By Motshabi Nomvethe, Head of Technical Marketing and Life Insurance for PPS
In a world far different from ours, my great-grandmother defied expectations and broke barriers. She was a remarkable woman who not only lived until the age of 99 but also left behind a legacy of financial wisdom that continues to inspire me.
Growing up, I remember her warm embrace, infectious laughter and firm voice when we strayed from the right path. She was a pillar of strength and wisdom, always offering sage advice on life, love and marriage to my grandmother and her siblings. However, what truly amazed me was her remarkable financial savvy.
In an era when divorce was unheard of, especially for young black women, my great-grandmother boldly decided to leave her comfortable life with my great-grandfather in the 1940s. She disagreed with some of his life choices and chose to stand on her own, with four young girls by her side. With nothing but determination and resilience, she rented a small room and began selling “amangwinya”, or fat cakes, at the train station in the early morning hours.
Her hard work paid off, and soon she could afford a home for herself and her children. She expanded her business, opening a grocery store, butchery, restaurant at a taxi rank and a fruit and vegetable stall at the bus terminal. The money she made from these ventures not only provided for her daughters but also supported her grandchildren, great-grandchildren, and even great-great-grandchildren. When we cleared her room after she passed away, we discovered a stash of cash that many working people could only dream of accumulating.
When I prepared to get married, I sought counsel from my great-grandmother, eager to learn her secrets to success. She imparted her wisdom in the form of memorable life and money lessons that have stayed with me ever since:
- Own your finances: Do not delegate financial responsibility, especially as a married woman. Understand money, income, credit, expenses, interest and basic financial principles like tax.
- Put yourself first and save for a rainy day: Prioritise saving over spending. Set aside a portion of your income for emergencies before indulging in purchases.
- Have a budget: Stick to your budget and avoid impulsive buying. If it is not in the budget, save for it instead.
Mutuality
-is supporting others,
while they support you.
At PPS, we operate under the ethos of mutuality, where members benefit from the success of all. As a member with a qualifying product, you automatically get a notional PPS Profit-Share Account ™, where your share of company returns will be allocated. It is a structure that helps us, our intermediaries and members grow.
Because success is everyone’s business.
Members holding qualifying products share in the profit or loss of PPS through the notional PPS Profit-Share AccountTM and past performance is not necessarily indicative of future performance. PPS is a licensed life insurer, controlling company and FSP.
4. Shy away from debt: Beware of people trying to convince you to borrow money. Debt can be a burden, so it is best to avoid it whenever possible.
5. Do not keep up with others: Be comfortable in your own skin and avoid comparing yourself to others. Focus on your own goals and progress.
6. Beware of lifestyle inflation: As your income increases, resist the temptation to inflate your expenses. Maintain a modest lifestyle to avoid financial strain.
7. Money ruins friendships: Never play the role of a bank by lending money to friends. Money matters can strain relationships, so it is best to keep them separate.
8. Always have an exit plan: Maintain financial independence and have a safety net that can liberate you from unhealthy relationships or unsafe situations.
My great-grandmother’s simple yet profound teachings exemplified the essence of financial freedom. Although we live in an era with sophisticated financial systems and tools, we must first grasp the fundamentals. With access to financial advisers, information and various financial instruments, we have the opportunity to take charge of our financial well-being and create prosperity for ourselves today and tomorrow.
Let us honour my great-grandmother’s and many other strong-minded and focused women like her’s legacy, by embracing their timeless wisdom and striving for female financial freedom. Together, we can be the generation that shatters barriers and achieves true prosperity.