Make Money Mondays

Michael Jordaan (ex FNB CEO, ex Chair of Mxit) bares his soul about money

I knew throughout High School what the markets were doing.

Michael Jordaan, Rain

Resigning from FNB was, in a sense, my worst ever financial decision.

Michael Jordaan, Rain

I am passionate about South Africans enjoying more data at lower prices.

Michael Jordaan, Rain

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 he interviewed Rain Director Michael Jordaan.

Rain is building a next-generation LTE-Advanced (LTE-A) or 4G+ network for South Africa.

Jordaan is probably most well-known for being a former CEO of First National Bank.

He was also the Chairperson of now defunct social media platform Mxit.

What is it about money that keeps Jordaan up at night?

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Data is a human right. It costs too much in South Africa.

Michael Jordaan, Rain

It’s tougher running a family enterprise than running a huge bank.

Michael Jordaan, Rain

Wine farming makes no sense.

Michael Jordaan, Rain

I grew up privileged, in a middleclass family. But we weren’t very wealthy. When television came out, we didn’t have one.

Michael Jordaan, Rain

I started working as a teller at a bank in Germany.

Michael Jordaan, Rain

My first bank account was not at FNB.

Michael Jordaan, Rain

My grandmother saved all the brown money. Whenever I visited we’d go to the local bank to deposit it.

Michael Jordaan, Rain

My first investment was Triomf shares; Louis Luyt’s fertiliser company.

Michael Jordaan, Rain

Start doing these things [talk about money and the accumulation thereof] with your kids at an early stage.

Michael Jordaan, Rain

My extravagance is property. I live on a wine farm that makes no financial sense.

Michael Jordaan, Rain

I’m not a big spender.

Michael Jordaan, Rain

There comes a point when money stops being equated with happiness.... Having too much money can make you very unhappy.

Michael Jordaan, Rain

The biggest problem we have is unemployment. Many people come out of a dysfunctional education system. There are corporates who want to employ [but there is a skills shortage].

Michael Jordaan, Rain

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