Lindi Monyae Special Press Issue, 31 August 2021

dirWectorDIRECTOR WOMAN MAGAZINESPECIAL PRESS ISSUE 1202 TSUGUA 13 ,EUSSI SSERP LAICEPS NAMOW ROTCERID SPECIAL PRESS ISSUE 31 AUGUST 2021 .UOY STCEFFA TI WOH DNA TESDNIM LAICNANIF RUOY your FINANCIAL MINDSET + HOW IT AFFECTS YOU Lindiwe EXECUTIVE FOR LIBERTY EMERGING CONSUMER MARKET MONYAE

DW SPECIAL PRESS ISSUE YOUR FfIiNnAaNncCiIAalL MINDSET AND HOW IT AFFECTS YOU by Lindiwe Monyae, Executive: Emerging There are a group of women who are very Consumer Market at Liberty aware of their financial mindsets and have learnt that being deliberate around 31 August 2021 - Generally speaking, and financial decisions start with our mindsets. according to the Cambridge Dictionary, a What better way to practice self-care than mindset is defined as a set of established to meaningfully know your financial needs beliefs, attitudes and opinions that a person and deliberately work towards them? adopts about themselves, issues or life in Taking full accountability for your financial general. Most of us don't really take the health. time to know much about our mindsets and how this influences our behaviours and There are no perfect recipes here nor full subsequent reality. Why is this important? proof solutions however, we can all start How we view our lives and how we make the journey and learn and grow as we move sense of it has long lasting effects on us, but through it. Importantly, when things go we don't interrogate these closely. It is wrong, we should be able to start afresh, dangerous to be blind to the mindset that self-correct and move forward. [cont] we have about finances. Our financial mindset leads to our financial realities. \"IT IS OK TO HAVE SET-BACKS IN MY FINANCIAL GOALS, BUT I SHOULD ALWAYS STRIVE TO MOVE FORWARD AND NOT GIVE UP ON THEM.\" Most women are often too busy thinking about putting food on the table, creating careers, looking after families and others to be able to create time to think and reflect on the financial decisions we make and whether they serve our greater financial goals and dreams. We make financial decisions based on current needs and sometimes impulse, and maybe even to financially soothe ourselves as a coping mechanism. Others choose to even leave those decisions to partners and spouses in the hope that they will make the right financial decisions on their behalf. 31 AUGUST 2021 www.type4girl.com

HERE ARE MY FEW REFLECTIONS DW SPECIAL PRESS ISSUE ON MY FINANCIAL MINDSET JOURNEY: a tutor. This was a significant source of income at the time. Already at that point, 1. As a person and woman, I deserve to I needed to be clear around the monthly have a healthy financial life, no matter budget for food and toiletries and what my background and entertainment. I needed to make circumstances are. decisions of how much I spent on clothes, take outs and what would carry me 2. I need to think about my financial through for the month. A financial goals and plan towards achieving mindset was already required here in them. making decisions on not creating unnecessary debt, understanding needs 3. I don't need to know everything (food, school books, transport money, about all things finance, I can reach cellphone/data costs etc.) and out to an adviser, financial experts, wants(branded clothes, nails, make up, literature and trusted websites to hair pieces), instant gratification vs empower myself. medium term financial planning. Already at this point, I needed to think about 4. It is OK to have setbacks in my saving for holidays, for a car, for a house financial goals, but I should always deposit. As young women, we have so strive to move forward and not give much that we want to achieve, a healthy up on them. financial mindset sets us up to be achieve our long-term goals, while learning the 5. I must make it a practice to review financial ropes along the way. my finances and get professional advice on my risk, savings and I am sure that, as you start your own investment needs. financial journey, you will find more lessons relevant to you and your life. A 6. There is nothing wrong with positive and deliberate financial mindset rewarding myself with what I like, is important, and it could be the change love or want as long as it is planned you have been looking for. As we and not on impulse. celebrate women's month, please reflect on your mindsets, keeping in mind that MAKING A HABIT OF A HEALTHY self-care tops our needs and financial MINDSET EARLY freedom is worth seeking no matter what situation we are facing right now. A financial mindset is important for all age groups and even more important to www.type4girl.com develop at our earlier life stages than later. Habits get entrenched over a period and they become automatic with time. We could use this process to build a strong financial mindset and positive financial habits earlier on. For the average person, we do not have loads of spending amounts or investments waiting to mature. We start from a very low base where we get stipends, some spending money or a little income from our family structures or early work engagements. As we then grow in our careers, we start getting exposed to more income and broader financial needs and goals. I remember as an Honours student at Wits, I received a monthly stipend from my parents and a quarterly stipend for being 31 AUGUST 2021

dirWectorDIRECTOR WOMAN MAGAZINESPECIAL PRESS ISSUE SPECIAL PRESS ISSUE 1202 YLUJ 62 ,EUSSI SSERP LAICEPS NAMOW ROTCERID 31 AUGUST 2021 EXECUTIVE FOR .UOY STCEFFA TI WOH DNA TESDNIM LAICNANIF RUOY LIBERTY EMERGING CONSUMER MARKET Lindiwe MONYAE