Every week,聽快猫视频 seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it鈥檒l be revealing.
What鈥檚 your earliest memory of money?
When I was in Primary 3 or 4, my sister proposed that we sell knitted purses. I knew how to knit; she didn鈥檛. So the idea was that I would bring my skill, and she would bring the financial resources. After sales, we would split the profit.
I can鈥檛 remember how much she 鈥渋nvested,鈥 but the materials wouldn鈥檛 have cost much. I knitted small purses, and we sold them to our friends for 鈧30, 鈧50, or 鈧100, depending on the size.
We ran the business for about three to six months until people started buying on credit. They鈥檇 say, “I鈥檒l buy now and pay when I collect snacks money from my mummy.” Then they鈥檇 pay 鈧5 today and 鈧10 tomorrow. The money was scattered, and we couldn’t keep track of it, so the business folded.
Do you remember what you did with the money?
I think we saved most of it. We didn’t do the business to survive; we just wanted the thrill of having our own money.
At the time, we were financially comfortable at home. My dad worked in Cotonou, where he made money from supplying baking flour to companies, while my mum coordinated ajo (daily savings contributions) for market people. I wasn鈥檛 born with a silver spoon, but we weren鈥檛 struggling. At least, until things changed.
What happened?
You know how it goes: one bad business move or decision sends everything crashing down. My dad’s business collapsed. They tried to manage the situation for the first four or five years, so we kids didn鈥檛 really notice, but it became overwhelming.
The first shift was that my siblings and I had to change schools. By 2013, I had completed SS 2 in Lagos, but things were so tight that my parents couldn’t afford my WAEC fees. I was sent to live with my uncle in Abuja to finish secondary school. Nobody told me that I鈥檇 have to repeat a class, but I had to take SS 2 all over again.
How was Abuja?
It was a toxic environment. I grew up in a soft home where I wasn’t hit or unnecessarily shouted at. On the day I wrote my WAEC Mathematics exam, my uncle’s wife deliberately didn’t drive me to school until 11:30 a.m., even though the exam started at 9:30 a.m. I barely had time to write anything.
Unsurprisingly, I got an F9 in Maths. I didn’t even stay to write NECO; I just left and returned to Lagos in 2015. I ended up spending eight years in secondary school due to situations beyond my control. My mum still regrets making me go to Abuja to this day.
What did you meet when you returned to Lagos?
My parents had already made the hard decision to relocate back to our village in the East. It was just my younger sister and brother left in the house, wrapping up the final stages of the move.
My sister was working at an eatery in a car park to raise money. Eatery is even a stretch; the owner just sold food there. Anyway, I joined my sister immediately because we needed to survive.
What was the job like?
We would go into the car park in the morning to scout for customers, take their food orders, bring them their food, and do the accounting at the end of the day.
My daily pay was 鈧500. My sister earned 鈧1,000 a day because the owner had a past relationship with our mum and wanted to give back. We worked Monday to Saturday, and the eatery covered our breakfast, lunch, and dinner. We did that for about two months before joining our parents in the East.
What was the situation like back in the village?
Things actually picked up a bit after we joined our parents. My dad travelled to the North with his cousin for business, and my mum started a new trade.
Since I had to rewrite WAEC in 2016, I didn’t get university admission immediately. I opted for a polytechnic instead, starting my National Diploma (ND) in January 2017.
How were you surviving financially in school?
My parents handled my major expenses like rent and foodstuff, and I could always call home whenever I needed money.
Also, whenever I went home during school holidays, I supported them by working on the farm. I鈥檓 selectively lazy, but I knew if I didn’t help, there would be no foodstuff to take back to school. We also had fruit trees in our compound, and sometimes I鈥檇 pluck and sell the fruit to buyers for extra money.
I survived like that till I graduated from the polytechnic in November 2018.
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What came next?
I returned to Lagos in April 2019. The plan was to do my one-year IT, then go back to school for my HND. But I couldn’t get a job; I only got offered salesgirl roles that paid 鈧20k/month in Computer Village. My sister, with whom I was living, insisted I shouldn’t take anything less than 鈧25k.
So, I stayed unemployed throughout 2019. I survived on random cash gifts from friends who would call to check on me and ask for my account number. My sister was also working, so I didn’t feel the full weight, but there鈥檚 really nothing like having your own income.
I get it. When did you finally get your own?
In January 2020, I got a job at a travel agency in Computer Village. It was an office-standard, Monday-to-Friday role. The base pay was 鈧25k/month. I was just happy to leave the house. My job description was basically to open the office daily, keep the space tidy and route customer inquiries to my boss.
Then COVID hit, and the travel industry took a massive blow. People weren鈥檛 buying tickets or going anywhere. The first month of lockdown, I got a 50% salary cut. The second month, I was only paid 40%. By August, my boss told me to take the month off without pay while she figured out what to do with the business.
Did she bring you back?
Yes, at the end of August, she asked if I鈥檇 like to come to our Ikoyi office and learn graphic design so I could manage the company’s social media. I agreed.
