MoneybyZikoko: What’s a 50/50 Marriage in the UK Like on a £70K/Year Salary?

Volume 101

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Good morning ☀️

Happy Moonshot Week to everyone who celebrates. 🥳

I think… I think… everyone who gets this newsletter knows about Moonshot. I mean, it’s only the biggest gathering of key stakeholders in the African tech ecosystem, and it’s happening on Wednesday and Thursday this week. If you’ll be there, please find Zikoko’s booth and say hello.

If you haven’t got your tickets, there’s still time and we have a sweet deal for you. Scroll down for details.

In this letter:

#NairaLife: The Doctor Who Thinks He’s a Threat to His Patients
Love Currency: What’s a 50/50 Marriage in the UK Like on a £70K/Year Salary?
Aunty M: How Can I Strike a Balance Between Investing and Living my Best Life?
QUIZ: Take This Quiz and We’ll Guess Your Net Worth in 5 Years
Where The Money At?!

The #NairaLife of a Doctor Who Thinks He’s a Threat to His Patients

This 27-year-old pursued a medical career mainly for financial gain. Now that he’s a practising doctor, his reality isn’t what he imagined.

He’s trying to fix that by exploring different career options while navigating black tax and a dependence on loan apps.

Read his #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

What’s a 50/50 Marriage in the UK Like on a £70K/Year Salary?

Anne* (30) has been with her husband for seven years, and they’ve been married for four. During this time, they relocated to the UK, and their relationship has moved from her husband being the primary provider to them splitting the bills equally.

How does she feel about this?

Read the full story here

In less than 3 days, tech enthusiasts, innovators, and visionaries from across Africa will gather at Eko Convention Centre for a truly transformative event. Moonshot 2024 is set to shape the future of technology and innovation on the continent!

We’ve curated a lineup of renowned speakers, interactive workshops, and cutting-edge exhibitions that will provide valuable insights, foster networking opportunities, and inspire the next generation of tech leaders.

Use the codes MSVIP (for regular tickets) and MSVIP1 (for PRIME tickets) for a 20% discount.

Get tickets here

Ask Aunty M with Reni

I currently earn ₦1.1m, and I have divided my income into two: ₦600k for savings and 500k for expenses. Based on my monthly expenses, ₦250k is enough to cater for myself and I really want to use what’s left for meaningful things like investment but I’m stuck. One part of me wants to be able to afford a luxurious lifestyle, but I’m scared of being broke again. I need financial tips on how I can invest my money and also afford beautiful things.

Great job — you’re doing so well. You’re already budgeting in a way that puts most of your money towards the future, which is excellent. It will help if you have some goals around the money you’re putting away. You’re saving ₦600k monthly — is there a specific purpose for the funds or just general savings? Emergency savings, car savings, house fund, etc.

I would advise you to start an emergency fund to cover six months of expenses – this would be ₦1.5 million saved. If six months isn’t enough, you can save for 12 months and have ₦3m in emergency savings. This will provide you with a safety net, reducing any anxiety about unexpected expenses. Once you have your emergency fund, move on to other goals. Do you want to buy a car? If so, how much is that car? Work backwards to figure out how much you need to save monthly.

You can put 20% of your income towards investing. ₦220k – every month, you will put this amount in the stock market to purchase some US stocks. Over time, you will really see your money grow.

I am big on value-based spending. Spend money on your goals and also the things you value. If you want a luxurious lifestyle, you need to plan for that. For me, luxury is travelling at least four times a year. Every time I get paid, I put a certain amount into my travel fund so I can afford to go on a trip if I want to. With this system, you don’t have to deny yourself good things and don’t have to worry about going broke because you are constantly putting money towards your savings, investments, and your dream life.

Remember, this system applies to anything you value. Do you want to buy luxury purses? Start a purse fund. Do you want to be able to eat out at any restaurant without blinking? Start a food fund. Do you want to be able to go to five concerts a year? Start a concert fund. Money is for spending, and it’s OK to spend as long as we take care of our responsibilities and future selves.

You’re on the right track; keep going. A good use of your money would be to take an investment course to feel comfortable and confident in your decisions.

I’m rooting for you.

Xoxo,

Reni

If you’re here, you probably have a money or work dilemma. Ask your question and we’ll figure out an actionable solution for you.

Take This Quiz and We’ll Guess Your Net Worth in 5 Years

We’re just playing. Still, take the quiz. 🔫

Take the quiz 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.