Naira Life | Page 8 of 8

The Single Mum Juggling Jobs For ₦300k A Month

Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish–others will be bougie. All the time, it’ll be revealing.

This week’s story was pulled off in collaboration with mycashestate.com–they’re making it ridiculously easy for everyone to grow money by investing. The lady in this story will do whatever it takes to make a living.

Age: 27

Occupation: Content Creator

Net Income: ₦300,000/month

Rent: ₦250,000 (shared apartment)

What’s your oldest memory of money?

Not like I had physical cash to spend, but I knew we had money growing up. But I remember my mum worked a lot–she’d leave early and come back late. And even though we hardly saw her, we went shopping every other weekend.

Like, I remember I’d see a toy on TV and be like “mummy mummy! I want!” And I got it.

When do you feel like you earned your first money?

If we’re counting getting sprayed at a party, then it’s my 7th birthday. It was about 5 or 6 thousand. I kept all of it in that Danish Cookies tin. And my mum was like, oh you made money. Let me keep it for you. That was the end of it.

Also, there was this time in secondary school when I entered a writing competition. I was in SS1, and this was in like 2005. Anyway, I won 500 pounds. It met the same fate as my birthday money, but we move.

Ouch.

After I won that competition, I realised I could actually sell stories. So people would buy empty notes and I’d write stories for them. They paid with food. I think at every point, I’ve always done all kinds of things to raise money, like “oh I can help you do this if you pay me.”

But my first proper paying job was in 2010. I’d just dropped out of school walked into a Broadcast station, and lied to them that I was a Youth Corper. So they hired me as a news correspondent and paid me 25k. Shortly after I started, I met this man who told me “leave this job, come and work for me.”

I mean, I thought it was an actual job. But, na Glucose Guardian.

He put me on a 20k per week stipend. To be honest, it was actually more, because every time we’d see, he’d give me money. At the beginning of every week though, I’d still get 20k.

So what I’d do was leave home and resume in his house every other day. What’s interesting is that most of the time we didn’t even have sex or anything–just gisting.

Aaaannnd then I got pregnant.

Interesting

After that? Uhm, nothing changed much to be honest. Money was still coming in even though I wasn’t working. I also had two more Glucose Guardians.

After your baby daddy?

Before actually–one was super busy while the other was Abroad.

How much was coming in at this point?

There was $100 every month. Plus another 20k every week. Plus the one guy that’d just point me to his money and say “take whatever you need”, but I never really took more than 30k. Then another guy who’d give me money. I think I was grossing at least 200k a month.

How many Glucose Guardians did you have at peak?

5–that I took seriously. The others were just guys I hit up for money.

How did you find them?

They always found me. Always. One day I was leaving this place where I used to go buy cakes, and I was waiting for a taxi. And then this guy walks up to me and drops the “you look like someone I know” line. And we get talking and he goes, here’s my number. Call me, I’d love to eat cake with you. One of them I met at the same place on a different day. Others were people I met at a club or at a party.

Okay, So I–

Oh, I forgot this guy. He wasn’t really a Glucose Guardian. But he just liked me, and always loved clubbing. Also, he almost got duped by waiters once while he was drunk, but I didn’t let that happen. And since then, every night he wanted to go clubbing, he’d just call me up, and by the time we were done clubbing, he’d give me 200 or 300 dollars.

2010 was a busy year.

Pretty much.

2011?

Glucose Guardians dropped to two–one of them was my baby daddy. And I just thought to “calm down”. So I stopped smoking, I stopped drinking as much. But they still kept sending money every other week. But I think my general money coming in per week dropped to like 100k.

Then the baby came.

By then, it was still the same. Simple stream. 100k. 2012 was when I went back to school.

Why did you drop out of school the first time?

I felt like I was under serious pressure. I just felt this need to be good at everything and make my mum proud.

“You’re the genius in the family. You’re the one who will take this family higher.”

So at some point, it’s like I snapped. I took my school fees for the semester, blew it travelling, and forged my result.

When my mum found out, and the “I’m very disappointed in you” was over, she asked me if I wanted to go back to school. I said no, I told her I’d work instead. That’s how I got the Broadcast station job.

Your mum seems to be the consistent parent figure.

She was my father figure too. I just knew my dad was somewhere in the world, but he never mattered.

Okay, back to 2012, you went back to school–

Aaand, that’s when my dad actually showed up. My dad was responsible for putting us back in school, but my mum still did the paying.

My mum gave him our money, and you know what he did? He blew it.

Ouch.

That was when I knew, “you know what, I need to make money again”. So I started working as a Social Media Manager for people. Keep in mind that the money from my Glucose Guardian days mostly went to taking care of my family too. But then that responsibility paused when my mum took financial control and wanted me to go back to school. But I was back at the helms after my dad blew the money.

So here I was, living in a short time hotel, living with a baby, and winging it because my dad blew our money–thanks, dad. He eventually paid the fees–but it wasn’t until it was time for exams that we found out it wasn’t even complete. We being me and my brother.

Okay, so the Social Media job?

I was handling social media for two accounts, and they were paying 20k a month each. And then I was writing for a couple of websites.

All of that brought my income to about 85k. This was 2012. I did this till 2013. I was also in school though.

And in 2013?

I dropped the old writing gigs, picked up some new ones but I was doing mostly the social media gigs. Mostly 50k a month though, in total. This was like the average till I graduated in 2015. I just always had to make sure I was earning money.

