Keeping his finances on track
In 2010, engineer Michael Stephen said goodbye to the corporate world and embraced his passion for motorsport. Stephen, who now holds nine major South African titles, tells
Loni Prinsloo how he spends his money
We already know that you like to go fast. Do you spend your money as fast as you drive your cars, or do you step on the brakes and save?
Definitely on the brakes with wasting money. However, one needs to live and enjoy it as well. I try to save what I can, but sometimes I spend a little to enjoy life.
What has been your biggest luxury expense?
I am not an extravagant spender, so probably my mountain bike, which was one of the cheaper ones.
What car do you drive for your day-to-day dealings?
I drive an Audi A4 2-litre Sportline, thanks to Audi South Africa.
What has been your best business or career move?
Moving from process engineering in the corporate world to become team manager and race engineer at Terry Moss Racing in 2010. Having studied mechanical engineering and being a racing driver, I could not dream of a better job. My hobby is my job!
What did your childhood teach you about money?
I did not grow up with an abundance of money, so I learnt to save it and spend it wisely.
Who are some of your career role models?
My parents, Terry Moss and my favourite racing driver of all time, Ayrton Senna.
If you hit the jackpot, what would you do with the money?
I seldom gamble, so I don’t think I’ll be hitting it.
But if I did, I would pay off my house, save most of it, treat myself to a holiday and also donate a portion to my charity of choice.
What is your biggest career ambition?
I would love to participate in a DTM [German Touring Car Championship] or World Touring Car race.
What is your money weakness?
I spend too much of it on chocolates.
What was your first job and how much did you earn?
Working at concession karts in school holidays. I think I earned R5 an hour.
Have you ever been in debt or really hard up?
Yes, I am still paying off my house. Other than that, having a CA as a brother, I would like to believe that I manage my money well.
How do you tip?
At restaurants, depending on the service, about 10%. I don’t give beggars money, but I will support a security guard who is trying to make a living.
What is the best money advice you have ever been given?
Think twice before you purchase something. Sometimes you buy on impulse and regret it later.