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Financial bunny shares wisdom at Wits

  • Writer: Ofentse Reitumetse Tladi
    Ofentse Reitumetse Tladi
  • Aug 1, 2024
  • 2 min read

By: Ofentse Tladi


The Wits Xhosa Cultural Union of Students (XCUS) teamed up with financial bunny, and social entrepreneur Nicolette Mashile to host a financial education session on July 24.


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U1 Umthombo. Photo: Ofentse Tladi

Wits students eagerly gathered at the Umthombo building to gain valuable insights on monetary management from Nicolette Mashile, a prominent financial literacy entrepreneur.


The session began with Mashile giving a testimony of her own financial journey, served as a warning to students of the consequences of financial missteps. She recounted how she almost got into unsustainable debt by using her R1 250 000 savings as a deposit for R4 million home. She viewed this decision as irrational because she didn't have the full amount needed to buy the house.


At a then high interest rate of 9.75% the repayment amount for a loan of R2 750 000 would have been R8 million over a period of 30 years.



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XCUS member. Photo: Ofentse Tladi

Mashile used this experience to underline how financial decisions shape future outcomes. She emphasized that for many of us, money often symbolises status. When we describe money in terms like "access" or "sustainability," we overlook the fact that these abstract concepts don't truly reflect our underlying perceptions of money.


"Self-awareness is the cornerstone of personal financial success," she said. She emphasized the importance of understanding one's financial state and setting clear, SMART goals - Specific, Measurable, Attainable, and Timely. She highlighted that small habits, like distinguishing between wants and needs, often signal whether one is on the right path.


Mashile highlighted the essential connection between budgeting, goal-setting, and credit education. Students in attendance expressed their appreciation of the session.


Siyasanga Nyangiwe, a fourth year LLB student remarked, "the real-life examples Nicolette used exceeded my expectations."


"I walked away with a much clearer understanding of budgeting, goal setting, and the importance of planning for my financial future," Sanele Hloele, a second year Physics and Mathematics student remarked.


Mashile's session at Wits not only offered valuable financial insights but also empowered students with the knowledge to navigate their financial futures confidently. With many young adults finding management stressful and challenging, the guidance provided students with the tools needed to make informed decisions.




 
 
 

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