And post-graduation?

I started an Admin role in a school that same year. That was giving me 30k. But that was great, because my baby started school, and I only had to pay 60k tuition, as opposed to paying 100 and something. I did that job for about 5 months. Then I moved to Lagos.

Ah, Lagos.

I was in Abuja all this time. My starting salary was about 79,600 from October 2015 to April 2016, till the company folded up. Next job paid 97k. I was there till October 2016. Then the next job paid 150k. Because I wanted to go freelance, I renegotiated in 2017, and that money dropped to 100k.

How much were you earning from freelance gigs?

It wasn’t coming steady, but then there’d just be the random 50k for web copy, or 100k for proposals, etc. So I started a small business in 2017, that would give me 20k in the month that I was serious with it. Based on frequency, I’ll put the freelance average to 30k.

By October 2017, I decided to freelance full time.

How much did you earn in November?

Nothing. I earned nothing. I was basically living off of my savings. December, I went back home and seriously contemplated staying there. Because it was like yo, I hate where I’m living. I don’t have a job. I’m not making any money.

But you didn’t.

I entered 2018 wanting to take my business seriously. I saw that with little seriousness, I still managed to make 135k in cash. And it was with that I got a loan in 2018.

Where did you get the loan from?

A friend. About 380k. I’m paying back with interest–471,900. Last payment was last week.

So all of that money went into the business?

Nope. My sister’s school fees came up. Over half of it. The rest of the money went into the business. I used it to buy supplies and materials for the business. The money was supposed to be used for scaling the business and work on readymade stuff. While I just handle the bespoke requests. That didn’t happen.

I was living off the business at this time. The goal was to make at least 3k a day. But it didn’t come steadily. So on the average, it was an average of 1500 a day in profit. So put that to 45k a month. Plus 50k from a freelance job.

Did you get more freelancing jobs?

I was trying to get jobs, but jobs were not getting me. Everyone wanted full time, and I knew that wasn’t something I wanted to do anymore.

Thennn, one came, and it was paying 175k. And then another that paid 100k. And another one paying 50k. That 3rd one didn’t stick around for long though.

I stopped the business for a while, scaling down on orders to like, the barest minimum.

So currently, I’m at 275k per month. Add the random small gigs, and I do a little over 300k a month.

Looking at your career now, how much do you think you should be earning?

A lot more. At least 500k for less work. Nigeria is why I’m not earning this much.

How much do you imagine you’d be earning a year from now?

I have no idea. 500 hopefully. I’m working on my 500 game plan. I know what I want to do, I’m just working on doing it.

Something you want but can’t afford right now?

Travel. I want to go to Europe to see my favourite city.

Let’s talk about saving.

I tell myself I’m saving because of rent or my Eurotrip. But to be honest, I’m saving because I know there’ll always be an emergency. My mother is going to call about something for the house or my kid.

My brother is going to going to call about something.

Like, my mum might just call and say, “Ah, buy units for power for the house o.” And then I’ll go okay. And pay for it, while laughing in my head like, this woman doesn’t know I have only 2k left in my account sha. Maybe I’m just going to go to Cotonou.

But then again, I started this year with zero savings, and now I have 71k in my savings. You know, maybe I’m actually not doing badly.

Do you have a pension account?

I’m supposed to have had one at some point, in one of those jobs, not like I’ve paid attention. I’m going to pay attention to it eventually. I know how important pensions can be because I know what it means for my mum now. It’s not a lot but it comes–when someone hasn’t embezzled it.

What’s the last thing you paid for that required serious planning?

My laptop. I won’t say serious planning, I just kept waiting for the money to come so I could use it to buy the laptop. It cost 270k.

Do you have a health plan?

No. When I fall sick, I cry mostly. Then I go to the hospital and get drugs. Thankfully, I hardly fall sick.

What has changed the most about your perspective about money, 2011 and now.

Nothing, except now I know that I must always give my family the perception that I earn way less than I currently do. Doesn’t really change anything but it might just give me some comfort.

Do you have any investments?

I’m investing in my daughter’s future, plis dear.

How would you rate your happiness levels?

I’m content. I can afford to do things that make me a little more comfortable. This time last year, I couldn’t afford Ubers. I can eat when I want. Eating once a day is now a choice, not because I’m not sure when my next meal will come. I can afford to be a little reckless and buy clothes. I couldn’t do that before.

Tell me something you’d love me to ask you?

Please, what’s your account number? Lemme send you something for the weekend.

You miss your Glucose Guardian days eh?

I do. I honestly and truly do. I need a Glucose Guardian so I can afford to be more reckless without worrying about emergencies.

When everything is tough, a Glucose Guardian is a cushion.

Check back every Monday at 9 am (WAT) for a peek into the Naira Life of everyday people. If you’d love to share your Naira Life with us, tell us here. You’ll be anon of course

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Fu’ad Lawal

March 4, 2019

Naira Life

abuja, Freelance, Her, Lagos, naira life
The Firstborn Who’s Playing Breadwinner On A ₦104k/month Salary

You’d think a struggle as common as finances would be easy to understand. It’s not. Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish–others will be bougie. All the time, it’ll be revealing.

The guy in this story lives for one purpose; making sure all is well at home.

