• August 11th, 2020

Credit cards are ‘crack cocaine’ of financing

WINDHOEK - Credit cards are the crack cocaine of financing because they offer you instant gratification for something you cannot afford. These were the words of renowned financial advisor, consultant and speaker, Afra Schimming-Chase, during her recent presentation at the first Womentum Masterclass in Windhoek.  

Schimming-Chase presented alongside Rosalia Martins-Hausiku, Chief Executive Officer of the Motor Vehicle Accident (MVA) Fund, Lauren Voges, a professional coach and facilitator and public relations and brand strategist Catherine Shipushu.

The event was called the ‘She’s Empowered Women’s Network’, which was founded by Shipushu and sponsored by Momentum Metropolitan Namibia. The aim of the gathering is to empower and uplift women through mentorship and training.

Focusing on women being ‘financial fierce’, Schimming-Chase explained that this means standing your ground when the going gets tough. “A woman who is fierce is always looking to better herself and the world around her. When you are fierce, you respect yourself and your limits,” she stated.

Schimming-Chase continued that the greatest financial lesson is people paying themselves first. She noted that this doesn’t mean splurging your money. “What I mean is before you go pay your rent, pay school fees and everything else, make sure you take a little bit that you put in an emergency fund and that is paying yourself.”

She added that the wonder of paying yourself first is you no longer need to budget because you created what she called ‘a backward budget’. She explained that the biggest factor of a backward budget is budgeting for your financial goals, budgeting for retirement, house renovations and once you do that, whatever is left is what is going to pay for everything else. She emphasised that this stops an individual from having to track their spending on a monthly basis because generally, expenses are going to be the same every month.

“So, once your saving is planned-you get two things, your saving is handled, which most people complain about at the end of the month saying they have nothing to save. Secondly, you pay for the things that you need to pay for and the only time you look at the budget is when your income increases and you can put away more savings because otherwise the expenses and everything else is the same,” said Schimming-Chase.

Meanwhile, Martins-Hausiku’s presentation concentrated on how one positions him or herself for success. She said no one stumbles onto significance, noting that significance is intentional.

Furthermore, in turn, Shipushu spoke about the importance of establishing and growing a personal brand, revealing that everyone has a personal brand whether they consciously work on it or not.

“In today’s saturated market, a strong personal brand highlights your expertise, credibility and differentiates you from other professionals in your field. Therefore, if you’d like to position yourself for success in your career or business, you should start by defining your personal brand,” stated Shipushu. 

Voges looked at emotional intelligence as a critical skill, emphasising the importance of self-awareness and being able to control one’s emotions in all circumstances. “Emotional intelligence enables people to manage their own emotions, understand others better and be empathetic toward others, Voges stated.

Selma Ikela
2019-10-01 07:40:09 | 10 months ago

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