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What Does it Take to be WEALTHY?

Updated: Oct 7, 2019

You are wealthy when your passive income exceeds your living expenses. This means you do not need to earn a salary from a job to live comfortably.

My journey started with:

  • A Goal

  • A Plan

  • Commitment, and

  • Action

My Goal


To generate enough income from my investment so I can “retire” from full-time employment at the age of 45.


My plan included:

1. Being debt-free before age 35


I listed all my debt and assigned pay off timelines to each. I paid off my bond by:

  • paying an additional R 500 a month;

  • when I received a bonus from my employer, I paid a minimum of 40% of that into my bond account; and

  • when my endowment policies matured, I paid that into my bond as well.

The additional payments reduce the term of your loan and the interest amount. I will post a schedule showing the impact. Once you pay off your debt and experience the benefits, this debt-free mentality becomes a habit. The Freedom of being debt-free is truly magical and possible. You need to plan, commit, implement and stay the course. You will experience bumps on this journey, and you will go off-track as I did. Once you have worked through the challenge you need to FOCUS and commit to getting back on track.

2. Having X amount in liquid assets by age 45.


I excluded properties, cars, jewellery, etc. from my X amount.


So, what did I do to accumulate Wealth to “retire”?

1. I contributed to a pension fund. Each time I left an employer, I transferred my pension amount (less the R1800 tax-free amount) to either a preservation fund or the new employer’s pension fund.

2. Endowment policies were popular in the 90s. I bought 2 endowment policies at different stages of my life. I liked these products as they locked me in for a fixed period. Not having access to your savings is a good way of driving your savings habit

3. I started saving R50 a month from my 1st salary and saved consistently from that month onwards.

4. At different stages of my life, my savings ranged from about 3.6% of my salary to 60% of my salary.

I shared enough information for you to calculate my 1st salary. So, what was it?

5. I researched assets that generate income and invested accordingly.

6. I continue to learn about things and topics that advance my goals. I monitor my goals regularly and once achieved, I always ask myself, WHAT NEXT? And off I go…

To calculate your X or your retirement number:


Multiply your current annual expenses by 25.

So, if you require R500 000 a year to live comfortably your X is approximately R 12, 5 million. Now that you have an idea as to what your retirement number is, you can use this to re-evaluate your lifestyle and get started on your Financial Freedom journey. According to my friend Chris Brits, the CEO of EBnet, the percentage of South Africans who can maintain their standard of living at retirement is in the region of 6%.


There is a myriad of education platforms and tools available to assist us in achieving our Financial Freedom. I got to realize that unless You Commit to being Financially Free and take the necessary Action, Nothing Changes.


For lasting Change, let us start introducing good money habits to our children. I would like to introduce you to Mrs Spiggles who shares important money messages with young children, so they are better equipped to manage their finances and to get them started on their wealth-creating journey.

Please visit Mrs Spiggles at www.mrsspiggles.co.za


What was the amount of my 1st gross salary?


The first email with the correct rounded off number will receive a copy of Mrs Spiggles and her Money Tales.


Thank you for stopping by.

I wish you love, light, happiness, and Freedom

Charmaine Soobramoney -I AmThe Change And Free


#MoneyMessages #IAmTheChangeAndFree #Happiness #Freedom #Change

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