Q&A Budgeting is by far the biggest threat to wealth planning, says wealth coach Nelisiwe Masango. If you’re part of the majority of people who don’t have a monthly budget or who have one, but don’t adjust it regularly, you could be hindering your financial progress.
Nelisiwe Masango is a 26-year-old award-winning serial entrepreneur, financial wellness coach, day trader, investor and international speaker. In 2016 she was selected by Santam Insurance to become their entrepreneur ambassador and participated in a six-month web-based series to promote entrepreneurship. In 2017 she was awarded, by international giant Frost and Sullivan, the 2017 African Growth Innovation & Leadership Award, alongside founder and CEO of Discovery, Adrian Gore. She represented South Africa at the 2017 World Forum for Responsible Economy in Lille, France, discussing how entrepreneurship and financial literacy are required to build and sustain an effective global economy.
Q What are some of the most common mistakes people make as they embark on their wealth planning journey?
As a financial wellness coach, I’ve picked up a few common mistakes that people make, irrespective of their age, gender or race:
Only 30% of people keep a record of their day-to-day spending, including receipts that aid in your monthly budgeting regime. Keeping a record of all your expenses, fixed and variable, will help you avoid overspending and being in a deficit at the end of the month.
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