August is Women’s Month in South Africa, a time to honour the legacy of the thousands of women who marched against Apartheid pass laws in 1956. It’s no secret that Mzansi has a rich history of resilient women who have overcome countless obstacles to achieve greatness. This Women’s Month, Shyft celebrates three notable South African women who are breaking barriers in finance and investing.
First, we have Jeannie D, beloved media personality and CEO of Jeannieous. Her investment journey emphasises the value of quality over quantity, and the importance of financial independence, especially for those navigating the complexities of a fast-paced career.
Jeannie D
Media personality and CEO of Jeannieous
Q: What was the first thing you saved up for and how long did it take?
As a child, I always saved up to buy the things I loved, but unfortunately for my bank account, I’ve always had expensive taste! Still, I like to think I’ve always understood the value of quality. When I was 13, I saved up to buy a pricey watch that is still so precious to me. I have it to this day.
Q: What inspired you to start investing, and how did you initially educate yourself about the process?
I was very young when I moved to Cape Town on my own to start my career in radio and later television, but I always knew I wanted to be financially independent. So as soon as I started earning money, I made a point of consciously saving and investing, and that has become my lifelong strategy.
Q: What do you think has been your best investment?
Property! My godmother told me to buy an apartment as soon as I was able to, even if it meant surviving on a can of baked beans for dinner. She also recommended saving up to invest in timeless pieces instead of buying cheap junk and that’s exactly what I did. Now I always seek out the best investments, whether it’s property and stocks or furniture, handbags and shoes.
Q: How many different types of currencies have you had to exchange in your life?
So many! Especially before the euro was launched and I had to juggle all the different local European currency conversions. Thank goodness for Shyft. Now I can manage all my forex transactions in one place, which is an absolute game-changer for someone who travels as much as I do.
Q: On a lighter note, can you share a funny forex experience you’ve had?
This is embarrassing, but when I see something I love, I sometimes forget the current conversion rate, which means I spend a lot more than I intended!
Next, we have Thandi Ngwane, a seasoned financial expert, Head of High Net-Worth Investments SA at the Standard Bank Group, and a board member at Melville Douglas. Thandi stresses the importance of early retirement planning and the power of compound interest. She also debunks common misconceptions about investing, highlighting the value of seeking professional advice.
Thandi Ngwane
Head: High Net-Worth Investments SA, Standard Bank Group
Q: What was the best investment you ever made?
My first retirement annuity. It was shortly after I started working in financial services at the age of 27 that I understood that an occupational pension fund alone would never be enough to sustain me in my retirement. I also quickly learnt about the power of compounding and the importance of using the benefit of time to allow my invested money to work for me.
Q: Can you share a pivotal moment or decision in your investment journey that significantly impacted your financial trajectory? Please share your learnings with us.
Start as soon as you can and don’t be afraid to ask for financial advice. As women, we don’t always feel that we fully understand investing and consequently we can perceive investing as complex. Not having sufficient time, the right expertise or even access to investment-related information shouldn’t deter you from investing. In fact, studies show that on average women tend to be more long-term oriented, which is great for compounding.
Women also have a greater propensity to stay the course, but in doing so they are far more risk-averse and generally see asset classes like shares as being too risky. What invariably happens is that while women have the staying power to invest over the long term, the value of their investments is often significantly lower than that of men. This is where objective financial advice can be important when helping you to build an investment portfolio that is aligned with your investment objectives, risk appetite, and time horizon.
Q: What was the first thing you saved up for and how long did it take you to get it?
I was introduced to the concept of saving very early on in life. I started saving in a piggy bank and I can vividly recall taking it into the bank at the age of eight and opening my first bank account. I supplemented my savings with money earned from part-time work growing up. The first two things I saved for were a deposit for a car and to pay for my master’s degree. Saving for the deposit took me years throughout my childhood, high school and university. My master’s degree took me about a year to save for, given that I had some savings and supplemented that by saving part of my salary.
Q: What are some common misconceptions about investing that you think people should be aware of?
Investing is only for the wealthy.
This isn’t true. You can start investing with what you can afford. There are great platforms that allow for relatively low investment minimums. The important thing is to just get started. No matter how much you earn you can set aside an amount to invest every month.
Investing is too risky.
While some investments can be riskier than others, the degree of risk you’re willing to take and tolerate should be aligned with your personal goals and the type of investment.
Investing should happen later in life.
This couldn’t be further from the truth. Time is what allows your invested money to compound, so the earlier you start investing, the more time you have to earn returns today on the returns you earned yesterday and so on.
Lastly, we have Nivedna Maharaj, Head of Retail Investments – Global Markets at Standard Bank. Nivedna recounts prioritising financial well-being and the importance of education as her key to success. She encourages women to create personalised investment plans based on their unique goals and risk tolerance.
Nivedna Maharaj
Head: Retail Investments, Global Markets, Standard Bank
Q: What was the best investment you ever made and when was this?
My best investment was planning for my retirement at the age of 22. This set me up to focus on wealth creation in my thirties.
Q: Can you share a pivotal moment or decision in your investment journey that significantly impacted your financial trajectory?
Starting to plan at an early age with my first salary. That discipline has set me up for success.
Q: What advice would you give to women looking to build their investment portfolios?
(1) Prioritise your financial well-being.
(2) Educate yourself through trusted financial institutions and not social media.
(3) Plan for your own lifestyle needs and don’t copy others.
Q: What was the first thing you saved up for and how long did it take you to reach your goal?
My first flight holiday to Mozambique. It took six months.
Q: What are some common misconceptions about investing that you think people should be aware of?
I find that people believe that personal investment decisions are based on a scientific formula. This is a misconception as it’s driven by basic financial literacy and your relationship with money.
At Shyft, we’re committed to supporting the goals and ambitions of all women making financial strides so they can hold their own in society, despite the complex challenges they face. Our platform provides accessible tools and the cheapest forex rates to help you achieve your goals.
Shyft operates under the licence of The Standard Bank of South Africa Limited, an authorised Financial Services Provider (FSP number 11287).
