MyMoney Online, Make Money Mondays

How money influences behaviour (by once homeless CEO Frank Magwegwe)

The Money Show’s Bruce Whitfield interviews Frank Magwegwe (Executive at Momentum Retail and Certified Financial Planner) for his weekly “Make Money Mondays” feature.

Magwegwe discussed money’s influence on behaviour.

Scroll down for quotes from the audio below.

23 years ago I was homeless and scrounging for food.

Frank Magwegwe

I’ve experienced shame when my card got rejected…

Frank Magwegwe

I’ve lost a lot due to being overconfident in my ability to select shares…

Frank Magwegwe

I once bought a very fancy car that I couldn't afford and had to sell within a couple of months, because I was worried about my image.

Frank Magwegwe

A lot of employed people in SA are embarrassed because they know so little about money and investments.

Frank Magwegwe

Money is not about finances; it’s about emotions.

Frank Magwegwe

Try to understand the emotion driving your financial decisions.

Frank Magwegwe

Pyramid schemes illustrate the fear of missing out.

Frank Magwegwe

Greed gets people invested in schemes you can’t believe they’d fall for.

Frank Magwegwe

When you make big financial decisions; check what’s driving them.

Frank Magwegwe

Feeling overwhelmed can cause inaction.

Frank Magwegwe

Emotions are key drivers for making mistakes.

Frank Magwegwe

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Article brought to us by Old Mutual.

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