Young money, save money
Money, ah the days we had R5 to spend at the tuck shop and walked away with a bag full of sweets. These days you can't even park at Menlyn Mall for R5! The age old saying rings true, 'money can't buy happiness', but it does make starting a family, chasing your dreams and retiring seem a lot easier! This blog is about being money savvy, but don't fret, I don't write this blog out of my own well of knowledge - this is more of a 'what I've learned, read and listened to' kind of blog.
Only at the very late age of 26, I eventually
figured that money was not all for spending.
As a student, I worked three part-time jobs and
the option was always there to go shopping for
a few things I convinced myself was necessary.
All of that is now probably worn through, eaten
up or thrown away.
So to help you be more money savvy I have compiled a list of books, apps and podcasts that is worth investing money and time in.
WHAT TO READ:
1. Manage Your Money Like a F*cking Grown Up: The Best Money Advice You Never Got
Book by Sam Beckbessinger
Yes - that is indeed the title of the book, and if that doesn't excite you, I don't know what will! Sam writes about finances in an exciting, relatable and understandable way. She focusses mostly on saving, especially starting while we're young, and how to achieve financial freedom. It really opened my eyes to see how putting away money ASAP can have a long-term impact, rather than waiting to save up. The book's website is also very helpful and full of tools to help you plan your finances.
2. Become Your Own Financial Advisor
Book by Warren Ingram
Mr Ingram is a real 'cool guy' and sure knows what he's talking about. The book is all about financial independency - making the right moves at the right time to ensure that you can retire one day with peace of mind. It covers a range of topics, including saving, investing, debt management and buying a house to blunders to avoid, 'Become Your Own Financial Advisor' is for everyone - from young working adults to those retiring and it shows that financial freedom is possible for anyone.
3. 90 Rules for Entrepreneurs: How to Hustle Your Way to a Business That Works
Book by Marnus Broodryk
We have all heard or seen something about Marnus Broodryk, a South African self-made millionaire and one of the sharks on Shark Tank SA. He is quite young, cool and full of energy, and is all about the hustle. "A business should be more than just a venture – it should be an adventure! The difference between a successful journey, and a wasted one, is knowing when to do what. That is what this book is about. Not science, but experience. The rules of hustle", a perfect summary of what his book is all about!
WHAT TO LISTEN TO:
1. The Money Show with Bruce Whitfield
I know our generation is not too fond of radio - if you are, Bruce is on 702 and Cape Talk every day and does the 'Money Show'. If you're a hipster, you can also catch it on a podcast! Bruce is a financial journalist that has won many awards for his work. He gets us the answers to all the right money-questions, and he even wrote an inspiring book regarding South Africa's financial situation, called the 'Upside of Down'. Don't miss out on his financial wisdom!
2. Personal Finance with Warren Ingram
Not only does Warren Ingram write great books, he also joins Bruce on the Money Show every week where they focus on personal finance and how you can reach financial freedom. On that note, financial freedom means having enough residual income to cover your expenses, as well as being able to save and retire with peace of mind, obviously without any debt - something Mr Ingram taught me! He looks into investing, buying cars and property, annuities, stock markets, unit trusts, ETFs and just saving in general.
3. TED Talks - TED Business
TED Business teaches us a lot about the principles of finance and business. I have listened to Podcasts by major companies' CEO's, young entrepreneurs and academics. Whether you are a young inspiring hustler or a managing director, there is something for you on TED Business. True to TED talks, there are various guest speakers on various topics, which makes it an exciting platform to enrich your own knowledge.
WHAT APPS TO DOWNLOAD:
Apps these days can do anything, not long before we have some dishwashing apps! There are especially very cool financial apps.
Apps like ClearScore helps you track your credit status and do regular credit checks. Then there is the GoodBudget Budget Planner that is an excellent way of planning your expenditure in advance. The various stock tracking apps are handy if you like to keep tabs on what's happening on the stock market. My all time favourite app is 22seven. The app automatically logs into all your accounts and compiles an income and expenditure report, as well as categorises your spending and indicates how much money you are putting away as savings. This is very useful to see where your money is going, especially those small card swipes for coffees and snacks (or is that just me?).
This is my conclusion of everything I have read and learned: Save, even when you think you have to spend or need something, think twice. Don't opt for credit if you do not need to and work for financial freedom starting now!
Happy saving, readers!