Know why you want more money
Set goals and have clarity about how much money you want.
Candice van Vuuren, a senior speaker for the financial education group Rich Dad Education, addressed Benonians about the benefits of financial education.
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The workshop, held at the Lakes Hotel and Conference Center on January 17, was based on the book written by property tycoon Robert Kiyosaki.
Kiyosaki became a bestselling author in the early 2000s for explaining how to achieve financial freedom.
Van Vuuren said to achieve financial freedom, one must calculate one’s basic living expenditure and generate enough passive income to pay for that.
She explained passive income is something you work for once that generates a constant income.
An example used was to rent your property to create revenue.
She advised the audience that there are other methods to generate passive income if a property is not something they are interested in.
“It is important to have clarity,” she said.
“Clarity is power because clarity brings focus.”
“If you are not convinced of what you want to achieve, how will you know when you are done?” she asked.
She said one must also know why one wants to have more money.
She believes one must have at least 200 reasons why.
“Your biggest why must be so big, it must make you cry,” she said, explaining that this is what motivates people to persevere through hardship.
Van Vuuren also urged Benonians to be able to differentiate between assets and liabilities.
“Your car is a liability because it takes money out of your pocket every month and it loses 30 to 40 per cent of its value the moment you drive it out of the showroom,” she explained.
She said education is an asset as it is paid for once and gives lifelong skills to generate more money.
She did, however, explain that financial education is more valuable than other education.
She is also convinced that it is risky to only have one source of income.
“What happens when your job is taken away? You must be trained to tap into more opportunities to generate more cash flow,” said van Vuuren.
She explained there is nothing wrong with having a day job, but one should have multiple streams of income.
“Once you are clear about your goals, something powerful happens to you,” she said.
“Money is involved in every aspect of our lives even if it isn’t the most important thing in your life,” said van Vuuren.
Rich Dad Education is hosting a workshop on March 24 and 25 to discuss how people can tap into the property market in South Africa.
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