Age: 29

Occupation: Designer

Net Income: ₦104,000/month

When did the hustle start?

My first teaching salary came during the 8 months ASUU strike in my final year. I spent the first four months waiting for ASUU to “call off the strike next week”. Then by the end of the fourth month, I just went looking for a job, and I found a teaching job.

I got paid ₦10k per month to teach Maths, Further Maths, and Physics.

When did you start to learn to design proper?

There was this moment of realisation that came in 400-level second semester. I had one more year in Uni and I knew I wasn’t going to graduate with a 2-1. So I started looking for how to complement my drawing skills.

Interestingly, 2 years earlier, one of these organisations came to school saying they were going to teach us graphic design and all of that. Some of us were going to take a test, and those who passed would get a 50% scholarship.

I passed, but that scholarship still meant I was going to pay ₦36k, but I couldn’t even afford that. So I fashied it.

Back to 400-level again, I met this guy who already knew how to design. And one day he goes, “you sketch really well, you know you can colour that in Photoshop, right?”

He taught me, free of charge.

To be honest, I had already lost hope of becoming a graphic designer at some point. I mean, the oldest prayer I can remember from when I was in SS3 was how I want to make a living with my pencils. So I wanted to study Computer Science, you know, to see how it can aid my art. The school gave me Physics to study instead.

So, this person teaching me made all the difference.

Okay, back to making a living.

Let’s not forget that I spent 7 years in school for a 5-year course because of ASUU. Okay, so the next time I earned after that teaching job was during NYSC. I dunno the ₦19,800 NYSC was paying other people, but I was collecting ₦19,600 sha. Bank charges and all that. There was one month that ₦19,500 entered sef.

I served at a Parish House in a village, and the Reverend paid in cash and kind. Cash at ₦5,000 a month. Kind in loads of free food and chicken.

30 days after NYSC in 2015, I got my first job as a designer. It was a perfect 26th birthday. Got a message on that Sunday–my birthday–telling me to resume on Monday. My first post-NYSC salary was 70k. I was on probation, so no tax, pension and all of that. But by the time I collected my 7th salary, the money go cut down.

Ah, the taxes.

Yep, all of that came in and I started to earn ₦63,800. Currently, my take-home is at ₦104k.

Let’s break that money down.

First of all, as the first born child of a not-financially-gallant family, I get to actually spend less than 50% on myself.

What’s the current household income back home?

40k monthly. 30k from my dad’s pension. 10k from my mum’s teaching job–she teaches at a primary school. Then my two sisters are currently serving. I guess we can count their own 19,800 at least.

When did you start paying the ‘Black Tax’?

See, immediately my first salary entered, most of it went straight to my family, and it wasn’t because of all that first salary ritual. My brother had just gained admission into University, and I had to collabo with my dad to pay his fees.

Since then, it has been making sure no one stays sick for long or goes hungry.

What’s the hardest part?

It’s knowing that there’s always something waiting for the salary to come. It’s an endless loop, but that’s not all. Also hoping that nothing happens back at home that will now touch the sacred ₦45k that feeds me and transports me to and from work. On the tough months, I don’t even get to save up to ₦15k.

What are some things that can go wrong?

One time, I fell sick and it cost me ₦15k to get back on my feet. Another time, my dad called that his brother had been arrested. Apparently, my uncle ran into someone he was owing. In the bid to “get him to pay back”, a fight started and he hit his creditor. That cost me 30k, One day, my dad’s vehicle was impounded. The fine was ₦80k, I raised ₦50k.

Have you ever reached a breaking point?

There was a time I had ₦60k in my account. My brother called me like “ASUU has called off the strike o.” They’ve increased our school fees to ₦120k. Do you know how much he used to pay before the strike? ₦40k. It knocked me out. Took me three days to get my senses back. But I survived it sha. Borrowed here and there for the fees, and to survive that month.

Do you ever enter “I can’t kill myself” mode?

Ah yes, when I don’t find any solutions. But it never really fixes anything. It mostly turns into a fight between my dad and me.

Another thing is, my dad has a drinking problem. I sent money home once, and my mum called me to say they’d run out of money for food. I went mad, because I know he spent part of that money drinking. It ended up in my dad and I shouting at each other, and my mum watching, helpless.

You and your dad seem to have an interesting relationship.

I used to hate him a lot, argh. He retired from the Army as a Corporal. I was a stubborn kid, and his methods felt too rigid. I thought he was a demon. Like, you put your leg in the wrong place, and you get a slap. There were no second chances with him. My mum, on the other hand, was kind and never hit us. That dynamic used to confuse me a lot.

It’s weird, but I kind of appreciate my father now. Growing up in the barracks, I’m not sure I want to live like most of the people I grew up with. Something he said once that I can’t ever forget; “I can’t let my children grow up in the barracks. Barracks children don’t prosper.” So it’s like he thought the only way he could make sure of this was to beat the barracks out of our psyche.

Mad.

As soon as he came back from his peace-keeping mission Sierra Leone, 2002, he retired. He was 42 at the time. This was also about three months after that Ikeja Bomb Blast. So we moved out of the Barracks and he started working as a driver for a flour distribution company. His military pension was also coming in at the time, ₦27k. That money increased to ₦30k in 2013, and he’s been collecting 30 since then.

What did your parents think about you wanting to become a designer?

