Finances are a hot topic for the society especially after the Covid-19 pandemic. Royale Express Podcast had a discussion about how the youth can navigate through their finances with The Kings Chartered Accountants’ CEO, Tawonga Kalawangoma.
Tawonga Kalawangoma is a Zimbabwean national based in South Africa. He is a chartered accountant registered with the ACCA. His journey to being the best in the financial industry had a challenging start. “I can start in high school when I lived in Zimbabwe. I joined an accounting class in form one, I remember being so scared. I thought accounting was difficult, maybe because of the way the teacher explained everything from ledger to cash books, I found it to be weird. I ended up leaving accounting.” Kalawangoma explained.
His escape from accounting was short lived. “Then I moved to South Africa and started my grade 11 and I felt nervous about accounting. All my other subjects were passed with flying colors from economics to business studies. From then I studied economics at Regent Business School and account was part of the modules. God works in mysterious ways because that is where I learned the basics of accounting.” He said.
He learned the basics of accounting not from general ledger. “I learned the definitions. I always tell people who want to learn accounting to learn the basics and that is definitions. I only discovered that I could actually do this. God gave me the ability to to understand. After I went to focus on accounting at the University of South Africa Bachelor’s of accounting science. I did my articles in 2015 after my studies in New Castle and completed them in Pietermaritsburg.” He added.
His inspiration is deeply rooted in family and spirituality. “My inspiration is my parents. My mom gives me guidance and my father wisdom. My father Jehovah also guides me. He remains my top inspiration. I know that others are inspired by the money, achievements and temporary things. I’m more atuned in things that are eternal.” He explained.
It is important to learn about making good financial decisions at an early age, Kalawangoma had these tips for the youth. “Don’t follow what the world is doing. Reject pop culture. The problem with pop culture is that it is all about money. It’s about making money for the brands. All that is at the expence of the youth. That’s why most young people are selling and abusing drugs, having sex from an early age. Next don’t wear brands, before wearing Levi’s ask yourself who that is, if you desire to wear a name brand wear your name, your parent’s or God’s name. Some people claim that name brands are stronger but I’ve had the same pair of jeans for ten years. Don’t follow peer pressure. Do your own thing. Stay in your lane. Some people kill for money. You don’t have to have the most money to be happy. Follow your joys. Don’t follow money. Some rich people are the saddest people on Earth. The worlds is ending and prophecies speak about it. It is evident in the way things are going, don’t follow crowds, buy essentials and preserve things and share with others.” He said.
“Buy capital and invest. Pay your parents money. Follow God. Wisdom in the Bible. Mental health.” He added.
“Invest more for the future, just as you invest in heaven.” Kalawangoma added.
“Saving money is important. Money is meant to be saved not spent. Appreciate what you have. Save for rainy days. Wealth is what you know you have. Increase your wealth.” He said.
For new graduates with their first payment, Kalawangoma had these tips to share. “Remove transport, rent, give your parents money, pay tithe of 10 percent to your church or your community organisation for the needy. Contribute at home if you stay at home. You can spoil your self every once in a while by setting aside R200 or R300 a month with an outing or your take away but remember to have debit order as your way of saving monthly.” He explained.
Royale Express Podcast also wanted to know if there is such thing as good debt. “Financial institutions’ plans is to make money. They are a scam. Because we cannot work without. Don’t borrow money, and from your savings buy a vehicle, a house and land. It can get difficult to buy assets and postponing them isn’t good because buying a house is better than renting. Even if paying a bond would go as high as eight thousand. Essentially there is no such thing as good debt. Between 30 to 60 percent is interest.” He said.
Navigating through taxes can be an uphill battle, can one avoid it? “Theres no way to avoid paying taxes such as PYE and vat. Especially if you earn above 7500 rands. If your income flactuates, sometimes you might get overcharged. Sometimes travel allowance is discounted if you have a home office and so on. One can submit that information at the end of the year at SARS. It is advisable to check where you stand.” He concluded.
Article by Phindile Nqumako
For more money tips or accounting expertese one can visit the Kings Chartered accountants websites and socials or contact 0797888189 Or +27 60 796 9586.
Royale Express Podcast 