Cebisa Mfenyana from Metropolitan.
Many of us live with a love-hate relationship when it comes to money: we love it when we have a lot of money on payday, which quickly turns into hate when our debit orders go off a few days later and our bank balance looks a bit thinner.
“There is something inherent in us that is happy and carefree when we have plenty of money, and stressed when we have less,” says Metropolitan’s Cebisa Mfenyana. “The problem with this outlook is that our focus is in the wrong place - it should not be about the amount of money that we have but our attitude towards it.” Mfenyana points out that we need to shift our focus to look at what money can – and is – doing for us. “We need to start looking at the power of money in our lives. Not in an obsessive way, but in a respectful way – and in a way that we are in control of our money matters, and not vice versa.” Mfenyana outlines some ways that we can love our money by perceiving it differently and using it to enhance our lives.
Money helps to sustain your day-to-day life
When you see those debit orders depleting your bank account every month, your first inclination is to cringe. Mfenyana notes that the way you view these transactions makes all the difference. “The fact is that those debit orders that have gone off – for insurance, for your retirement annuity, for your car and rent - are going towards sustaining your life and is actually a sign of abundance. You have worked for your money, and now your money is working for you.”
Money can’t buy love, but it can help you protect the ones you love
The saying “the best things in life are not things” rings true, says Mfenyana. Part of loving your money is learning how to use it as a tool to ensure that the best “things” in your life - your family - are protected. “Whether you invest in life cover to ensure that your family is taken care of when you are no longer there, or invest in assets that you can leave to your family as an inheritance, it is important to think about investing your money where your heart is.”
Money can’t buy happiness, but it can help you plan for a happy future
“If you don’t think about your future now, by the time it arrives it will be too late for you to save,” says Mfenyana. “Start by planning what would make your future happy, for example buying a car, renovating your house and sending your child to university. One way of securing your financial future is by putting your money into a savings plan. Some savings plans allow you to save for more than one goal at the same time – all in one plan. These multiple-goal savings plans will pay out an amount when you reach a goal and then allows you to continue saving for the remaining goals in the same plan.”
Money can work for you
Another way of harnessing the power of money, says Mfenyana, is by investing it and letting it work for you. “Investments are intended for longer-term wealth building. Investing may involve more risk, but potentially also greater returns.” Speak to a registered financial adviser when making any investment decisions.
Money can be a blessing
“One of the most powerful ways you can love your money is to use it to love others,” concludes Mfenyana. The possibilities are endless: sponsor a school uniform, or invest long-term in the education for a child in need. Invest in someone who is starting their own small business or start a ‘giving’ savings account so that when you hear of someone who is in need, you will have a pool of money to draw on to help them financially.
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