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Hey Dribe, welcome back to my channel. | mapalo | Not supported with pagination yet | |
Kinna Mapalumaku, a personal finance expert and author of the book You Are Not Broke, You Are Pre-Rich. | mapalo | Not supported with pagination yet | |
Yes, it's me again. It is 2025. | mapalo | Not supported with pagination yet | |
I know I have been on YouTube in a while, but there has been many, many, many things that have happened in the past couple of months. | mapalo | Not supported with pagination yet | |
One of them being that at the beginning of this year, I moved. | mapalo | Not supported with pagination yet | |
So, as you can see, my background is different as I'm trying to navigate a new city and a new house. | mapalo | Not supported with pagination yet | |
And as you can see, that artwork is not freaking, but I had to put something there for now because I hate empty walls. | mapalo | Not supported with pagination yet | |
So, today I just wanted to kind of get into 2025 and do a video on an article that I wrote literally this morning. | mapalo | Not supported with pagination yet | |
So, it's five things you should never do with your money in 2025. | mapalo | Not supported with pagination yet | |
And it's kind of personal finance tips, and it ranges from different topics. | mapalo | Not supported with pagination yet | |
But I've seen people make these mistakes, and I want to make sure that you don't do those mistakes this year. | mapalo | Not supported with pagination yet | |
So, the first one is get married in community of property. We are not doing that in 2025, okay? | mapalo | Not supported with pagination yet | |
And I know I've spoken about it extensively in my book, in my videos, in articles. | mapalo | Not supported with pagination yet | |
But I still find that people are like have this moral fight type of war between getting married out of community of property and in community of property. | mapalo | Not supported with pagination yet | |
And also culturally, religiously, it has quite a lot of connotations. | mapalo | Not supported with pagination yet | |
But I think at the end of the day, I have seen that when people get married in community of property and things don't end up well, and it can either be through divorce or death, right? | mapalo | Not supported with pagination yet | |
Those are the two ways in which a marriage gets dissolved. | mapalo | Not supported with pagination yet | |
So when that happens, how you are married has a massive, massive impact on the outcome of your financial life, right? | mapalo | Not supported with pagination yet | |
So obviously in community of property, that's the default one in essay. | mapalo | Not supported with pagination yet | |
That's what people know and that's what people sort of end up gravitating towards because, well, you love your partner so much. | mapalo | Not supported with pagination yet | |
And yeah, so even at church, you will get told that, you know, people must get married in community of property. | mapalo | Not supported with pagination yet | |
Even with our communities, they still encourage people to get married in community of property. | mapalo | Not supported with pagination yet | |
I don't necessarily think there is anything wrong with it if people are perfect and live in a perfect world and we know that that is far from reality. | mapalo | Not supported with pagination yet | |
And I think getting married out of community of property, it's not saying I know I'm going to get divorced. | mapalo | Not supported with pagination yet | |
Nobody gets married to just get divorced, right? | mapalo | Not supported with pagination yet | |
But it's really saying let us love one another enough to protect one another. | mapalo | Not supported with pagination yet | |
Because if you get married in community of property and your partner finds themselves in debt, either through just being a very irresponsible person, which sometimes happens, or they find themselves in a bad situation because the business didn't work out. | mapalo | Not supported with pagination yet | |
Now, also, by virtue of the marital contract, you find yourself in debt as well. | mapalo | Not supported with pagination yet | |
And meaning that you are equally and servably liable for that debt. | mapalo | Not supported with pagination yet | |
Another worst one that I've seen is when a partner has a child outside of the marriage, and you know, people stay, that's their business. | mapalo | Not supported with pagination yet | |
And if they don't maintain that extramarital affair child, then you, because you are married in community of property, you will be forced to maintain that child. | mapalo | Not supported with pagination yet | |
I mean, you love this person, this is the love of your life. So, you're willing to go to hell for them, basically. | mapalo | Not supported with pagination yet | |
So, for me, and it's a personal opinion, I'm sure you guys have your own, which is perfectly fine. | mapalo | Not supported with pagination yet | |
But for me, it is ludicrous to get married in community of property. | mapalo | Not supported with pagination yet | |
And yes, there are definitely benefits that you get to share equally in the riches as well. | mapalo | Not supported with pagination yet | |
