A partnership manager's "Naira Life," according to which money is meant to be spent
Zikoko tries to comprehend how people transfer the Naira in and out of their life every week. There will be bougie and struggle-like stories. It will always disclose things
When I was five years old and a naturally curious child, I rummaged through my dad's briefcase in his room and discovered bank statements and correspondence from Barclays Bank. That's when I realized my family was wealthy. My dad was given a £100k loan by the bank in 1996.
I want to know what he did for a living now.
He was a fairly significant supplier for Michelin before the firm departed Nigeria. However, I never would have imagined it given his excellent financial management and demeanor.
When I was between 10 and 12 years old and on a family vacation abroad, I asked my dad to get me video games because everyone of my friends had one. Even though he could have afforded a PlayStation, Xbox, or Sega, he instead purchased an instructional VTech computer game. He gave me a lot of financial lessons.
Do impart.
He helped me realize how crucial it is to put in a lot of effort in order to earn the kind of money I want. I learned from him that there are "right" and "wrong" ways to spend money. His position contributed to the fact that when I was ten years old, the first thing I did for money was wash the vehicles of our neighbors.
How did that function?
We lived in an estate, so it wasn't unusual to see little children washing the vehicles of their neighbors for a random ten or twenty. My pals and I began with my father's automobile and then pretty much the entire estate. I put all of my earnings into a kolo and at one time had up to $1,000. I later spent it all on Mama Put Sha and novels by Enid Blyton.
The next time I tried to make money was in 2008, during my second year of college. When the cafeteria closed for the evening at the private university I attended, I observed that there weren't many meal options available to students. So, I set up a deal with a nearby manufacturer of snacks so I could buy in bulk at a discount and resell them at a markup in the dorm.
Which kind of snacks?
sausages, meat pies, and scotch eggs. I brought in the snacks twice a week, and my weekly profits were usually between $8,500 and $10,500. But after two months, I gave up.
Why?
It took up time, and it was already harming my academic performance. In addition, other students in the dormitory made the decision to replicate the venture after seeing how profitable it was. There was a lot of rivalry.
My parents gave me a regular stipend of roughly 40k per month, which later rose to 50k per month, so I didn't mind stopping. The only reason I first launched the company was to test my entrepreneurial mettle.
Did you use that muscle while in college again?
I was unable. In my second year, I switched departments, which ultimately caused some complications with results. I went through the first two years without any academic records since the school failed to update the change. I needed an additional year.
I finally received my degree in 2013, and while I was awaiting my NYSC call-up, I chose to accept a position with a network firm that someone from my church had recommended me to.
How did the job go?
Despite the fact that I was a project manager, I installed the majority of the CCTV, IP telephone, and other network setups for our hotel clients. Depending on how much work I had completed during the month, I was paid per project. For instance, if I assisted with the installation of 50 Wi-Fi and CCTV cameras, I could earn $30k in commissions at the end of the month.
Was it your typical monthly income?
Yes. I redeployed when NYSC came and sent me out of the state so I could continue working there. After a few months, my commissions increased to between $50,000 and $100,000 every month. I spent around three years there at that job.
Did your parents still provide you an allowance?
After college, that abruptly came to an end. In reality, my family's finances took a slight dip around the time I started working.
What took place?
My father tried to enter politics but failed miserably. To get money, my mother even had to start teaching in a school. Apart from the occasional personal expense and love "sturvs" — I had a girlfriend — the most of my money went toward helping with the bills because I had to, of course.
After quitting the network company, what did you do?
I accepted a position as the director's personal assistant at an oil business.
Oil money, Oshey
In 2017, the pay of $100k/month wasn't too awful. The income wasn't truly being spent because the employment came with other benefits. They gave me a car and paid back every penny I spent on it. Additionally, my supervisor issued me numerous arbitrary 5ks for "transport," but since I was driving the company's car, I didn't have to pay anything.
What did you spend your money on, then?
I made significant savings since I wanted to get married and needed to move into a new apartment. At the time, I was co-renting with someone, and my share of the rent was $190,000.
The wedding arrangements ultimately fell through, but in 2018, I moved ahead and rented my own home. The complete package cost 690k, yet the annual rent was only 450k. It's interesting because right after I moved here, I encountered a financial challenge.
Oh no. What took place?
I was tricked into quitting my job to work for someone from church. He persuaded me that he had conducted business with the organization I worked for and discovered that they were in a precarious financial position.
It appeared that he was telling the truth because, coincidentally, the corporation was also involved in a legal dispute at the time. I quit and joined him as a project manager for offshore platforms after that. I was supposed to make $250k a month, however during the four months I worked there, I received payment just once.
