In it with you
Paving the way to financial freedom for you, your family, and your business
Our aim is to help students make better financial decisions that make them financially capable and resilient young adults
Starting your financial journey with small steps
Get a grip on your finances
Let's start with understanding the basics. Remember those pesky equations that we had to learn at school. Well, there is a simple money equation that we all need to understand.
The four-step budget
Budgeting is a powerful tool that can help you to track and control your spending. It might have a bad rep because most of us think that budgeting is boring, difficult or time-consuming. But think of budgeting as your secret weapon that will help you achieve your goals.
Making your money grow
Life is full of uncertainty and having savings can help us weather the storms. You should consider creating an emergency fund that can cover at least three months of your living expenses.
There are three factors that influence the amount of money that you can earn through compounding:
1. Interest rate:
the higher the interest rate, the more money you earn. Banks will usually offer you a better rate of interest if you agree to keep your money in the account for a minimum period.
2. Time:
the longer your money is compounded, the more money you earn on the interest. Eventually, your money will start to grow exponentially. This is why it is important to start saving when young!
3. Frequency of compounding:
the more often your money is compounded, the more you earn.
Taking on debt
AS SOON AS YOU START EARNING AN INCOME, YOU WILL BE BOMBARDED BY OFFERS TO TAKE UP CREDIT.
Store cards, credit cards, payday loans and home loans are all forms of debt. If you take on too much debt, you will get yourself into financial trouble. This will impact your credit score and your future ability to secure debt at lower interest rates.
Here is how your credit score works. Every time you apply for a loan, store card, credit card or even insurance, the enquiry is recorded at the credit bureau. If you pay your instalments late, or not at all, it will count against your credit score.
767-999 (Excellent)
527-582 (Below Average)
681-766 (Good)
487-526 (Unfavourable)
614-680 (Favourable)
0 – 486 (Poor)
583-613 (Average)
Make financial freedom a state of mind and take control of your financial future
A Little more about Mind My Money
Over the past 20 years, STANLIB has done more than just manage money, we have committed to protecting and growing our clients’ wealth. We have invested in more than just traditional asset classes but funds that benefit society, impacting and changing the trajectory of their lives. As a result, STANLIB has been able to manage over R600 billion in assets and initiate financial freedom for over 136 000 clients.
Mind My Money TVET College edition is an extension of our tradition to invest in our societies, with the aim to grow and protect our clients’ wealth. It is a financial literacy programme that aims to guide you to make better financial decisions as you prepare for the labour market or entrepreneurial journey. There are a few small steps that may enable you to live the life of your dreams and we are here to help you do that.
Making the right financial decisions while you are young will put you on the path to financial wellness over the course of your life, and help you achieve financial freedom.
The programme began in 2020 and is an extension of Liberty’s “Mind My Money” programme.
We look forward to guiding you on your path to financial wellness and freedom.
Learn how to Protect yourself and your assets
Improve your knowledge about Insurance
Protect yourself and your assets.
Without insurance, we can lose money that will set us back in life. How does insurance work? You pay a premium to insurance companies to protect you against costly disasters.
Learn about the different Types of insurance
MEDICAL AIDS cover both in-hospital and out-of-hospital costs. Hospital plans only cover hospitalisation costs.
LIFE INSURANCE pays a death benefit to your chosen beneficiary. It is important to have if you are the breadwinner in your family.
CREDIT INSURANCE pays the outstanding balance on a financing agreement in the event of death, disability or illness.
INCOME PROTECTION pays a monthly cover if you are no longer able to work.
PERSONAL INSURANCE includes different types of car and home insurance. It covers you for any losses in the event of fire, theft and accidents. You can even get personal insurance for your cell phone.
FUNERAL INSURANCE covers your funeral costs, or those of your loved ones.
Welcome to your personal journey to financial freedom
Understanding Income
Start by understanding your income
Understanding where your money comes from is the first building block for creating financial freedom.
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Learn how to Budget
Get a grip on your finances by learning how to setup a budget
Creating a detailed budget will allow you to understand your money better, deal with debt, and save for the future.
Learn how to make your Money grow
Learn how to make money on your money
When you save and invest, you are using your money towards growing itself. This happens through a simple concept called compound interest, and it is one of the most important concepts to grasp in your quest to building wealth.
There are three factors that influence the amount of money that you can earn through compounding:
1. Interest rate:
the higher the interest rate, the more money you earn. Banks will usually offer you a better rate of interest if you agree to keep your money in the account for a minimum period.
the higher the interest rate, the more money you earn. Banks will usually offer you a better rate of interest if you agree to keep your money in the account for a minimum period.
2. Time:
the longer your money is compounded, the more money you earn on the interest. Eventually, your money will start to grow exponentially. This is why it is important to start saving when young!
the longer your money is compounded, the more money you earn on the interest. Eventually, your money will start to grow exponentially. This is why it is important to start saving when young!
3. Frequency of compounding:
the more often your money is compounded, the more you earn.
the more often your money is compounded, the more you earn.
When your money compounds, that means you are making money on your original investment AS WELL AS earning interest on interest. Think of it as growth on your money’s growth.
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Me and My Bank
Understanding how banks work
Getting the right bank and the right bank account can make a big difference in pursuit of financial freedom.
Compound interest is the eighth wonder of the world. He who understands it, earns it ... he who doesn’t ... pays it.
– ALBERT EINSTEIN
Learn about the Stack Method
A smart approach for pulling yourself out of debt.