Once, my teacher beat me for tearing my books and using it to draw comics. My mum came to school the next day to fight the teacher. “For your life, no beat am again! Na you buy the book for am?” Special woman; born of a soldier, married to a soldier.

It’s interesting, but they’ve always supported my talent and dream. At every stage.

Let’s talk about now. How much do you feel like you should be earning?

See, I shouldn’t be earning less than ₦200k. My workload is crazy. I know people earning twice my current income, who don’t have half my skillset. I tried speaking to my boss about a raise once, but he said I have to wait till it’s ‘increment season’ because the company has a salary structure.

Okay, what will be great money for you right now?

₦300k. I’ve thought deeply about this and analysed it. With 300, I’ll marry, put my children through school and build a house in 10 years. It’s not like I have a shayo budget that will drain my money or anything. I really don’t live beyond work and going back home.

Interesting.

I’ll pull this off easy in Ibadan, which is where I know I’m going back to full time when this Lagos hustle is over.

What’s something you want but can’t afford right now?

An apartment. A better apartment. ₦400-450k will get me the apartment I need now, but I can’t afford it. I’d have said a car too, but even if I had a car and all I had to do was maintain it, I still won’t be able to afford it, not to talk of buying one.

What type of apartment do you currently have?

It’s a single room in the boys quarters of a compound of many single rooms–with about six families. It’s a pretty small room and my rent is about ₦36k a year. When I first came to Lagos and was going to get a place, I told myself that I needed one that won’t be difficult to pay from my ₦70k salary. So I got a room. It was a win for me.

I have a bed, shoe rack, cloth hanger, shelf, table, and a cabinet. Then I share a bathroom with the compound. I don’t cook, so I don’t even need a kitchen.

Let’s talk about saving.

My saving is my emergency fund. I save for eventualities of all kinds, but to be honest, my brother’s school bills is what literally takes my savings. That’s why I lost my mind when the issue of my brother’s school fees came. It’s the major thing I constantly have to plan for the long term.

It’s also why I can’t invest, even though I’d love to. If I had earned more, I’d definitely be investing. It’s the only way to immortalise money.

Tell me something that’s currently on your mind?

“When will you marry?” It has started ringing in my head. I have a plan too and in fact, I’m already famzing my girlfriend’s mum.

You know – my ex-girlfriend – she’s married with a kid now, and it didn’t end because we didn’t like each other. But I couldn’t keep up – we were the same age. Our struggles were also at the same stage. Within one year after NYSC, she married. My current girlfriend is at a less advanced stage – she’s still in school. So I’m looking to marry within the next two years, she’ll be done by then. The babe makes me happy.

Awwn. Let’s talk about happiness, generally now.

To be honest, I think it’s a blessing to get to a point where I can actually come through for my family. My mum’s prayer is always “God bless the person that led you to the person who hired you.” When the twins got admission, there was no one to pay for their admission. That was when I got the teaching job to hustle. My brother won’t have even gone to Uni at all. It’s quite fulfilling, and I believe things will fall into place.

Most of all, I have an interesting job and amazing colleagues.

But my salary? That one is just annoying.

Click here to go straight MyCashEstate.

Check back every Monday at 9 am (WAT) for a peek into the Naira Life of everyday people. If you’d love to share your Naira Life with us, tell us here. You’ll be anon of course 🙂

Fu’ad Lawal

February 25, 2019

Naira Life

Black tax, designer, ibadan, Lagos, naira life, Nigeria
The Guy Living Life As He Knows, ₦1.3 Million A Month

Every week, Zikoko asks anonymous people to give us a window into their relationship with the Naira. Some will be struggle-ish, others will be boujee–but all the time, it’ll be revealing.

This #Nairalife story was pulled off in collaboration with mycashestate.com. In this story, a guy who manages to balance la vida loca with altruism.

Age: 26

Occupation: Designer

Relationship Status: Single

Net Income: ₦1.3 million

Remember your first gig?

It was in Uni, at the end of my first year–wait, that’s not how it starts.

I was in my first year in Uni and lucky to have my laptop. I was playing around with graphic design with no plans to make money off it. But then a friend recommended me to design posters and award plaques for a school party, and it kinda took off from there. Funny story, the whole thing was supposed to be ₦21k, and because I wanted to show that I was a big boy, I paid for it from my meagre savings. They never paid back.

Ouch.

Silver lining though, that was how my reputation began as a graphic designer in school. I did that for four years earning a little more every year. I got bored after four years, and it was also getting too difficult to make more money, so I decided to learn something else. I took up website design in 2012 and started making fancy websites for myself.

That’s awesome.

Someone–let’s call him M–liked it, and offered to take me under his wing. He’d get the jobs and I’d do them for ₦35k per gig. Two website gigs instead of seven graphic design gigs to make the same amount of money sounded like a great deal. I was weirdly also impressed that he lived out of his car—a Golf 2. I’m not sure why I thought that was a good thing, because soon enough he got inconsistent with payments. He would pay partly for old work to get me to take on some new work.

What happened next?

I got tired of contracting and wasn’t improving professionally, so I decided to work in a company. I tweeted about this and got an offer to work at this new eCommerce company for ₦70k.

To be honest, I was already earning that, but I took it because I thought this was a way to grow professionally.

That didn’t happen. But a few months later, someone else reached out to me and we negotiated a better deal–₦135k precisely–and an environment where I really really grew. By the time I left uni, I was earning a ₦200k salary, minus contractual work every now and then.

