Good morning ☀️

If you’re eternally curious about how money works in relationships, you’ll find this week’s dispatch tailored for you.

For example, the lady in this week’s #NairaLife gave up her career when she married in 2020. Now that she’s 100% dependent on her husband, what’s her life like? Without giving much away, she doesn’t feel any way about it. According to her, her life has never been better. However, she’s not leaving it to chance – she’s got a plan to keep it that way.

Let’s get into it.

In this letter:

• #NairaLife: The Stay-at-Home Wife Who Isn’t Joking With Her Safety Nets
• Dating in Kaduna on a ₦300k+/Month Filmmaker Income
• Aunty M: I’m a Student, and I’m Interested in Personal Finance but I Don’t Know Where to Start
• QUIZ:Take This Quiz, and We’ll Reveal Who Is Sponsoring Your Lifestyle
• Where The Money At?!

When asked if she’d ever return to the workforce, this 29-year-old stay-at-home wife responded, “What for?”

She doesn’t regret abandoning her career to start a family in 2020, but she’s now building two things just as important: buffers and safety nets.

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

Barbara fell in love with Stephen when he had just ₦30 to his name. Six years have now passed and he’s in a better place financially. But what expectations does she have of him and their relationship?

Get the whole story here

With just nine days and a few tickets left, Moonshot is now offering 30% off all tickets! Now is the perfect time to be a part of the conversation about Africa’s digital landscape and treat yourself to two amazing days of valuable insights from industry experts, networking with potential partners and investors, and being a part of the groundbreaking innovations shaping the African digital economy.

Don’t miss out on this incredible opportunity. This offer ends in 4 days!

Get tickets here

I am a fourth year student, and I’m interested in personal finance and financial literacy. I’m quite confused on how to start investing and suitable options for a student. I’m not a fan of saving; I believe investing is way more profitable. There’s also the decline of the naira to consider. How do I start investing and suitable/profitable options for a student? – Ade

I love your interest in personal finance! You’re doing well. There are so many ways to invest. You can invest in stocks, real estate, exchange traded funds, cryptocurrency, bonds, index funds, and in mutual funds, just to name a few. You have to choose the one that is suitable for your risk level. I’d suggest starting with the stock market and purchasing funds. Now, let’s break this down into five steps.

Step One: Educate Yourself. Before investing, learn the basics, including different asset classes, risk management, and investment strategies.

Step Two: Choose a brokerage account. In order to buy and sell stocks, you need to have a brokerage that facilitates that transaction. In Nigeria, you can consider Trove, Chaka and Bamboo, to name a few.

Step Three: Fund the account. Choose a realistic amount of your monthly salary that you can consistently invest. Is it ₦10k, ₦20k, ₦30k? Automate this transfer so that you’re always putting money towards your goals.

Step Four: Consider purchasing ETFs, which are funds created by a professional fund manager. There are a variety of funds available, and you can choose the one that works for you. A good place to start is a fund that tracks the S&P 500, the 500 largest companies in the United States.

Step Five: Sit back and monitor your portfolio. Remember, your money will fluctuate up and down in the stock market, but you are investing for the long term. You don’t make money until you sell, and you also don’t lose money until you sell. Have patience and keep your in for the long term.

I hope this works. Good luck.

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 the quiz here

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.

• Compliance Business Partner – Renmoney
• Product Manager – PaidHR
• UGC Creator – Nestcoin
• Director of Design – Reliance Health
• Social Media Manager – Miva Open University
• Head, Internal Audit – Deloitte

Share this newsletter

All good things must come to an end. But not this good thing. We’ll be back next week.

In the
meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week…

Yours cashly,

Toheeb,

Zikoko’s ‘OG’ Mr. money

Did someone awesome send this to you?

Subscribe to this Newsletter

Good morning ☀️

Quick PSA before we get into this week’s stories: Moonshot is giving out tickets to students at ₦5,000. As a student, you will get access to all Entering Tech sessions, all workshops, and brand merch.

Spread the word to a student who might need this.

