- Financial planning is essential for everyone, regardless of income or life stage.
- Building wealth starts with discipline, budgeting, and goal-setting.
- Diversifying income and leveraging tax incentives can boost long-term financial security.
Financial planning may seem like a luxury reserved for the wealthy, but Lemming Musuwa, a qualified and experienced financial planner, firmly believes that “everyone needs a financial plan.” Whether you’re starting your first job, deep in your career, or managing a side hustle, Lemming breaks down what it means to manage your money like a grown-up in a practical and inspiring way.
From Varsity Dreams to Real-World Impact
Lemming’s journey into finance was passion-driven from the start. “I’ve always had an interest in investments and finance since my varsity days,” he shares. That early curiosity evolved during an internship, where he witnessed how financial guidance could change lives. “I was drawn to the idea of sharing my knowledge with people while guiding them toward achieving their life financial goals.”
His impressive academic background—holding a BCom in Finance, a Postgraduate Diploma in Finance from the University of the Western Cape (2017), and a Postgraduate Diploma in Financial Planning from the University of the Free State (2019)—equips him with the technical knowledge to address complex client needs in a simple, human way.
Financial Planning: Not Just for the Wealthy
“There’s a myth that financial planning is only for rich people. That couldn’t be further from the truth,” Lemming says. A financial roadmap isn’t a luxury—it’s a necessity. “It ensures discipline, direction, and clarity.”
He also tackles common misconceptions head-on:
My spouse handles the finance: This mindset creates risk. Lack of financial intimacy can strain a relationship, especially in the case of death or divorce.
I’ll start financial planning once I earn more: Financial habits are best developed early, even with limited income. Start small and build from there.
Building Wealth: Where to Begin
Lemming believes the foundation of a strong financial life starts with purpose: “Start with your ‘why.’ What do you want your money to achieve for you?”
Step-by-Step Guide to Grown-Up Money Moves:
1. Clarify Your Financial Goals
Understand your priorities—short-term needs, medium-term plans, and long-term dreams.
2. Create a Realistic Budget
- Use the 50/30/20 rule as a starting point:
- 50% for essentials (housing, food, healthcare)
- 30% for financial priorities (savings, debt, retirement)
- 20% for lifestyle (fun, travel, hobbies)
3. Build an Emergency Fund
- Save at least 3–6 months’ worth of expenses. “This is your safety net,” he emphasizes.
4. Cover Your Risks
- Medical aid, income protection, and life insurance are non-negotiables.
5. Begin Investing
- Once your emergency savings are in place, shift your focus to long-term investments and retirement planning.
Smart Money Moves for Your 30s and 40s
“This stage is critical,” says Lemming. “You’re building a family, growing your career, and making big financial decisions. Now’s the time to be strategic.”
Here’s what should be on your radar:
- Emergency fund in place
- Child education savings
- Debt management strategy
- Insurance review and updates
- Maximizing retirement contributions
- Drafting a will and setting up an estate plan.
What If You Get a Lump Sum?
Bonuses, inheritances, or even severance packages can feel overwhelming. Lemming’s advice: maximize tax incentives.
- Top up your retirement annuity (up to 27.5% of taxable income, capped at R350,000 per year)
- Contribute to tax-free savings accounts (R36,000 per year, lifetime limit of R500,000)
“It’s a way to protect yourself from yourself,” he jokes.
Freelancers & Entrepreneurs: You’re Not Left Out
If your income is irregular, consistency still matters. “Modern retirement annuities are flexible. Contribute when you can or build up reserves to invest ad-hoc,” he advises.
How to Escape the Debt Spiral
For anyone drowning in debt, Lemming says: just start. “Speak to a professional—either a financial planner or debt counsellor. There are solutions like consolidation, settlement, or restructuring. Don’t go it alone.”
Multiple Streams of Income: Your Wealth Safety Net
One income isn’t enough anymore, especially in today’s economy. Lemming encourages clients to explore both active and passive income opportunities:
- Real estate rentals or Airbnb
- Freelancing or tutoring
- Online courses or digital products
- Affiliate marketing
- Uber driving or renting out your car
“Life is expensive,” he says. “You need income that works even when you’re not working.”
Underrated Wealth-Protection Habits
“Most people who struggle to save don’t have an income problem—they have a spending problem,” Lemming says candidly. That’s why he champions automation: Automate your savings and spend what’s left, not the other way around.
Grown-Up Money Moves Take Time
At the heart of Lemming’s financial philosophy is one word: consistency. Wealth is built over time—brick by brick—with every smart decision, every debit order, and every sacrifice for a future goal. “Financial planning isn’t about how much you have,” he reminds us. “It’s about what you do with what you have.”
About the Expert
Lemming Musuwa is a Financial Planner known for his warm, practical approach to personal finance. With a BCom in Finance and postgraduate diplomas in Finance and Financial Planning, he empowers clients to take control of their money at every life stage. His goal? To demystify financial planning and make it a tool that anyone can use to thrive.
Fun Fact: He believes budgeting is an underrated superpower.