That’s quite the start.

Yeah, this was pretty cool because during NYSC I used to ball at mami.

After NYSC I tried to leave the country, but it didn’t work out. This turned out to be a good thing because it meant I was available to take on another job, the one I still have now.

My new post-NYSC job started out as a temporary gig, so I got paid a $1,000 ‘stipend’ and the company covered rent and feeding.

By May, I signed a proper contract that was the equivalent of $3,000. It’s in naira now though.

Okay, let’s look into your current monthly damage.

First of all, I don’t really track things less than ₦5k. Also, my net income now is about ₦1.3 million. I just started tracking and planning in 2018 when I realised I was earning much and still going broke. Now, I know I need ₦800k a month to maintain my lifestyle, and I plan my expenses around that.

That’s a lot of green.

Let’s talk about saving

I spend most of my money and save in trickles. Tiny bits of money go out of my account weekly just to build the habit. Sometimes, however, I do a big save—for a specific project or trip or for a big investment. But keeping a chunk of my money monthly as savings? Fuck that shit.

I don’t believe anyone climbs up socioeconomic classes by saving. Nah. You get some job that’s two times your current income, or you start a business that makes some money, or you get some deal, that’s how you move. Not trickle savings, that’s not going to save you mehn–pun intended.

I’m currently saving for the guilty pleasure of knowing I’m stashing money somewhere. Like, just looking at that money and knowing you have millions somewhere. But I don’t believe that money I’m saving will change my life the way my parents sold it to me.

I’d like to say this though; I’m not giving anyone advice on how to run their life. If I go broke, it’s my problem.

I’m looking at your breakdown, and there’s a ₦500k that I can’t place

₦800k of my salary is recurrent expenses. Basically my life. For the rest of the money, it entirely depends. Some months are tough for a lot of people I know, so I end up giving it all out. Some months, I save or invest it. Other times I might spend it on a big purchase or on travel. Sometimes, I leave it open for just some extra flenjo, like in December. It can take on many uses.

What’s something you want but can’t afford?

My entire Amazon wishlist. It’s not that I can’t afford them, but if I impulsively bought them all, as is my default nature, I’ll keep running out of money. So now I keep a wishlist, and when I go back to it, I realise how ridiculous the things I want to buy are, like why am I buying a dustbin or kettle on Amazon?

How much do you imagine you’ll be earning in 5 years?

There’s absolutely no way to know that now. It’s too far out, and I try to manage my expectations on a rolling basis.

To be fair, I don’t expect to earn less, but I hope that whatever I earn is enough for me. The way I see it, if I can’t earn enough to maintain my lifestyle then I need to adjust the lifestyle to match reality.

₦21k to ₦1.3 million – what has that done to your perspective?

Firstly, I’m convinced this life is largely just turnioniown. There’s a lot to attribute to simple fucking chance.

Of course, I know about hard work and all that, I put in mad hours myself. But I recognize the things I didn’t plan—like having a laptop in my first year in a federal school simply because I’d needed it for A-levels, or the Twitter job offers out of the blue.

I’ve had quite the luck in that my skills have aligned with opportunity, and I inherited impressive work ethics from my parents.

I also don’t have dependents, so I get to spend most of my money on myself. Nothing really bad has also happened to me so far.

A lot of people work hard as well but don’t get the opportunity, others have so much responsibility. There’s always that.

True that.

Secondly, I’ve also been utterly baffled by class differences and how people worship you when you’re perceived as rich. I make an extra effort to make people feel respected, but it’s super weird. The first hierarchy you learn as a child is age—adults are higher on the ladder of life. So, to grow up and have to watch so many adults call me sir and pay me the respect I haven’t earned is awkward.

Finally, there’s the realisation that I’m now in a different socioeconomic class. One day, I took stock of the people I spend time with these days and realized a lot of them have wealthy parents. Like heh, am I first generation upper middle class or what?

When do you think you’ll retire?

I haven’t thought about it, ever. I like work for now, maybe I’ll start thinking about it when I no longer like work, or maybe when I’m rich. I’m not rich yet.

What will you consider as rich?

I’m rich when I don’t need to put in more work to earn more. Rich means having money that works for you. I need to get to a place where there’s something fetching me the 800k I need to run my life monthly without me putting in more hours.

I recognise that this is the next step, but genuinely, I’m taking my time. I’ve only just been able to live with a certain level of comfort, I’m not about to worry myself about the next one.

I didn’t have a grand plan to get to where I am now, I just rode the wave of opportunity and pushed myself to outperform. Why change a winning formation? I might not even make it to whatever the next level is. Who knows?

Check back every Monday at 9 am for peeks into the Naira Life of everyday people.

If you’d love to share your Naira Life with us, tell us here. You’ll be anon, of course

NB: All the conversations in this series are based off real conversations with actual people. The dialogue is edited for clarity and ensuring that the identity of the subject is kept as discreet as possible.

Fu’ad Lawal

February 18, 2019

Naira Life
The Lady Who’s Mastering Money, ₦416k At A Time

Every week, we ask anonymous people to give us a window into their relationship with the Naira – some will be struggle-ish, others boujee–but all the time, it’ll be revealing.

Here: a lady who cares deeply about fresh food, tells us how she keeps her finances on a leash.

