If you were given money for tuition, would you risk it for investing? That is exactly what Sandile Shezi did and ended up making a fortune. Now at the age of 24, he is one of South Africa’s youngest self-made millionaires. Although he attained wealth quickly, life did not always include money for Sandile. However, he took a risk that put his education on the line but made him rich. So, what is Sandile Shezi’s net worth?
Sandile Shezi’s Early Years
Shezi grew up in a modest home, the son of two educators, but he seemed to always have an entrepreneurial spirit. As a young boy, he not only sold muffins at school to make some extra money but also worked as a waiter, was employed at a call center, and at one point even sold clothes on the street, as mentioned on his Facebook page. Although he was given money that was to be used for his tuition, he had other plans.
As the story goes, he instead used his tuition funds to trade in the foreign exchange market, which is, according to Wikipedia, a “global decentralized market for the trading of currencies.” In simpler terms, it is a market in which currencies around the world are traded. Despite the risky move, he came out on top and made a substantial fortune.
While attending Durban University of Technology (DUT), he did a National Diploma but had no formal training in the foreign exchange market, also known as forex. Everything he learned about this form of trading was through the internet. By his third year, he dropped out to focus on trading full-time.
Sandile Shezi’s Net Worth
Sandile Shezi’s net worth as of 2016 is R12 million, as stated in Money Mag on September 17, 2016. The Rand is the South African currency, and this amounts to $892,233.11 in the United States.
Shezi has been able to accumulate his wealth primarily through the foreign exchange market where he buys and sells currencies. He mentioned in an interview with News24 that it was when he was selling clothes door to door, though, that he truly developed business skills.
“It grew me to be able to handle the kind of rejections I still get today,” he said.
You can see part of his News24 interview below:
In addition to his trading, he founded and co-owns Global Forex Institute, which serves to bring affordable and efficient forex training to the common people. Some classes are even provided free of charge as Shezi’s goal with GFI is to educate and show others in Africa how they can turn time into money. Online classes are available as well.
According to the GFI website, the company makes the bulk of its money by trading and posts its results on the website for public viewing.
Is it legal?
In most countries, it is legal, but there are certainly illegal practices and strategies of which to be aware. You should be leery of any broker who refuses to show their trading background, requires you to trade through the interbank market or promise of little to no risk. Furthermore, they should be regulated by the Commodity Futures Trading Commission (CFTC) or the National Futures Association (NFA). As long as Shezi is not trading in any banned countries (see list here) or is doing any shady practices, he is obtaining his wealth legally. He also does warn people of the risks involved that he took and that his company provides the training to reduce unemployment, not for income.
What are your thoughts on Sandile Shezi’s net worth?
Photo credit: Andre De Souza
Jenn Clark is a writer, PR specialist, entrepreneur, blogger and coffee enthusiast. A lover of laughter, traveling and cheese, she’s written about her life experiences here at suburbanfinance while at the same time growing other young professionals. You can find more of her work at Jennblogs.co.