As the country slowly emerges from the Covid-19 pandemic, it is time to reflect on lessons learned and how to plan for a sustainable career and future. This statement was echoed by many of South Africa’s entertainment giants who have featured in the Old Mutual’s AMPD Studios Live series.
Speaking in the ninth episode of Old Mutual’s AMPD Studios Live series showing on MTV Base and BET, artists, including Pops Mahomed, Amanda Black, Sipho Hostix Mabuse, Tresor, Heavy K, Yvonne Chaka Chaka, and Kwesta pointed out that the national lockdown and ban on live performances had resulted in a devastating impact on their incomes and has slowed down their careers.
However, all pointed out that the Covid-19 pandemic also brought opportunities and valuable life experiences. Their consensus was that:
- It is crucial to realise that financial plans must be made for the bad times, which can occur suddenly and with devastating effect.
- It pays to diversify so that an income stream does not depend solely on a single activity.
- That social media can provide opportunities to keep a stalled career on track by learning new marketing skills.
- Adversity opens opportunities to assist others who may be worse off.
- Forced inactivity can be used to examine your life, fight your fears, find new activities, and create new platforms for the future.
Adding to their experiences and advice, John Manyike, Head of Financial Education at Old Mutual, says that the factors required for developing a solid, lifelong relationship with money include realising that:
- Money management means having a long-term, medium-term, and short-term strategy. Having rainy day savings is essential he says, but points out that rainy days, like the Covid-19 pandemic can last a long time, so being prepared for contingencies with a balanced investment portfolio is the way to build a future and a legacy.
- Leading a realistic, balanced lifestyle and ‘paying yourself first’ is the way to build a sound future.
- Budgeting and knowing the difference between what you want and what you need will ensure that money is spent on assets rather than costly, continuously devaluing luxuries.
- Managing money is a business that deserves attention and professional advice. Keeping ahead means having experts to guide and advise on a diversified investment platform.
“Life is full of unexpected events and hardships. The only way to not only survive but prosper is to think ahead and make plans for a time when you cannot work or want to retire. Taking time to assess personal and family needs is what builds a comfortable future,” he says.