In this letter:

• #NairaLife: The Homeless Security Guard Barely Surviving on ₦70k/Month
• Design Gave My Life Direction. But It All Fell Apart After I Lost My Life Savings
• Aunty M: I don’t have a lot of money, so how do I build my financial freedom from the ground up?
• QUIZ: Take this Quiz, and We’ll Tell You How Far You Can Go to Make Money
• Where The Money At?!

This 27-year-old security guard works two jobs 24/7 but can’t afford a home and can barely support his two children.

Ironically, this is the best his finances have been in years, and he hopes to find new opportunities to improve his luck.

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

Okeoghene (32) knows how difficult it is to rebuild after losing everything.

He shares how he found a rewarding career in art and graphic design despite his parents’ disapproval, becoming successful, and hitting a creative wall after losing ₦17m. Now, he’s trying to start over.

Read the whole thing here

Are you looking to give your team a competitive advantage and position your organisation for long-term success? Moonshot is offering a 30% discount for teams and groups.

Moonshot 2024 provides valuable content to foster team growth and innovation. Your team members can engage in workshops focused on accelerating startup growth, participate in panel discussions about the global digital economy and building elite teams, and attend additional sessions offering strategic insights to help achieve international development goals.

Save a row for your team at Moonshot and get a 30% discount on 5 or more tickets.

Get tickets here

How do I make effective investments in this day and age? I don’t have bulk funds, so how do I build my financial freedom future from the ground up? – Pelumi, 27

Hello Pelumi.
This is an excellent question! You don’t need bulk funds to start investing and building financial freedom. You need to commit to regularly depositing a portion of your pay into purchasing stocks. But before that, let’s get your money right.

Step One: Create a budget. This will help you track your income (how much money is coming in) and your expenses (how much money is going out). With this, you can identify whether you have money to save/invest, whether there are expenses you can cut, and whether you need to increase your income to achieve financial freedom.

Step Two: Create financial goals. There is no point in saving and investing if you don’t know what you are saving and investing for. Are you looking to buy a home or a car or travel to a country? Knowing your goals helps you choose the right investment and/or strategy. Get specific with your goals.

Step Three: Pay off high interest. If you have debt, please pay it off as soon as possible! If your debt is at a 15% monthly interest rate, it is unlikely that any investment will beat this, so you might as well pay off the debt first.

Now, step four: Investing! Let’s say you are paid ₦300k on the first day of every month. Take ₦30k, put it into the stock market, and buy exchange-traded funds (ETFs) that track the US stock market. Although ₦30k seems small, you’re able to make fractional investments with some platforms, meaning you can buy a portion of a stock. If you do this consistently for years at a conservative growth of 8% per year, you will surely see huge growth in your portfolio. To take it a step further, automate this transfer so you don’t have to rely on your own willpower to invest.

This is how the rich get richer. They make their money work for them. Remember, don’t save/invest what is left after spending; spend what is left after saving/investing.
Good luck

Xoxo,

Reni

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

What lengths would you go for the bag? Let’s see if we can figure it out.

Take the quiz here

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.

• Jobs at Chevron
• Graduate internships at MainOne
• Customer Success Associate – Carbon
  
• Director of Design – Reliance Health
• Data Analyst: Collections & Risk – FairMoney
• Head, Human Resources – The People Practice

Share this newsletter

All good things must come to an end. But not this good thing. We’ll be back next week.

In the
meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week…

Yours cashly,

Toheeb,

Zikoko’s ‘OG’ Mr. money

Did someone awesome send this to you?

Subscribe to this Newsletter

Good morning ☀️

Nigerian banks have 99 problems, and fraud is DEFINITELY one of them.

The Financial Institutions Training Centre (FITC) reports
that losses due to fraud soared across the country’s banking sector in Q2 2024. But here’s the thing: fraud cases in the banks didn’t jump much (there were 11,532 reported cases compared to 11,472 in Q1). But the amount the banks lost skyrocketed from ₦468 million to ₦42.6 billion in the said quarters.

While digital channels (think mobile banking, POS terminals, etc.) are prime targets, insiders within the banking system are also in on the scam — banking staff were involved in 58 of these cases. Are the banks God’s strongest soldiers?

In this letter:

• #NairaLife: This HR Babe Pays Black Tax Out of Goodwill
• My Family Resents Me for Becoming the Breadwinner After My Parents Retired
• Aunty M: I Got a Raise at Work. How Should I Plan My Finances?
• QUIZ: Do You Have Work-Life Balance?
• Where The Money At?!

