MONEY MINDSET FOR THE NEW YEAR WITH CAPITEC, DJ SOX AND BAILEY SCHNEIDER
DJ Sox and Radio & TV presenter, Bailey Schneider, take the hard lessons they learnt in lockdown to leave a legacy for their kids with the help of Capitec and financial journalist, Maya Fisher-French.
Power couple DJ Sox and Bailey Schneider, live a busy life together with their two sons, Alex and George. Both in the entertainment industry, surviving 2020 proved challenging, but with it brought valuable life lessons they plan to take with them as they adventure into the New Year. With the help of Capitec and financial journalist, Maya Fisher-French, 2021 is off to a good start.
Sox and Bailey met while working in radio. When Bailey entered into the office for the first time as the new girl from Joburg, Sox was immediately drawn her. Nine years later, and the couple have been happily married for five years, living in Seapoint, Cape Town with their two sons.
Although unable to perform live with Covid-19 lockdown restrictions, Sox found other ways to express his love for music. Inspired by balcony concerts in Italy, Sox decided to do the same for his apartment block. Shaped in a perfect “U”, the whole block faces in on each other – the perfect setup for a lockdown dance party.
Sox explains, “I thought it was the perfect opportunity to play some music and keep the spirits up.” After Sox’s first set, word spread fast. Eventually, people across the world were joining into his Instagram Live Concerts. “I was getting messages from Peru, Argentina, Holland – all over the world,” shares Sox, “I still get goosebumps thinking about that first day and the interaction that I got from around the world.”
As two social people, the isolation of lockdown proved challenging for the young family. But, not as challenging as the effect lockdown took on everybody’s wallets.
Bailey always waited for the ‘rainy day’ to come, but she never expected it to be a rainy year. “I’m just so grateful Sox has been so smart over the years with his savings. He amazed me with how positive he’s been and how he’s put money into different places so that we’d be okay,” shares Bailey.
Sox’s money-saving philosophy is to always live like your money could get cut off tomorrow. As a DJ, he explains, “When you’re not on a salary, you don’t know what your income is going to be. If I’m making money, I can’t guaranteed it’ll be the same for the next 12 months.” Wisely, Sox saved, invested, got shares, and even pursued some passive income businesses.
Rethinking the way we manage our finances can be an adventure in itself. According to financial journalist and host of the Maya on Money podcast, Maya Fisher-French, it starts with a positive money mindset.
Maya’s recommendation for the New Year? Start positive. “If you want to change your money behaviour this year, set yourself up for success. Find something small that you can do immediately and gives you an instant feedback.”
If you struggle to pay off debt or save money, Maya recommends setting up a recurring payment to pay off your debt or deposit into savings plans. That way, you won’t even need to think about it.
With Sox and Bailey wanting to leave a legacy behind for George and Alex, Maya recommends starting early. “Don’t wait until your retirement and try to seek out some money from your retirement funds to provide for your children’s’ legacy,” says Maya. “Start now. Let time grow that money for you. If you’re putting away just R200 a month, you’ll be amazed at the difference that will make as that money compounds. You can really give your children an incredible legacy.”
Taking this to heart, Bailey and Sox have added another essential to their legacy: making sure their kids know how completely invested Mom and Dad were in their lives. Bailey shares, “It’s the love and the time you just can’t ever get back.”