Be like Cardi B – make smart money moves


“Bossed up and I changed the game,” says Cardi B on her verse on Bruno Mars’s Finesse (Remix) and, girl, you got it right. Cardi’s had a phenomenal career thus far and she’s only just starting out. 

Her debut single, Bodak Yellow, instantly became a hit and reached the top of the Billboard Hot 100 quickly – a feat that hadn’t been reached by a solo female rapper in 20 years before that. In early January, she became just the third act ever to chart her first three Hot 100 entries in the top 10 concurrently, joining The Beatles in 1964 and Ashanti in 2002.

She was a stripper when she was just 19 and used that experience to build her social media status and talk about it open and honestly with no filter. Thus, she became an influencer.

READ MORE: What happens when your friend keeps picking up the restaurant bill?

Then she was on Love and Hip Hop: New York for two years and released two mixtapes before signing with Atlantic Records in 2017 and BLOWING. UP.

Now Cardi has made the big time and there’s no stopping her. She’s even joked about being nouveau riche recently when she hung out with Kim Kardashian West and Kris Jenner and posted about it on Instagram, saying "Im officially apart of the rich people club!! I'm not poor anymore mwaaaaahahahaha!!" (sic)

She’s an inspiration! She’s a goddess! She’s living her best life!

But how do you get to live that kind of success for yourself?

Lizl Budhram, head of advice at Old Mutual Personal Finance, says that although we can’t all catapult to stardom and wealth like Cardi B, she is indeed inspiring women with her determination to explore and manage multiple income streams to support herself and her family. 

READ MORE: The Instagram rich list: Kylie Jenner gets paid R13 million and Beyoncé only gets R9.2 million per post

“Earning money from various sources is definitely a growing trend. The latest findings from Old Mutual’s Savings & Investment monitor show that already 43% of working metro South Africans have a side job over and above their formal employment, up from 37% in 2017. This reflects a global phenomenon that led to the term ‘Slashers’ being coined, referring to the slash between their job titles: for example, editor – slash - nail technician.”
Lizl adds that generating money this way presents unique challenges and risks that need to be carefully managed to ensure long-term financial health.
She offers women who are slashers five smart money moves:

1. Make a plan

As a slasher who gets lump sums here and there on top of your monthly income, you need a solid financial plan to make sure you are growing wealth from these extra earnings. Speak to a financial adviser to help you put a plan together and check in with them whenever there are any changes in your earnings, expenses, priorities or goals. 

2. Build a security nest for rainy days

Cardi says she “hit the store, I can get 'em both, I don't wanna choose”, but until you’re earning millions, you probably should choose, and prioritise financial security and savings. Don’t make the mistake made by many people who rocket to success and spend like there’s no tomorrow. If you spend more than you earn, you’re going to run into trouble, no matter how much you earn. Make sure you are saving enough for rainy days. 

3. Save for retirement

Earning income over and above your regular salary means you can invest more in your retirement savings. Relying solely on compulsory contributions to an employer-sponsored retirement fund does not guarantee that you will be able to retire comfortably. And if your only source of income is through freelance jobs – and you’re not a member of an employer-sponsored retirement fund – the need to invest for retirement is even greater. Tax-free savings accounts (TFSAs) and retirement annuities can help you grow your money while benefiting from tax incentives.

READ MORE: Meet the South African and other African heiresses who never (ever, ever) have to worry about 'making it to payday

4. Invest back into your work

Just a year after her debut single, Cardi B is still making waves in the music industry, thanks to her ongoing investment in hard work and her career. Remember to grow your product or service through regular and sustainable contributions of capital. You also need to ensure that you are covered in case of any unexpected events. 

5. Enjoy your income

It is important to reward yourself, and enjoy the proceeds of your hard work. Buy the red-bottom shoes if your financial adviser agrees that you can afford them and if you must, but don’t under-estimate life’s simple pleasures, like treating your family or close friends to a delicious dinner or short holiday. 

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