Give the gift of financial wisdom this Heritage Month, to empower future generations. That’s the call of Thomas Berry, the Head of Sales at PSG Wealth. He says with many South Africans gathering this month to celebrate and recognise the country’s rich cultural diversity, traditions, languages and practices that define who we are as a nation, citizens should also reflect on their past and think about the future.
The gift of financial wisdom
Berry added it’s time to think about the future and especially how people can build legacies that will empower future generations. He says in many South African cultures, wealth is not just measured in monetary terms but also in the richness of relationships, community principles and knowledge passed down through generations.
The financial guru adds that this cultural wealth is the foundation upon which financial wealth can be built.
“One of the most enduring gifts we can all pass on is financial wisdom to allow future generations to unlock financial freedom,” said Berry.
The financial expert says by preserving and celebrating our heritage, we reinforce the values of resilience, collaboration and long-term thinking.
Financial wisdom – A culture of saving
Berry says instilling a culture of saving begins at home. He added that building wealth involves a combination of strategic financial planning, personal discipline and maintaining a long-term perspective.
He added, ”Instilling financial literacy in the next generation empowers them to build a secure and prosperous future.”
Furthermore, he said, that unlike chasing short-term gains or ‘quick’ returns, building wealth is a process that takes many years and requires consistent action.
He says part of planning for a successful financial future involves tax-efficient choices and for many investors, that starts with opening a tax-free savings account (TFSA).
Good habits compound over time
Berry says the concept of compound growth in investments is a powerful force that allows investments to grow exponentially over time. He added that compound growth occurs when the returns generated from an investment are reinvested to generate additional earnings. This leads to a compounding effect that accelerates the growth of the investment.
Berry concluded, “Heritage Day is not only a celebration of our past but also a time to plan for the future. Leaving a legacy is not always as easy as it sounds but by introducing financial education early in life and nurturing this knowledge as children grow.”
Berry says that we can empower the next generation with the essential skills to make informed financial decisions. He says this legacy of financial wisdom will ensure they’re well-prepared for life’s challenges and opportunities. This legacy of financial wisdom is rooted in cultural values and strengthened by practical experience.
“Let’s use Heritage Month as an opportunity to reflect on the legacies we are creating. Let’s take steps towards financial empowerment that honours our rich cultural diversity,” he ended off.
