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.
Denne historien er fra June 2018-utgaven av Entrepreneur Magazine South Africa.
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Denne historien er fra June 2018-utgaven av Entrepreneur Magazine South Africa.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Start Planning Today For Future Wealth
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.
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Sorbet franchisee Kate Holahan went from corporate employee in 2015 to owning two franchise locations in just over two years. By September 2017, she had launched a new location, acquired new clients and was learning something new every day. It took a few learning curves and partnering with the right bank to lead her to successfully running her Sorbet and Sorbet Man stores at Benmore Shopping Centre in Sandton.
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If you want to close more sales, you need to understand the three phases of the customer buying cycle.
No Limits
When Offlimit Communications faced its first downturn after ten profitable years in business, its leadership team didn’t even question that they would turn things around and make them better. With resilience and determination, they analysed the business, made some tough choices and took action. Within six months they took the business from massive losses back to profitability, and a year later doubled their pre-losses turnover — all in the middle of a recession.Here’s how Lisa Cohen, Jerome Cohen and Garon Bloom took lemons and made lemonade, building a R130-million sustainable business in the process.