He was unable to pay?
He was defrauding people while using me as a front. He assured investors that he owned an oil block and would reimburse their money, plus interest, after six months. But he kept lying to me and spent the money on himself. When some of the coworkers I had met there mysteriously disappeared, I began to worry that something wasn't right. I contacted a few of them, and Barclays Bank responded. My dad was given a £100k loan by the bank in 1996.
I want to know what he did for a living now.
He was a fairly significant supplier for Michelin before the firm departed Nigeria. However, I never would have imagined it given his excellent financial management and demeanor.
When I was between 10 and 12 years old and on a family vacation abroad, I asked my dad to get me video games because everyone of my friends had one. Even though he could have purchased a PlayStation, Xbox, or Sega, he opted to purchase an instructional VTech computer game instead. He gave me a lot of financial lessons.
Do impart.
He helped me see the value of putting in a lot of effort to get the kind of money I want. I learned from him that there are "right" and "wrong" ways to spend money. His position contributed to the fact that when I was ten years old, the first thing I did for money was wash the vehicles of our neighbors.
How did that function?
We lived in an estate, so it wasn't unusual to see little children washing the vehicles of their neighbors for a random ten or twenty. My pals and I began with my father's automobile and then pretty much the entire estate. I put all of my earnings into a kolo and at one time had up to $1,000. I later spent it all on Mama Put Sha and novels by Enid Blyton.
The next time I tried to make money was in 2008, during my second year of college. When the cafeteria closed for the evening at the private university I attended, I observed that there weren't many meal options available to students. So, I set up a deal with a nearby manufacturer of snacks so I could buy in bulk at a discount and resell them at a markup in the dorm.
Which kind of snacks?
sausages, meat pies, and scotch eggs. I brought in the snacks twice a week, and my weekly profits were usually between $8,500 and $10,500. But after two months, I gave up.
Why?
It took up time, and it was already harming my academic performance. In addition, other students in the dormitory made the decision to replicate the venture after seeing how profitable it was. There was a lot of rivalry.
My parents gave me a regular stipend of roughly 40k per month, which later rose to 50k per month, so I didn't mind stopping. The only reason I first launched the company was to test my entrepreneurial mettle.
Did you use that muscle while in college again?
I was unable. In my second year, I switched departments, which ultimately caused some complications with results. I went through the first two years without any academic records since the school failed to update the change. I needed an additional year.
I finally received my degree in 2013, and while I was awaiting my NYSC call-up, I chose to accept a position with a network firm that someone from my church had recommended me to.
How did the job go?
Despite the fact that I was a project manager, I installed the majority of the CCTV, IP telephone, and other network setups for our hotel clients. Depending on how much work I had completed during the month, I was paid per project. For instance, if I assisted with the installation of 50 Wi-Fi and CCTV cameras, I could earn $30k in commissions at the end of the month.
Was it your typical monthly income?
Yes. I redeployed when NYSC came and sent me out of the state so I could continue working there. After a few months, my commissions increased to between $50,000 and $100,000 every month. I spent around three years there at that job.
Did your parents still provide you an allowance?
After college, that abruptly came to an end. In reality, my family's finances took a slight dip around the time I started working.
What took place?
My father tried to enter politics but failed miserably. To get money, my mother even had to start teaching in a school. Apart from the occasional personal expense and love "sturvs" — I had a girlfriend — the most of my money went toward helping with the bills because I had to, of course.
After quitting the network company, what did you do?
I accepted a position as the director's personal assistant at an oil business.
Oil money, Oshey
In 2017, the pay of $100k/month wasn't too awful. The income wasn't truly being spent because the employment came with other benefits. They gave me a car and paid back every penny I spent on it. Additionally, my supervisor issued me numerous arbitrary 5ks for "transport," but since I was driving the company's car, I didn't have to pay anything.
What did you spend your money on, then?
I made significant savings since I wanted to get married and needed to move into a new apartment. At the time, I was co-renting with someone, and my share of the rent was $190,000.
The wedding arrangements ultimately fell through, but in 2018, I moved ahead and rented my own home. The complete package cost 690k, yet the annual rent was only 450k. It's interesting because right after I moved here, I encountered a financial challenge.
Oh no. What took place?
I was tricked into quitting my job to work for someone from church. He persuaded me that he had conducted business with the organization I worked for and discovered that they were in a precarious financial position.
It appeared that he was telling the truth because, coincidentally, the corporation was also involved in a legal dispute at the time. I quit and joined him as a project manager for offshore platforms after that. I was supposed to make $250k a month, however during the four months I worked there, I received payment just once.
