‘Don’t blow your lump sum/ large amounts of money’
Black 888 foundation urge people who received lump sums/ inherited money to manage it better, like investing it wisely or giving to the needy.
If you’re fortunate enough to hit the jackpot, inherit a sizable estate or receive a lump sum, make sure to invest it rather than splurging it.
This sound advice is from the Black 888 foundation to Rand West City residents. According to Thabo Jama, founder of the foundation, one of the biggest concerns is that people do not know how to manage this kind of money.
People tend to make impulsive and poor financial decisions when they receive large sums of money. If one does not spend it wisely or invest it, this could leave them with more debt, even broke.”
In an exclusive interview with the Herald, Jama said he and five members of his team started an initiative with the aim of breaking this pattern. Many times he has been heartbroken to see people blow their money for fame or simply to show off.
“We’ve seen that happen. When people suddenly have large amounts of money, it doesn’t last very long and they end up in deeper financial trouble,” Jama said.
“We are here to help equip you with tools to make the right decisions. It’s a serious problem, because even though the money would’ve been inherited, it is meant to alleviate the burden on the beneficiary. It’s not to be wasted,” he added.
They assist people by assessing their assets to determine which could be sold or used for business investment.
Rather than living it up, we’re encouraging people to share with others, empower their communities and stop living lavishly. The same money could be used to help break the burden of poverty in society by assisting those in need,” Jama said.
