How to make your money work for you

People are taught to work for money, but they are not taught how to make money work for them – this according to author Ann Wilson.

“We are taught at an early age that we must work in order to have money, but we are not taught how to make money work for us. We should start investing early in life – from as little as possible – and stop hoping that things will get better,” she cautioned.

Wilson, author of the book titled The Wealth Chef, presented financial strategies to businesswomen during the launch of the Fine Women in Business Network’s new branch, held at the Oakland Inn in Randburg on 5 June.

This South African author is based in Paris, although she was born in KwaZulu-Natal.

She warned that debt is a dream crasher and people should stay out of it.

She said about 85 percent of economically active people will not be able to survive if their current income status stopped for two months, because they are used to spending more than they earn.

“Gone are the days where women thought marrying a rich man was their future financial solution. Today, women are far more educated but they still fail to invest properly for the future,” said the financial guru.

Wilson said she learned the hard way to become financially independent. “I went through a tough period while in Hong Kong. I changed from ‘money binging to money anorexia’ after my marriage fell apart.’’

She taught herself financial literacy which resulted in her paying off her debts, managing her money flow properly and enjoying the

rewards of investing.

Wilson warned that wealth is a recipe which needs practising and planning for the future.

Tips on how to manage money flow:

– Get out of consumer debt

– Spend less than you earn and manage your money flow

– Know the difference between saving and investing

– Ensure that your assets are more than you liabilities