MoneybyZikoko: This Engineer Survived Homelessness and a ₦40m Debt

Volume 95

Happy salary week!

I’m curious about something: what’s your relationship with loans? Do you even consider them, or are they a line you don’t cross?

What’s your biggest argument against loans if it’s the latter? And if you think loans are useful financial instruments, what kinds of loans won’t you touch with a ten-foot pole?

I ask these questions because loans and debt are prominently featured in today’s #NairaLife. So, I thought, “I wonder how most people think about these things.” Let me know—I’d like to hear from you.

In this letter:

The #NairaLife of an Engineer Who Survived Homelessness and a ₦40m Debt
“I’ve Only Ever Dated Women Who Financially Support Me
Aunty M: I Have an Incoming Windfall + Urgent Needs, but I’m Not Sure What to Do
QUIZ: “Is Your Income Keeping Up With Inflation?
Where The Money At?!

The #NairaLife of an Engineer Who Survived Homelessness and a ₦40m Debt

In 2016, this 36-year-old made wrong investment choices, and it all went downhill from there. He went from owing rent and becoming homeless to being ₦40m in debt by 2022.

Two years later, he’s on the come-up and right back where he started — investments.

Read his #NairaLife here

Jollof+ is a cutting-edge savings app providing up to 21% net interest rate with no hidden charges. Designed to help combat inflation, Jollof+ offers personalized saving features, ensuring steady financial growth for users.

Find out more here

I’ve Only Ever Dated Women Who Financially Support Me

If you’re wondering what pretty privilege looks like for men, here’s a good place to start.

Jonathan* (28) has 99 problems, but receiving financial favours from the women in his life isn’t one. He’s settled into this dynamic and swears he’s not looking for a change. Why?

Read the full story

Ask Aunty M with Reni

I earn ₦320k/month as a junior staff in advertising, coupled with different side gigs. I do “ajo” and save half of my income. I’ll soon get almost ₦2m from my ajo group, but I don’t know what to do with it. I have needs (new phone, rent, wigs, and other personal things), but the only important expense is rent. That said, rent is not due for some time, and I may source for help from my family.

I’m considering investments, but I also want to enjoy my money—if you know what I mean.
If I invest, what do I invest in? Do I buy stocks? I’ve been thinking of shares but don’t know how they work. Do I invest in crypto? I also don’t know how it works.

I have zero financial literacy, so I’m stumped about what to do. Please, help. – Oyinda, 23

Hey, Oyinda. Congratulations on the income and savings you’ve accumulated. To make it easier, I suggest you figure out your priorities. If you don’t, the ₦2m will disappear and fly away without you understanding where it went.
Some things to consider – what are my immediate needs and my long term goals?

You mentioned a phone and rent. If these are immediate needs, put aside a portion of your ₦2m for them. Work backwards to determine how much you need and when you need them.

Then, ask yourself what are your long-term goals. You’ve mentioned that you want to start investing. Maybe you choose to invest 25% of this ajo money. It would help if you started by investing in the knowledge to help you become more financially literate. You can take a course, read blogs, watch YouTube channels, or binge on a free series like this.

I always recommend investing in stocks rather than crypto for beginners but acquiring knowledge first is critical.

Then you can use 25% of the money to open an enjoyment account to spend on fun things. Remember, life is all about balance.

i hope this helps.

Xoxo,

Reni

Have a money question? Ask Reni here and we’ll take it from there

QUIZ:Is Your Income Keeping Up With Inflation?

We’re confident we can guess whether you earn enough to stand a chance against inflation.

Let’s find out here

Where The Money At?!

We can’t say we’re about the money and not actually help you find the money.

So we’ve compiled a list of job opportunities for you. Make sure you share this with anyone who might need it because in this community, we look out for each other.

Again, don’t mention. We gatchu.