BELGIUM – We’ve seen what money can do, the desire for it and the rewards it brings. Is it money that makes dreams come true or is it the dream that brings it? I’m Edwina Delamore , the founder of CSG Wealth. I educate women and youth on wealth and personal finance.
I’d like to turn my attention to South Africa in this article. You all are global players. Some of the best-known exports are your global Icon Nelson Mandela, celebrities like Trevor Noah, Charlize Theron and most famous businessman Elon Musk.
Now don’t get me wrong, these individuals have worked hard to hone their skills to achieve the international success they rightfully enjoy. But now, what if equal rights for all South Africans don’t feel extended to everyone?
The Black South African Woman
To have an international magazine coming out of South Africa, “for women of color by a women of color”, is an amazing accomplishment by Charmaine Ntokozo Mbatha, the Founder & Publisher of Her Grit Magazine. Just like me, she doesn’t sit and wait for things to happen. When I read her recent Editor’s Note, it felt as if as much as women of color in South Africa have advanced in society; they still are somehow not allowed to fully partake as leaders, innovators and visionaries.
But, I ask myself, is this only the black South African woman’s plight? I think of all black women around the world and wonder, if we can find the money to put food on the table, if we can make a little stretch a long way, if we can raise children on our own… then what in heavens name is stopping so many of us becoming successful?
You see, you are not alone my South African sisters! From the African shores, there are a diaspora of black women who live with the same plight of not being treated as equals. Unfortunately, we are so busy surviving that we fail to appreciate our contribution to the societies we live in.
We are easily blamed and shamed when we live below the poverty level. However, societies forget to acknowledge the black mothers’ struggles when our children go on to accomplish great things! Many call us angry black women, while it is this same anger that has helped shape our children’s hunger to succeed.
But hear me out! I believe, for every woman of color who can understand the foundation of personal finance, she will cause a ripple effect; many just do not know it yet.
Her knowledge will extend beyond the nucleus of her family because it is in our DNA to wear empathy on our sleeves. Personally, I have difficulties with people saying, “Fake it, till I make it”, what is there to fake?
Teaching women, the foundations of Personal Finance is not just a fad or a hobby; it has to be done! Too many are focusing on just making money, but forget the other part of the equation, to keep it and grow it…
I want that ripple to occur in my lifetime, I want to see more successful (black) women owning businesses, I want to see wealth pass on to the next generation. Ok, I may never get to the level of being an Icon. However, I hope that one day, when I am gone someone writes about me and expresses how I impacted the lives of many women. I dream that this becomes My Legacy!
Finance Lesson 2
Before we can go forward, we must first build a foundation. I understand if some of you find this difficult, but like the American actor Will Smith once said in an interview, “There is a redemptive power that making a choice has… Make a choice, you just decide; what it’s going to be, who you are going to be and how you are going to do it!”
So, from one woman of color to another, I ask that you make a conscious choice to learn the foundation of personal finance.
Don’t just read through this column, but decide to take responsibility for your life. Stop waiting passively for someone to extend a dream to you. There is a diaspora of women, who are ready to take our rightful seat at the table and create our own dreams!
What is Personal finance?
An activity that involves all the individual financial decisions, which includes income, savings, debt… etc. Personal finance has a huge influence on one’s lifestyle and future dreams.
Basic Personal Finance Terms:
For the sake of those just getting to know these terms, I will keep the meanings as simple as possible. So please bear with me:
|Income||Money received as compensation for work done or investing|
|Expense||Costs incurred, most of the times for daily living|
|Cashflow||This is when Income minus Expense. Cashflow can be + or –|
|Asset||Makes you money* E.g. investing patterns (buying stocks)|
|Liability||Costs you money* E.g. consuming patterns (buy a TV on credit)|
|Net worth||This is when Assets minus Liability. Net worth can be + or –|
|Budget||An estimation of how much Cashflow is available at month-end|
|Savings||Putting a reserve of income aside|
|Debt||An amount of money owed to a person, company or bank|
* Robert Kyosaki (coined this term in his Cashflow book)
In conclusion, money doesn’t make dreams come true. It’s dreams coming true that bring about money. We use it, we need it and it’s a valuable tool that you should study well. Manage it even better and keep growing it, in the best way. Your dreams must always be more valuable than money itself.
We can do this ladies. Learn about personal finance so you can teach your children how to take care of your legacy and build theirs.