Do not let fear stop you from being wealthy – Meeks
The difference between being wealthy and rich is a mindset, said Nedbank’s Head of Private Wealth, Cornell Meeks on 21 July at the Economist Businesswoman breakfast, at Am Weinberg.
Meeks said fear must not stand in the way of your dreams and aspirations, because it is very important to take the step and to keep on moving. Explaining the difference between being wealthy Meeks said being rich entails having short-term goals, getting instant gratifications, and keeping up with the Joneses.
“Being wealthy means that you ensure long-term stability and security and by doing so you leave a legacy behind,” she added.
“This is where fear comes in because the difference between a rich and wealthy person is how they manage fear because if fear is too strong the genius is suppressed, learn to manage risk instead of avoiding them,” she emphasised.
She explained to the ladies that to start the journey of being wealthy, they should set goals and plan actions and that they should speak to a wealth manager or advisor.
“Wealthy people live within their means because overspending and high debt are roadblocks to growing wealth and most wealthy people stay out of debt,” she said.
She further said that statistics have shown that women control 32% of the world’s wealth and women are more likely to invest based on their values.
“In 2021, the percentage of director roles held by won on the boards of S&P 500 companies reached an all-time high of 30% and if the last 20 years are any indicator, the future of wealth and to some extend the future of financial markets, will be written by women,” she explained.
She also highlighted that women are the largest beneficiary of the current transfer of wealth living an average of five years longer than men.
The women in attendance at the breakfast agreed that women should support each other in their endeavours and not be skeptical about each other.
The Club provides a forum for the exchange of ideas and expertise, which is done through planned networking and encourages the personal development and management of skills and advances the standing and power of women.
Host organiser of the breakfast, Desere Muller (left), with guest speaker, Nedbank’s Head of Private Wealth, Cornell Meeks.
