Personal Finance | Myths about money that are holding you back from having financially successful life
1. Most people still assume that you need a lot of money to start investing – this is 100% not true. Most asset managers and insurers encourage R500 or less.Easy Equities and Satrix start from R250, and you can invest as little as R300 a month in Impact Investing from FedGroup.
For example, Mpho invests R2 000 a year for six years from the age of 22 and stops contributing at the age of 28, but keeps her accumulated funds invested until she turns 65. The secret is time. Don’t wait until you have more money or until you are older to start getting your finances in order.3. Many people assume you need a degree in finance to know the ins and outs of how money works, but this couldn’t be further from the truth. It only takes someone who is dedicated to figure out how money works.
Remember that, when you started out in your career, there was a lot you did not know, but you are now comfortable with those demands because, over time, you learnt the ropes.4. While I am an advocate for letting the professionals do what they do best, I believe that having some knowledge about a subject as important as personal finance is of great value.
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