

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. You can only truly achieve it if you define it for yourself.
• What kind of legacy will you leave?
  • Will you be proud of your legacy at any age 40/50/60…?

How does one build wealth and leave a legacy they can be proud of?

1. Know you deserve financial success – But let your decisions reflect it.

• Financial success starts with the decision to want financial success
• Let go of keeping up with the Joneses
• Avoid the ‘Middle class syndrome’ – the more I make, the more I spend.

2. Set solid financial goals – S.M.A.R.T goals

• You cannot reach anything significant without a specific goal!

3. Know your Net Worth

•      Net worth = Assets – Liabilities
•      Assets must be greater than Liabilities
•      Do the calculation at least once a year to see progress

4.  What are you willing to do/give-up to create wealth?

• “If you want to change something, you must be prepared to lose something”– Thuli Madonsela
• Honestly ask yourself: “What am I willing to ‘give-up’ to achieve financial success?”

5.  Start a side hustle to supplement your income

• Don’t just scroll through instagram admiring other people. Think of a product/ service you can sell and market through social media.

6.  Strive to leave a legacy through

• Investments
• Life Insurance (≠ funeral cover)
• NOT DEBT

7.    Lastly

• Do not be overwhelmed with financial jargon,
• Seek the help of a qualified and experienced professional, BUT
• Equally do not take anyone’s word for it;
• Educate yourself, educate yourself, educate yourself.