Dave Fisher shares Destination Wealth‘s powerful success secrets at Science of Success
On a humid, scorcher of a day (Wednesday, 25 November 2020), a crowd of 150 information-hungry attendees gathered at NIROX Sculpture Park, Krugersdorp. Here they lapped up the sun, scene, fascinating personalities and interesting acts all within the context of financial success. The Momentum team kindly invited Dave Fisher to talk about financial success in light of Destination Wealth.
The Momentum/Unisa Household Finance Insight Report 2020
Momentum’s annual festival is hosted in collaboration with UNISA (University of South Africa). It is based on the Momentum/UNISA Household Finance Insight Report for 2020. This report “provides information specially designed to inform and empower South African households to achieve financial success and recover from the impacts of Covid-19, as well as the subsequent lockdown”. The goal of Science of Success 2020 was to inspire households to consider the current economic environment. This includes factors that have an impact on households’ financial success, the impact of Covid-19 on household finances and behaviors and to provide tips for recovery and relaunching the path to financial success.
Opting for a fresh financial perspective
Against the backdrop of a downright chaotic year, most of us were forced to gain a fresh perspective about our personal finances. Many of us had to change our lifestyles and behavior around money. In some cases, it was more severe than in others. Some faced job losses and salary cuts, while others had to rethink spending behavior and prioritize saving. As a result, we had to realign our ideas about money. This is why Science of Success and the Household Finance Insight Report were much-needed sources of information this year.
Destination Wealth at Science of Success
Science of Success introduced fresh financial perspectives in a well-curated line-up of talks presented by a list of prominent speakers. Dave Fisher was one of these speakers. He revealed his powerful formulas to financial success in his book, Destination Wealth.
Personal empowerment and human capital
Dave focused on personal empowerment. He started by asking the audience to consider their picture of financial success. Moreover he asked how they intend to reach their success goals. He emphasized self-investment as key to enhancing your human capital. This is what the Household Finance Insight Report describes as human capital (educational attainment) and social capital (the feeling of being in control of your financial situation). In Destination Wealth, Dave describes human capital as “the sum of your qualifications, experience, personality, work ethic and ability that enables you to earn an income from an employer or run a successful practice or business” (Read more here).
The river and dam analogy
The Household Finance Insight Report recommended that you need an implementation plan to achieve the goals outlined in your financial plan. Dave illustrated the importance of saving, budgeting and investing to build your emergency fund. Your emergency fund acts as your financial buffer during times like Covid-19 and lockdown. He used his tried-and-tested analogy of a river and dam. Your river is the money that you earn and spend on your lifestyle, and your dam is your accumulated assets. In essence, your dam is what sets you on a path to wealth creation. “Just as a dam holds water back for later use, you’ll build a dam to protect your money from frivolous spending and an unsustainable lifestyle”. Dave pointed out that your human capital feeds your river by increasing your income, which gives you the opportunity to accumulate more in your dam.
How to be your own best financial manager
Dave continued to share valid tips on how to become your own best financial manager to set you on a path of wealth creation. “People tend to believe that you need to make more money to become wealthy, which is not a bad thing, but earning and spending more money will make you a hamster on a wheel, because your financial planning strategy isn’t working for you.” (Find Dave’s tips here.)
Destination Wealth‘s perspectives aligned effortlessly with those of the Household Finance Insight Report and Science of Success. Through his talk, Dave sent a powerful message that, despite the challenges we face, you can maintain your path to financial success by taking action now.
Building a community through Science of Success
As the day progressed, informative talks, delectable treats, amazing live performances and just plain out-of-the-box features (like the mysterious escape room) wowed the audience. Fascinating people showed up to mingle in the park. The lovely Elana Afrika-Bredenkamp hosted the event with poise, while the stunning Miss South Africa, Shudufhadzo Musida, made an appearance. Interesting personalities gathered to celebrate a fresh perspective after a trying year.
By the end of the festival, Destination Wealth left the event in the hands of every attendee. The pages of Destination Wealth hold your inspiration to enhance your financial perspective. Purchase your copy today to set you up for a financially prosperous year, despite potential challenges that may arise!
Stay tuned as you will see much more of Destination Wealth and Dave Fisher this year!
A huge thank you to the Momentum team for inviting Destination Wealth to Science of Success!