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congrats!! you recently landed your first job - here's a top tier financial survival guide [thread]
1. qualifying is cheap, affordability is expensive
you will receive an influx of calls offering you home loans, vehicle finance, clothing accounts, credit cards & cocaine
your best bet is figuring out the TRUE cost of owning all this stuff
you will receive an influx of calls offering you home loans, vehicle finance, clothing accounts, credit cards & cocaine
your best bet is figuring out the TRUE cost of owning all this stuff
the TRUE cost of ownership extends faaar beyond paying back the bank loan
house: bond repayments, levies, utilities, insurance, rates, maintenance, possible interest rates hikes, taxes
vehicle: fuel!, tyres, maintenance, license & registration, wear & tear, insurance, etc
house: bond repayments, levies, utilities, insurance, rates, maintenance, possible interest rates hikes, taxes
vehicle: fuel!, tyres, maintenance, license & registration, wear & tear, insurance, etc
here's a quick thread on qualifying vs affordability
2. Cost to company is high, net salary is low
When you see that offer letter saying R600k CTC you start daydreaming about blowing R50k/ month on bottle service, table bunnies & ace of spades
now you're sharing one beer with 3 mates & fighting over the last spring roll at Cubana
When you see that offer letter saying R600k CTC you start daydreaming about blowing R50k/ month on bottle service, table bunnies & ace of spades
now you're sharing one beer with 3 mates & fighting over the last spring roll at Cubana
CTC is the total amount the company spends on you in the year
CTC = gross salary (before tax) & all your benefits
Benefits = medical aid, retirement contributions, travel allowances (all the perks)
Drawing up a budget after dividing a CTC by 12 will cripple you financially
CTC = gross salary (before tax) & all your benefits
Benefits = medical aid, retirement contributions, travel allowances (all the perks)
Drawing up a budget after dividing a CTC by 12 will cripple you financially
3. your family & friends will think you're rich
that first pay cheque will evaporate without setting clear boundaries - suddenly you will discover a long lost relative that needs a prosthetic & you know they don't have a leg to stand on
that first pay cheque will evaporate without setting clear boundaries - suddenly you will discover a long lost relative that needs a prosthetic & you know they don't have a leg to stand on
here's a great thread on how to manage money when you're a first generation success
4. avoid debit order carnage!
stay liquid!! the home loan, levies, vehicle finance, apple music, netflix, DSTV, Pornhub premium (fix yourself), virgin active all add up FAST
many people forget the stuff they're paying for - once every few months, actually go through the list
stay liquid!! the home loan, levies, vehicle finance, apple music, netflix, DSTV, Pornhub premium (fix yourself), virgin active all add up FAST
many people forget the stuff they're paying for - once every few months, actually go through the list
things can get dark real quick
5. your income is not guaranteed
when a company is under pressure, they don't get rid of the overpaid C-suite execs - they get rid of the most junior, inexperienced & least qualified workers
having a degree helps but doesn't guarantee income either
when a company is under pressure, they don't get rid of the overpaid C-suite execs - they get rid of the most junior, inexperienced & least qualified workers
having a degree helps but doesn't guarantee income either
use protection (no, really)
income protection, insurance, making sure your CV is always updated, having a plan B idea of a backup job, building a solid network & building a small cash reserve will help tremendously if you find yourself without any income
income protection, insurance, making sure your CV is always updated, having a plan B idea of a backup job, building a solid network & building a small cash reserve will help tremendously if you find yourself without any income
what I find helps is "months cover"
how it works - "if I lose my primary income today, how many months of cover do I have?"
if the answer is less than one month, either double down on Betway, resort to crime or start being smarter about money (last option preferred)
how it works - "if I lose my primary income today, how many months of cover do I have?"
if the answer is less than one month, either double down on Betway, resort to crime or start being smarter about money (last option preferred)
6. hologram poverty - benchmarking success against social media will cripple you financially
pretty much everyone on these apps are poor... if every flex had a credit score attached, nobody would post much
also, your problem is believing you can compete with criminals - stop it
pretty much everyone on these apps are poor... if every flex had a credit score attached, nobody would post much
also, your problem is believing you can compete with criminals - stop it
always remember you're exposed to the highlight reels & never have full context
it's okay not to own a house by a certain age, completely okay not to be on any Forbes lists & definitely okay not to be driving a fancy German car
it's okay not to own a house by a certain age, completely okay not to be on any Forbes lists & definitely okay not to be driving a fancy German car
balling out when you're young is dope, but there's no formula to this stuff - stay hustling, keep grinding & focus on every small win
7. negotiate everything!!
whether it's a new job salary, new crib, new whip, second hand exercise equipment, anything that can be negotiated - do it! small tweaks makes massive differences (like negotiating interest rates)
never leave money on the table
whether it's a new job salary, new crib, new whip, second hand exercise equipment, anything that can be negotiated - do it! small tweaks makes massive differences (like negotiating interest rates)
never leave money on the table
8. invest early
one of the main regrets from anyone with a stock portfolio or savings fund - "I wish I started sooner"
personally I balance my investments across geography (different countries), across currencies (USD & ZAR) & across asset classes (traditional & alternatives)
one of the main regrets from anyone with a stock portfolio or savings fund - "I wish I started sooner"
personally I balance my investments across geography (different countries), across currencies (USD & ZAR) & across asset classes (traditional & alternatives)
figuring out where to start investing, this is a useful thread
9. time moves much faster than you think
speak to anyone who has spent a long period of time in a corporate role, they probably never felt things move by so quickly
if your worst fear is waking up in a cubicle at 55 - without a solid game plan, you WILL end up there
speak to anyone who has spent a long period of time in a corporate role, they probably never felt things move by so quickly
if your worst fear is waking up in a cubicle at 55 - without a solid game plan, you WILL end up there
a thread on surviving corporate
10. avoid the lifestyle traps
you will lose A LOT of money chasing hot dates, you will never lose hot dates chasing money
the cribs, whips, holidays, good looking dates, luxury items - all that shit is constant, it never goes away
enjoy them, never get addicted to them
you will lose A LOT of money chasing hot dates, you will never lose hot dates chasing money
the cribs, whips, holidays, good looking dates, luxury items - all that shit is constant, it never goes away
enjoy them, never get addicted to them
11. weigh up experiences vs things
if you're buying shit to flex for other people, it's a bad reason to spend money
sometimes you may value a holiday instead of an expensive mortgage - focus on using money to increase your own utility
spend money for yourself, not other people
if you're buying shit to flex for other people, it's a bad reason to spend money
sometimes you may value a holiday instead of an expensive mortgage - focus on using money to increase your own utility
spend money for yourself, not other people
12. have the right crew
invest in people around you who will make you better even if you need to pay professionals
skills coaches, trainers, good financial advisors, career experts - anyone who will help you improve your overall skillset is a great investment
invest in people around you who will make you better even if you need to pay professionals
skills coaches, trainers, good financial advisors, career experts - anyone who will help you improve your overall skillset is a great investment
Shout-out for making it to the end, I really appreciate you!
Pls check out @Banker__X for more high quality finance content!
If you're keen to work with me & @Banker__X in improving financial literacy - pls shoot me a DM!!
Pls check out @Banker__X for more high quality finance content!
If you're keen to work with me & @Banker__X in improving financial literacy - pls shoot me a DM!!
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