Age: 26

Occupation: Works in Finance

Location: Lagos

Relationship Status: Single

Gross income: ₦8.6 million/year (₦416,000/month, net)

Rent: ₦250,000/year

The first salary.

I have many first salaries. The first money I made was Uni in 2011; 300-level and I just sold something that made me ₦2,500. I remember sending part of the money to my siblings. I think I bought them airtime.

“Are you sure you have to send me this money? You need it o.” That’s what my brother said.

But anyway, my next first salary was my NYSC salary, and it wasn’t just the usual ₦19,800. My Place of Primary Assignment also paid me ₦65k.

Then to my first post-NYSC salary, my take-home was ₦136k. The annual package was about ₦3.15 mil. (Annual package is the total income earned that year, and they’ll include the money that gets taxed, paid to the pension manager and bonuses).

Where does your money go?

So first, I’m always saving. When my salary enters, my personal rule is to not touch it, until I’ve first of all looked at my budget. I have a budget on lock till December because I have projects, travel plans. So I have to know at what point I need to pay for what, and when I’ll be able to afford it.

I like to think about my savings in two brackets; short term and long term. My long-term savings is about ₦310k, and it’s for the more tangible things, like investments. My short term is around ₦25k every month.

I also have to say that it’s very rare for me to save the whole long-term savings every month. It happens somewhere around once in 3 months.

For my running costs, I don’t have a lot of expenses so I always budget about ₦60k.

This isn’t always realistic though. Sometimes, all it takes is one day of reckless grocery shopping.

When it’s looking like I’m going to be in trouble, I just pause–check my account, wallet, everything. Then I check my remaining commitments and bills for the rest of the month. I may have to adjust some things or borrow.

But as long as I’m not taking Ubers, or spending too much on food, staying super-conscious, I’m good.

What do you spend the short-term savings on?

Small things tend to pop up–like bridal showers and the occasional Aso-Ebi – like once in 3 years. I tend to be selective about the Aso-Ebi I indulge in, and it’s not even about the money. I think it’s an imposition, and it’s cancelled in my books.

But to be honest, what tends to take the bulk of my money is fresh food. Every other weekend, I might just blow like 4k. I used to have a groceries budget. Used to.

My Uber budget has almost disappeared because I have a car now. My ₦6,500 full tank lasts me for 2 and a half weeks.

I still Uber every now and then. Public transport to work used to cost me ₦400 a day, to and fro. It was actually ₦300–the extra ₦100 is for the occasional fruits I buy en route.

What do you think about what you currently earn?

I dunno, really. I never realise how little I was earning, just until I’m earning more. But I’m content with it.

What was the old job like?

It was quite prestigious. You walk into a room–any room–tell them where you work, and everyone falls in line. But it was also die-on-the-job work. It trains you to become a soldier. After 2 years, I quit mostly because I was looking for a better quality of life.

Now, I’m lucky to be at a job where I have a good quality of life and I earn good money.

Realistically, what is great money for you?

First of all, it can’t even be in Naira.

How much money are we talking here?

Bastard money. Just leave it like that.

What’s something you can’t afford but totally want now?

Property. It’s not even a want. You should always be looking to own property because you can’t be paying rent in this Lagos. But for how long will I save to buy a property of ₦30 million really?

What does your ₦250k/year rent currently fetch you?

Oh a studio apartment–one room, a kitchen and a bathroom. You know, my leave allowance used to be my rent money. My former job used to pay my leave allowance in the month rent was due.

Do you ever think about retirement?

I really haven’t thought about it, but maybe I’ll go to where rich people are, find someone to marry me, then start doing rich people things.

…

Okay on a serious note, I know the goal is to find something I enjoy doing to the point that I don’t have to retire. Currently, I’m not there yet, I’m just winging my whole career.

Once in a while, I just remember “oh, we have this pension thing!” and then I check. It was a little over ₦1.6 million at my last check.

What’s the last thing you paid for that required serious planning?

My car. All of my long term savings last year went into my car. I copped it for ₦2.9 million. My agent gave me a pretty good deal.

Tell me the most stressful miscellaneous you’ve had to pay for?

Definitely car trouble. ₦25k or so. Or when I have to fix something in the house, like the annoying plumbing that spoils overnight.

I’m constantly over-planning, so big expenses hardly catch me unawares.

So, you have an emergency fund?

Remember that 20-something-thousand? That’s supposed to be my emergency fund–in fact, I named it “Contingency” in my spreadsheet. So by the end of the month, I’m like “wait, no emergency. Oh, nice. Spend that money girl.”

Another bad habit I have is that, say I budget ₦40k for something and it comes at ₦20k, I just go yayyyyy, and then I blow the rest on food.

This financial satisfaction thing, where will you say you are at right now?

Between ₦136k to ₦416k, I think there’s a point you get to where you’re just okay. You don’t have to worry about some basic stuff–a comfort zone. So about life satisfaction, I’m content.

When did you hit the comfort zone?

I’m not sure, but the move that gave me peace of mind also gave me good money. My previous take-home when I quit was ₦256k, so it was both.

About that annoying 5-year question;

I’ve always failed this. People ask me, and they’re never satisfied with my answer. They find this hard to believe, but I’m not the most ambitious. I’m not big on ambition, but I can’t compromise on competence. I believe in cultivating competence, even if all that’s required of you is washing plate at The Place.