So, if you got yourself a multi-millionaire, a billionaire, and you get divorced, you get to take half, and vice versa, right? | mapalo | Not supported with pagination yet | |
The woman gets to take half, he gets to take half. | mapalo | Not supported with pagination yet | |
With your pension fund, every single thing you get to share half, but also there's the bad, ugly side of getting married in community of property, okay? | mapalo | Not supported with pagination yet | |
Then, there is out of community of property without the accrual system, this is where you both maintain your estates, you don't need permission from your partner to buy property, to buy, to start a business, all of that. | mapalo | Not supported with pagination yet | |
But I think the mistake we make when it comes to thinking about people who are married out of community of property is that they don't manage their household finances together. | mapalo | Not supported with pagination yet | |
Like everyone is just this independent person and hey, my money is my money, your money is your money. | mapalo | Not supported with pagination yet | |
Guys, I have seen people who are married on community of property that actually are worser than us who are married out of community of property, who actually don't care to discuss money, don't care to manage finances together. | mapalo | Not supported with pagination yet | |
I'll give you an example. I was talking to a lady yesterday. I was doing a coaching session yesterday. | mapalo | Not supported with pagination yet | |
And she says that the lady who's slightly older, I think she's approaching her 50s, was trying to have a conversation with her husband. | mapalo | Not supported with pagination yet | |
And her husband said, no, he married this young girl who didn't care about money. | mapalo | Not supported with pagination yet | |
Now she wants to talk about money, talk about retirement planning, talk about insurance, that sort of thing. | mapalo | Not supported with pagination yet | |
So you can see those people are married on community of property. | mapalo | Not supported with pagination yet | |
He's not necessarily very good with money. He doesn't want to discuss money. | mapalo | Not supported with pagination yet | |
But eventually that impacts on her own finances and the decisions that she's able to make around their family finances as an entirety. | mapalo | Not supported with pagination yet | |
And I mean, this is someone who earns pretty, pretty well. | mapalo | Not supported with pagination yet | |
She's an exec at one of the really big companies in SA. And yet she's always struggling financially. | mapalo | Not supported with pagination yet | |
And that has a direct impact on because of how she's married and the type of partner that she's married to. | mapalo | Not supported with pagination yet | |
So please, guys, talk about finances early on with your partner about money. | mapalo | Not supported with pagination yet | |
Because one way or another, one thing I know about marriage and one thing I know about finances is that you will be forced to talk about money. | mapalo | Not supported with pagination yet | |
Whether you like it or not, whether it's gonna be a good conversation or not, you are going to be forced to have that conversation. | mapalo | Not supported with pagination yet | |
So the best time to start talking about finance is when things are still rosy, when things are still like, oh my gosh, I love him, I love her more than anything under the sun. | mapalo | Not supported with pagination yet | |
So that's in community of property and out of community of property without the accrual system. | mapalo | Not supported with pagination yet | |
Then I think one that is a little bit more fair, that kind of for me is a balanced one, is out of community of property with the accrual system. | mapalo | Not supported with pagination yet | |
So meaning whatever you had before the marriage started, you keep separate from what you're going to build together. | mapalo | Not supported with pagination yet | |
But you still maintain an independence when it comes to transacting, when it comes to buying stuff. | mapalo | Not supported with pagination yet | |
And when the marriage ends, either through death or divorce, then you get to share equally. | mapalo | Not supported with pagination yet | |
The other partner who has more will get to share with the other partner because sometimes people decide, oh no, I'm going to stay at home, raise the kids, that sort of thing. | mapalo | Not supported with pagination yet | |
And perhaps you didn't get the chance to really grow in your career because you took a step back because of the decisions that you would have made together. | mapalo | Not supported with pagination yet | |
So I think that one is definitely a more fair way of approaching it. | mapalo | Not supported with pagination yet | |
And with that one, with out of communal property, with or without the accrual system, before you get married, before the uncles go with the cows and you sing Ali Lily Lili and you celebrate, you have to see a notary. | mapalo | Not supported with pagination yet | |
And I get a lot of pushback when I talk about seeing a lawyer beforehand because people often say, but Mapano, it's a bit expensive and it will cost you, I don't know, the last when we did our anti-nuptial contract was many years ago. | mapalo | Not supported with pagination yet | |
