5 minute read
Amanda Dambuzza’s Money lessons for the modern woman
Amanda (second from left) pictured with Momentum Namibia’s Managing Director, Evangelina Nailenge, Executive Officer for Metropolitan Retail | Momentum Metropolitan Namibia Ltd. Ingah Ekandjo and Financial Wellness Expert, Afra Schimming-Chase, during her recent trip to Namibia.
Her magnificent Sandton home has been featured on Top Billing, giving viewers a peep into a house built from the bottom up with structural and decor elements that speak to the South African author and businesswoman’s inspiring journey. And if you follow her on Instagram, you are also likely to get a peek into her life and the beautiful memories which she constantly creates for herself and her family.
But before she could enjoy the exotic family vacations, champagne lifestyle and the much desired “soft life” that she now lives, Amanda’s story was one of struggle and abuse. It was only through resilience and determination that she was able to create her dream life and achieve every goal she set out for herself.
So how does someone with a difficult upbringing like Amanda’s rise from the challenges to create the kind of life she enjoys today? What are the financial lessons she has learned along the way that have helped to propel her to where she is?
I was privileged enough to interview Amanda Dambuza before her keynote address at a recent Momentum Namibia high tea event in celebration of women and these were the kinds of questions I wanted to ask her. This chief executive and founder of a successful project management consulting firm was generous enough to let me in on some of her financial wisdom, sharing her top tips for financial independence for modern African women.
What are the money lessons that you are teaching your children to set them up for a better future?
I didn’t get a single money lesson as a child and everything I know I’ve had to learn as an adult. Most of us only finally get it once we’ve made a couple of mistakes, so for me, that’s why money lessons are one of the things I’m serious about when it comes to my children.
Firstly, I teach them that before there’s money, someone must earn it. From when they could speak, I taught them that if you have hands, use them. When you have talent, you never have to go to bed hungry. One of the things they do is art – which they’re very good at – so I started teaching them how to make money from it. I started selling their art and they made a lot of money. When they were babies I opened bank accounts for them and they now have to earn that money through things like chores around the house. I teach them howto earn money, but I also teach them the value of money.
When did you truly learn the value of investing and financial planning?
The lessons were learned after many mistakes. I bought my first property at around the age of 23 but I really started being moneywise at about 26. When I started working I was earning R3500 and 10% of that was going to my retirement annuity.
Many of us were not raised to value the importance of building generational wealth. How can modern women break this cycle?
You can’t keep transferring poverty from one generation to the next, it just keeps setting us back. One of the things we did in my house is that we bought apartments and the aim is that our kids don’t have to rush to pay a lot of rent or buy a house once they finish school. We want them to have experiences – to go and travel the world. I want them to be able to build up their investment portfolio and think about the future. If you have children, you must have a life cover because when you are gone, there’s going to be a gap. My children have investment portfolios and I put away money for them so that when we are gone, the one thing they never have to worry about is money.
How important is financial freedom for women?
I believe there is no emancipation for women without financial freedom. Wherever there’s financial dependency, there’s a higher chance for a woman staying because they have no option and that’s not the kind of legacy we should leave for our children. I also believe that when you have money, you never have to be at the mercy of someone else, for example having to take a job or stay in a job that you don’t enjoy. Financial freedom for me is choosing what I do with my money, what charities I support and how I ensure that my children don’t ever have to beg anyone for money. Financial freedom is everything. So the girl child is only going to flourish if we start to feed them financial freedom from birth. I have a rule that my extra income must be twice as much as my primary income, because then I know that even if I lose my job for any reason, I can still have the same life well into retirement.
How do you envision financial freedom to look like for your children once they leave the nest?
I picture a life where they’re not trapped in anything and where they actually chase their passions. We want to support their dreams, guide them and help them turn those passions into profitable ventures. It’s so important that we don’t leave that to chance.
Yours is the epitome of a “soft life”. What would you say are the building blocks to financial freedom and spending without guilt?
The thing is, someday you’re going to die and leave all of this behind. So what’s the point of working so hard and not enjoying what you’re working for? I think resentment grows when you’re not spoiling yourself. I understand why some women are scared to spoil themselves, especially given the way we were raised, but it’s a critical component of my work to get women to understand that they deserve to spoil themselves.
To read more about Amanda’s story and find out what shaped the woman she is today, order her autobiography Baked in Pain on her website amandadambuza.com.
Despite her upbringing, Amanda turned her life around when she ventured into her first business enterprise at the tender age of 23. More than two decades later, she’s built an impressive career as a successful businesswoman breaking boundaries in the innovation and technology sector.
Rukee Kaakunga is a Windhoek-based Communications Specialist, Blogger and Freelance Fashion Writer. Contact her via email: rukeekaakunga@gmail.com and follow her on Twitter @rukeeveni and on Instagram @rukeekaakunga.