Career-wise, I’m totally winging it.

Let’s try this question again, but short-term.

One of my goals this year is to actively seek out investment opportunities. I did a 7-year Sukuk bond in 2017 that will give me a 16% profit. I also invested in an Online Agric investment platform in October 2018. You pay like ₦250k in stages and you get an estimated ₦100k profit.

Also, there’s the ₦50k Ajo I just do with the money I don’t really need with part of my long term savings.

When it comes, I’m balling.

You do pretty well with money.

To be honest, I think knowing where you are with money gives you power. I know what I can’t afford for the rest of the year. When I get paid, I don’t touch my money until I look at my budget. Like, I’m always rushing to my laptop to check my spreadsheet before I touch it. I also have a separate account for my running costs.

Any side hustles?

I have this one where I’ve put in a total of about ₦200k. I started last year, selling stuff online with a friend. We split the damage 50/50. We’re on our third inventory cycle, and for the first time, we don’t have to put any money into it.

3rd inventory?

Yeah, the stuff we sell. The first inventory, we put in money of course. The 2nd cycle, we put in a little less money. Then the 3rd cycle, the only reason we put in money was to increase our inventory.

How’s that going?

We sell on Jumia, and that one is pretty easy. But the Instagram part? If selling on Instagram will not teach you patience, nothing will. Constant engagement is exhausting.

I’m thinking about what you said earlier about ‘quality of life’

Quality of life for me means quiet in my head. I just want to be able to slow down, and think clearly. Not necessarily money. I remember this one night at my last job:

I’m working overnight with two other superiors. Between them is a total of 25 years of work experience. I totally respect their commitment to the work, but I know right there that I don’t want to live like that for long.

That moment was my trigger.

Check back every Monday at 9 am for peeks into the Naira Life of everyday people.

If you’d love to share your Naira Life with us, tell us here. You’ll be anon, of course 🙂

Fu’ad Lawal

February 11, 2019

Naira Life

finance, naira, naira life, Nigeria, The Secret Naira Life
All The Things That Happen Between The End Of NYSC And Your First Job

So, you just got done with your service year in the NYSC. You’re at your Passing Out Parade, taking pictures with all the friends you’ve made in the last year. Friends that you might never see again because you all live at opposite sides of the country, and visiting them would seem like the journey from the Shire to Mordor.

But that’s not even the focus here.

Now the time has come to dive headfirst into the “real world” to look for a job that pays well enough for you to not have to moonlight as a stripper. But this is Nigeria. The job market is a mess, which means that there most likely will be some time (give or take, a few months) between the end of NYSC and when you get your first job that’s going to feel a lot like limbo.

That’s the period we’re here to talk about.

There will come a time when you’ll need money to survive.

You managed to save a substantial amount of money from the N19,800 allowee. (A paltry amount). Post-NYSC, it’ll last for some time while you run around looking for a job, but eventually, it’ll run out. You’ll have mini-panic attacks whenever your bank sends your end-of-month account statement because it serves as a reminder that it’s only a matter of time before you have to ask your parents for money.

You’ll eventually start getting invited for job interviews.

Which of course means that you’ll have to invest in some professional interview attire (suits, blazers, shoes etc). Basically, you have to look like this when arriving for any job interview:

Even if the company isn’t about the corporate life, dress like this still. Because “dress how you want to be addressed” or whatever. These things cost (a lot of) money, though. Then there are transport costs for all the running around you’ll be doing. You start soliciting for funds left and right.

After multiple interviews spread out over the course of a few months, you finally get a job offer.

And you accept! Which of course means you’ll need even more money. For what you ask? Well, now that you’ve gotten the job, you’re going to need more clothes, transport money, a computer (for if the office doesn’t offer one), food etc. And seeing as most companies don’t give salary advances, you’re on your own for that first month.

Then you’re informed that there’s a professional certificate you have to have before you can legally work in the field you’ve gotten a job in. Your new employers are sympathetic and give you one month to get it or they’ll have no choice but to let you go. The course takes 2 weeks of night classes so you have the time, but it also costs 80,000 naira. More costs.

That’s a thing no one tells you. Getting a job automatically means you’ll have to spend money. Think of it like your back-to-school preparations in secondary school, but for the workplace.

However, what if we told you that there’s a way to make sure your limbo period isn’t as hard as the scenario we just described?

Say hello to Branch App.

The Branch App is one of the leading loan apps in Nigeria and has given out over 1 billion naira in loans in just over a year of operations. Branch App makes it easy for anyone with a smartphone to access affordable loans, anytime anywhere. Branch doesn’t require filling long forms, bringing a guarantor, or signing a signature. They don’t even need to see your face.

All you have to is download the app from your app store and you immediately have access to loans of up to N200,000. If you want to know more about the app, click here.

In the immortal words of Wizkid, don’t dull.

Astor George

February 4, 2019

Naira Life

Job, naira life, NYSC, sponsored
The Family Man Struggling With ₦700k Per Month

Nigerians treat money like knacks; they want a lot of it, but won’t be caught talking about it. Every week, we ask anonymous Nigerians to show us their Naira Life – some will be struggle-ish, others boujee–but all the time, it’ll be revealing.

(Shout out to Refinery29’s Money Diaries for the inspiration.)

First in line is a family man who believes he’s a diehard team player.

