A new generation has emerged. Putting aside naming and pigeon-holing this is a dynamic group of empowered, ambitious and lit young adults.
With access to the www and all the influence it provides, this group has access to all the knowledge in the world. What they don’t have is access to reliable, practical best advice. Enter Momentum’s Velocity Club, a dynamic and new way of tapping into successful financial planning and advice.
We all have a unique relationship with money. It means different things to each of us, and varies according to our priorities, whether we want to travel the world or retire by the time we’re 45. But, one trait that we can agree we have in common is that we use money to give us access to prosperity or what makes us happy.
Navigating this relationship can be tricky, especially as a young professional, in a first job or as an intern on the threshold of their career. Having a trusted support system available to help young South Africans understand their relationship with money and the power of this potential is priceless. Having the self-awareness and discipline to motivate oneself to achieve life and financial goals with an honest assesment of where they currently are, where they want to be and putting a plan in place to get there is key.
Momentum Velocity Club is a new business initiative, which provides lifestyle and financial planning services to young professionals. Solid advice, but presented in a new way. They offer a Money Made Basic online series that introduces and unpacks money management. “Momentum Velocity Club provides their clients with a customised money plan formulated by experts who have a wealth of industry experience and are able to provide practical solutions to get each individual where they want to be, because it takes into account their personal financial circumstances, unique personality traits and goals,” says Andiswa Gqwaru, Client Success Lead at Momentum.
Facilitating the right money conversations
So far, these conversations have been taking place in weekly online sessions because of the lockdown – but the reception and feedback has been overwhelmingly positive. “The interns are excited that money is becoming a conversation they can have in an honest and safe environment, because it is not something that they usually talk about with their family or in their social circles,” says Gqwaru.
There are also Velocity Club Coffee Sessions for an hour every two weeks that allow clients to have important conversations around issues that are relevant and topical right now, including debt payment holidays and whether to pause insurance and other expenses. Experts offer their advice and expertise to help navigate these challenges but also allow participants to ask questions during the event for lively debates whereby everyone is learning from each other.
These conversations include budgeting tips, what to consider when buying their first car, as well as compound interest and how to best leverage the time they have on their side to be able to achieve financial freedom . Experts from within the Momentum business contribute to these sessions by offering support and sharing their personal experiences to enable them to make money decisions that will work for them based on their personal finances, current circumstances and life goals.
For example one young professional’s goal is to own her own car. Her adviser worked out how much the car payments, running costs and insurance would be and suggested she set aside that amount for three months to see if owning and running a car was feasible. The down side was that she had to exert some disciple to do away with spending on incidentals like take-aways and daily cappuccino and to have the courage to say not to big nights out with friends. The up side was that she found out that with a few lifestyle tweaks her dream of her own wheels was within reach and in the three months of the experiment she had saved a whack towards the deposit. It is this type of practical advice that is helping Velocity Club clients forge ahead with their financial goals.
The reality is that everyone has a relationship with money – whether good or bad – so there is no better time than now to have these critical conversations, to begin understanding one’s personal relationship and journey with money, and ultimately start building the solid foundation needed to help achieve and protect both short-term and long-term life goals.
Velocity Club membership has also been offered to the all the interns from the non-profit organisation WeThinkCode - class of 2020. Momentum through the Momentum Metropolitan Foundation is one of the organisation’s founding funders of their WomenThinkCode programme. The programme specifically funds tuition for female students, operational costs and recruitment drives to get more women into coding and the employment opportunities that tech fore-runners anticipate. Along with those future well-paid jobs will come the need for astute money management.
Our work with our WeThinkCode interns involves providing support and acting as a ‘financial big brother or sister’ to facilitate early adoption of good money habits. The intent behind this particular initiative is to start planting seeds in younger minds about the very same topics we find ourselves facing now to try and prevent or pre-empt the challenges they will face by providing them with insight and information before that first job opportunity.”
Momentum Velocity Club is helping these interns and young professionals by giving them the support and advice they need to guide them through the complex early years of their careers and the money decisions that need to take place during these years, depending on where they are financially and where they want to be. “It’s about showing them that financial planning is relevant, necessary and cool – and to get them asking the right questions to help them reach those personal goals,” says Gqwaru.
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