A serial entrepreneur, Filippa co-developed the Wealth-Apprentice Master Class.
Can anyone become a millionaire?
Yes absolutely! Anyone can be wealthy. There are many myths and limiting beliefs that are deeply ingrained into us from a young age and these unfortunately prevent many people from going after their wealth dreams.
Is there a formula to becoming a millionaire? What is it?
I don’t believe there is one particular formula to becoming a millionaire especially when it comes to the practical aspects of creating wealth. However there are some crucial elements that need to be in place that pave the way to wealth creation. These are:
*Be specific about what you want.
Everyone says they want to be wealthy but what does this mean? Is it R1 million or R100 million you want? You cannot work with a vague goal. Our minds work well with specific instructions, once you have a clear goal, your mind will go into overdrive to figure out the how.
* Your beliefs, values and thoughts must be 100% aligned with your wealth creation goal.
This is one of the biggest stumbling blocks on the path to wealth creation. If you have any limiting beliefs e.g. ‘money is hard to come by’ this limiting belief will impact your thinking which in turn will limit the action you take.
* You must have a big enough why for wanting to creating wealth.
Wealth creation is not something you turn on and off, it’s a long-term commitment that requires a significant investment in time and energy. If you don’t have a big enough reason for wanting to create wealth you will give up at the slightest challenge. A good reason will give you the inspiration to keep going no matter what setbacks you experience along the way.
* Create a wealth creation plan.
Once the three first elements are in place, you’re ready to formulate a wealth creation plan. This is the practical element of wealth creation that includes time frames, milestones and investment vehicles. The biggest mistake people make is to start investing in a haphazard manner without having the first three elements in place and without an overall plan to guide their activities.
* Describe briefly how you became a millionaire by age 30?
I wanted to be a rand millionaire by age 30, my beliefs, values and thoughts were 100% aligned with my goal and this impacted every decision and action. For example, what I read, who I interacted with, what I studied and the jobs I took were aimed at attaining my goal. I also had a very big why – my mission was to break through my family history of financial mediocrity. I wanted to understand the behavioural drivers behind success in all areas of life so that I could achieve success in my own life and then support others to do the same.
From a practical perspective there were some key things I did to become a millionaire by age 30:
• Continuous learning – I knew that my greatest asset was the value I had to offer which in turn would increase the income I earned. The many certifications I have beyond my formal education continuously pay dividends.
• I drove and created career opportunities for myself. I didn’t wait for it to happen, I made it happen.
• I live by a strict cash policy. If I cannot pay cash for day-to-day essentials or ‘nice to haves’- I don’t buy it. This ensured I was always debt free.
• Once my car was paid up I did not upgrade it for a number of years. I saved the car repayments I would’ve paid and this in itself resulted in a saving of over R100 000 in three years.
• I had a savings and investment mind set whether times were good or bad. I always spent less than I earned and saved and invested a portion of my income.
• For a number of years while going after my millionaire goal, I did not upgrade my lifestyle. I saved my bonuses and pay hikes, which accumulated to hundreds of thousands of rands in four years.
• I never drew money from my bond, instead I paid extra amounts in.
• I sold my home and instead of buying a more expensive house, I went into a rental and bought investment houses. This not only increased my net worth but enabled me to start earning passive income.
You run three organizations, how do you juggle all your responsibilities?
When you have a number of responsibilities, three things are absolutely key:
Focus, prioritisation which requires planning and peak performance. As a high-performance coach I’m constantly searching for cutting edge tools to enable me and my clients to do more in less time and achieve extraordinary results despite heavy workloads. Good health is essential for focus and to attain peak performance states.
What advice would you give to an aspirant entrepreneur?
* Be absolutely sure that entrepreneurship is for you. It’s tough being an entrepreneur so talk to entrepreneurs about their experiences before taking the plunge.
* Loving what you do is key to success. If you turn your passion into a business, you have a higher probability of success.
* A fatal mistake entrepreneurs make is falling in love with their service or product without testing the market for demand. First do market research, find out what problems people have and then develop a service or product around that need. Most people develop a product first and wander why they cannot sell their product.