Steps to Financial Fitness: A Goal for Every Life Stage | Episode 1

Sechaba Gqeba Hi everybody, welcome to the Eight Steps to Financial Fitness series of workshopswith Old Mutual. My name is Sechaba Gqeba, and I’m your host. So, I can’t think of abetter time to be having this discussion, and talking about ways to become more financiallyfit. 2020 made us on the side of the president, it was a very difficult year. Wewent through the global pandemic, which turned everybody’s lives upside down. Weall had to look within, we all had to kind of look at other ways to make money, we all had totighten our regions when it came to our finances. And being a freelancer and a legion, and beingin the industry that I’m in, I had to look at my life in other courses and think to myself: I won’t be able to go out and host occasions. I won’t be able to go out and do voiceovers.I’m a father of two, I’m a married woman, I had objectives that I had to kind of go back to thedrawing board and adjust as a result of 2020. So, we’re going to be link this to your fitnessphysically. Because a lot of the times when you’re out there and you’re trying to be fit and get thebody of your dreams and be healthier, you do it in steps. So, I’ve got the perfect person to take usthrough this. We’ve got eight of these workshops, and we’re starting with Elize Botha, whois the MD of Old Mutual Unit Trusts. Elize, welcome to the show.Elize Botha It’s wonderful supposed to be here, Sechaba.Sechaba Gqeba Well , not the register, but the workshop. Youlook absolutely amazing. Thank you for being with us today.Elize Botha Oh, so do you. It’s great to be here.Sechaba Gqeba All right. So, we can’t talk about financeswithout accentuating the side of purposes, acquiring aims. Why is it important to set objectives? Elize Botha I think what we are fierce about is SouthAfricans and helping them to achieve their goals and prosper. But you can’t achieve a goal if youdon’t have a clearly defined aim and a clear path to reach that goal.It’s like when you areoverweight and you decide to go on a nutrition. You decide what your goal weight is, you agreeon an exercise plan, you will be voting in favour of an feeing scheme. And then you adjusted your timeline. It’s thesame with monetary fitness. You need a objective, you need incremental steps, and you need tostick to it to reach the end destination. Sechaba Gqeba But is in accordance with your industry, you’re more clued up on the process of goalsetting and kind of structuring your goals. Someone out there is probably theory, wheredo I start? You know, after a year like 2020, we were all just thwarted. So, where doessomeone who perhaps lost everything or perhaps lost a fraction of the salarystart with regards to setting destinations? Elize Botha Firstly, begins with a blank page. Last-place year was a difficult one.Between now and2 021, we can start afresh. So, firstly understand what your values are. You can’t be successfulin goal giving, if you do not knowing what you value. And people ask, “So, how do I know whatI value? ” It’s what you surround yourself with, where you spend your time, where you spend yourmoney. And then secondly, what you have to do is you have to time brainstorm. Putdown everything you trying to achieve, everything you’ve ever wanted to do. And thenyou narrow it down.Then you decide out of this 20/30/ 40 things I’ve put down, “what is the most important to me? ” Then you end up with a maximum of 5 things. Butlike a life wheel, there’s also a financial rotation. You must make sure that all your goals are notin the same bucket, because it will be completely lopsided. For speciman, we need an emergency fund.Last year we determined that things happen. You don’t know about it, you don’t plan for it. Have theemergency fund to help you through life’s pilgrimage. Second thing, have joy objectives. You know, thosebeautiful anniversaries, the weekend away with my best friend, that’s also important. And then yourlong term aims: retirement, buying that room, answering for your adolescents education in the future. Andmake sure that you’ve got one in each bucket. And that they are able to procreate your rotation relatively round, and thatwill help you on the path to financial discretion. And simply made to ensure that when you have your fivegoals, that you’ve got one in every bucket. They all can’t be in the charm point department thing, thenyou won’t retire comfortably, or you won’t be able to buy that room of your dreams.Sechaba Gqeba Why do we find this whole process sointimidating as human being naturally? Elize Botha I think we’re scared of finances.We belief finances is a very difficultthing, we don’t believe we can actually change “peoples lives”. We think we’re not rich fairly, we thinkwe are not well off enough. And really by starting, you’re actually once varying your future.Sechaba Gqeba True. Alright, so, I have so many competinggoals and you spoke about it, structuring them is a good thing. But perhaps I might think this isimportant. And the next person might think that’s not important, my husband would be like, “butI don’t think we need to do that”. So, how do I go