Building Wealth and leaving a Legacy

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.