She could have been a lawyer, but this 34-year-old HR specialist stuck to her guns and now takes home ₦2.5m a month.

Her biggest struggles, though? Impulse spending and black tax obligations to a mum she feels doesn’t deserve it.

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

Ese* (26) has been responsible for 80% of her family of seven’s needs since her parents left the police force a year ago, and it hasn’t been a walk in the park.

She talks about how her parents’ pension and gratuity payment delays have contributed to her family’s financial situation, sacrificing her needs and taking loans to meet demands at home, and how money has strained her relationship with her mum and sister.

Read the full story here

Economic power for women is not just about financial stability—it’s about transforming lives and communities. BellaNaija and The She Tank have launched #HerMoneyHerPower, which aims to give women the agency to make decisions that shape their futures.

The #HerMoneyHerPower campaign is dedicated to making this vision a reality by advocating for women’s financial independence and challenging gender stereotypes.

Let’s challenge outdated norms and pave the way for a more inclusive and prosperous Nigeria, where every woman has the opportunity to thrive and contribute to our collective success.

Let’s do it!

I’m considering quitting my job without a plan. I earn quite well and work for a company I have always wanted. But I am unhappy, and that has finally taken a big hit on my mental health. And to be honest, with every job I’ve had in the past, I started to plot an escape route after six months.
Now, I’m tired of just moving to random jobs and want to find something I love, but I have been unable to figure that out. I don’t have a career path, a passion, or anything else I enjoy doing. I’m suffering from low productivity and also very anxious. I wake up every morning in sadness, tears and anxiety just at the thought of going to work. I plan to quit, take a long break and figure out what I can do next.
Also, I plan to save at least ₦2m before I quit. I can survive on that for 6 months even if I haven’t figured out the next plan. Guess what? Everyone says I shouldn’t quit without another job. The economy is hard, the streets are hard, etc, etc. But I need a break. Life is kinda bearable when you have something to look forward to each day, and I don’t. What should I do? Go ahead and quit, take a break from the corporate world and hope I might find my path? Or just keep roughing it until I completely lose my mind?
– Nancy, 26

Hi Nancy, thank you for being so vulnerable and for sharing with me! I’m just like you. In my entire corporate career, I only stayed in a role for a year. I would get bored and move from role to role to learn something new and stimulate my brain. There is nothing inherently wrong with that, so don’t feel bad about it. I like to think about it this way: your job is there to make you money. You don’t have to love your job or be super passionate about your job. You should be passionate about living life, and your job should give you the money that allows you to do so.

Please don’t confuse this with me saying you should work a job you hate because it pays well. No. Your mental health is truly the most important thing. If you don’t have sound mental health, life gets a lot harder.

I understand everyone’s concerns and why they want you to have a job before quitting. I think it depends on a few factors. I should mention that I’m proud of you for saving your emergency fund/vex fund! Now ask yourself… how easy or difficult will it be to get a new job within 6 months? This depends on the industry you’re in. If it’s tough to find a new role, does saving up 8 months or 12 months of expenses make more sense before quitting? Also, when you quit, what is your plan to recover from this burnout so the cycle doesn’t repeat itself? Ultimately, this decision is your choice, and the people telling you not to quit don’t have to live with your choices. Your mental health is of utmost importance.

I’m rooting for you.

Xoxo,

Reni

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

Many people say work-life balance is a myth. Is that true for you?
.

Let’s find out

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.

• Head of Information Technology – RenMoney
  
• Talent Acquisition Manager – 54 Collective
• Sales Operations Analyst – M-Kopa
  
• Creative Storyteller – Roqqu
• Motion Designer – LemFi
• Product Marketing Manager – KingMakers

Share this newsletter

All good things must come to an end. But not this good thing. We’ll be back next week.

In the
meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week…

Yours cashly,

Toheeb,

Zikoko’s ‘OG’ Mr. money

Did someone awesome send this to you?

Subscribe to this Newsletter

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?!

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

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

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

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

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.

