Money Lessons, a part of my Money And Me, sees Sumitra Nydoo talking to interesting guests about what they’ve learnt in their journeys with money. Recently, global rap star, Sho Madjozi, joined to share her money lessons as a young artist who owns her business.
On Growing up
For her family, Sho Madjozi shares, doing things solely for the monetary gain wasn’t the way to go. Things were done for collective gain or in service of others.
Like many South African families in villages, Sho Madjozi’s immediate family also didn’t have a television set. She and her cousins went to watch at her aunt’s house.
Money role models
“My father is an extremely important figure in how I view the world, in general,” she told Sumitra. Calling her father frugal, she explained that she still struggles to spend money on flashy, expensive products. But her father was pro-spending on her education.
The business of Sho Madjozi
Not only does she work closely with an accountant to manage the finances of her business, she also employs several people in the business. So she impacts several livelihoods.
As far as her current money situation and goals, she’s ploughing back into her family.
Sho Madjozi’s three money lessons:
When you get paid, you don’t have that money. You still have to pay tax and more.
Divide what you think you have because the result is what you actually have.
Never get something that you don’t need. Grow as much as you can with what you have.
Listen to the full conversation below