LIVING WITH CONFIDENCE WHEN IT COMES TO YOUR FINANCES | Four inspirational women share more about their financial triumphs and triggers
Being financially confident, secure, and prosperous. Learning from your mistakes. Finding your purpose and being real. These were just some of the inspiring messages that were shared at the
Agenda Women Summit 2022 which took place on Saturday, 27 August 2022.
The summit was hosted by Nomndeni Mdakhi, entrepreneur and founder of Agenda Women, an online platform established to help navigate the evolving dynamics of being a working woman through shared experiences. And shared experiences are exactly what a panel of four dynamic women provided in a financial conversation sponsored by Sanlam, specifically about the pitfalls and positives when it comes to our finances.
Sanlam financial advisor and educator, Adele Barnard; single working mother, Nompumelelo Mgidi; digital content coach, Simphiwe Ntuli and charter pilot and lifestyle content creator, Regomoditswe Khoele, chatted to delegates about what living with confidence means to them.
Ntuli says she ticked all the boxes when it came to making poor financial mistakes when she was in her twenties. These include taking out loans to lead a particular lifestyle and buying a car that she and her husband might have qualified for, but that they couldn’t afford.
As she says, “getting started starts with getting started”, and through her mistakes, Ntuli has learnt many valuable lessons when it comes to money. Being a content creator in the influencer space means that income is never regular. For Ntuli, her confidence has grown because she has learnt the importance of planning. “Living within my means, being able to afford the things I need and not stressing,” is what living well now means to her.
Khoele agrees, having also made some expensive money mistakes in her twenties, mistakes that took her a decade of debt to escape.
These included taking out car finance with a balloon payment, using revolving loans to get deeper into debt and overusing her credit card. She says cashing in her pension fund when she resigned from a job to try and pay off some of her debt was just another financial failing that she has since learnt from.
The best advice she ever received was a quote by American author Robert Kiyosaki who said that financial freedom is available if you learn it and work at it! She says learning to live with confidence has changed her life and 10 years later, she did just that and urges other young women to avoid these pitfalls and temptations.
For Mgidi, a single mother working in financial services, living well means that money isn’t a stumbling block, and that you have a good quality of life. She has achieved this by respecting money and having a positive outlook when dealing with money.
Having one paycheck and raising children is tough, and for Mgidi, making sound financial decisions is vital. Coming from a family consisting of many strong women, she says that she has learnt to be genuine, real and clear about what she has and not compare herself to other people’s lifestyles or purchases. “My confidence will speak for me, “she says
Mgidi says that money comes and goes, “Don’t let it define who you are and treat it with respect!”.
If there is one woman who understands the challenges so many of us face when it comes to finances, it’s Sanlam’s financial planner and educator, Adele Barnard.
Barnard says that many women face the same triggers when it comes to money, whether it be overuse of a credit card, spending too much on houses or cars or even family responsibility. Often, she says, bad financial decisions are based on chasing the next big thing. Even high earners often have a very low net worth, because they spend more of their money on approval and validation rather than savings and investments.
As women, we live longer, and we have more and more responsibilities. Barnard says that looking at ourselves, and at our lives holistically, is vital. “Make time for money, so that your money can work for you!”
Finding a balance between work, life, health and financial wellness is complicated, but learning to live with confidence is not only aspirational, but doable. Whether you are a student, an entrepreneur, an influencer, a businesswoman, a mother, a wife, or a combination of these, living with confidence really is a game changer when it comes to your finances.
Portia Mogale, Head of Organisational Effectiveness at Santam Insurance and 2022 Agenda Women Power Hour Mentor, expressed the importance of knowledge sharing among women. “What an absolute pleasure it was to be a mentor at the Agenda Women Summit, women are making amazing strides in founding socially responsible and profitable businesses that are positively impacting our communities and country and also contributing as key players in various industries. It is therefore important that we get together to share the skills set, and mindset that will enable women both in corporate and business to live with confidence, build empires and sustain society. These collective circles of learning and motivation are so important for the holistic well-being of women and society at large.”
Make sure you are prepared and in control of life’s challenges and opportunities, have a plan and stick to it. Get advice from a certified financial adviser and go to www.sanlam.co.za. For practical guidelines on how to achieve financial confidence download your free copy of the Sanlam Confidence Rule Book.