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The “stack method” is a powerful tool but it’s up to you whether you use it. If you really want results then immediately start working through the steps using this checklist:
STEP 1
No new debt;
STEP 2
List all debt - highest interest rates at top;
STEP 3
Negotiate lower interest rates;
STEP 4
Take charge and create your strategic spending plan;
STEP 5
Create a repayment schedule;
STEP 6
Track “target debt” and reward yourself;
STEP 7
Compounding: move stack amount + previous minimum payment to the next “target debt”;
STEP 8
Keep going – even when things go wrong and get tough;
Understanding your Debt
Start understanding debt and your credit profile
FINANCIAL FREEDOM BEGINS WHEN YOU GET OUT OF DEBT.
Debt traps us for years and years
as we struggle to repay what we owe while trying to live the lives we want... which cost money.
as we struggle to repay what we owe while trying to live the lives we want... which cost money.
If you think nobody cares if you’re alive, try missing a couple of car payments.
– EARL WILSON
Discover how to plan for the future
Discover how to plan for the future
Securing your dreams and goals begins with saving
We all dream, plot, and plan about what we want to do one day, and a big part of it is to make sure you have enough money saved to make your dreams come true.
Reduce your debt
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Find your savings amount
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Use cash instead of credit cards
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Cut your costs
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Save as a team
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Track your money: keep your receipts
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Check your budget
Be clever about where you shop
Learn about different types of Insurance
Learn about the different kinds of insurance?
Mind My Money offers a comprehensive range of tools and services to help you effectively manage your personal finances. With our program, you can easily access your credit score and monitor all your accounts and transactions in one convenient location. No need to visit multiple platforms to create budgets and track your finances
Short-term Insurance
Short-term insurance helps protect your finances from sudden and unexpected events that could impact your financial stability. By having coverage in place, you can feel more secure in tracking your financial health over time.
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MOTOR VEHICLE INSURANCE
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BUSINESS INSURANCE
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HOUSEHOLD INSURANCE
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HOME OWNER’S INSURANCE
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TRAVEL INSURANCE
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PERSONAL LIABILITY INSURANCE
Long-term Insurance
While short-term insurance focuses more on things and assets, long-term insurance is focused on the thing you own for the longest period... your life.
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LIFE INSURANCE
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DISABILITY INSURANCE
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ENDOWMENT POLICY
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FUNERAL POLICY
It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.
– ROBERT KIYOSAKI
Learn about the 3 most important money lessons to teach kids
Delayed gratification
Teach your kids that they may have to wait to buy or have something they want. The demand for instant gratification can result in them being unprepared for the real world where you don’t always get what you want immediately. It’s also a good skill to create a sound financial mindset. Teach them that wants and needs are different.
Money is finite
Children need to understand that money is now like air and mud. If you give it away or spend it, there is no more. Teach your kids – using spending jars and money boxes – to save up and make decisions about when to spend money and when they have to wait.
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Teach them about compound interest
For older children in their pre-teens and teens, use a small amount of money (R10) to teach them how compound interest works. Tell them that the same R10 can grow to R100 for example, over time if left in a compounding account, because money earns interest on top of the interest during the period it is saved.
Start investing in your future
By choosing the best retirement plans and options you do not have to be a financial expert to invest but it is important to understand your options and to have as much knowledge as possible in order to make informed decisions.
Here are some popular options for you to consider:
RETIREMENT ANNUITIES (RAs)
Annuities are insurance products that provide a source of income during retirement. Whereas life insurance pays a benefit if an insured person dies, an annuity makes payments as long as an insured person lives.
PROVIDENT FUNDS
The purpose of both pension and provident funds is to provide employees and/or their dependents with an income upon retirement or death. Pension or provident funds make up the bulk of most people’s retirement provisions.
In it with you, paving the way to financial freedom for you, your family, and you business
– UNKNOWN AUTHOR
1
You will learn how to adapt
We will guide you how to adapt your budget during the Covid-19 pandemic to better manage your income and prioritize your expenses.
2
You will stay informed
You will receive regular information from the Mind My Money programme to keep yourself up to date with the latest developments.
3
You will be able to know your credit worthiness
You will receive regular information from the Mind My Money programme to keep yourself up to date with the latest developments.
4
You will learn how to protect your families future
Life happens. But we will show you what steps to take to build an action plan that will protect your families future during the Covid-19 pandemic.
5
You will be able to access a personal financial advisor
You will worry less about your personal finances if you manage them more closely and with the help of a professional financial advisor.
A Little more about Mind My Money
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Mind My Money’s to the UN’s Sustainable Development Goals
Statistics for the past three years
2022
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23 190
Worksites & Communities
- LIBERTY
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320
Teachers trained throught Train-the-trainer programme
- LIBERTY
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5 439
TVET College students trained
- STANLIB
14 524
People trained in face-to-face workshop and online training.
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2021
27 845
Worksites & Communities
- LIBERTY
500
Teachers trained throught Train-the-trainer programme
- LIBERTY
5 363
TVET College students trained
- STANLIB
2020
25 890
Worksites & Communities
- LIBERTY
350
Teachers trained throught Train-the-trainer programme
- LIBERTY
5 565
TVET College students trained
- STANLIB
Get financially fit by signing up to unlock the benefits of financial wellness
– UNKNOWN AUTHOR
Get in Touch
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© Copyright Liberty 2020. All Rights Reserved.
Liberty Group Limited (Reg. no 1957/002788/06) is a registered Long Term Insurer and an Authorised Financial Services Provider (FAIS no 2409).
Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific product.
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