Money Heroes
Money Heroes is an empowering 13-part series that will take you on a journey to applying the power of expert advice in achieving your unique financial goals.
From investments to tax, we've got you covered with empowering advice from industry leaders in South Africa that will accelerate your journey to success.
In the first episode of this new season, we equip you with tools that will empower you to move closer towards your financial goals. What are the most important aspects to getting on the road to achieving financial success, and where do most people stumble?
Get all the answers from our experts below, including beauty industry gurus Hannon Bothma and Julius Swart, and sports broadcaster Motshidisi Mohono.
Financial Goals
"If you think about your financial plan, which is a long-term plan, you can never reach that plan unless you have some very specific goals," says deputy CEO of Momentum Metropolitan Jeanette Marais.
Goals are unique from person to person. If you're single, your goals will be different to someone who has a family. If you're young, your goals will be different to someone a little older.
Sit down and identify three types of goals:
1. Short-term goals – like an emergency fund. Aim for around three months’ salary for rainy days.
2. Medium-term goals – like buying a car or paying for your child's education. This involves planning.
3. Long-term goals – like planning for retirement. Many people postpone this, because they think they have time, but you should start saving today.
"Once you've set your own goals for yourself, that becomes your plan. It also becomes a guideline you can use for every single financial decision you can take from there on," says Marais.
Financial Tips
Theo Vorster, CEO of Galileo Capital, gives us his tips for this week's episode on financial goals. Theo stresses that achieving your financial goals is in fact a journey. Like any journey, there are points you can hit along the way.
Here are four great tips he shares with us:
Success Stories: HANNON
Beauty industry gurus Hannon Bothma and Julius Swart tell us their secrets to success.
Here are a few pearls of wisdom they apply to running their successful beauty company HANNON.
Julius: "My first tip is: stay focused. In whatever you do, you're good at that particular aspect of the business, stay focused in just doing that."
"Identify a mentor, somebody you can use as a soundboard if you need advice or if you hit a crossroads and you really don't know where to turn to."
Julius: "Don't be scared to make mistakes because there will be many, but see it not as a stumbling block but as a learning curve."
Hannon: "Do not let big goals paralyze you, it’s good to have goals, but a small bite-sized goal is much more achievable than a huge goal."
Watch the video for more tips from Hannon and Julius...
Success Stories: Motshidisi Mohono
Sports broadcaster Motshidisi Mohono has a few tips of her own about reaching your unique financial goals. These are the ingredients of success that she lives by:
Have a plan, and make sure that you implement it – "It's all good and well to have things on your vision board, or have plans written down, but if you don’t really get to the bone of it, it’s never going to happen."
Be disciplined – "You've got to make sure that whatever goal you've set, that you're constantly running to that place. Sometimes being disciplined is doing the thing you don't want to do right now, but it will pay off in the future."
Watch the video for more tips from Motshidisi...
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