about going through emulating purposes and sayingthis is the most important one and this is the one that I really need to put on number one? Elize Botha If you have a marriage or development partners, themost important thing is to sit down with them and concur what is your joint objectives andto plan for those. And you have to debate, I’m sure there will be lively-Sechaba Gqeba There will be a lot[ laughter ]. Andthey do get intense, rely me. Elize Botha They do, they do, and then formerly you agree on that, decide on yourindividual destinations, because then you can say, “Okay, I want to do this, but you don’t.” And by doing itthat practice, you can still get up to your five objectives, some joint, but some individual. Sechaba Gqeba Love it. And what is your biggestfinancial goal? Personally. Elize Botha At this stage in my life, I’m about monetary freedom. And to achievefinancial freedom, you have to be debt free. So, you have to service that debt and be disposed of it, and then have an investment portfolio that is big enough to sustain your lifestyle. Sechaba Gqeba Okay, I’m going to stop you rightthere. Because an investment portfolio, someone is watching and thinking, “investment, what? ” Could you time smash that down for us? Elize Botha Again, getting back to your previous goals.So, for example, there’s a lotof corporation websites that gives you tools to say, what is the best option for you. From as littleas R500 a month, you can invest. And so, beings frequently consider I need 1000 s to start. You can doa debit order and do it monthly. So, basically, you can go onto business’ websites, you can goonto oldmutualinvest.com. And you can see exactly what to do and how to start, and it doesn’ttake a lot of fund. That’s the good news. Sechaba Gqeba Lovely. And do you have any advice on how to stick to your goals? Because I do speculate, especiallythink of a year like 2020: you could have had your goals, and then you had to kind of shift thingsaround and go back to the drawing board.So, how would you admonish one vanishes about doing that? Elize Botha I see the most important thing is to startwith a blank canvas, like I said before. Understand your values, that’s probably themost important thing. And don’t buy stuff that you don’t really need to keep up withthe Jones’s or the Khumalo’s, don’t do that. Really make sure that you fulfill what you reallyneed, and run from there. Start a vision board. Now, I know that sounds very airy fairy, butit’s actually so important. Put draws down of exactly what you want to achieve, and remindyourself of it so often. And then another thing to do is to make sure that you don’t listen tooutside noise. Marketplace are going to fluctuate, there’s going to be new politicians elected andthings are going to sometimes be very noisy. Just don’t listen to it. And don’t be influencedtoo much by outside parties about what you should think about.Sechaba Gqeba Which can be quite difficult, especially in thiskind of industry.But I love that you touch up on the vision board. I belief with any other industry, parties would admonish you to put something down on paper, draws, so to be able to visualiseit. So, for me, I – it’s a little embarrassing, but I recall I’d only put together a vision boardtwice in “peoples lives”. And I reflect the only thing I’m going to take from here is I need to regularlyremind myself of what my goals are. What would you want people to take from this workshop? Elize Botha First thing is , nothing is impossible … if youplan. Understand yourself, because business fitness is all about you as an individual.Then, don’t be scared of something you don’t know.Just start today. If you save R500 thismonth, it’s better than where you were in 2020. So, use 2021 as a blank canvas, andjust paint your fiscal future. Sechaba Gqeba I adoration it. And I affection that you took us through the steps. But really to summarise, in case someoneis kind of just going over this and vanishing “I merely want to go through the main pointers”. In termsof a epitome, what would you say your top three the picture is, that are most important to take outfrom what you and I have discussed right now? Elize Botha Firstly, understand what you’re about, and where you are going. Secondly, articulated a visionboard together and then utilise tools that we have on company websites to decide: “Wheream I going to invest? “, “For what am I going to invest? ” and simply start today. Ithink that is the most important thing. Sechaba Gqeba I enjoy it. Elize , thanks very much for the advice. And I conclude a lot ofpeople will be taking a lot from these workshops, and hopefully doing better after such a difficultyear.So , thanks very much for your gratuities. I review one thing I made from this, is to have your goals, be able to prioritise, which are vital. Vision boards, being able to visualise, and notlistening to the outside noise. Just recollect we have seven more of these workshops coming up, andyou’re going to be taking a lot from them. Thank you so much for connecting us for the first one.Transcribed by https :// otter.ai

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