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Stop Spending!

Four reasons why you need a budget.

Andrew Padoa



Importance of a Budget

“HAVE A BUDGET!” Many finance experts have been saying this for many years and most people have more than likely had enough of hearing it.

However, creating a budget is the first step in sound financial planning. Budgeting is especially critical in difficult economic times where salaries are not increasing in line with grocery bills, petrol prices and school fees.

Remember, it’s not how much you earn, but how much you spend that causes financial distress. The points below should highlight some important reasons as to why following a budget is vital.

1) Keeps you focused

Budgeting helps keep you focused on the goal. For example, if your goal is to save R 5 000 per month, working your budget around this R 5 000 per month saving should prevent you from spending money on items that are not allocated in your budget.

You will never be able to save up for a home or car if you just spend money aimlessly without a plan.

2) You will find money that you could not account for

Budgeting should enable you to track every Rand spent and help you see where adjustments need to be made.

3) Identify bad spending habits

Building a budget forces you to take a close look at your spending habits. You may notice that you’re spending money on things you don’t need. Maybe the daily cup of coffee from the local café is actually costing you R350 per month or R4 200 per year.

4) Prevents you from spending money that you don’t have

Previously, people would live within their means as they only paid with cash. Nowadays, with debit cards and credit cards, it’s easy to overspend and get into a spiral of debt without realising it. Having a budget should help you calculate how much you can afford to spend each month.

Everyone is unique and therefore it would be best to find a budgeting system that works for you.

You could use an excel spread sheet or use the envelope system (where you have envelopes for various spending categories and the allocated money is put into these envelopes at the beginning of every month).

Just because you have a gym programme doesn’t mean that you are fit and healthy. You also need to consistently follow that gym programme.

Budgeting is exactly the same. Once the budget has been created, it now needs to be followed consistently and adjustments need to be made where necessary.

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Calculate your lifetime income. This is how


Andrew Padoa works in the Private Client’s division at Consolidated Financial Planning. His area of expertise is investments, estate planning, retirement planning and portfolio benchmarking. He has had numerous articles published in the media on a number of topics related to personal financial management. Andrew is passionate about educating people and has given several financial literacy talks to both schools and corporates. His objective is to use his abilities and knowledge to help others achieve their financial goals. Visit for more information

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Personal Finance

6 Ways To Develop A Millionaire Mindset

Chasing money has remarkably little to do with getting rich.



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If you truly want to have a million dollars, you must first be and think like a millionaire. By doing so, you will attract the necessary resources to you.

So, you want to become a millionaire entrepreneur? You’re not alone. Many dream of leaving their job and becoming their own boss, enjoying the various millionaire lifestyles we watch on TV. But there’s a difference between those who dream of becoming millionaires and those who do. And it begins and ends with mindset. If you don’t develop that mindset, you will continue to spin your wheels, working just as hard, but never going anywhere.

Developing a millionaire mindset requires you to stretch your thinking. Start by developing the following six attributes.

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Personal Finance

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

It costs nothing to take advantage of the limitless opportunities online.

Timothy Sykes




The hardest part of becoming successful is getting started to begin with. But despite the challenges ahead of you, there’s a way to become a millionaire when starting with little. I’m going to show you four reasons why you can become a millionaire with just a small investment.

1. First focus on learning, not big gain

Education is your greatest weapon. Focus on learning in the beginning. Don’t make the mistake of focusing on making huge gains in the beginning. Learn everything you can because this is how you build the foundations for long-term gains.

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

They say that if a millionaire goes bankrupt they’ll nearly always be able to get it back. And that’s because they might have lost their money, but they have the knowledge of how to get back to where they need to be.

2. You can learn loads about any topic online


I’m grateful for the internet. It’s the single biggest library in the world. You’re reading this article right now and you’re acquiring knowledge you wouldn’t have been able to acquire 40 years ago.

Use the internet to its fullest extent, whether that’s through reading books, browsing articles or watching video tutorials. Set some time aside every day to learn something online. It could be a video series or a favorite blog.

When you get into the habit of learning regularly you’ll find that you advance much faster.

3. Focus on the niche you love

These days you can learn about anything and target the niche you’re passionate about.

This is what I was able to do with penny stocks. I found a gap in the market and provided knowledge to people who wouldn’t have otherwise being able to access this sort of information.

You can do that with absolutely any niche. When you find a niche you’re passionate about and you use the reach of the Internet you start to make huge gains.

4. Prove your expertise by creating free content

Your reputation as an authority is the new business card. There’s a reason I created a penny stock guide and made it free for all. You may have already seen ads for it on social media. The way to succeed with little is to create a reputation through your content.

Related: How To Become A Millionaire, Explained In 1 Minute

It’s the gateway to success because through free content you start to build relationships with others who value your work. And from there everyone gets richer.

You can do lots with a little

The days when you needed a huge investment to become successful are long gone. These days you can do so much with just a little. Find what you love, advance your knowledge in that area, and create a product that fulfills a need. Finally, work on building up relationships through portraying yourself as an authority on your subject.

Combine everything together and you can accomplish anything.

This article was originally posted here on

Related: 13 Habits Of Self-Made Millionaires You Could Adopt Today

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Personal Finance

10 Tips To Become A Millionaire This Year

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

Murray Newlands



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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.

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