Reabetswe Shongwe went from being a low paid sales assistant in the fashion retail industry to becoming a successful entrepreneur through financial market & Property.

Shongwe’s story may inspire many as her journey to becoming a successful financial market trader and entrepreneur began with her quest for financial freedom.

Born in Botswana, Shongwe came from a modest middle-class family who was fortunate enough to be granted a comfortable life with her basic needs seen to.

Shongwe was raised in South Africa and pursued a job at a leading international fashion retail house, Michael Kors at the Mall of Africa in Midrand where she worked for 3 months as a sales assistant. It was during this time that she became exposed to the financial market and entrepreneurship.

She then decided to give up her retail job at the fashion powerhouse and this decision changed her fate. Shonge joined Women in Financial-Market and Entrepreneurship (W.I.F.E) which is a division under wealth creation organization, Trade4Africa.

“The turning point was when I realized that, I am helping build someone's dream instead of my own, working overtime just so I can make more money. With the personality and skills I have, I believed that it was not meant for retail,” Shongwe says.

She says that since she left her retail job, she's been able to focus on her goals.

“I had the freedom to focus on achieving all my goals, my biggest priority was to educate myself on how I can create financial freedom and also empower other women to do the same, to create a wealth generation cycle," the trader said.

Shongwe says that W.I.F.E has taught her how to become financially independent. This also provided her with the capital injection she needed to found her own business and long-term investments such as property.

In Nine months alone, Shongwe says she made over R367 000 in profits from Financial Market and through properties.

When asked what advice she would give other aspiring women who are seeking financial freedom, Shongwe said: “My advice to women seeking financial freedom is to educate themselves about financial literacy because this is something we were not taught in school. Women should also not allow their circumstances to stop them from achieving their goals. It is very important to believe in yourself and never give up because you are never too young to build an empire and you are never too old to start a new dream”.

The economy always has and always will have its ups and downs. It's easy to coast through the good times, but how do you come out of the tough times unscathed? By preparing adequately, cutting costs, and making sure you still have some income coming in, you can emerge out of a recession just as strong as you were before it?

Take a look at Shongwe's tips on how to prepare for Recession

1. Create an emergency fund
If you don't already have you an adequate emergency fund set aside, specify a goal for how much money you want to add to it every month. Your fund should be kept in a savings account with your bank.

• While normally, it's recommended that a two-income couple keep three months' worth of expenses in an emergency fund, during a downturn the recommended amount is six months' worth instead, especially if you're in an industry that gets hit hard by a recession (construction, financial services, food) and if you're a one-income family.
• If you're self-employed, you should set aside up to a year's worth of expenses. 

2.    Pay off debt
You should always work to be debt free, but when a recession is coming it's even more important to do so. Focus first on paying off your debt with the highest interest rate, which is usually your credit card debt. From here, pay off debts with lower interests rates as you can, working to lower your debt as much as possible. Reducing your debts will lower your monthly expenses and give you a better chance of surviving a recession if you lose your job or need to cut down on spending.

• Money saved from not having to pay debt repayments can then be saved for your emergency fund or otherwise saved. Saved money can be invested in securities when their prices drop during a recession.

3. Create additional income streams
In a recession, there's always the chance that you might lose your job. Your primary focuses should be to keep your current job and be ready to enter the market again for a new one if you lose it (keep an updated resume, investigate job opportunities, etc.). However, you can also increase your financial security by creating separate income streams. These can be a second job, an online business, or any form of passive income.

• Even if you can only make an additional $500 or $1,000 per month, this extra income can help you get through a tough time if your primary source of income dries up.

4. Diversify your investments
During a recession, stock prices will usually fall dramatically, which means your investment accounts could be hit hard. While many companies, and their stock prices, will recover out of the recession, some will enter default and cause you to lose money. You can reduce the risk of this happening by spreading out your investments. Think about buying bonds, investing in securities from other countries, or investing in precious metals. These investments, particularly the last two, may move independently of the market and can protect your assets in a recession.

• You can also look outside the market to invest in real estates, like land or apartments, that will usually appreciate in value over time, sometimes even through recessions.

Surviving a Recession

1. Talk it over
   Sit down with every member of your household and go over your finances. How you resolve differences in your approach to money will have a profound effect on your relationship's chances of succeeding.
2. Reduce expenses
   There are many ways to cut expenses during a recession. In many cases, you can maintain your same quality of life while focusing on living lean and cutting out extravagant and unnecessary expenses.
3. Keep the money flowing in
   If you have a job, be an amazing employee. Now is not the time to slack. Show up early, stay late, and volunteer for projects. -If you don't have a job, find other ways of making money fast. Focus on cutting your expenses, as described in the previous step. 
4. Keep saving
   If you can, fit saving into your budget, even during a recession. You should make every effort to continue contributing to retirement accounts and college funds if you have them. If you don't have the money to contribute, consider cutting out other expenses to make it work. When you come out of the recession, you'll be glad you kept up with saving and your accounts will reflect the interest you've earned during that time.

In addition, putting money into the stock market during a recession can be a wise move. If you buy stock in reputable companies when prices are low, you stand to gain a lot of money when they come back up out the recession.

5. Enjoy life
In order to avoid recession depression, don't let fear control you. An intense feeling of paranoia can make you an inflexible employee and also strain your relationships. Be thankful for what you have, and make sure to have fun. Instead of not taking a family vacation, invite your family to think of creative ways to save money without skimping on happiness. Accept difficult times as a challenge for your fortitude and adaptability.