April is Freedom Month in South Africa. This is because the first democratic elections held in April 1994 gave birth to freedom and constitutional democracy in the country. In this month and beyond, we take the time to remember the sacrifices made by generations before us in order for us to enjoy the freedoms we do today. You may have come across the term financial freedom in your day to day life. It could be from an advert on TV or radio or maybe even from a conversation with a friend. Financial freedom is one of the freedoms all South Africans get to participate in today.
According to Moneyfit.org, financial freedom means having enough savings, financial investments and cash on hand to afford the kind of life we desire for ourselves and our families. The definition will differ depending on each individual and where they are in life. That is why we reached out to a number of Liberty Financial Advisers to find out what financial freedom means to them as experts in this field.
"Financial freedom means that our clients have the freedom to save and invest their money through transparent and legal forms instead of loan sharks or pyramid schemes which often leaves them disappointed. Through affordable funeral solutions, our clients also have the freedom of covering their loved ones and burying them with dignity" - Derrick Mashibyi, Financial Adviser, Limpopo Region
"For me financial freedom is being prepared for your future, it's less about having a lot, but rather about planning for what you already have" - Nakedi Mapeka, Financial Adviser, Johannesburg Region
"It means having enough savings, investments, and cash on hand to afford the lifestyle you want for yourself and your family, but it will require hard work and sacrifice" - Mthulisi Mthiyane, Executive Financial Adviser, Johannesburg Region.
"It's having the power over how and when you will spend and earn your money. To be free of financial constraints. It's not a get rich quick scheme, but it's about being fully committed, having a vision about how you plan to achieve it. Being in control of my finances instead of my finances controlling me" - Nthabiseng Mthafeni, Executive Financial Adviser. Johannesburg Region
"Financial freedom requires the discipline to step from being financially unstable to financial stable. Some of the steps that one can take to achieve this includes increasing your income and decreasing your expenses." - Voneta Singh, Financial Adviser, Limpopo Region
"It is not about having lots of money, but it's about knowing how to manage what you have. It's making sacrifices that need to be made in order to be prepared to have financial peace of mind. It's about making our money work for us instead of us always working for money.". Cain Mthimkhulu, Financial Adviser, Western Cape Region.
As we celebrate Freedom Month this April, let us be intentional about freeing ourselves from the shackles of over indebtedness and a lack of knowledge around our finances. Now is the time to empower ourselves with the knowledge to manage our finances and to ultimately grow our wealth for now and into the future. T he Liberty Mind My Money financial education programme was created just for this purpose. They run online sessions to educate ordinary South Africans to manage their money. Click here to read more.
Sources
What is financial freedom - Click here.