We can’t call an investment in our family 'Black Tax' - Isaah Mhlanga

Bruce Whitfield interviews Isaah Mhlanga (Chief Economist, Alexander Forbes) about his attitude to money and beliefs about it.

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 “Other People’s Money” feature.

This week Whitfield interviewed Isaah Mhlanga, Chief Economist at Alexander Forbes.

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Popular articles from “Other People’s Money”:

• I tried to keep up with the Motsepe’s - Matthew Booth

• SA’s richest woman opens up about being a refugee and becoming a billionaire

• Bryan Habana opens up about money, and now having to buy his own clothes

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Mhlanga is a regular columnist for Business Day, where he writes on macroeconomic policy and financial markets developments that affect the investment landscape.

He started his career as an economist at the local office of the International Monetary Fund before moving to the South African National Treasury, where he was involved in econometric modelling and monitoring of South African macroeconomic and financial indicators.

Mhlanga holds a masters’ degree in Financial Economics and an honours degree in Econometrics, both from the University of Johannesburg.

• What is it that Mhlanga believes 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?

I’ve never believed in it [Black Tax] … We can’t call an investment in our family a sort of tax … It’s something that just has to be done…

Isaah Mhlanga, Chief Economist - Alexander Forbes

The first income I earned was as a grade 12 student, tutoring other students… I saved much of my tutoring income… During my honour’s year [at university], I had R40 000 in notes stashed under my bed. So, I had a bit of money… I always loved to see it accumulate over time…

Isaah Mhlanga, Chief Economist - Alexander Forbes

Every end of the month I treat myself to a champagne breakfast… Just me. No one else involved, and I’m not going to feel guilty about it…

Isaah Mhlanga, Chief Economist - Alexander Forbes

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

Both mom and dad didn’t complete school… My dad worked at a manufacturing company… I grew up in Soweto… My story isn’t unique…

Isaah Mhlanga, Chief Economist - Alexander Forbes

… My absolute focus became academics… I was focussed on producing results that were going to give me a scholarship… I ended up with a house full of As… I ended up in Economics, but it was never part of my plan… The sacrifice paid a lot…

Isaah Mhlanga, Chief Economist - Alexander Forbes

I bought a second-hand Ford Fiesta, cash…

Isaah Mhlanga, Chief Economist - Alexander Forbes

I went and bought a Harley Davidson motorbike… I eventually sold the bike because my family complained it was too risky… It really felt good, I have to be honest… I really loved it! …

Isaah Mhlanga, Chief Economist - Alexander Forbes

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