Old Mutual hosted a financial education workshop for the recently announced Top 10 Idols contestants soon after they were announced. The aim of the workshop was to equip the contestants with money management skills as they are on the verge of stardom. As these mega-talented young artists prepare to take their exceptional talents to the next level, John Manyike, Head of Financial Education at Old Mutual, shared valuable tips with them on how to make your money work hard for you.
“The sooner you grasp the importance of effective money management, the fitter your financial future will be,” Manyike says. “It’s the small steps you take today that will help you achieve great things tomorrow.”
During the On the Money workshop, the 10 contestants were also given the opportunity to “learn from the greats”. Raw and unfiltered conversations with some of South Africa’s largest living legends, recorded at AMPD Studios before lockdown, were shared with the finalists.
The big names who willingly shared their personal experiences and life lessons included Tresor, Khuli Chana, Sipho Hotstix Mabusa, DJ Fresh, Zwai Bala, Letta Mbula, and Amanda Black
Key insights shared with the Top 10 Idols included:
- Plan ahead. Unexpected events and changes are part of life. Always be prepared and protect yourself, your family and your future with a financial plan for the short, medium and long term.
- Budget and live within your means. Avoid getting into debt, and pay off what you owe as fast as you can. Do not spend what you don’t have. Stay on top of your income and expenses at all times.
- Broaden your options to make money. Try to have more than one source of income to strengthen your financial resilience.
- Make sure you save for a rainy day. Pay yourself first through a debit order that transfers money directly into a savings account and build up an emergency fund for unexpected expenses.
- Invest wisely to stay ahead of inflation and build long-term wealth. Earning interest on savings is not enough.
- Get expert advice to choose saving and investment vehicles that help your money grow and suit your needs and goals.
“Whether you’re kicking off a career in music or pursuing another dream, do yourself a favour and learn how to manage your money. Take the time to invest in yourself and your future by planning carefully, setting clear goals and getting expert advice. This is the only way you will achieve lasting greatness in your pursuit of success,” says Manyike.
He adds, “it’s been a great privilege to share financial education with the Top 10 Idols SA artists, and encourage them to learn from the greats in the music industry,”
“The road to fame can be rocky,” he says, “but being financially smart can make the ride a whole lot smoother!”