Kagiso Lerutla has made a name for himself as an outstanding financial leader with a wealth of knowledge and expertise in his field. As the Group Chief Financial Officer of the City of Ekurhuleni, he is responsible for managing an annual budget of over R50 billion. Despite being appointed as the youngest group CFO at the age of 33, Mr. Lerutla has demonstrated a remarkable commitment to excellence throughout his career.
One of the most significant achievements of Mr. Lerutla is receiving a clean audit opinions from the Auditor General of South Africa in his first year as CFO. This achievement is a testament to his exceptional leadership and financial management skills, as well as his ability to drive positive results that generate public value. Moreover, his contributions have been instrumental in driving the continued financial stability and sustainability of the city.
Aside from his technical skills, Mr. Lerutla is also known for his integrity and strategic vision. These qualities have helped position the City of Ekurhuleni for long-term growth and success. As a result, he is widely regarded as a leading practitioner in financial management and public sector management.
We sat down with the financial leader to get a better understanding on the mistakes most people make and what to avoid when it comes to finances. Here are five tips on finance mistakes to avoid by Kagiso Lerutla:
- Not Having a Budget
One of the most important things you can do for your personal or business finances is to create a budget. A budget allows you to see where your money is going and make adjustments as needed. Without a budget, it can be easy to overspend or lose track of your finances. Take the time to create a budget and stick to it.
- Ignoring Debt
Ignoring debt is another common finance mistake that can have serious consequences. Whether it’s credit card debt or a mortgage, it’s important to address your debts and make payments on time. Ignoring debt can lead to late fees, increased interest rates, and even damage to your credit score. If you’re struggling with debt, seek the help of a financial advisor or credit counselor.
- Failing to Save
Saving money is essential for achieving your financial goals, yet many people fail to save enough or at all. Whether you’re saving for retirement, a down payment on a home, or a rainy day fund, it’s important to make saving a priority. Look for ways to cut back on expenses and increase your savings, such as setting up automatic transfers to a savings account.
- Investing Without a Plan
Investing can be a great way to grow your wealth, but it’s important to have a plan in place. Without a plan, you may make impulsive investment decisions or take on too much risk. Work with a financial advisor to create a solid investment plan that aligns with your financial goals and risk tolerance.
- Failing to Plan for the Future
Finally, one of the biggest finance mistakes you can make is failing to plan for the future. Whether it’s retirement planning, estate planning, or setting up a will, it’s important to think about your future and take steps to protect your assets. Work with a financial advisor or estate planning attorney to create a plan that meets your needs and provides peace of mind.
In conclusion, avoiding finance mistakes is crucial for achieving financial stability and success. By creating a budget, addressing debt, saving money, investing with a plan, and planning for the future, you can avoid common finance mistakes and achieve your financial goals.