Age: 37

Occupation: Financial Analyst

Location: Lagos

Relationship Status: Married (with two kids)

Salary: ₦700,000 (net)

Household income: ₦700,000

Rent: ₦750,000/year

What was the first salary like?

I mostly spent on people; family for the most part. I was quite traditional about it. I remember sending all of it to my mum as a gesture, and her sending it back to me. My net income at the time was ₦182k, and my annual package was ₦2.8 million. That, of course, includes bonuses and all of that. Also, this was 2010.

Less than 2% of your income goes into savings?

Yes, and that’s because the rest of my income goes into settling debts and other recurring commitments and liabilities. Also, I have this indiscipline of people asking for money and me not turning them down. Those 20 and 30k’s add up.

Investments?

None. I currently have no financial investments. I made some investments two years ago; they went bad, and I’m still paying for it. That’s where the debt came from. It’ll be completely paid in about six months though. For now, over 50% of my income goes into settling that debt.

What’s going to change about your spending when the debts are paid?

A lot more of it can now go to my family. Need to push up that family budget.

2019, almost 9 years since your first salary. What’s the annual package now?

My annual package is currently at ₦9.4 million.

How much do you feel like you should be earning now?

₦1 million. Net. I didn’t make some important switches in my career at the right time. Now, I believe you should move every 4 years max. I spent 7 years at my first job.

How much do you think you’d be earning in five years?

Using industry average, and where I currently am, I’d say somewhere between 1.5 and ₦1.8 million, net.

What do you feel like you should have had, but don’t have now?

Land. It’s just one type of investment I never really paid attention to. I just had a “never tie down capital” mentality. Most of my investments have actually brought me loss. Still, I’m not scared to take another risk.

Despite your bad investments, what are your best investments?

Definitely my certifications; the ICANs, ACAs, ACSes etc. When you work in an industry as structured as the financial industry, certifications help you stay competitive and valuable. Also, I’m kinda glad I got most of those certifications before I got married.

When do you want to retire?

You know, I used to think I’d retire at 45, but I realise now that I’m not a great businessman. It took a while to realise this, but I’m going to be working till the end, maybe 60. I’m the perfect company man; great energy, always representing, putting in the work for the team. I’m usually the person sharing impactful insights, and driving execution.

What’s your pension plan?

I don’t pay too much mind to it, but about 50-something-k goes into the pension account monthly. Currently, it holds no less than ₦4 million. It doesn’t make sense to me that I have that much somewhere–that is giving me about 7% annually but still–I can’t afford a house. I’ve done the math, and my pension is going to work best for me if I already own a house.

I imagine that the best use of my pension will be one where it helps me get a mortgage. I imagine a future where Pension Fund Managers in Nigeria create housing packages for consumers. If I have a ₦20 million pension and don’t own my house, I’m still screwed.

I inherited a mindset from my mum where I always imagined that I’d buy a house, instead of going through the trouble of building one. I was much younger, and that doesn’t seem so realistic now.

What are you long term plans at the moment?

I’ve been in debt for too long that it’s hard to see beyond it. At ₦700k, I can build a house in 3 years, because I really don’t have huge personal expenses. I’m just caught in the debt trap. At ₦700k, and with the responsibilities of family, I’d still be able to save ₦150k at least. In fact, 40% of my entire income can go into saving and investing.

What do you wish you paid attention to in 2010?

Discipline. I wish I’d began saving and investing early.

How would you rate your happiness on a scale of 0-10?

I’m really glad a lot of my happiness isn’t tied to my finances because I’d probably have high BP now. I’m totally fine. And while this might sound cliche, I have a family. I invest a lot of time in them, and it’s easy to underestimate how important this is for our future and mental wellbeing.

My head is still above water, and for that, I’m grateful.

Check back every Monday at 9 am for peeks into the Naira Life of everyday people.

If you’d love to share your Naira Life with us, tell us here. You’ll be anon, of course 🙂

Fu’ad Lawal

February 4, 2019

Naira Life

Debt, Finances, money, naira life, Nigeria, pension, Taxes
9 Steps that Led to Your Current BVN Drama

The BVN registration deadline has passed. As usual, Nigerians have ended up with tales of woe from all angles “It’s not our fault, it’s the situation in the country.” Let’s tell you how you got to this position…
1. You first heard about BVN…

Everyday, everyday, register for something.
2. When you knew you were broke and wondered what the point of BVN was.

Please what other transaction can I do from here? What kind of life is this please?
3. When that teller asked you “Have you done your BVN?”

But if you mind your business, will you die?
4. Then you went to the bank to beat the first deadline…

As per LastMinute dotcom. Wait, is the whole of Nigeria here? I can’t deal abeg.
5. Before they postponed it.

Of course they did… as per Naija!
6. So you went back to ignoring your bank.

*Marked as spam*
7. Until the guy who owed you money came to pay you back.

Praise Da Living Jesus!
8. And you had to rush to do your BVN.

I’m next on the queue please! My friend, answer me now!
9. But somehow, your account still got deactivated.

Chei! I have no luck. But don’t worry, you’ll enter another queue, sort yourself out and be alright.

seyi

November 2, 2015

Naira Life, Oldies

bank, banking, bvn, drama, lastminute.com, Nigeria
8 Things That Cost Way More Than They Should In Nigeria

Odunayo

September 13, 2015

Naira Life

Expensive, Nigeria