MoneybyZikoko: What's your investment hack?

Volume 97

Good morning ☀️

This is your weekly reminder to secure your seats at THE ecosystem event of 2024. Next month, Moonshot by TechCabal will host players shaping the African tech scene in Lagos. There hasn’t been a better opportunity to expand your professional network and connect with like-minded individuals since – wait for it – #Moonshot2023.

It sounds like a fun gathering, doesn’t it?

Click here to get a ticket and use the code MSZKK for a 20% discount.

In this letter:

#NairaLife: She’s 25 and Figuring Out Investments on ₦500k/Month
I Fear That My Husband Will Bankrupt Us One Day
Aunty M: I Got a Raise at Work. How Should I Plan My Finances?
QUIZ: When Will You Get Your Next Raise at Work?
Where The Money At?!

#NairaLife: She’s 25 and Figuring Out Investments on ₦500k/Month

The 25-year-old in this #NairaLife isn’t comfortable taking financial risks. She works in finance and has had a significant income jump in the last two years, but she’s only now taking investments seriously.

Another thing: She earns ₦500k/month but fears not having enough.

Read her #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 Fear That My Husband Will Bankrupt Us One Day

Abike* (30) has known she’d be a pastor’s wife since she was 19. She’s married to one now, and it’s not what she expected.

She talks about her husband’s habit of giving money away to the church and how it’s contributed to financial uncertainty in the home.

Read the full story

Ask Aunty M with Reni

Hi Reni. I just started earning way better than I did — it’s not very much, but it’s good (₦270k). I stay in Benin, and I don’t have a lot of expenses apart from food and debt repayment, which I’ll hopefully finish this month. It’s almost year-end, and I need to start saving/investing, and I plan to invest a huge chunk of it. But the thing is, I want to invest for the short term because of my rent due at the start of 2025. Plus, I’ll be moving to Lagos soon. I don’t know how to go about such deals. Most investments are long-term, which isn’t a priority right now. But I also don’t want to let my money sit idle in naira. What do you advise? – Hadassah, 26

Hi Hadassah, Congratulations on earning more! It’s a great start. Thankfully, your expenses are low, so now you can put a large portion of your income toward debt and become debt-free. This will free up a lot of your income for your short and long-term goals.

It would be best if you made your goals clear. Rent is a short-term goal you need to achieve – how much will rent be, and how much do you currently have? Put away a set amount of money in a US-domiciled savings account until you reach your goal. I suggest you focus on saving for the short term rather than investing for the short term. You can put your savings in a high-interest account. This plan can lead to significant financial growth, and I’m sure you’ll be able to make the best decision with your financial knowledge.

More importantly, your expenses will increase when you move from Benin to Lagos. Account for this, and don’t choose your rental home based on what you can currently afford; base it on what your overall expenses will look like when you’ve moved to a higher-cost-of-living city.

I hope this helps.

Xoxo,

Reni

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

QUIZ: When Will You Get Your Next Raise at Work?

You’d like to earn more money, wouldn’t you? But do your employers think the same? Answer a few questions and get your [ very accurate] results.

Let’s find out

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.