Sean Wibberley is the dynamic CEO leading JSE-listed HomeChoice International and Weaver Fintech, the innovative force behind digital-first companies like FinChoice Africa and PayJustNow.
With a proven track record in digital transformation, Wibberley has steered HomeChoice towards significant growth in the fintech space. He’s also made it his mission to deliver digital financial inclusion to thousands of South African consumers.
Curious about his personal financial philosophy? He’s about to share what truly matters when it comes to money.
If money could talk, what would it say about your spending habits?
“Everything in moderation, including moderation.” As a habit, I tend to spend my money conservatively day to day, but every now and then I will make an impulsive purchase or pick up the bill at a restaurant for a group of friends. Money should be both respected and enjoyed.
What’s the most significant financial lesson you’ve learnt from your own investment experiences?
Buying property in the right area tends to be a safe bet – it forces you to save (paying off your mortgage), stops you dipping into your investment to pay for a holiday (fixed property is not liquid) and, generally, property grows steadily and consistently.
If there’s a stock you wish you would’ve invested in earlier, what would it be and why?
Apple. They are an extremely innovative and customer-focused business, with annualised returns in terms of share price growth and dividends of ~30% over the past 20 years. $1,000 invested 20 years ago would be worth $150,000 today in share price appreciation alone.
What’s the most extravagant purchase you’ve ever made, and do you still think it was worth it?
I bought a fancy watch on a whim for £500 about 30 years ago. This was a significant chunk of change for me back then. Two months later it was stolen off my wrist in a Peruvian marketplace.
What’s an unconventional asset class you’ve considered investing in?
Wine. It makes sense to buy some classic reds from well-respected vineyards, cellar them properly, then make a tidy profit 10 years later. Just the small issue of stock leakage over the years to deal with!
What advice would you give to young professionals about building wealth and managing their finances?
As your salary increases, don’t fill the new space with ever increasing levels of expensive taste “that you deserve”. It’s wonderful to occasionally spoil yourself with an expensive bottle of fine wine, but decent house wine works well the rest of the time. Put that extra money into your bond and savings.
What is your retirement plan?
I have provident fund savings, some share investments in South Africa and overseas, some properties, and equity in the business I run. But as for a “retirement” plan, I really don’t see myself retiring in the traditional sense until I’m well into the latter years of my life – there’s too much enjoyment I get through business.
What financial trend do you think is overrated, and why?
The huge valuations placed on certain NFTs (non-fungible tokens) is a trend I can’t get my head around. Why pay thousands for a digital token that represents your supposed ownership of a meme? Highly speculative and no guarantee that the fad won’t crumble and your NFT become worthless.
If you could give your younger self one piece of financial advice, what would it be – and would you actually listen?
“Learn how to save and invest early by actually doing it.” As a youngster, put pocket money aside in a fixed-term savings account to learn both the discipline of saving and the appreciation of compound interest. When I was younger (and I believe this to be universally true of people) it was almost impossible for me to fully appreciate that one day I would be 20, 40, 60, 80+ years old. Saving is the opposite of giving in to instant gratification – and this is an important life skill to learn.
Would I have listened? I did, with a little nudging from my parents!
How can South Africa achieve widespread financial literacy and inclusion?
Financial literacy should be taught as part of the school curriculum from a young age (budgeting, saving, debt, financial discipline, etc). Make the topic of money open, fun and accessible as part of everyday language and conversation.
South Africa already has awesome low/zero-cost banking products and fintech applications easily accessible on basic smartphones. As I implied in the previous question, it’s best to learn by doing. Encourage parents to open bank accounts for their children so they start learning early.
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