The #NairaLife Of A Lawyer Who Is Obsessed With Investment Opportunities

In the beginning was an ajebo…

Things started out pretty cosy for today’s Naira Life subject; her parents were doing well, and she didn’t have to bother about money in her early life. However, this changed in 2000.

Ah yes, here we go again…

Firstly, secondary school made her realise how varied everyone’s financial background was, and then university happened in 2007. Her dad sent her ?10K monthly during her first year. Things changed in the subsequent years to a ?100K lump sum for the entire first semester, and then ?60K for the second semester.

Making urgent ?2K…

In her 3rd year at uni, she took a one-time ushering gig at a wedding for— you guessed it— ?2K. Interestingly, she fainted from hypoglycemia, but that didn’t stop her from finishing the job and earning her pay.

NYSC and some tough decisions…

NYSC happened in 2013, and she had to make a monthly income of ?29,800 work for her. She was able to save ?40K at the end of her service year.

Unemployment with a side of hustling…

After her service year, she spent some time at home helping people incorporate their companies for anywhere between ?15K and ?50K. In February of 2015, she got a job at a law firm for ?40K monthly, plus her side hustle, bringing her net monthly income to ?60K-?80K.

The income jump…

She got a job as an executive assistant to a government official and started earning ?315K in January of 2016. This was great because she saved up to ?1M in a matter of months. The insecure nature of the job made her uncomfortable, so she moved to another job in August of 2016, netting ?250K monthly.

Let your money rise and make you more money…

She invested money in various places ranging from landed property to cryptocurrency. That plus her savings yielded some $10K in a mutual fund.

I bet you didn’t see this coming…

After a few health challenges, she got pregnant in October of 2017 and gave birth to her son in June of 2018. She and her husband had been saving ?50K monthly for their baby, meanwhile, she was expecting a promotion, so things were moving nicely.

Until life happened…

She realised her marriage wasn’t going to work so while she lived with her husband, she bought a piece of land for ?6M, hoping to start building on it. Her promotion came in October of 2020, but that’s also when the Lekki shooting happened. Suddenly, raising a son in Nigeria was no longer an option.

2020 was a busy year…

She was cohabitating with her now ex-husband, she started work on a hostel building project which cost her and her mother some ?11M, and she got a remote job working for a law firm at $15/hour.

The new goal is Canada

She applied for relocation to Canada in March of 2021, using a ?5m loan from her dad and income from her remote job as proof of funds. She’s also moved back into her parents’ house. But what’s interesting is that she got back into the crypto game this year as well— even taking a ?1M QuickCredit loan from GTB to finance it.

She wants what she wants…

She wants to give her son the kind of financial support her parents have given her, and is confident about her long-term investments.

Money Africa’s Opinion?

The subject has a keen desire in leaving assets for her son. She can take it a step further by drawing up a more detailed budget for his education. How much would it cost to send him to a great university? She can work out an estimate. Then break it into a monthly sum, which she can invest.

She could diversify some of her investments to the low-risk category ( fixed income dollar investment) and a medium-risk investment such as a US real estate ETF.

Also, she can optimize her cryptocurrency portfolio -- if she is not doing so already -- by placing it in an account where she can earn some interest.

At the moment, about 71% of her salary goes towards paying back loans taken from her mum and the bank. That is not sustainable.

She should liquidate the expenses by her mum on the hostel, solely from the rental income. That would enable her to pay down the bank loan faster and free up the money she can invest. She also needs to cut back on taking loans for investments.

Since she may be relocating from the country soon, there is no need to start building a personal house.

MoneyAfrica Kids

It is never too early for children to learn about money. One of the ways they can do so is the register and participate in the financial literacy summer boot camp coming up on August 9,?2021.?

We have so many impactful and exciting sessions for them this summer covering areas such as budgeting, money and the mindset, functions of money and so much more.?

There would be three ranges of classes for all the children: ages 7–9, 10–12 and 13–18.

Do not let your children, nieces, nephews, neighbours and loved ones miss out on this powerful and exciting boot camp ???????

The benefits are outlined below:?

• 8 pre-recorded, simplified online courses on money management and wealth creation that can be watched at their pace
• 4 Saturday group live classes
• 1 year FREE access to the pre-recorded courses
• FREE customised email support for 1 month after the 1 month training session

With our summer financial literacy boot camp, your child can be the next Warren Buffet.

To add to this, the children will be given certificates of course completion and a FREE Piggy Bank that would help start saving.

Fee: ?30,000 only?

Please contact

[email protected] ?or 08136069331 (Ann Olaleye) for more information.