BACKSTORY: Khomotso Molabe of Standard Bank

What’s your one top tip for doing a deal?

A good deal is one that benefits most parties involved. So, asking yourself the question “What will I accept if I was on the other side?” gives a sobering perspective. It is very much a give-and-take process, and good partners are as important as the deal itself.

What was your first job?

I originally trained as a chemical engineer and I started my career as an engineer-in-training in waste treatment for Johnson Matthey, which specialises in chemical manufacturing. 

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

My first pay cheque was R3,500. It was paid as an actual cheque, which I went to cash at a bank. I spent most of it buying a futon bed and paying rent for that month. The rest was reserved for transport and food.

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

There is a lot of wisdom in the advice to listen more than talk. The most productive days I have are when I listen more than I talk. 

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

I would invest more in improving our education system. I truly believe that an improved education system at all levels can unlock huge value across our country, especially a system that can triple the output of quality digital skills, which is what the future workforce will largely need.

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

I am a long-distance runner. I have completed 10 Comrades Marathons, 11 Two Oceans Marathons and a few international marathons. I have lost count of the number of normal-distance marathons I have completed since I started running in 2010.

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

Being convinced to invest money and time in a restaurant and bar business with some very close friends a few years ago without full appreciation of how much it would affect my weekends.

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

Many years ago I bought two tickets to the Brian McKnight concert to ask a girl out, and she reluctantly agreed. Looking back, I think it was the day she gave me a chance, and we have been married for 15 years now. She has played the most important role in shaping my life and success in ways that I truly appreciate. I have learnt that the biggest investments you can make in life are mostly nonfinancial and relate to how you spend your time.

What’s the best book you’ve read recently and why did you like it?

AI Superpowers: China, Silicon Valley, and the New World Order by Kai-Fu Lee. It provides a sobering and interesting perspective of AI and how it is affecting geopolitics, carefully reflects on how we got to where we are, and takes a view of the future possibilities.

What is the hardest life lesson you’ve learnt?

Money is not the ultimate goal in life.

What phrase or bit of jargon irks you most?

Nothing really that stands out — I am generally open to all types of jargon and unusual things.

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

There is no substitute for spending quality time with family — it is always the most important aspect of life’s purpose.

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

Implement a policy to give every learner in foundation school (grades 0 to 7 for a start) a free internet-enabled tablet/computer, preloaded with all education materials they need to supplement their basic learning, aimed at improving their digital skills. This can be a game-changer for our country in years to come.