He was unable to pay?
He was defrauding people while using me as a front. He assured investors that he owned an oil block and would reimburse their money, plus interest, after six months. But he kept lying to me and spent the money on himself. When some of the coworkers I had met there mysteriously disappeared, I began to worry that something wasn't right. I spoke with some of them and received information. I came to the conclusion that it was pointless to continue to battle for my unpaid wages, so I simply left.
After that, I was jobless for about two months until my father suffered a partial stroke. I had around $800,000 saved up, but I rapidly spent it all attempting to pay his medical bills and other household obligations. I also accrued debt of roughly $400,000.
Omo
Fortunately, I was hired as a business development specialist by a medical sales company in September 2013. It was about $80,000 per month, which was less than my former salary, but beggars can't be picky.
Fortunately, I was roughly 80% debt-free by December thanks to meticulous budgeting and unexpected donations from two family members. I was promoted to project manager in January 2019 and received a raise of almost $40,000.
Nice
My compensation when I left them in 2021 was around $150,000 per month as a sales representative with a larger medical sales organization. Later, in May 2022, it rose to 200k. Additionally, I received commissions of 1.5% to 2% for each sale I made. Given that I contributed roughly 110 million to the company in the one year I was there, it was a paltry percentage.
Was the level of commissions given to everyone the same?
Yes. We even fought them at one point to raise it to at least 5%, but they wouldn't budge.
Anyway, I started working remotely for a global health technology firm in September 2022 and making money in dollars, so I stopped using naira wahala.
Why, oh why? How much did they get paid?
$960. Even though I continue to make that, the naira equivalent has grown over time as a result of the devaluation of the naira. I used to receive around $780k per month when I initially started, but now it fluctuates between $870k and 920k.
Wiun. It has therefore somewhat boosted your purchasing power.
Kind of. However, if you truly think about it, the purchasing worth has essentially remained the same. For instance, despite regularly watching the price of food rise, I continue to make the same purchases every month. The same goods now cost me $60k instead of my previous $50k.
So even if I can afford to buy these goods, I'm not getting the most for my money. You can't plan your costs, therefore it's wild. It's not about making money; instead, consider what your money can buy.
But has your spending followed your income growth?
Definitely. I can now afford to occasionally indulge in little acts of quick gratification with planning. Money no longer controls or unduly excites me at this time.
Perhaps the tale would have been different if my financial circumstances had been this bad in 2014 or 2015. However, I've witnessed what having money or not having it can do to people. I mean, I've seen my father both rich and poor. Let's just say that being able to generate more money has provided me some extra room to pay for my goals and requirements.
How has the increase in your income changed the way you view money over time?
Saving money is good, but I don't think it should be the main goal. Even when you plan to put money down for a rainy day, you'll still spend it when it comes. I currently perceive myself as a conduit through which money travels in order to benefit others. Money is meant to be spent, and spending it contributes to the expansion of the economy. I don't want to be the person who receives money and immediately thinks, "Oh, let me keep it."
I've also come to understand that by honing my talents, I've raised my income and expanded my capacity as a conduit for financial flow. Like my father did many years ago, I am currently holding foreign currency, but I don't consider it to be a huge concern. It's still money, and we'll spend it on things. Why not use it then?
So, how do you spend your money on a monthly basis?
What was a recent purchase you made that had a substantial positive impact on your life?
For roughly $800,000, I purchased some acreage in June. But I'm going to work on it much later. For now, it's just an investment.
What is the one financial lesson you are willing to die for?
It would be nice if we all started realizing that money isn't everything. It can help you do excellent things, but it is not THE thing that makes you who you are.
Although curious. Do you anticipate becoming as wealthy and quiet as your father?
Somewhat. But my tear isn't really big. You could certainly find me on a yacht somewhere when the finances are in order, calmly and without any remorse enjoying my life.
What kind of money do you consider to be "balance well"?
$5 million every month, at the very least.
Wawu
I have higher goals than that. I want to reach the stage when I own a significant amount of assets that provide passive income. I'm considering making investments in real estate, technology, and agricultural. such that I can rest assured that something will enter my account even after a year has passed.
Do you have any current wants that you cannot currently afford?
The most recent Xbox console and a new TV. They'll both cost roughly $1k, and while I can afford them, they are currently not a top priority.
On a scale of 1 to 10, what would you say your financial happiness is?
4. That doesn't make it terrible; it's simply that it's expanding. Additionally, I still need to reach the >$5m/month target.
This is a fantastic place to start if you want to share your Naira Life story.
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