It was, I think they charged us 1.5, 1.8, I can't remember, maybe 1.2. | mapalo | Not supported with pagination yet | |
I can't quite remember. I still have the receipt somewhere on my email. | mapalo | Not supported with pagination yet | |
But obviously, those fees would have grown with inflation and time. | mapalo | Not supported with pagination yet | |
So, right now, I've heard and I've seen people do theirs for two and a half K. | mapalo | Not supported with pagination yet | |
If your situation, if your finances, you're like way ahead in terms of your finances, it can be slightly more because obviously it's more detailed. | mapalo | Not supported with pagination yet | |
When we got married, we both had nothing. Okay. | mapalo | Not supported with pagination yet | |
So I think for me, it's about prioritizing and saying this piece of document is very extremely important and not just focusing on the wedding day itself because I know we get so caught up with the wedding dress, with the decor. | mapalo | Not supported with pagination yet | |
You want a specific interior designer, not interior designer, wedding, what do you call those people who do weddings? | mapalo | Not supported with pagination yet | |
I don't know. I don't know. Those ones who do matching plates and the place looks amazing. | mapalo | Not supported with pagination yet | |
People spend hundreds and hundreds of thousands and forget a small piece of paper that can actually have a massive impact on their finances and their future. | mapalo | Not supported with pagination yet | |
So I yeah, I've gone at length about this, but that's number one. We are not getting married in committee of property. | mapalo | Not supported with pagination yet | |
Or if we are, we know them the pros and the cons to all of the marital contracts that are available in South Africa. | mapalo | Not supported with pagination yet | |
Okay. Then the second thing we're not doing, look at me. | mapalo | Not supported with pagination yet | |
We are not doing this. Anybody does this in 2025 and going forward? | mapalo | Not supported with pagination yet | |
I'll come and smack you. Taking on credit for someone else. | mapalo | Not supported with pagination yet | |
I have heard, and obviously, this channel, it's woman and finance. | mapalo | Not supported with pagination yet | |
My first point of reference is always women because I work with tons of women. | mapalo | Not supported with pagination yet | |
Most of my clients, 80%, 90% are women. So, yes, I'm always going to reference women, but it can apply either way. | mapalo | Not supported with pagination yet | |
Okay, I have seen too many times women who will take on credit. | mapalo | Not supported with pagination yet | |
For example, I did a coaching session on someone, and I always tell people that you know what, I will share your story not to belittle you, not to look down upon your decision, but so that other people can learn, right? | mapalo | Not supported with pagination yet | |
And even she herself says it was a bad decision. | mapalo | Not supported with pagination yet | |
She took on, she bought a whole car for this partner, and the partner is okay. In this instance, they've been paying. | mapalo | Not supported with pagination yet | |
But when the relationship collapsed, when it didn't work out, she was thinking, Goodness, if this person doesn't pay, what does that mean? | mapalo | Not supported with pagination yet | |
It means that you are 100% solely liable for that credit, and that's your credit score on the line, that's your finances and financial security on the line. | mapalo | Not supported with pagination yet | |
If that person doesn't pay on time, in time, and doesn't pay the same amount that you agreed on. | mapalo | Not supported with pagination yet | |
And we have seen instances where people actually just don't pay. | mapalo | Not supported with pagination yet | |
They have the car, and now it's like, well, and in another instance, in this case, they were in a relationship when they and the guy, yeah, I think I've made a video about this. | mapalo | Not supported with pagination yet | |
And the guy said, you know what, your little pigundo is not up to scratch with the image that I have. | mapalo | Not supported with pagination yet | |
And he said, Okay, you're paying, let's say, for example, you're paying $5,000 towards your car. | mapalo | Not supported with pagination yet | |
I'll give you an extra three, four thousand so that you can buy like a proper car that you know I can be proud that my girlfriend is driving. | mapalo | Not supported with pagination yet | |
Baby girl was in love and said, Yes. | mapalo | Not supported with pagination yet | |
And she went and upgraded the car when the relationship was not working out anymore and it had broken down, as sometimes relationships do. We are adults here. | mapalo | Not supported with pagination yet | |
She was left with that debt because he wasn't going to finance this lifestyle now because you're no longer my girlfriend. | mapalo | Not supported with pagination yet | |
So please, anytime someone wants you to take on debt, think about the long-term consequences and say, if this person will not be able to pay me this amount that we've agreed on, will I be okay? | mapalo | Not supported with pagination yet |
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