Money Matters

Budgeting secrets of millionaire couples

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How many self-made millionaires do you hang out with? Or how many have you asked to be your ‘money mentor’ and teach you what it is that they know about making, keeping or growing their money that you don’t?

“Consumers don’t understand who wealthy people are and how they work their finances,” says Gary Kayle, money coach and co-founder of financial education business, The Money School.

“Most wealthy people come from the middle-income bracket. What separates them from the non-wealthy is their financial knowledge and education – something which is attainable by average South Africans.”

This is the reason that Kayle is so passionate about providing as many South Africans as possible with a financial education and it’s why Moneyweb partnered with the independent educators to bring a free video training series to Moneyweb and The Intelligence Bulletin readers. In it, Kayle takes people through three educational videos that highlight what it is that wealthy couples do differently to those who never build wealth.

“Not getting this right obviously has a material impact on an individual’s net worth,” says Hayley Parry, Kayle’s business partner at The Money School. “What’s often not considered, is how this has a knock-on effect on relationships and marriages. It’s not just about managing your money. It’s about so much more than that”

According to advocate Kaiél Grobler, Legal Advisor at LIPCO Law for All, financial pressures may not always be considered the main reason for divorce, but they are definitely a huge contributing factor.

“Clients involved in divorce proceedings frequently tell stories of disagreements about money and debt. It seems that spouses avoid talking about finances until it’s too late, when in reality conversations should have started before marriage when deciding to get married in community of property or not,” Grobler adds.

Kayle says he discussed the most common mistake couples make when it comes to talking about money at home in the first video, but that in the latest video release the focus is all about getting practical. After studying what it is that millionaire couples do differently to those that aren’t able to build wealth, Kayle distils it down to three things they do religiously every month and then proceeds to give viewers a budgeting framework that puts this knowledge into an easy-to-implement format.

He adds that while you can live the life you want to, spending your hard-earned cash, there is a right way to go about handling your finances without causing a heap of chaos and debt.

Kayle further explains that the sacrifices you make, such as working instead of spending time with your family, should be making you wealthier. “You shouldn’t sacrifice time with your family or doing what you want and enjoy and not be getting wealthier,” he says. Otherwise it’s not worth it, and a change in strategy is needed.

Watch the video here to learn more.

by Moneyweb

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