Imagine a world without money. For some among us, especially as the month draws towards its end, that probably doesn’t require too much imagination. But money, whether it’s in plentiful supply or in the throes of a drought, is the force that makes the world go round, which is why it is so vital to our everyday living as well as our long-term plans.
So imagine, instead, a world with enough money to satisfy your needs and make your dreams come true. Then start working towards it, using common sense, discipline, and the accumulative power of change. This is where Maya Fisher-French comes in. With a solid background in trading and investment, Maya has become one of South Africa’s most trusted and easy-to-understand advisers, and her new book, Maya on Money, Your Money Questions Answered, is a common-sense guide to conquering your financial fears and making the most of your money.
We caught up with Maya and asked her what money means in her own world, and what she has learned from her own money mistakes.
Q: What is your earliest childhood memory of the meaning of money?
For me growing up, money felt like a power play in our home. I think for many families money continues to be about power. It is one of the reasons I feel so strongly about women remaining financially independent.
Q: Were you a good saver as a child, and if so, what was your most ambitious savings goal?
When I was 15 my father gave me a Bob-T card in which he had put six months’ worth of an “allowance”. It was the most liberating feeling ever! I went straight out and bought a jersey I really wanted, and then realised I had blown at least two months allowance on it. I then asked my parents to please give me my allowance in monthly instalments.
Q: What do you love most about change?
The opportunity it creates – when one door closes another always opens, and you suddenly realise this was all meant to be.
Q: What’s the best investment you ever made?
In monetary terms it was buying our first home in 1997. Interest rates were at their all-time high, and we struggled to meet the mortgage payments. But then interest rates plummeted and property prices re-rated completely. Our property value quadrupled. After that I would say the R200 per month we put away for our son since he was two years old. It is over R100,000 today.
Q: Do you use any specific software or apps to do your own personal budget, and if so, what would you recommend, for desktop or mobile?
We use a Microsoft excel spreadsheet. My husband updates that each month. But we also use the M8 app when we want to track day-to-day spending.
Q: What is the biggest myth about money?
That your money problems will go away if you earned more. The reality is that when we earn more, we just spend more and have more debt.
Q: What is the most valuable piece of financial advice you ever received?
Working for a stock broking firm through two market crashes in 1998 and 2000 taught me not to be afraid of the markets. I don’t panic when markets fall, I know the power of investing in shares to grow wealth.
Q: If money was no object, what would you spend it on?
Travel, travel, travel!
Q: What advice would you give to young South Africans who dream of starting their own businesses?
Get informed, learn as much as you can especially about running a business. Many businesses fail because the owners don’t understand basic business principles.
Q: Why do you think South Africans, in general, are so bad at saving?
I think the easy availability of credit is a major problem. Rather than spending 10 months saving for a household item, we borrow the money and spend two years, and double the amount, paying it back. It leaves no money for saving.
Q: What was the single biggest and most daunting change you have ever made in your life?
Making the move from the financial industry into journalism. I had never been a journalist and had to learn on the ground. My editor once said, “I don’t know what this is, but it’s not journalism”! I must add that writing this book was probably the most daunting experience in my career!
Q: How much cash do you typically carry around with you for everyday purchases, or do you prefer using plastic?
Very little, I mostly use plastic. But when we were in financial difficulty we only used cash in envelopes for specific items.
Q: How good are you at bargaining, and what was your best bargain purchase, here or overseas?
I am the worst! I feel sorry for people. But I did buy a gorgeous, black dress at Chic-Mamas, a ‘barely used’ second hand clothes store, for R150, which I wear all the time.
Q: What would you say was your biggest financial mistake, the one that taught you most about the power of money?
Our second home. We sold our small, manageable home in Greenside for a huge fixer upper. It just gobbled money, especially running costs. Now we have a smaller home with very low running costs.
Q: What is the money question you get asked most often by readers?
How to get out of debt! Then mostly where they can start saving.
Q: What do you know now about money, that you wish you’d known 20 years ago?
Not to worry about money so much. There were times when I put my fear of not having money ahead of more important priorities.
Q: What is more valuable to you than money?
Most things, really. My family being happy – that is very valuable. Money in itself is not valuable, it is what you do with it.
Q: What does it take for you to change your mind?
I have key people in my life that I ask for advice. Their input could make me change my mind if I was set on something. We need others to reflect our situations back to us.
Q: Where do you go when you feel like a change of scenery?
If I have a lot of work to do and need a boost, I find moving office helps – to the local coffee shop usually where I also have my coffee and a biscuit.
*Maya Fisher-French is an award-winning financial journalist with a flair for cutting complex money matters to their core. Find out more on mayaonmoney.co.za. Maya on Money, Your Money Questions Answered, is published by NB Publishers.
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