Many music artists struggle to keep their hopes and dreams alive before hitting the big time, and they remember well how hard it is to remain inspired when simply making ends meet is a challenge. Dramatic ups and downs have always defined the lives of those in the music business. Shortly before the onslaught of Covid-19, Old Mutual hosted regular conversations with local music icons and emerging artists from Africa at its AMPD Studios in Newtown, Johannesburg.
These discussions were recorded and have been aired on various TV channels. They continue to provide great insights into the survival tactics and approaches needed to navigate uncertain times.
Here is a summary of their key insights and life skills:
- Be careful who you trust. Do your homework before you invest
- Avoid debt like the plague. Get out of it as fast as you can
- Don’t postpone your financial planning. Get guidance from a financial adviser
- Always have a Plan B – and an emergency fund and risk protection in place in case things fall apart
- When life is handing you lemons, be resourceful and think creatively. Don’t make just lemonade. Make lemon meringue pie, lemon curd, lemon doughnuts and lemon risotto!
“According to the 2021 Old Mutual Savings & Investment Monitor (OMSIM), as many as 47% of working metropolitan people in South Africa these days rely on several sources of income to make ends meet. Old Mutual refers to them as Poly-Jobbers and believes the trend will continue to grow,” says Bandile Mngoma, Sponsorships Manager at Old Mutual.
The underlying messages from our music legends is relevant for a broader audience. The importance of adapting and finding additional ways to supplement your income, and the role of expert advice and financial understanding are some of the great examples coming from these discussions.