Heritage Month is a good time to reflect on the cultural traditions that enrich us, along with the values passed down to us through generations. These traditions not only shape our identities, but also offer tried-and-tested financial lessons.
Learning from our rich heritage, and passing on well-established teachings about money, are important ways to ensure that our successors have the tools to build a prosperous future, says Sarah Nicholson, operations manager of JustMoney.co.za, a platform that helps South Africans make good money choices.
“Culturalpractices andvalues have been embedded in our communities for generations. These have helped families create a stable foundation for their children and grandchildren, even when resources have been extremely limited.
“Building on these long-standing lessons can pave the way to prosperity.”
Examples of South African cultural practices that still have currency include:
- Lobola, where a groom pays the bride’s family in cash or traditional cattle in the lead-up to the wedding. This not only honours the family and marriage customs, but also highlights the importance of disciplined saving.
- Stokvels, or collective saving schemes, are deeply rooted in South African culture. They teach us about the power of collective effort, accountability, and financial discipline. Families can pass down the stokvel tradition to cover household expenses, save for large purchases, fund education, and make savvy investments.
- Agriculture has been a cornerstone of wealth creation for centuries. Whether farming livestock, growing crops, or harvesting traditional foods, agriculture provides an income opportunity tied to the land and our cultural heritage. Teaching younger generations about agricultural practices not only sustains traditions, but also offers a practical route to financial independence.
Incorporating new ideas
As we honour these traditions and the lessons learnt from them, it’s also important to embrace fresh opportunities.
The next generation can benefit from combining their heritage with innovative business ideas to create financial security. For example:
- African design. Vibrant textiles and handcrafts have the potential to captivate global markets. MaXhosa Africa is a modern South African premium knitwear brand that originated from the desire to explore knitwear design solutions for Xhosa initiates.
- Medical cannabis. Many communities have cultivated cannabis for centuries, and recent policy and regulatory changes have created a more enabling environment for the medical cannabis sector. In his 2022 State of the Nation Address, President Cyril Ramaphosa stated that South Africa’s hemp and cannabis industry could create more than 30,000 new jobs.
- Tourism. Initiatives such as homestays, traditional craft markets, and cultural tours preserve our heritage while creating ways to make money.
“Encourage your children to explore entrepreneurial opportunities by sharing your own experiences and lessons you’ve learnt along the way,” says Nicholson.
Proven and reliable business advice worth sharing includes:
- Start small but think big. Focus on manageable growth while keeping long-term goals in mind.
- Always prioritise cash-flow management. Many businesses fail not due to a lack of profit, but because they run out of cash.
- Surround yourself with a solid support network. Maintain connections with mentors, advisers, and professionals who can offer guidance.
- Listen to your customers. Always be adaptable to customers’needs.
Leaving a lasting legacy
It’s essential that the older generation ensures its hard-won wealth is retained in the family. Tips for financial prosperity across the generations include:
- Invest in education. A good education for children and grandchildren is a powerful way to ensure wealth continuity. Whether you start a formal savings plan, establish a trust, join a stokvel dedicated to education, or take out life insurance with educational benefits, quality education can set your family up for generations.
- Draw up a will. A will is crucial to ensure that your assets are distributed according to your wishes and that your financial legacy is preserved.
- Avoid bad debt. This is one of the most crucial lessons you can pass on. Teaching the importance of living within your means helps young people build a secure financial future, free from the stress and constraints of debt.
“During this Heritage Month, take time to reflect on the financial wisdom that has been passed down in your family, and consider how you can add to this legacy,” concludes Nicholson.
“By embracing both cultural traditions and modern opportunities, you can create a more stable family life and leave a financial legacy that empowers future generations.”
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Caption: Cultural traditions not only shape our identities, but also offer valuable insights about generating income and saving, according to JustMoney.
Issued by: Meropa Communications
On behalf of: JustMoney.co.za