Taryn Louch: I think that saving is an essential element of financial stability

A multifaceted Performer, Taryn Louch has amalgamated her talents to make her career thus far a fortuitous journey. Taryn is the voice behind esteemed Brands, L’Oreal, Avon, Servest and Ster Kinekor; as well as the corporate training voice for Deloitte and Liberty.A host on Good Hope FM’S FullHouse, a weekend show bringing listeners good music, life, culture, Cape Town and beyond, Taryn is also a contributor to Glamour magazine. In this interview, she talks to us about her money habits.

In this economic climate, have you downsized your lifestyle at all?

Travel is one of my greatest passions; and with the astronomic exchange rate, I haven't travelled as much as I would have liked to this year, but I do have a trip coming up next month!

How did your childhood influence your attitude towards money?

My parents instilled sound values about money, teaching my sister and I about the fluidity of money and the concept of saving, which have both been invaluable lessons now that I'm earning my own money.

Since you don't have a fixed income, how do you budget your paychecks?

A friend taught me years ago about the concept of deciding what you want to do or where you want to go, and then working out how you're going to make that money For example, I'd like to buy a new car, how many voice overs/emcee gigs will that require? I love this concept!

How do you deal with financial setbacks when they happen?

I think that saving is an essential element of financial stability, and if you save consistently, you won't have to suffer setbacks, but delve into your savings if you need to.

Have there been times where you’ve experienced money blocks or conflicting feelings about money?

No, I have a healthy relationship with money. In terms of my money mindset, I know that it does not define a person, and is not the ultimate goal, and as a result, I am driven by my passion and what I love to do, not by money alone.

How do you define financial independence?

The ability to do what you want, when you want, unlock the world and live the life you envision.

What goals do you have for your financial future?

I'm young enough to work really hard right now, and I believe in working smart, but would like to eventually have my money working harder for me, as well as establish various passive income streams.

If you have the choice between buying a home or investing in shares, which would you choose and why?

Property is an incredible investment and involves less risk than investing, but if I had to choose, I would buy property and leave a little bit of money aside to invest in some shares.

When you think of a comfortable retirement, what does that mean to you?

For me, it means no stress, assets that are paid up, as well as enough money to travel extensively and spoil those I love.

What’s the worst money mistake you’ve ever made, if you’ve made any? What did you learn from it?

I've been lucky to not have made any major money mistakes, but I would say a lesson I learnt long ago, is not to spend money you haven't earned yet.

What do you indulge in?

I absolutely love shoes!

What tools or resources do you rely on to keep your own personal finances in order?

I have my FNB banker that helps me keep my finances in order, but there is also an incredible expense manager app you can download called EZ Expense Manager.

What was the last item you regretted purchasing?

I used to be an impulse buyer, which landed me with loads of once off items, but I've learnt to resist the impulse and if I really can't live without the item, to go back and get it.

What are your rules for lending money to friends or family?

That's simple - don't!

Do you and your women friends talk about money?

Yes we do, and often agonize over the absolute ease of spending it, especially on online shopping!

What are your money tips?

I think when you do what you love, money always comes, but in my industry where income is not fixed, it is imperative to invest wisely whenever you earn. I love to travel and treat it as an investment, putting away money every month into my travel fund, so that when the opportunity arises, I can pack my bags and go without a second thought. Everyone should have a travel fund!

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