MoneybyZikoko: Can You Afford Adulting in Nigeria?

Volume 92

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Good morning,

Protests broke out across the country last week. People were tired, rightly so. A major theme drove the momentum of the protests: the increasing cost of living. Headline inflation has consistently risen for months, and purchasing power continues to hit new lows. The average Nigerian is poorer than they were a few years ago.

What does this mean for people in early career stages, like the lady in today’s NairaLife? While she has a strong support system and safety net in her parents, her plan is to break free and become 100% financial independent. The only problem is that this might be the worst time to be an adult in Nigeria.

Let’s get into it.

In this letter:

#NairaLife: This Audit Assistant Has Gone From Daddy’s Girl to Hustling Babe
Dating in Lagos on a ₦260k Data Analyst Monthly Income
Aunty M: I Just Started Earning More Than Most Nigerians. How Do I Make It Count
QUIZ: Spend $1m on This Quiz and We’ll Guess the Right Job for You
Where The Money At?!

#NairaLife: This Audit Assistant Has Gone From Daddy’s Girl to Hustling Babe

After a lifetime of being bankrolled by her parents, this 22-year-old is trying to become more financially independent. But two things are in her way: Nigeria and her president.

This is her #NairaLife

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

Dating in Lagos on a ₦260k Data Analyst Monthly Income

Omo‘s meticulousness with her finances and future was why she always believed she had to be someone older. Now with a partner the same age and on financial level, how does she make it work in the relationship?

Read to find out

Ask Aunty M with Reni

Hi Reni,
I recently started earning more than the average Nigerian, and I’m in a dilemma about my saving and investing options. To start with, I have a couple of big purchases that will take huge chunks of my next 3-4 paychecks, but I still want to save/invest at least 50% of my monthly income, and I have no idea how to go about it.
I’m 21 and have no serious responsibilities besides caring for myself and gifting my immediate family members. Nobody expects anything from me, and my parents feed and house me.
I have a low appetite for risk. I’m looking for two long-term investment opportunities that’ll grow over the next ten years and compound my interest.
Thank you very much for your help❤️ – O, 21

Hi O, congratulations on your newfound income! This will be very helpful in achieving your goals. When it comes to investing, your income and your habits are the two factors that make the most difference. You’ve got the income down and your expenses are low; now you need to get into the habit of investing on a monthly basis.

To be honest, the best thing you could do with your money is invest in a detailed course that teaches you how to invest in the stock market. They will teach you how to determine your risk tolerance, set investing goals, understand how to analyse companies, and more that I can’t explain in a short, written response.

In general, you want to:

a. Open a brokerage account (Chaka, Trove, Bamboo).

b. Set up a consistent monthly amount that you wish to invest.

c. Automate the transfer from your main account to your investment account.

d. Purchase US-domiciled ETFs that track indexes. For example, you can buy VOO, which holds 500 of the largest US companies, or VTI, which holds the entire US stock market.

e. Monitor your growth.

I hope this helps. Thank you.

Xoxo,
Reni

Do you have a burning money question? Reni might have the answer. Cick this link to get started

QUIZ: Spend $1m on This Quiz and We’ll Guess the Right Job for You

You have $1m. Spend it and we’ll suggest a career that fits you.

Let’s begin

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.