Fulufhelani Mashapha recently published her book Mind Your Cents – A Practical Approach to Financial Freedom.
Fulu had asked me to read her draft copy and to write the book’s foreword, and I took the opportunity to interview her about her experiences as a young professional navigating the world of money.
What I really love about the book is the way Mashapha taps into her own experiences with money – both as a child and now as a young professional. Her book is relatable and real, and I believe it will provide any young professional with the tools and motivations to get their own finances on the right track.
In the book, Mashapha writes: “Money has a personality; but in the hands of different users, it takes on different personalities. For some people money lives the fast life of Joburg: it quickly comes, and it quickly goes. For others money is a distant relative who keeps to himself and never visits, and when he does visit, he doesn’t stay long; he doesn’t say or do much, he is just reserved and they like watching him chilling on their bench. For some people money is jolly and well connected, it makes them friends in high places, it is outgoing and growing at an exponential rate. Money loves spending time in their company, it has clear direction and works hard for them to make more than a hundred-fold. In the hands of some, money is a wild child: ungovernable and bringing nothing but headaches to those it belongs to, it is pain and a trigger for stress. The important thing to note is that we give money the personality it has in our hands.”
This insightful perspective challenges the common misconception that financial success is solely dependent on income. Instead, it’s about how well you manage what you have.
Mashapha shares her journey from university student to becoming a financially savvy actuary. She recounts her experiences with budgeting and the unexpected costs of adult life. She candidly shares the reality of her first salary, where saving half seemed feasible until bills and necessities took precedence.
Her story serves as a relatable guide for graduates who might find themselves overwhelmed by the sudden influx of financial responsibilities.
The episode also covers the critical decision-making process involved in purchasing a car and property.
Mashapha highlights the importance of setting a budget and sticking to it, even if it means foregoing the allure of luxury brands. Her firsthand account of navigating a challenging property investment underscores the potential pitfalls and the need for due diligence.
Investment is another key topic, with Mashapha advocating for a balanced approach. She entrusts her long-term investments to professionals while maintaining a small personal portfolio for learning and experimentation.
This strategy aligns with her belief in the importance of professional guidance for sustainable financial growth.
Finally, the episode touches on the often-overlooked aspect of financial planning: insurance. Mashapha discusses the necessity of income protection and life cover, emphasising the need to reassess these decisions as one’s career progresses.
This discussion is a treasure trove of practical advice and relatable experiences, making it a must-listen for anyone looking to take charge of their financial future.
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