• Sales Operation Lead – Big Cabal Media
  
• Data Analyst – TechCabal Insights
  
• Accountant – Max Drive
  
• Head, People and Productivity – Deloitte
• System Analyst – RenMoney
• Software Engineering Team Lead – M-Kopa

Share this newsletter

All good things must come to an end. But not this good thing. We’ll be back next week.

In the
meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week…

Yours cashly,

Toheeb,

Zikoko’s ‘OG’ Mr. money

Did someone awesome send this to you?

Subscribe to this Newsletter

Happy new month, everyone!

We’re kicking off this week’s newsletter with the gospel of Moonshot by TechCabal. Next month, players in Africa’s tech ecosystem will come together to collaborate, share insights, network, and celebrate innovation on the continent. You should be one of them.

Use the code MSVIP and click here to get 20% off tickets now.

*Offer valid till 5th September, 2024.

In this letter:

• The #NairaLife of a Consultant Who Has No Idea How Much He’s Worth
• I Found Love in the Middle of Getting Myself Out of a ₦7.9 Million Debt
• Aunty M: I Hate That My Husband Does Everything, and I Can’t Chip in
• QUIZ: How Much Money Would Make You Happy?
• Where The Money At?!

This 34-year-old has come to terms with his weakness for reckless spending, and he’s handling it the best way he knows: giving his wife 100% control of his finances and money-related decisions.

How’s that working out?

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 would’ve never believed that at 21 I’d find my first love in the middle of crawling my way out of a debt of ₦7.9 million.”

But that was Chidi* in 2019 — broke, failing at school and deeply in love.

Read the full story

I'm a student and fashion designer. I'm married with two kids and currently have no source of income. My husband provides, but I need more. I pity him, so I tend to manage my resources, but I need more and want more for my kids. I'm tired, confused, and don't know what to do with my life. - Bisi, 23

Hi Bisi.

Thanks for writing in. Understandably, you feel a little overwhelmed as you’re balancing a lot. It’s great that you want to have your own money and contribute to the household — I’m a big advocate for that. Here are some steps I would follow:

First, look into your strengths and opportunities to make money in your field. I know you’re a student, and a full-time job may only be feasible after you graduate, but you are also a fashion designer. Can you monetise this passion by doing freelance work or selling your designs online? You must set clear goals for yourself and your business if you want to start making extra money.

Second, speak to your husband about how you are feeling. You never know…he could think that the amount he is giving you is sufficient because you are managing it and not voicing how you feel. You are married, and communication is key. Try to have an open discussion about your financial needs and whether he can provide more support or support you in taking steps to increase your own income.

Third, seek counsel. You mentioned that you don’t know what to do with your life. Is this from the fatigue of managing school, work, home and children? Or is there simply nothing you’re interested in pursuing? Motherhood is hard, and sometimes, being able to take a break, rest, and talk to a third party will leave you feeling recharged and energised to start again.

You’ve got this! It’s never too late to make a change.

Xoxo,

Reni

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

Nothing is free in this economy, so how much money would spark joy for you?

Let’s find out here

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.

• Managing Editor – Zikoko
  
• Managing Editor – TechCabal
  
• Sales Operation Lead – Big Cabal Media
• Data Analyst – TechCabal Insights
• 
  Executive Assistant – Quanta LLC
• 
  Learning Experience Consultant – Phillips Consulting

Share this newsletter

All good things must come to an end. But not this good thing. We’ll be back next week.

In the
meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week…

Yours cashly,

Toheeb,

Zikoko’s ‘OG’ Mr. money

Did someone awesome send this to you?

Subscribe to this Newsletter

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?!

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

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

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

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

Let’s find out here

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.

• Managing Editor – Zikoko
  
• Managing Editor – TechCabal
  
• Sales Operation Lead – Big Cabal Media
• Business Development Manager – Dangote
• Legal Counsel – Shell
• Fact-Checkers – Code for Africa

Share this newsletter

All good things must come to an end. But not this good thing. We’ll be back next week.

In the
meantime, keep reading Zikoko’s articles and be sure to share the love.

See you next week…

Yours cashly,

Toheeb,

Zikoko’s ‘OG’ Mr. money

Did someone awesome send this to you?

Subscribe to this Newsletter