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A stack of books with a  pair of reading glasses on top.

EDUCATION, EMPOWERMENT AND ACTION

Knowledge that
empowers you to
take action

The Momentum Unisa Financial Wellness Insights 2019 report (pdf) has revealed that to keep themselves going through difficult times, it’s estimated that 1 in 3 South Africans work an additional job to either supplement their income, provide financial security or pursue the financial success they envision for themselves.

The advantage of knowledge is powerful. Financial education is empowering and gives you the momentum to take control of your financial journey by:
  • Understanding that there is a science behind financial success and equipping yourself with the right financial knowledge.
  • Having the confidence to go out and do what it takes to achieve your dreams - even if it does mean taking on a second job for a while.
  • Taking action to do what it takes to achieve financial success.


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Did you know?

  • A household can accelerate their financial success by spending less than they earn and save the balance. By doing this households won’t need to take up expensive debt to meet their financial obligations.
  • Household members can “talk the talk” and “walk the walk” in the journey to financial success by empowering themselves through financial education programmes to become financially capable and embrace positive financial behaviour.
  • Advice from a professional is an important building block to achieving financial success. Different types of experts can assist with the various personal financial challenges that households face.
  • To be better prepared for the journey towards financial success, it’s important for households to gain a good understanding of the factors that are within their control and those over which they don’t have any control. It is vital for households to know that there will always be factors beyond their control, but also that there are ways to self-guard them against some of these factors.



Super charge your financial success

Everybody should know what financial success is so that they can know when they’ve achieved it, but a lot of people don’t properly understand the meaning of financial success. You can become the CEO of your own life by understanding that every action you take contributes towards your financial success.

A short definition of financial success is achieving short-term targets in pursuit of long-term goals. This means two things. First, there must be goals. Second, there’s a journey towards achieving your long-term goals.

For instance, assume the long-term goal is to repay a mortgage within 15 years instead of the normal 20 years. This will require 180 monthly payments. Every monthly payment is a step on the journey – so every monthly payment made means financial success on the journey. Secondly, when the last and final 180th payment is made, financial success is achieved on the long-term goal.


Know it. Own it. Take action.

Behaviour is the most critical component to financial success, irrespective of income or social standing - and it can be learnt by anyone. This includes goal setting, budgeting, saving for now and the future, debt management and saving for a rainy day. At Momentum we believe that every South African deserves to have access to information and advice to support them on their journey to financial success. We encourage you to take the first step towards your successful financial future. Make a pledge to yourself to achieve financial success.



7 habits of money savvy households

  1. They map out their journey with measurable goals and a plan to achieve them.

  2. They maintain their momentum by knowing where every cent goes.

  3. They cover themselves for rainy days by having savings for unexpected financial emergencies.

  4. They make the bold choice to invest and understand the power of compound interest, enabling their investment to increase over time.

  5. They don’t let speedbumps deter them. They learn from their previous financial wrongs, learn from their mistakes and move on to strive for financial success.

  6. They’re financially savvy and streetwise and keep up-to-date with financial news and review all applicable tax legislation changes each year to ensure they optimise any adjustments and deductions.

  7. They diversify their income sources by having multiple income streams; whether it’s a small project to learn or master new skills that can be turned into a major source of income in the future, or have passive income sources like dividends, interest, or rental income.

Make these 7 habits part of your mindset and lifestyle and you’ll be well on your way to building and achieving a secure financial future. The journey is long and the road not always easy, but take the time to appreciate what you have. Take time to savour the small victories to help you stay on your long-term course. Enjoy each success, no matter how small. After all, you earned it.

JOIN THE CONVERSATION TO SEE THE BIGGER PICTURE

#SuccessIsAScience

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Explore more Momentum Unisa Household Financial Wellness Insights


Electric power towers with a backdrop of sunset skies.

Macro enviroment

Highlighting the effects of events beyond a household's control.

A man and a women wearing masks during Covid-19 pandemic.

Covid-19 impact

Showcasing how households’ mindsets have been impacted by Covid-19 and lockdown.

A young lady glancing over her shoulder and smiling. She is wearing a red barret

Women

Demonstrating a women’s financial reality in South Africa during 2020.

Want to see your finances with a fresh pair of eyes?

Get yourself on a sound financial footing by partnering with a Momentum financial adviser. Consider the long road ahead - you have every reason to get started today.

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