She kept my official salary at 鈧25k but started giving me an extra 鈧20k mid-month, bringing it to 鈧45k. Then, in January 2021, I started shuttling between the Ikoyi and Ikeja offices on the same 鈧45k/month. I did that until I left in October 2022.
Looking back, I really suffered. I don’t know how I survived transport and bills in Lagos on 鈧45k. Surprisingly, I was still able to save regularly from that income.
Really?
Even when I was earning 鈧25k, I saved 鈧5k every month. When my salary increased to 鈧45k, I automated my savings and put away 鈧2,500 every week.
At one point, I noticed my account wouldn’t always have money on the exact day of the automated debit, meaning I was missing my targets. So I changed strategy: I鈥檇 count the number of Mondays in that month, multiply it by 鈧2,500, and do a bulk manual transfer the moment my salary dropped. I saved 鈧10k or 鈧12,500 monthly for a full year.
I never missed my savings. Keep in mind that my sister and I were also splitting rent and utilities at home without any issues.
Were you saving towards a specific goal?
I just never wanted to be at anyone鈥檚 mercy again. I saw what dependency did to my parents, and I remembered being stuck in Abuja repeating a class.
I told myself that if I ever have a 鈧500k emergency, it’s better that I have 鈧300k down and look for 鈧200k, rather than looking for the whole 鈧500k from scratch. I just needed a financial backup.
Let鈥檚 get back to your job. You mentioned leaving in 2022
Yes. The job became toxic. My boss often acted as if paying salaries was a favour to her staff. There was no HMO or 13th month. At the end of the year, she鈥檇 give two people a half bag of rice to share and act like she had fed you for the whole year.
When I decided to resign and didn鈥檛 go to work that day, she sent a query suspending me for two weeks without pay. I just zeroed my mind that I wouldn’t get paid for that month, but she surprisingly sent 75% of my salary. I got a new job about a month later in December 2022. I still work there today.
What was the new job?
I work at an IT support company. I started as a sales and inventory officer on a 鈧50k/month salary, plus random credit alerts from profit-sharing bonuses.
In September 2023, there was an opening for an accountant, and my boss just put me there. I don’t have a degree in accounting 鈥 my ND is in Public Admin 鈥 but I鈥檓 very good with figures. I learned the actual accounting processes on the job. The role change pushed my salary up to about 鈧120k. It’s increased again since then, and I currently earn 鈧200k/month.
You moved from 鈧45k to 鈧200k in about three years. How does that feel?
Well, it鈥檚 a big relief, but you know how money works. The more your income increases, the more your expenses widen, like your village people are using it against you.
For one, I went back to school. I鈥檓 currently in 300-level, self-funding my degree at the National Open University (NOUN). I also pay rent and occasionally send money to my younger siblings. Even though they earn more than I do now, they are still my younger siblings.
Because of this, my salary is not my only source of income. It can鈥檛 be. I鈥檝e had my hands in several side hustles since I was earning 鈧45k. Maybe that鈥檚 how I was even able to survive. But it鈥檚 great that I earn more now, so even in the months I can鈥檛 get extra, I can still manage.
Tell me about these side hustles
I do anything that brings money. Anywhere belle face na front o. For one, I book flight tickets. I started this while working at the travel company, making a little extra cash from independently helping some clients book tickets. Sometimes I can make as much as 鈧60k on one ticket.
It鈥檚 not a regular income source, though. For instance, I鈥檝e only done about four international tickets this year. There’s a particular middleman who brings requests to me, and from those deals alone, I鈥檝e made roughly 鈧200k to 鈧250k this year.
Secondly, I do Corporate Affairs Commission (CAC) registrations for people. I also picked that up from work. I charge about 鈧20k for business names and 鈧40k for company registrations. CAC gigs have been slow this year; I’ve done only two.
Also, I do graphic design occasionally, and recently, I started a one-on-one investment consulting service. I鈥檓 very big on investments and regularly post about it on my WhatsApp status. People used to reach out for free tips, but this year, I stopped doing freebies. I now charge 鈧10k.
There鈥檚 no particular window for how long the 鈧10k lasts sha. Sometimes, when I鈥檓 bored, I tell them the 鈧10k has expired, and they need to renew it. But I try to offer support for at least six months. I鈥檝e had three paying clients this year. I also do other random things, like helping people source items for a quick fee. Anything really.
That鈥檚 a sizeable number of side hustles
My job gives me the freedom to run them. It鈥檚 why I鈥檓 not exactly eager to change jobs. My income from side hustles isn鈥檛 regular; sometimes they only come in when I really need extra cash, but they actually sustain my lifestyle. I don’t like dipping into my core salary or savings for enjoyment. So, I just use them to supplement until my next payday.
You mentioned being big on investments. What does your portfolio look like?
I have a very structured investment framework across stocks, equity funds and mutual funds. The heavy lifter is an informal investment with a woman in the East who runs an upscale gas business. My mum knows a lot of corporate savings and market investment people, so when I had a spare lump sum of 鈧100k in October 2024 that I didn’t want to mix with my regular savings, she connected me to this woman.
