Make Money Mondays

'I want to ensure my money delivers change to as many people as possible'

Money is not an end in itself. It’s a means to an end. I want to make sure that my money delivers a change to as many people as possible… I can’t just waste it!

Sandile Zungu, President - Black Business Council

I’m not too strict. I appreciate that humans have a propensity to indulgence… In 2002, I bought myself a CL500 for more than R1 million…. My son drives it these days... I paid quite a tidy sum for my 50th birthday. I won’t disclose the number…

Sandile Zungu, President - Black Business Council
Black Business Council president Sandile Zungu. Picture: https://twitter.com/BlackBCouncil

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

This week he interviewed Sandile Zungu, President of the Black Business Council.

Zungu was born in Umlazi (south of Durban).

It was in Northern Kwazulu-Natal while visiting family, he told The Sowetan in 2007, where he became sensitised to the plight of poor people.

I worship at the Salvation Army. I like the church for its strong social upliftment programmes, which resonate with my own philosophy of giving.

Sandile Zungu, President - Black Business Council

Zungu excelled academically.

He matriculated from Vukuzakhe High School at the age of 16 after which did a “bridging year” at the exclusive Hilton College.

I begrudgingly enjoyed the privileges, but it was there that my political awareness was sharpened.

Sandile Zungu, President - Black Business Council

Zungu graduated from the University of Cape Town in 1988 with a degree in mechanical engineering, financed with a bursary he got from Shell.

He has an MBA from the UCT Graduate School of Business.

  • What does Zungu believe about money?

  • Does it keep him up at night?

  • Does he spend like crazy or save compulsively?

  • How did his childhood experiences shape his views on money?

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

I was academically very gifted… Hilton College was a fantastic environment. It was the height of apartheid, but I never felt a moment of discrimination… It was 1984… [but] the truth was, the contradictions were always there… Within two hours of being in a world-class environment to being underprivileged; it was quite startling…

Sandile Zungu, President - Black Business Council

I had a slot on UCT radio… I considered myself to be very good at it. The crowds tended to respond… I never got a cent, but where I made money was with photography… It was almost my first paying job. But students, being my customers, were very bad with it [paying]…

Sandile Zungu, President - Black Business Council

Cyril Ramaphosa, the President, was my client…

Sandile Zungu, President - Black Business Council

MTN is where black shareholders… really created value…

Sandile Zungu, President - Black Business Council

I think I’m a very conservative person when it comes to managing my own money. My children think I’m the worst patron to have. I’m doing a fine job. I’m a person of minimum extravagances. I’ve invested quite a bit… I haven’t done too badly at all…

Sandile Zungu, President - Black Business Council

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