27 Feb 2024

Educators have been implored to take advantage of multiple income streams to create a more stable and secure financial future. This was made by the Managing Director of Goabando Wealth Solutions, Ms Goabaone Changapane, during a business expo held under the theme “Diversifying income streams key to financial freedom” over the weekend.

Organized by BOSETU in Maun, the expo brought together experts to share knowledge on how union members could increase and diversify streams of income to improve their livelihoods. Ms Changapane emphasized the need to be financial free saying in todays’ uncertain economic climate, relying on a single source of income could be risky hence the need to build multiple income streams was a smart strategy to safeguard one’s financial future and achieve true financial freedom.

Some people who are not financially free, she said, could not do what interest them nor budget objectively and live stress free life because they had no freedom of money and advised teachers to consider starting a side hustle which she said was one of the most effective ways to build multiple income streams and diversify their finances.

Teachers, she said, had plenty of time and access to finances and motivated them to up their game and consider venturing into income generating projects while still active.

“All of you have different and unique talents and I encourage you to do what interest you, what you are passionate about because by starting a side hustle you are not only increasing your income but you are also opening new avenues for financial growth,’ she added. Ms Changapane urged BOSETU members to use their time wisely and own successful businesses and invest in property and buying of shares because their job was unpredictable as they could go for early retirement anytime.

She said members should have passive income while still working as well as have vision for their monies and live within their means. They should set their financial goals to enjoy a long healthy and fulfilling life.

BOSETU’s Vice Secretary in North West region Mr Letsweletse Setlhodi, said the expo followed the 2021 congress resolutions in which regions were urged to come up with long term economic empowerment initiatives.

Mr Setlhodi said as a region, they decided to hold a business expo and have experts drill members on viable income generating projects they could tap into as well as to share ideas on how they could sustain their existing business from collapsing.

BOSETU’s Vice President, Mr Mogomotsi Motshegwa, hailed the expo saying as a move in the right direction and challenged members to explore the benefits and various ways to build multiple income streams.

While the organization represents the interest of the educators and enhances the importance of the teaching profession through advocacy and collaboration, he said they saw it fit to also support the expo which aimed to promote financial freedom so that members could have dignified lives. The organization, he said was doing well in making better financial deals with financial institutions and also offered products and services aimed to reduce the financial burden on members. ends