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Never leave the performance of your investments entirely in the hands of a financial advisor, because no matter how good they are or how passionate they are about their subject, they will never care as much about your financial wellbeing as you do. It’s important that you maintain an active role in your investment decisions and continually educate yourself more about the subject… afterall, it’s your financial future at stake.

Thank you for your question. The first step is to get into the habit of saving a portion of your income every month. On the one hand, this starts the process of steadily building your financial reserves which you will eventually invest once you find a suitable investment vehicle for your money. On the other hand, it teaches you to become more aware of how you spend your money and on what… making sure that you always live within your means. i.e. You don’t spend everything each month and you definitely don’t borrow money.

A domestic worker we know earns just over R3000 per month and over the last few years she has built a home in Zimbabwe where her children live and go to school… and it’s paid for! She is very wise with her money, saving every single month and she is very resourceful when it comes to buying what she needs for her home. i.e. she seldom buys things new, but rather buys materials second hand when she can, visiting construction sites where builders are doing renovations and offering to buy doors or window frames etc that are going to be thrown away… quite often, the owners will give her these materials because she’s actually doing them a favour by taking it off site.

Open a savings account where you can deposit your monthly savings. While you’re growing your savings, start looking for viable opportunities where you can start to invest your money and earn a good return. Stay away from so called ‘opportunities’ that promise to make you huge amounts of money over night… chances are you will only lose your money as there are many scam artists out there that feed off people’s need to make money fast… unfortunately, in the real world, it doesn’t work like this unless you invent something that everyone goes crazy for… and even that costs money and takes time, effort and quite a few adjustments before you get it right.

So, stay away from credit cards or borrowing money to finance your current lifestyle. Start saving by setting yourself a clear and achievable goal. E.g. “I want to save R4000 within the next 12 months.”… and when you’ve built up some capital, write to me and I’ll share some more ideas with you.

Finally, while you are saving, start talking to people and asking them how they invest their money. You’ll be surprised as to how generous people are with their knowledge and how eager they will be to help you achieve your goals.

I look forward to hearing from you and following your progress. Write to me each month and tell me how you’re doing.

Best regards
Gary Wilde

I’m so moved by what you are sharing with us. I’m 29 year old male I earn R3500. I would be very if you could advise me on how can I get started to invest!

Thanks
kgotso

Nozuko