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Once homeless CEO Frank Magwegwe opens up about his money hopes and fears

12 September 2016 7:14 PM

What does the wealthy executive who once lived on streets, selling fruit, believe about money?

My daughter once told me, ‘Please dad! No more poverty stories!’

Frank Magwegwe, Momentum Retail

One of the best money decisions I’ve ever made – after being fired for drinking on the job and living in the Bloemfontein train station – was to save every cent I was earning. I would never have got to Johannesburg if I didn’t do that!

Frank Magwegwe, Momentum Retail

I’ve done well. I don’t need a bigger house; I don’t need a bigger car.

Frank Magwegwe, Momentum Retail

Every week The Money Show’s Bruce Whitfield interviews a famous person about her or his attitude to money (hopes and fears, successes and failures, etc.) as part of his weekly “Make Money Mondays” feature.

This week Whitfield interviewed Frank Magwegwe, Executive for the Middle Market Segment at Momentum Retail.

Magwegwe’s life story is wildly inspirational.

Scroll down for quotes from the audio below.

I was about 4-years-old, living with my aunt. I had a choice of cereals for breakfast and desert after dinner! I wondered why we didn’t have these lovely things in my own home.

Frank Magwegwe, Momentum Retail

When I was 7 years old I realised that my father held on to the money he made.

Frank Magwegwe, Momentum Retail

We never talked about money.

Frank Magwegwe, Momentum Retail

You can spend money, you can save it or you can share it.

Frank Magwegwe, Momentum Retail

Money is at the centre of our lives!

Frank Magwegwe, Momentum Retail

A lot of clients I talk to spend far more than they earn.

Frank Magwegwe, Momentum Retail

I put aside 5% of my earnings for scholarships for kids.

Frank Magwegwe, Momentum Retail

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Article brought to us by Old Mutual.


12 September 2016 7:14 PM

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