Thank you to everyone that came to our Youth Money Circle event on the 16th September 2017 at the Standard Bank Incubator. It served as yet another indication of the importance of financial literacy, and the deep desire and hunger from the youth to build better relationships with money.
Thank you to Standard Bank, Liberty, Easy Equities, MINI Leo Haese and the 4 amazing speakers that we hosted. If you missed the event, these were some of their key thoughts and statements.
“Financial freedom is when your income from assets exceeds your expenses. Remember that debt robs you of your wealth. So try and be free from bad debt like credit cards, at all times. Build an emergency fund that you can use in the event of a financial emergency. Always try to spend less than you earn, and save at least 15% of your total annual salary or income. Build your income-generating assets so that they will eventually pay for your expenses in the future. This means you won’t have to rely on your salary from work to cover your expense. This will put you on the path to financial literacy”.
– “The stokvel industry in South Africa is worth R46 Billion. We need to harness this mechanism to create wealth. Join an existing stokvel or create a new one with likeminded individuals who share the same goals as you. Ensure that everyone is bringing their unique skill or talent to the stokvel. Employ a financial advisor who can help the stokvel or investment group to make decisions”.
Carly Barnes and Waylon Smit
– “It’s never too late to start investing and taking an interest in owning shares on the JSE or US market. Easy Equities is an amazing and cost effective platform to start owning the brands you love with the little that you have, directly from a computer or your Smartphone. You can watch your shares them grow in value and size, knowing that you are a shareholder. There are numerous tools for first time investors on Easy Equities; from demo accounts, engaging videos and blog posts”.
– “It’s important to write down all your financial goals and plans. Ensure that when you make a decision to either buy a house or motor vehicle, it is in line with your overall goals. So it’s a subjective and personal decision. Think things through, do some research and evaluate your options.”
With Key Stakeholders like Standard Bank, Liberty, Easy Equities and MINI Leo Haese, we will continue to make a difference by creating this free platform to inspire, educate and empower Young South Africans.