The arrangement is a fixed 5% monthly return, and she holds the capital unless I give a one-month notice to liquidate. My ROI continues as long as my money is with her. I started with 鈧100k and got 鈧5k that first November. When I noticed she was paying promptly, I kept adding every extra bulk cash I made from my side businesses.
Right now, I have 鈧1.1 million with her, which brings in 鈧55k every single month. If I top it up to 鈧1.2 million this month, my ROI becomes 鈧60k next month.
I鈥檓 curious. Is there any legal structure around this? Like, if you ever need to prove your money is with her
No. There are no documents or anything like that. I don’t even know her in person. If I ran into her, I wouldn’t recognise her. All communication happens through my mum. I know it鈥檚 risky, but she has been consistent for almost two years.
I liquidated half of my investment with her last year, and she paid without issues. I just decided to continue because my ROI has been steady and the money is practically working for me. Last December, she even sent gifts and extra cash to my mum and me. As long as we鈥檙e both alive, aluta continua.
Also, the monthly ROI is what I put into my other investment channels. Once I get it, I spread it across my stocks and funds.
What do those portfolios look like now?
I have about 鈧150k 鈥 鈧200k in stocks and close to 鈧400k in mutual and equity funds. The stock market and equity funds took a massive dip recently, so everything is currently in the red. If we had this conversation two months ago, my portfolio would have been around 鈧600k, excluding the gas business. But as a smart investor, I’m not panicking; we buy the dip. The only stable one is the mutual fund because the rates are fixed.
Let鈥檚 break down your typical monthly expenses
This savings figure is separate from my investment portfolio. It鈥檚 strictly an emergency backup. Currently, I have 鈧258,600 sitting there.
I don鈥檛 have a fixed amount for food or household bills because it really depends on my needs or how I split the bills with my sister. Right now, my sister isn鈥檛 around, so I don’t buy foodstuff in bulk. I just buy cooked meals or shawarma on the go.
How would you describe your relationship with money?
I鈥檓 incredibly tight with money. I鈥檓 unapologetically frugal because I refuse to ever be broke or at anyone’s mercy again.
I don’t spend on unnecessary things. I won’t upgrade my phone just because I feel like it; there must be a major reason, like the screen breaking four times or the upgrade directly increasing my chances of earning more money.
This year, I鈥檓 trying to be a little more open with spending on myself, but there鈥檚 still a limit I can allow. I鈥檒l only spend randomly if someone gifts me money. Little money excites me. If you gift me 鈧20k today, it鈥檚 a big deal because it means I don’t have to touch my own money. I read Naira Life stories of girls my age who have money in real estate, bonds, and gold, earning millions in dividends. That is my ultimate goal. If being heavily frugal is the price I have to pay to get there, I will pay it.
Do you think your attitude to money somewhat ties back to your family’s financial crash?
To an extent, yes. But it鈥檚 also just my innate personality. My younger siblings went through the same thing, but they are way more carefree with money. I am the family bank; if any of my siblings needs a 鈧500k loan today, they come to me.
Right now, my siblings owe me no less than 鈧700k. I don鈥檛 even like calculating it because it makes me angry at them for no reason. They pay back, but it鈥檚 always a cycle of paying half today and borrowing a new amount tomorrow.
Is there an ideal amount of money you think you should be earning monthly?
I don鈥檛 have a specific figure. If I say 鈧100 million, my wants will just scale up to 鈧500 million. I just want to be comfortable enough to afford my lifestyle. I’m planning a trip to Ghana for my 29th birthday this year, and it will cost at least 鈧400k. I want to be able to execute that without blinking. If I want to visit Greece with my friends, I should be able to.
An average Nigerian is just one medical diagnosis away from being flat broke. If I get a tooth issue, I can pull money and fix it comfortably. But God forbid it鈥檚 a major illness like kidney failure, everything I have saved would barely cover the initial dialysis before I go broke. I don’t pressure myself over things I can’t control. If I die today, no problem, glory be to God, my siblings will just inherit my investments. Me sef no small.
What was the last thing you spent money on that made you genuinely happy?
I recently spent 鈧58k on two gowns and a skirt from Shein. Old me would have taken that money to Iyana Ipaja or Yaba to buy a full bag of clothes. Shein may not be much for some people, but knowing I can deliberately transition my wardrobe to a higher quality on my own makes me feel like I鈥檓 handling this adulting thing well.
How would you rate your financial happiness on a scale of 1 to 10?
6. It鈥檚 a little above average because I can comfortably afford my day-to-day needs and the things that matter to me right now. I know I can do better, but I’ll leave it at a 6 for now.
What would make it a 10?
More money. Do I know how to get it? Probably. Am I ready to start chasing it right now? I don’t know yet.
I think I鈥檓 at the intermediate level of my financial journey. I鈥檓 definitely no longer a beginner because I have solid investment knowledge. I鈥檓 just right in the middle, building the basics before hitting the high points.
The main goal for now is to get my BSc next year, then kickstart my master鈥檚 degree by 2028. We fight our way upwards from there.
If you’re interested in talking about your Naira Life story, this is a good place to start.
Find all the past Naira Life stories聽here.
