UNDERSTANDING THE IMPORTANCE OF MONEY MANAGEMENT AND WEALTH CREATION

DECIDE TO BE THE BOSS OF YOUR MONEY

When it comes to money management and financial literacy, what works for John may not work for Peter. It’s also important to note that only you can be the BOSS of your money. No matter the state of your finances, you CAN always start making steps to change your money management habits for the better.

WHICH LIFE STAGE ARE YOU ON?

Our circumstances and stages in life are very different for example, you might be single and not looking at starting a family soon, or you could be a young couple, divorced with kids, or close to retirement.

You need to understand which life stage you are in and set short-term, medium-term, and long-term financial goals. Have you considered unexpected events? Think about unexpected events like losing your job, a death in the family, or unexpected medical costs in your financial planning, and take steps to ensure that you won’t have to suffer major financial setbacks. Analyze your environment for opportunities to create wealth.

You also need to understand the environment you are in, the Zimbabwean environment, together with the devastating economic effects of the COVID-19 pandemic on businesses and families. In every situation, there are opportunities. Identify how you can create multiple streams of income.

BE A LOVER OF INFORMATION

There is a lot of information available on wealth creation and managing your money. Seeking information on how to create wealth is a personal choice, read books and follow social media personalities and groups that share such information. Follow companies that teach on financial literacy.

SEEK ADVICE FROM A FINANCIAL ADVISOR

We do not know everything, and sometimes it’s best to talk to experts to help you make the right financial decisions based on your situation and everyday needs. Old Mutual has an expert team of financial advisors who can provide you with financial advice at no cost.

OLD MUTUAL ON THE MONEY FINANCIAL EDUCATION PROGRAMME

At Old Mutual, we run a financial education program called On The Money, which focuses on the five secrets of financial security. We based these five secrets on the Big Five African animals (Leopard, Lion, Elephant, Rhino, and Buffalo) because of the different behaviors they display. The way they live, hunt, and survive can teach us some habits we should adopt when it comes to managing our personal finances.

We also offer free financial education training to companies, small, medium, and micro-enterprises (SMEs), or communities interested in empowering themselves with financial management skills.

You can find out more about this by dropping an email to [email protected]

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