28 Sep 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
- Life Insurance (≠ funeral cover)
- NOT DEBT
- 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.