By Nomali Cele
On my My Money And Me, Thuli Magubane invites South Africans from different walks of life to share their lessons on personal finance, money management and wealth creation. Last week’s guest was a fitting selection as it was the last show of Jazzuary. Kevin Naidoo is a Durban-born entrepreneur and the co-owner of Johannesburg’s favourite Jazz venue, the now-defunct The Orbit. Speaking to Thuli Magubane, Naidoo painted a vivid picture of his childhood, youth and early business moves. These are the money lessons he shared
- Normalise talking about money
Kevin Naidoo shared that his family was not shy about having money conversations; for them, it was a normal dinner table conversation. Of his parents, Naidoo says his father instilled an openness about money.
His extended family was rooted in businesses and his father, though a teacher, encouraged him to be business-minded. “There’s a creative side of looking at something and thinking, oh, there might be a business in this,” he shared.
- Budgeting and saving are a life-long lesson
Kevin Naidoo’s father, a teacher, would count his money. An image that imparted to a young Kevin the importance of being thoughtful on how you spend. That’s a lesson that guides him to this day.
- Every last cent counts
Naidoo shared that he’s at a point in his life where he actually prefers to wait for the things he wants to go on special instead of just buying them on a whim and at full price. According to him, the difference you save by buying the things you want while they’re discounted can go into savings or be put into a business if you have one. That saving can be grown. Naidoo is particularly for this tactic because he says he’s often used savings to start his businesses.
- On The Orbit
On the subject of his recently closed music venture, The Orbit, Naidoo says he’s learnt to call it a day when it’s time. “At some point, I should have cut my losses,” Kevin Naidoo said of funding the business as passion project instead of a profit-making business.
Sentimental attachment is not a good business strategy and, for Naidoo, keeping The Orbit open over the past two years was more sentimental than business savvy.
My Money Lessons is a feature on My Money And Me, hosted by Thuli Magubane every Tuesday from 8 to 9 PM. Listen to their full conversation below: