MoneybyZikoko: Would ₦1.2m/month Solve All Your Problems?

Vol 54 | 20-11-2023

Good morning, {$name}. 🌞

This week’s NairaLife is quite something. The 30-year-old in it has gone through most stages the average person navigates on their journey towards upward mobility — from being down to zero, unemployment stints, to working suboptimal jobs. But she’s made something of a rocky start and is easily in the top 10% earners in the country.

But a concern, for her especially, is how she can’t optimise her financial lifestyle to include things like keeping and growing money. In some ways, she’s cracked how to make money, but that’s it. Interestingly, she’s self-aware enough to recognise the problem but can’t commit to fixing it. As it stands, her ₦1.2m/month salary doesn’t solve all her problems. It should, but it doesn’t.

Let’s get into it.

In this letter:

The Self-Aware #NairaLife of a Salesperson Who Can’t Let Go of Non-Essential Expenses
What’s the Real Cost of Inflation?
Money Meanings: “Purchasing Power”
Game: #HowMuchLast
Where The Money At?!

The Self-Aware #NairaLife of a Salesperson Who Can’t Let Go of Non-Essential Expenses

The #NairaLife of this 30-year-old sales operations specialist is a mix of guilt and gratitude. With a ₦1.2m monthly salary and minimal responsibilities, she can afford a reasonably good life. But she can’t figure out how to keep or grow money. Although she closely tracks her expenses, her savings and investments are non-existent. She’s unsure if that’ll change soon.

This is her #NairaLife

What’s the Real Cost of Inflation? Five Nigerians Tell Us

Inflation in Nigeria is one thing that goes up but rarely ever comes down. And at the receiving end of it are Nigerians who are struggling to navigate their businesses or their day to day expenses. More than ever, people are trapped in a cycle of figuring out how to make enough to spend on rapidly increasing costs of things. What does this look like? We asked a few people to paint a picture.

An excerpt: “Until this year, I could conveniently make up to ₦500k to ₦600k in profit from three to four jobs a month. The last time I did any serious work this year was in August. The clients I work with have wedding budgets of ₦5m – ₦10m. With the new costs of things, it makes sense for them to funnel what they’ll pay an event planner into something else. So yes, many people throw wedding parties without planners these days. Unfortunately, that’s not good news for me. If I don’t have clients, I don’t get paid. “

Read what they said here

Money Meanings

Game: #HowMuchLast

#HowMuchLast is a game where we show you an item and you tell us (and the world) the highest amount you’d pay for it.

Some weeks will be Okin biscuit, some others will be SUVs.

Let’s imagine you’re in your bougie era (some of you are there anyway 😅) and are something of an art collector. How much would you be willing to pay for a piece of art?

What’s the most you’d pay? Tweet at us 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.