Last Month we shared our pocket guide to money. This month let's focus on Step 1 - Make as much money as you can. For most people, most of our money or wealth comes from our ability to work, to earn an income. Most of us were not born into a rich family. Many in South Africa were born into abject poverty. We had to learn, acquire skills, find a job or start a business, to provide for ourselves and our family. It is therefore important to improve your education, knowledge and skills, to network with the right people, to enhance your employability, or be equipped to have your own business. 1. Formal education This is the official way of certifying that you have a certain level of education. While a matric certificate is probably the minimum requirement when looking for employment, many young people study further, to get a degree, honours, or even masters and doctorate, to gain in-depth knowledge in certain discipline, to increase his job and income prospects. An example is a medical doctor. A student will need to complete a 5 year Bachelor's degree in Medicine and Surgery. he then works 2 years as a Clinical Intern. Then he becomes a Medical Doctor. A Medical Doctor has an income of R50,000 to R110,000 per month. If he studies further for 5 years to become a specialist, he can expect to have an income of R100,000 to R300,000 per month. So by studying further, a medical doctor increases his income potential. What you study is important. You will want to study something that you enjoy, that has applications in real-life work. 2. Study to become a skilled tradesman This is so underrated, but skilled tradesman like plumbers, electricians, handyman, carpenters, builders are in demand and earn a good income. If you don't like studying but like doing things with your hands, this may be the job for you! 3. Learn something new and useful YouTube is arguably the undisputed largest video library in the world. 1.3 billion people use YouTube. 300 hours of video are uploaded to YouTube every minute! Almost 5 billion videos are watched on YouTube every single day. Instead of just watching fun, entertainment, sports and gaming videos, choose a topic you want to learn and watch videos on that topic. Over the last 12 months I have watched videos on cooking (and that helped me make delicious bolognese and chicken biryani); technology and financial planner coaching (and that helped me transform my business to be remote working ready); chess (thanks to Agadmator channel, I have improved my chess game); news (in English and in Mandarin, to understand how the world is evolving); investing and book summaries. Recently I have decided to become a YouTuber, so I have been watching tons of videos on how to develop a YouTube channel and contents, and video editing. There is so much to learn out there, but focus on one thing at a time. Watch videos that are related to your work or business. I highly recommend anyone watching lots of YouTube to subscribe to YouTube Premium. It costs R71.99 per month, and the family plan costs R109.99 per month. It gives you ad-free viewing. Consider this as an investment in yourself and your family. Why try save the (little) cost and waste all the time watching/enduring the ads, not to mention the interruptions. 4. Start a business While starting a business is not for the faint-hearted, it can be rewarding. A successful business can meet a customers' need, create employment, contribute to the economy, and generate sustainable income to its owners. When I was in my university years, I was already fascinated by the idea of starting my own business one day. In 1991 I bought my first book in this pursuit, Small Business Opportunities in South Africa by Ian Clark and Eric Louw. Over the years I bought or received many business books. Only in 2006 I stepped into starting my own business, a financial advisory business. I had a plan, I wanted to focus on investments only, but after I got into contact with my target market, I quickly realised I had to broaden my offering to one-stop shop, covering life insurance, medical aid, car insurance, business insurance and investments. 15 years later, in 2021, I have a viable financial advisory and insurance brokerage with a sustainable annuity income, providing income to 12 families. Along the way I have made mistakes, faced challenges and setbacks, had to learn quickly, continuously adapt to ever-changing regulatory and business environment. During this period we went through at least three global crises: The 1997 Asian financial crisis, 2008 Global Financial Crisis, and 2020 Coronavirus pandemic crisis. If you want to start a business, you need to do at least 4 things well:
5. Networking In business, it's about who you know. Whether you are a salaries employee or business owner, it is important to network with the right people, to learn, to exchange ideas and to get exposure. You should consider networking with:
I hope this gives you some ideas you can implement. What is the one thing you want to do? Write it down, stick on your wall, and do it. Next time, I will talk about "Do not spend more than you earn."
0 Comments
Leave a Reply. |
AuthorKevin Yeh Archives
January 2025
Categories
All
|