Beauty entrepreneur and luxury digital content creator Mihlali Ndamase is not only one of the most loved and celebrated personalities in South Africa, but she's also one of the highest paid social media influencers in the country.
We recently spoke to her about the money lessons she's learnt through her incredible and unique journey and we also asked to her to offer some money advice to people who are looking to improve their relationship with their finances this year.
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One of the biggest financial mistakes she says she's made was spending money recklessly without a big enough consideration for her future.
“Living cheque to cheque when I first started made me realise that it’s important to plan, save and manage money wisely to prepare for unforeseen expenses,” she says.
Over the years she’s learnt that re-investing in herself is critical for personal and business growth
“One of the best money advice I’ve received was from my business partner who expressed the importance of re-investing in your business and yourself," she tells us.
This year, Mihlali says that she will working with the money she saved in previous years to assist her in meeting the goals that she’s set out for herself for 2021. She’ll also be looking to spend less, particularly on things that she knows are unnecessary.
TIP 1 | “Create a budget and stick to it”
TIP 2 | “Don’t spend money that isn’t in your account yet: We tend to make plans in anticipation for a cheque and this means that whenever we receive money, we lose it immediately and this doesn’t give it a chance to accumulate.”
TIP 3 | “Take care of the basics before spending on luxury items. It won’t be easy at first, however - being a disciplined individual will be rewarding.