TSWELOPLE MAKOE
Johannesburg- Modern-day families, the world over, have been striving for inter-generational wealth accumulation for a long time.
The value of financial security, not only for one’s children but for future generations, is a stark motivation for most citizens who work hard in whatever field of their choice.
Nowadays, the importance of financial stability in a household has become more pertinent than ever following continuous adverse economic conditions. This is also evident through the mushrooming of small businesses in this period as employment chances dwindle.
Ultimately, the hardships and difficulties that accompany one’s desire to attain financial freedom become more unbearable. The legacy of colonialism and apartheid across many societies may play a major deterrent in thwarting a lot of people from achieving financial freedom.
In a country such as ours, not only is the distribution of wealth vastly unequal, but elitist class and economic relations make the attainment of wealth exceedingly difficult, particularly for the so-called previously disadvantaged people.
Our racially stratified history means that black households in South Africa are at the most risk for financial debilitation in our contemporary era. This means that these households are left in a particularly precarious state in the case of an emergency, as many saw during the onset of the global pandemic a few years ago.
Diversification of wealth and finding multiple avenues of income are, therefore, in my opinion, of the utmost importance in the modern era. “Don’t put all your eggs in one basket” is a popular piece of advice about how to survive persistent hardships.
Many citizens have elected to undertake traditional employment while concurrently running successful side businesses, philanthropic work and pursuing educational prospects. Although it is not a reality for many to successfully undertake a multitude of working roles, it is the reality for many in the contemporary era who strive to attain financial freedom.
Many people in the process of diversifying their economic ventures have increasingly gravitated towards creative forms of income, such as art, music, and entertainment. Popular musicians and public influencers, such as DJ Oskido, Mapaseka ‘Pasi’ Koetle, Maps Maponyane, Thapelo Mokoena, J Something, and many others, own successful restaurants all over the country.
Iconic Actress Connie Ferguson owns a successful body care range, a fragrance named True Self, and a booming television company, Ferguson Films. Gail Mabalane and Natasha Du Pont own a Haircare line, Ethnogenics, and a skincare line, Lelive, respectively.
For the meek and frightened, multiple streams of income are not limited to anybody in the world. It is a welcome and brave challenge to launch a business in a world dominated by large conglomerates.
In our nation of shopping culture, one is certainly not limited. Furthermore, the increase in the types of available products, especially skincare and haircare, creates an environment where the specific needs of the masses are being met.
The reality is that the public constitutes an array of different people who prefer different styles, and we should encourage the availability of products that serve the people. After all, that is what consumerism is based upon.
This has been exceptionally proven in the culture of make-up, where many Eurocentric companies have failed to provide palettes for people of colour. It is of the utmost importance that the products on our national shelves serve all of the people of our nation.
Not some of them, all of them. Furthermore, this is seen with the sizes in stores, where many larger bodies are ostracised and intentionally precluded. This is especially consistent in sportswear stores and clothing boutiques, where the lack of sizes and tolerance for different bodies has been a widely contentious issue in the global public discourse arena.
Not only are there many opportunities for people to diversify their forms of income, but there are also many platforms on which to display them. Online stores, social media, and even WhatsApp businesses are just as popular as physical stores and operate on a 24-hour basis, unlike many traditional stores. Furthermore, many choose to diversify through investment opportunities, the global market for exchanging national currencies, digital advertising, social media influencing, and intermediaries for transactions or processes.
It is important now more than ever to think about wealth as multitudinous, intersectional, and intricate. It is not about simply attaining wealth but thinking of how to keep that wealth when you are no longer on this earth. Wealth is not a one-way road. It is a labyrinth of opportunity, excelled by creativity, passion and persistence. It is an everlasting hub of ideas that could excel beyond your wildest dreams. It is a risk that is worth taking. And it is a step towards securing a future for yourself and the generations that follow you.
*Tswelopele Makoe is an MA (Ethics) Student at the Desmond Tutu Centre for Religion and Social Justice at UWC. She is also a gender activist.