BACKSTORY: Lee Bromfield, CEO of FNB Insurance

What was your first job? 

My first formal job was during my varsity years — I worked as a salesperson in a computer store. The experience definitely helped me with my people approach, especially in trying to explain technical details. But my first unofficial job was making candyfloss. I bought a machine while I was still at school and used to sell to other pupils and at markets. Hours of spinning sugar was a (sickly) sweet and sticky job and to this day I can’t go anywhere near candyfloss.

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

My first full-time cheque was about R10,000. I think most of it went to my mom for rent. She was of the view that now I had a job I needed to back-pay for the years of underpayment.

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

I used to obsess about the different career paths available. What if I had studied something different or gone to a different employer? I wish someone could have told me to focus more on the “now”.

If you could fix one thing in SA, what would it be?

I wish we could align around a common goal (reducing unemployment), then dedicate time and effort to get it right.

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

I am a published author — OK, to clarify that, I helped write a section for a school textbook (on a technical subject) and it sold extensively. Also, my brother’s dog went viral on YouTube and the video has been seen millions of times. Weird to think the most famous member of our family is a dog.

The worst investment mistake you’ve made?

When I was relatively young someone suggested I buy a particular stock. They used to work there and reckoned it was a sure winner. Within a couple of weeks the stock dropped 95%. The other worst decision I’ve made was getting an retirement annuity straight out of varsity. Many years later I realised that pretty much any upside was eroded completely by costs.

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

The best investment decision I’ve made (mostly in the wake of my worst decision) was to start investing in low-cost ETFs. On an individual basis I bought Sasol shares early in 2020 and made a good return on that, but I sold too early so even then one of the best purchases I’ve ever made left me with regret.

The hardest life lesson you’ve learnt so far?

Life isn’t fair!

Was there ever a point at which you wanted to trade it all in for a different career? And, if so, what would that career be?

If I could change to a different career, it would be teaching.

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

I would remove all the politicians and government employees who care more about the party or themselves. We have fantastic, talented people who would love to help the country. They just need to be given the freedom to do so.