What happens at 30?

For some people, turning 30 can feel like a big milestone. But to me, I feel that what is more important is that people should approach 30 with the right mentality – about money/investment, family, and life in general. Since, it is assumed that our teens and twenties are for learning, our thirties should be for practising and for taking responsibilities. We know that most of the issues that hinder people from reaching their full potential can be any of these three things: Lack of purpose, poor financial literacy/investment mindset or lack of proper management skills.

Choosing to dwell on proper investment mindset and financial literacy, I asked my friend Oma, ”Why do some people have so much in their early years but so little or nothing in later years of life?” Her reply was short and simple, “lack of planning plus the fact that money comes, money goes.” Really! I exclaimed! Is that the way it should be? Should money be allowed to go as it comes? That can only happen to those who lack financial literacy and proper money management skills. The summary then is that in life what we decide to do with our money and how we spend it determines who becomes wealthy or poor in the long run.

Below, we give some positive mindsets about money that should be adopted early in life; more importantly, before you clock 30. And please bear in mind that the people who make it big in life do not just do so by chance: you too can adopt their mindset.

1. Compounding wealth and discipline go together.

Compound wealth is wealth generated from the ability of a sum of money to grow rapidly over time by the repeated addition of earnings to the principal sum.

This is clearly the oldest trick in growing wealth. Why? Because real wealth increases when compounded. Not just that, real wealth is successfully multiplied with strict discipline in place. Remember, money does not grow in a blink! So, a disciplined mindset is needed. We at Coronation want you to develop it so you can compound your wealth successfully.

Bottom line is wealth grows over a period with strict discipline in place.

2. Nothing is too small

If an additional income increases the size of your capital, it is still relevant.

Do you reject an offer without first going through the provisions?

Do you write off a business deal without carefully considering what you stand to gain from it?

So, we want to submit that if a project falls under your area of interest, talent or passion, you should accept it, even though the gain from it might not be too big. Even the slightest opportunities to make money should never be ignored. After all, little drops of water make up a big ocean! In relation to multiplying wealth, this can never be truer.

3. Time is valuable

The future starts today, not tomorrow. Pope John Paul II

Proper time management is essential if one is interested in becoming a success at growing wealth. Time, we are often reminded, is money! Most successful people know the importance of efficient time management, which explains why they spend their time mainly on productive and profitable ventures. They apply time wisely and make the most of it. We must understand that what we do with our time every day determines how wealthy we can become in life.

Spending our time on things that don’t have positive impact on our future will only lead to regret and penury in later years. People who adopt the mindset of proper time management will have a lot to show for it in the long run.

We conclude this by imploring you to spend more time thinking about the ‘consequences of your actions’ with regards to how you spend your time and money today.

Your future starts today!