Connect with us

Personal Finance

Great Choices Today Lead to Wealthy Lives Tomorrow

One way to improve your life tomorrow is by learning how to manage your money better.

Paul Leonard




The life you are living today is, largely, because of the choices you made yesterday, and the life you will live tomorrow will be determined by the choices you make today.

You can improve the quality of your life tomorrow, by making better quality choices today.  One way to do this is by learning how to manage your money better – by improving your financial literacy.

Have you ever thought about how much money you will earn in your life?

If you earned R10 000 per month then you would earn R120 000 per year. In two years you will earn R240 000. In five years you will earn R600, 000, and in ten years you will earn R1,2 million. Over a 40 year career you would earn 4,8 million (in today’s money).

Most people in a reasonable job will earn a few million rand over the course of their careers. After tax you are free to do with your money as you please.

The ups and downs of saving

The average South African saves less than 2% of their income. If we consider that most middle class South African’s will earn a few million Rand during their careers, we have to wonder what choices are responsible for the fact that we save so little.

One culprit is impulse purchases. We have all had the experience of walking out of a shop with something we did not plan to buy. The layout of a retail shop is cleverly designed to temp us to spend more than we had planned to spend whenever we set foot in the door.

An enormous amount of time, effort and money (billions of Rand) has been spent on studying the way we think during our moments of choice as we walk through a shop.  That knowledge is then used to create clever marketing strategies around those ‘moments’ of choice which are designed to increase the likelihood that we will leave our money with ‘them’.

We as consumers have, by comparison, spent very little time, effort and money figuring out how to keep our money. The system is stacked up against us.

Making better choices

Over the course of your life you will make many financial choices. Should you buy the expensive branded clothing or the less expensive option? Should you take out a loan and buy the furniture now or should you wait until you have saved enough and then pay cash?

Should you buy take-aways or should you make supper at home? As you make these choices over the years you are shaping your financial destiny.

If you want to get ahead you need to design a plan for your money, or else you will, by default, follow the plan that someone else designed for your money – and they have a plan because they know that you will earn a few million rand in your lifetime and if they can secure some of that each month then they have a good business!

Whether or not you become financially independent, and live the life you choose will be determined by the choices you make.  Becoming financially literate will improve the quality of those choices.

Ideally we should learn how to handle money when we are young, but few people become financially literate in their youth. Salaries also don’t come with user-manuals.

It is, however, never too late to learn because, while you cannot change the past, you can change the direction of your future. Learning to make smarter financial choices can improve your future.

Paul Leonard CFP® is an executive director of Consolidated Financial Planning. He runs the Eastern Cape region and is intimately involved in the Corporate Solutions division of the company. He has become well known throughout the Eastern Cape for his daily personal finance insert called MONEY TALK on Algoa FM, and was the national runner up of the Financial Planner of the Year awards in 2006. Visit for more information.


Personal Finance

10 Tips To Become A Millionaire This Year

Becoming a millionaire requires changing your mindset and implementing some changes.

Murray Newlands



Prev1 of 11

Becoming a millionaire may seem out of your reach, but it’s possible with the right attitude and guidance. The fact of the matter is your income can only grow as quickly as you do, so you need to change your mindset to achieve your goal of becoming a millionaire.

Once you have a millionaire mind, you can’t lose it, no matter what financial or business mistakes you make along the way. To get yourself there, you’re going to need some structure. To help you, I’ve outlined the top ten tips you should follow to become a millionaire this year.

Prev1 of 11

Continue Reading

Personal Finance

If You Think These 5 Things, You’ll Never Get Rich By The Time You’re 30

Five common mistakes entrepreneurs make when starting a business and how to correct them.



Prev1 of 6

Last week, I had lunch with a millennial who wanted some advice about a business he’s starting. After the usual small talk, we got down to discussing his business plan. Within a short time, it was clear that his business idea was great, his plan for executing was fairly solid and he had gathered together a strong team to help him make it happen.

So far, so good. But, to be frank, this guy has no chance of being successful with his current mentality. What it takes to be rich (or successful in any measure) has a lot more to do with your mindset than your ideas and plans.

From the time we started in business at the ripe ages of six and seven, our Grandpa Joe taught my brother Matthew and me many lessons about the details of running a profitable business. Over the years, we learned about how to create a business plan; how to market our products and services; and how to take care of customers, vendors and employees. All this knowledge has been invaluable to us in creating and running successful businesses. But, what our grandfather taught us about attitude and mindset trumps all other lessons.

Without calling out the specific individual I spoke with recently, below are five “hypothetical” attitudes that will get you nowhere in your journey to success – and the attitudes that should replace them.

Prev1 of 6

Continue Reading

Personal Finance

5 Habits That Lead To Millionaire Business Success

You need the right habits if you’re going to succeed.

Timothy Sykes




What do all millionaire businesspeople have in common? Well, a lot of things.

I found from a recent study that 80 percent of all millionaires still go to work every single day. They’re working people just like me. But, they have to keep themselves in work or it all grinds to a halt. So what are the habits you need to make your business a success?

1. Patience

Nothing is ever going to come easy. You can look at the likes of Steve Jobs and Bill Gates, as well as the other usual suspects, to realize that success didn’t come with their first venture. Many of them failed time and time again. It took patience for them to become successful.

I read an article recently about 36-year-old teacher Andrew Hallam who became a self-made millionaire on a teaching salary. But, in his spare time he invested smart and lived frugally.

It proves you don’t have to inherit lots of money or become an instant success to make a millionaire business.

Related: 4 Ways To Become A Millionaire Even When You Start With Little

2. Dedication

You have to be dedicated to your craft if you’re going to become successful. Going back to Bill Gates again, he started his business in the back of his garage. Now that’s dedication.

It’s what I tell all my students. If they’re not dedicated to this, then they should leave. You need to be able to push through the barren periods if you’re going to reach the oasis of success.

3. Ambition and big dreams

Have you ever heard the quote, “Shoot for the moon. Even if you miss you’ll land among the stars”?

I take that to heart because even if you aim to become a billionaire and miss you still might be a millionaire many times over. Take the Wright Brothers as an example. Not content with creating a successful glider in 1902 they went on to create the world’s first airplane in 1903, making four brief flights in Kitty Hawk. It demonstrates the importance of dreaming big because you never know what you might achieve.

Related: 12 Millionaire Habits To Start Making Serious Money Soon And Build Wealth In A Hurry

4. Learn from mistakes

Every good businessperson will mess something up. It’s inevitable. What’s important is how you learn from your mistakes over time. Do you adapt after making your mistakes?

Millionaire businesspeople always set some time aside to reflect. Then they create a plan of action for ensuring that it doesn’t happen again. Most failed businesspeople put it down to “bad luck.”

5. Focus on niches

This important! Try to take over a whole industry at once and you’ll inevitably get swallowed up by the competition. Start small and control your own niche before moving into another niche. When you master your small area, you can push on and expand.

Related: 21 Choices Millionaires Make That You Aren’t Making But Should Be

You’ll be amazed at how much easier it is to expand after you master your own niche/audience first.

Do you have what it takes? That’s the question I always ask novice businesspeople. You need a plan and you need the right habits if you’re going to succeed.

This article was originally posted here on

Continue Reading



Recent Posts

Follow Us

We respect your privacy. 
* indicates required.


FREE E-BOOK: How to Build an Entrepreneurial Mindset

Sign up now for Entrepreneur's Daily Newsletters to Download​​