JOHANNESBURG – “I wish I had known earlier how much the financial decisions I make today will affect tomorrow. If I had, I could have avoided many costly mistakes in my youth,” says Peter Tshiguvho, the new chief executive of Metropolitan Retail.
Tshiguvho says he hopes that by sharing some of the financial lessons he and others have learnd the hard way, it will prevent young people – like his two daughters aged 16 and 18 and son of 11 – from making the same mistakes.
He has the following tips:
Say no to instant gratification and peer pressure
When I was younger, many of my friends wanted to impress women and each other by buying expensive things that they actually couldn’t afford. This resulted in them taking out multiple credit and store cards when they first started working. It was great for a while because they could buy whatever they wanted, whenever they wanted, but a year later, all their earnings were going towards paying off their debt.
While it might be tempting now to take out credit and store cards, you’ll be paying the price later on – sometimes even for several years. You need to ask yourself if whether the people you are trying to impress are worth the pain. Your friends and partners should like you for who you are, not what you own.