Business Brief

Today, I want to reflect on the valuable lessons my parents taught me about finances and community care. It is a testament to the power of wise financial planning and the strength of supportive communities.

Growing up in a middle-income household with my parents working as schoolteachers, we were instilled with the belief that “the best” is relative. My parents taught my siblings and me that true wealth lies in financial security, contentment and the bonds we build with others.

One vivid memory I have is of a gentleman in a suit and briefcase who would visit our home regularly. As kids, we were instructed to greet him with a firm handshake and then quietly disappear. Little did I know then that he was our family’s financial adviser. He would spend hours with my parents, reviewing their policies and helping them invest part of their bonuses into a retirement fund. His guidance and foresight profoundly affected our family’s future, and when he passed away, we mourned his loss as if he were a member of our kin.

My mother had her own financial rituals that she religiously followed. She kept a little black A6 hardcover book, which became her trusted companion every month. In it, she meticulously recorded every income and expense, ensuring that the first line item was always marked “SAVINGS”. Regardless of how challenging the month was, she set aside some of our earnings for a secure future.

The second line item in her book was “INSURANCE POLICIES”. With great diligence, she maintained a record of all the policies, who they covered, and the future increase in premiums. These policies became a safety net for our family, and my mother ensured they were never neglected.

My mother’s wisdom extended beyond immediate needs, as she had a section dedicated to big-ticket items in her book. If she wanted something – like a new couch for our living room – she would decide when she could afford it and set a future value goal for the purchase. Her patience and discipline amazed me. After five long years, she did not buy a couch but finally bought her dream leather lounge suite.

Community care played a significant role in our lives as well. My mother was an active member of multiple stokvels (societies) that catered to different needs within our township. These societies, which she often started, supported the community in various ways. They provided financial assistance for burials, medical care for the sick and elderly, and even helped children with education and uniforms. The bonds formed within these societies were so strong that they became a lifeline for many, ensuring no one felt alone or neglected.

When I got married, it was yet another stokvel that came to our aid. They provided the food for our guests and arrived in full force to help with the preparations. It was a beautiful display of the strength and support that comes from within a close-knit community.

In their retirement years, my parents are self-sufficient, thanks to the wise financial decisions they made together. They refuse to accept money or gifts from us, urging us instead to focus on saving for our future and our children. Knowing his spending habits, my father wisely entrusted financial management to my mother. Through their joint efforts, I have been fortunate enough to avoid the burden of “black tax” or being part of the “sandwich generation”.

As I reflect on these experiences, I am reminded that teaching and learning extend far beyond the classroom. The little acts we do that our kids and those around us learn are sometimes the most valuable lessons taught. 

By Motshabi Nomvethe: Head of Technical Marketing

* Disclaimer: Kindly note that this does not constitute financial advice. The information provided is purely informational. In terms of the Financial Advisory and Intermediary Services Act an FSP should not provide advice to investors without an appropriate risk analysis and thorough examination of a client’s particular financial situation. The information, opinions and communication from the PPS Group or any of its subsidiaries, whether written, oral or implied, are expressed in good faith and not intended as investment advice, nor do they constitute an offer or solicitation in any manner. PPS Ltd is a licensed insurer conducting life insurance business, a licensed controlling company and an authorised FSP.