Phumzile arranged for a man from the Old Mutual Foundation to come and give a talk to the teachers, BI staff and the essential oil workers about how to manage and budget their money. He did an excellent presentation where he gave us the ‘Big Five Secrets of Money Management’.
1. Secret of the Lion: Pay yourself first, live off what is left
2. Secret of the Leopard: Create a clear financial vision
3. Secret of the Elephant: Learn what you earn, know what you owe and spend
4. Secret of the Rhino: Charge down your debt
5. Secret of the Buffalo: Protect your assets and make your money work for you.
He encouraged us to save ‘as much as possible’ and talked about different methods of saving. He warned against loans and credit by showing the shocking difference between how much money you borrowed originally and how much money you finally paid back. He allowed plenty of time for questions (mostly about how do we make more money!) and gave us all booklets with further information and budget plans. Everyone said that they found it very useful and enjoyable.