"Conspicuous Consumption" is Not Business Success: Strive Masiyiwa’s Warning
Author: Strive Masiyiwa |
Curated By: Oudney Patsika
Topic: Wealth Mindset vs. Consumerism.
Key Lesson: Build assets, don't flash cash.
In a world awash with Instagram influencers and "soft life" goals, billionaire Strive Masiyiwa drops a critical reflection. Are you building a legacy, or are you just looking rich? Oudney Patsika breaks down Strive Masiyiwa's wisdom on why true wealth is often quiet, and why flashing cash might be the enemy of your growth.
Flash Your Cash... or Save It?
When you peruse social media, you'll find it's often awash with pictures of so-called influencers showing off their cars, watches, holidays, and houses as symbols of success. This phenomenon is called “conspicuous consumption”.
Whilst I will never be one to tell someone else how to spend money they have honestly earned, I do need to point out one thing: do not use such displays of wealth as proof that someone is actually “doing well,” nor use it as a benchmark of what is expected of you as an entrepreneur.
"It actually means nothing at all, and it only fools those with little understanding of what real success looks like."
The Quiet Billionaires
Masiyiwa recounts meeting one of the first dollar billionaires he knew personally. This couple owned a global diamond business. Yet, when visiting their home, Masiyiwa's wife noticed something striking: the billionaire's wife wore no jewelry except a simple gold wedding band—not even a watch.
As for the husband? He wore the same jersey which had a hole in one elbow! When it came to the meal, they chose the simplest dish.
"I guess when you are really rich, you have nothing to prove to anyone," Masiyiwa later remarked.
On another occasion, traveling in South America with one of the richest men in the world, Masiyiwa witnessed an assistant walk in with a new shirt bought from a local supermarket.
"I buy all my shirts on the road," the billionaire joked. He did not wear branded clothes of any kind... yet everyone wanted to dress like him!
To the truly wealthy, luxury brands and "stuff" don’t really matter. Conspicuous consumption will destroy your capacity to build a truly successful business that contributes to your country’s development.
Income vs. Wealth: The Footballer's Lesson
A very successful African football player once asked Masiyiwa for investment advice. The response was brutally honest:
“Your career at the top here in Europe, earning $200,000 per week, will last at best five to ten years. Then you will have to live on that money for another 50 to 60 years. So, how rich do you feel now? You are not rich; only the owner of the club who employs you is rich.”
Many athletes go broke within five years of retiring because they focus on spending rather than understanding money, allowing "advisors" to take advantage of them.
Defining True Success
When Masiyiwa's youngest daughter graduated with her Master's degree, he identified a personal milestone far greater than any car or house.
“That is one of the greatest successes of my life, to have paid for the education of each of my children myself. It’s what I promised myself when we got married.”
Before spending money on yourself, ask this question: “Will I be able to pay for the education of my children myself, or am I hoping that someone else will?”
There is a long road ahead for many entrepreneurs. Choose wisely. Avoid conspicuous consumption.
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