Volume 88
Brought to you by
Good morning,
It’s been about 14 months since President Tinubu’s administration “removed” fuel subsidy, but transport workers are struggling to adjust to the aftermath.
Last year, I spoke to an Uber driver who swore he could draw a straight line between the fuel price hike — an effect of the subsidy removal — and the debt he was now in. He said dryly, “This business died the day that man was sworn in.”
A few months later, a Danfo driver I talked with echoed the same thought: “These new fuel prices have spoiled this business. “People are not going out like they used to,” he told me. “I used to go on 3-4 round trips a day. These days, it’s a miracle if I go on two.”
As with these two, the okada rider in this week’s Naira Life has seen a sharp reduction in his earnings since May 2023, making an average of ₦4k/day. Yet, he has two families to feed. What does all of this mean for him?
Let’s get into it.
In this letter:
- #NairaLife: The Okada Rider Raising Two Families on ₦4k/Day
- How to Avoid Wahala When Buying Land in Lagos, According to a Realtor
- Aunty M: How Can I Strike a Balance Between Investing and Living my Best Life?
- QUIZ: Spend $1m on and We’ll Guess the Right Job for You
- Where The Money At?!
#NairaLife: The Okada Rider Raising Two Families on ₦4k/Day
This 37-year-old thought he’d received a lifeline when he started riding okada for a living in 2023. But one year later, he’s barely surviving on ₦4k daily with his family and a new wife on the way.
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.
How to Avoid Wahala When Buying Land in Lagos, According to a Realtor
Buying land in Lagos can be an extreme sport, but it’s still a valuable investment. So, we got a realtor to share tips to help you avoid using your money to buy wahala.
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. – CandyZee, 28
Hi Candyzee, 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.
Xoxo,
Reni
QUIZ: Spend $1m and We’ll Guess the Right Job for You
We’ll dash you (fake) $1m on this quiz. Spend it and we’ll suggest a career that fits you.
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.
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?
<
