Take Madiba’s words to heart

Proper finance management is one of the most valuable things we can implement in our lifestyles. In Nelson Mandela month we’re paying tribute to himby linking a few of his famous quotes to suitable financial freedom and management tips.

“Money won’t create success, the freedom to make it will”

Having a stable salary, job and benefits are surely considered a bonus, but you’re responsible to create your own future financial freedom. Life tends to throw many curve balls and can always change. You should, therefore, not be too dependent on people or fall in a comfort zone because of your current situation. Use your creativity and talent – your own “freedom” – and successfully get in the habit of alternative ways to regularly do what you love while gaining money for it.

Goal

Find other income substitutes or extras to boost your savings. This will give you the freedom of creativity you strive for and you’ll also execute what you’re good at. These extra savings can be tucked away for unforeseen emergencies or for your short-, medium- and long-term financial goals.

“After climbing a great hill, one only finds that there are many more hills to climb”

Life is always full of financial challenges. Rather than feeling utterly defeated by these trials, see them as opportunities for growth. Remember to always be prepared as best you can and be proactive.

Goal

Do you have emergency fund savings account? It’s never too late to start with this type of fund. You can start with a small amount at first and add more to the total whenever you can.

“Forget the past”

A simple saying – yet it is very valuable and true. Have you made a few bad financial slip-ups? Grow from your mistakes, rather than being stuck in the past.

Goal

Turn over a new financial leaf; don’t dwell on past financial mistakes and know that you aren’t alone when trying to fix your debt. You owe it to yourself to get the assistance you need in getting your finances on track again. Do proper research and find registered or credited financial gurus. Look at bankers, financial planners or, in worst debt-case scenarios, contact a debt counsellor recommended by the National Credit Regulator. – DebtSafe

Moneyweb

There appears to be little light at the end of the tunnel for SA’s beleaguered construction industry, with many major listed construction companies fighting for survival.

Basil Read, Group Five, Esor Construction and Liviero Group are in business rescue. Others, like Aveng, have downscaled. Industry employment dropped 3.6% year on year in the first quarter of 2019 to an estimated 618 000.

Group Five

Group Five’s auditors PricewaterhouseCoopers (PwC) quit earlier this month, following the resignation of a number of senior staff. Business rescue practitioners plan to publish a business rescue plan by August 30.

Industry Insight said this month “we have most probably seen the last of Group Five”, with business rescue practitioners