BACKSTORY: Gareth Matthews, head of RMB Private Bank

What was your first job?

I started packing bags and shelves at Spar on Ontdekkers, as I needed new cricket pads and spending money for the odd Friday night out with my school mates. I recall riding my bike to work after school to make my R8 per evening.

How much was your first pay cheque, and how did you spend it?

My first real pay cheque came from being an assistant in the bank. In 2003 it was about R5,500. I owed my mom money (she paid for my cellphone till I was about 28) and bought cool clothes at the old Rosebank market. Needless to say, it didn’t get me very far.

What is the one thing you wish somebody had told you when you were starting out?

I started working in the private banking environment. Typically, everyone around you has “more” and it’s important to keep a level head. A colleague told me that we should always compare ourselves to those people who have less than us. Keeping up with the Joneses is a one-way ticket to overspending.

If you could fix only one thing in South Africa, what would it be?

It would be the allocation of funding and investment into various sports, sporting facilities and coaches across South Africa.  Sport gives South Africans access to an equal playing field, irrespective of background. In addition to career opportunities, sport plays a huge part in defining character; it builds a work ethic, helps build friendships and networks as well as knits our society together. And, it’s fun!

What’s the most interesting thing about you that people don’t know?

I’m a creative at heart and really like architectural design and interior decorating.

What’s the worst investment mistake you’ve made?

When I started working, I reduced my pension contribution to the minimum so that I could buy a cool car.  I forgot about it and didn’t increase the contribution to top up my retirement savings until my late 30s. 

What’s the best investment you’ve made? And how much of it was due to luck?

My property investments have always been quite savvy, and my equity investments have always gone south. But the most important investment for me is the time I get to spend with my wife, children and friends. Keeping a balance between private, personal and professional life takes discipline.

What is the hardest life lesson you’ve learnt so far?

Doing something as a one off or now and again is easy, doing something consistently and with discipline is hard. 

What phrase or bit of jargon irks you most?

“Let’s take this offline.” Many “offlines” don’t happen.

What’s your top tip for doing a deal?

It’s important to start with the end in mind and then work backwards. Dealmakers who are successful first distil the opportunity to understand it, before presenting the final solution.

What is something you would go back and tell your younger self that would impress them?

My younger self spoke a lot and didn’t listen enough. My older self still speaks a lot, but my ears are a lot more active.  I think, “you don’t have to answer every question that you are asked, and you need to take your time to think through the answers that you do give”.  A mentor of mine told me to “go slowly to go fast”.

If you were President Cyril Ramaphosa, what would you change, or do, tomorrow? 

I’d make sure I’ve had a good holiday, so that the fuel tank is full.  We have lots of work to do this year. Like many things in life, small deliberate steps towards a common goal get you to the destination — or at least closer.