Oscar Wilde famously said:

‘’A dreamer is one who can only find his way by moonlight, and his punishment is that he sees the dawn before the rest of the world.’’

The world needs dreamers. They are the ones who have the vision to make a real difference.

A recent development comes to mind: The #ImStaying Group launched last month (7 September 2019) – and suddenly, close to 700 000 South Africans feel like they can dare to dream again.

Soon after the founder of the group (Jared Petzer, aged 39) launched a crowdfunding initiative on Back a Buddy, where all funds raised will be used to implement business initiatives in the micro and SME space to open their doors, scale their business or create collaborative opportunities to work together (read more about that here).

 What do your dreams look like?

 Whether you want to study, get married and raise a house full of children; or run a B&B; travel the world; or start a business: it is important to set goals for achieving your financial dreams (especially in lieu of a stroke of viral luck).

Here’s our advice:

If you don’t write it down, it won’t matter

Take a day (or a week) and figure out what matters to you. Write ALL of it down (preferably on PAPER) even if it seems completely unobtainable or crazy.

The next step is to discern between what is achievable now, and what will need to be seen to over the long-term.

You need to know where your money is going

 Tracking your income and expenses (aka a budget) is an essential first step to secure financial freedom. This is the only way to determine whether you might be living above your means and to do something about it.

This recent article by Businesstech confirms that most South Africans run out of money by the middle of the month. According to the accompanying survey’s findings, 40% of people are spending between 41 – 100% of monthly income on servicing debt, this includes bond repayments, loans, store cards and credit cards.

Which brings us to our next point:

Pay off your debt and don’t repeat the cycle

 It won’t happen overnight, but resolving to stick to a plan to pay off your credit card and/or clothing accounts’ debt (while not accruing any additional debt during the process) will not only teach you how to live within your means, but it will also give you the discipline to get into the habit of saving for what you want.

Always ask yourself this question before buying ANYTHING:

Is it a need (i.e. something you will die without) or a is it a want?

Set SMART goals

Once you have freed your finances by following the above advice, you can start dreaming about what you would really like to do with your money.

Set SMART goals:

Specific

Measurable

Attainable

Relevant

Timely

Then proceed to categorise those goals as short-term, mid-term or long-term financial goals.

The goal-setting process involves deciding what goals you intend to reach; estimating the amount of money needed and other resources required; and planning how long you expect to take to reach each of your goals.

Determine how much money you need to save to reach your goal and divide that amount by the month and/or year. Think of all ways you can reach that goal. Include saving, cutting expenses, earning extra money, or finding additional resources.

Never get discouraged to #dreambig

 Life will happen. The economy will weaken, the children will get sick, the car will break down or the geyser will burst.

Financial goals aren’t just about ‘’getting there’’. The process itself will help you to solidify good habits. So, if you find yourself lacking the motivation to continue with the plan, remember that motivation is temporary, but that good habits become permanent ones, and good habits will mean setting yourself up for success.

And there will always be groups like #ImStaying to help with the motivation part.

Springpoint Finance: your #dreambig financial planning partner

 At Springpoint Finance, we like to set our clients up for success from the get-go. That’s why we developed Verifi, an online tool to pull an obligation free report of your existing policies and investments.

There are about R26 billion worth of unclaimed policies in the system. We have helped thousands of clients come to the realisation that they had lost or forgotten policies – money owing to them that they were not even aware of.

Based on this report, our accredited financial planners are also able to offer value-added services to clients who are in need of additional financial planning or products.

To learn more, visit Verifi’s website.

Available in English and Afrikaans.