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:

1. What does wealth mean to you?

2. 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.

3. What kind of legacy will you leave?

4. 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.

1. Financial success starts with the decision to want financial success

2. Let go of keeping up with the Joneses

3. Avoid the ‘Middle class syndrome’ – the more I make, the more I spend.

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

1. You cannot reach anything significant without a specific goal!

3. Know your Net Worth

1.      Net worth = Assets – Liabilities

2.      Assets must be greater than Liabilities

3.      Do the calculation at least once a year to see progress

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

1. “If you want to change something, you must be prepared to lose something”– Thuli Madonsela

2. Honestly ask yourself: “What am I willing to ‘give-up’ to achieve financial success?”

5.  Start a side hustle to supplement your income

1. 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

1. Investments

2. Life Insurance (≠ funeral cover)

3. NOT DEBT

7.    Lastly

1. Do not be overwhelmed with financial jargon,

2. Seek the help of a qualified and experienced professional, BUT

3. Equally do not take anyone’s word for it;

4. Educate yourself, educate yourself, educate yourself.