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Saturday, May 25, 2024

Stokvel success demands shift in mindset and relationship strategies

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“As a group savings platform, stokvel success demands a mental shift into human understanding and relationship management to properly succeed. A shift in mindset and relationship strategies can alleviate the pressures associated with stokvels and pave the way for success.

“Relationships and support systems have the power to transform stokvel management stress into peace of mind and prosperity – it just needs to be nurtured in the right ways.”

Mahlangu says central to the success of any stokvel, is the strength of the relationships among its members.

He says relationship management and compassionate understanding also play a crucial role in the success of a stokvel.

“Open and honest communication, mutual respect for boundaries, and a foundation of trust are the cornerstones of harmonious stokvel dynamics. Regular meetings provide opportunities for members to voice concerns, share ideas and celebrate achievements, fostering a sense of unity and solidarity within the group.”

He says financial education is often a significant concern for stokvel members, many of whom may lack the necessary knowledge to make informed financial decisions.

“Financial advisors and literacy resources can empower members to navigate financial challenges and mitigate risks effectively. One of the relationships to nurture in this journey is definitely with a financial adviser. That makes all the difference between failure and sustained success, especially when large groups are involved.

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