Here are some of the valuable lessons shared by financial experts at the HOW TO WEATHER THE FINANCIAL STORMS OF COVID-19 event in partnership with Old Mutual On The Money

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How to weather the financial storms of COVID-19
How to weather the financial storms of COVID-19

The event kicked off with TRUELOVE Editor Mbali Soga sharing the thinking behind hosting the event, and some of the struggles she faced growing up when it comes to managing money. The event attended by 630 people countrywide, was thoroughly enjoyed with the audience getting an opportunity to ask questions to the panel and engaging with one another.

Old Mutual’s Strategic Retail Marketing Manager Karabo Ramookho says there’s been an increase in customers enquiring about relief options, investment options and questions around personal cover like life cover & funeral. There is also an increase in enquiries around divorce, most of which were made by women since COVID-19 hit our shores. Before making any decisions, she suggests you consult with a financial adviser.

How to prepare for the conversation with your financial adviser:

1. Have an honest conversation with yourself about your finances.

2. Analyse your budget.

3. Go through your bank statement thoroughly.

4. Play open cards. Be transparent with the adviser, and please ask questions! 

Click here to find an adviser.

Author and award-winning personal finance coach Mapalo Makhu’s passion is in helping women take ownership of their financial story. She says it’s important that when talking about money, you reflect on who you are, your goals and what you want to achieve. “Money is no different from any other goal you have. You can’t take yourself out of the money conversation and the numbers. Personal finance is personal,” she says.

In May this year, the South African Reserve Bank announced that the repo rate had dropped. As a result, this raised questions about what this means for home owners and those who are looking to buy property – whether to live in or rent out. Owning an asset comes with costs, she explains. “There are a lot of costs involved in buying property, even when you have a deposit. If your tenant is not able to pay rent, ask yourself if you have enough to cover his/her defaults. If not, you’re not ready.” 

Is it a good time to buy property to rent out? The answer isn’t as simple as yes or no. Ask yourself:

1. What is your credit score?

2. Are you buying as an individual or company?

3. Do you have a deposit?

4. Do an affordability test

Founder of Borotho Bread, Refiloe Rantekoa started his business in 2016 when the price of bread went up twice. He was taking a chance, but always put effort in everything he does. “We’ve gone from making 20 loaves a day, to 700.”

If you’re looking to start a side hustle, Refiloe says you should go back to basics. “Think of the things you use daily – such as toothpaste, toilet paper or soap, for example, and research how much the equipment would cost. Business is about problem-solving and critical thinking.”

How has COVID-19 affected his business? “I don’t run my business in a traditional way. I have a hustler’s mentality. Since lockdown started, we’ve been taking the bread to the people. It’s been tough, but I’ve stretched myself in terms of mindset and adaptability,” Refiloe explains.

 

 

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