Naira Life Vol 118

Good morning, ☀️

How do you build and grow wealth in Nigeria — information, grit, strategy, or just pure luck? 

Two stories in this dispatch will help us unpack this. One is a 53-year-old woman who quietly built over ₦1 billion in assets in two decades and secured her financial freedom. The other is a 23-year-old writer who kept throwing things at the wall until she figured out how to fivefold her income in a single year. Their paths are different, but both share useful insights. 

On the flip side, money struggles don’t stop either. In Love Currency, a product manager is drowning under the weight of being the sole breadwinner. What does that feel like?

Let's dig in.

In this letter:

• #NairaLife: How Did This 23-Year-Old 5x Her Income in One Year? Writing
• Love Currency: This Product Manager Is Experiencing Breadwinner Burnout
• I Retired at 53 With Over ₦1 Billion in Assets — Here’s How I Did It
• Ask Aunty M: How do I budget in an inflation-riddled Nigeria?
• Where The Money At?!

The writer in this #NairaLife started chasing gigs in 2019. Five years later, she discovered writing platforms and turned her finances around.

These days, her sights are set on three things: Making more from her books, exploring other income opportunities and providing for her family without buckling under the pressure of black tax.

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Damien* (31) and Josephine* (29) have been married for a year, and their young family has already grown by one.

For #LoveCurrency, Damien talks about becoming the sole breadwinner due to a difficult pregnancy, his struggles meeting financial demands, and why he can’t wait for Josephine to find employment. Find the full story here

In 1998, this 53-year-old retiree took charge of her financial freedom with small, consistent investments. Over the years, she strategically grew her assets to ₦1 billion, positioning herself for an early, comfortable retirement.

This is how she made it work. Get the full story here.

I’ve tried to budget. But how do you do it? You budget ₦100k for transport, then there's a fuel hike. You budget ₦200k for groceries and a crate of eggs becomes ₦5k. You plan ₦1mfor rent but the landlord could announce rent increase. I recently moved from Ibadan to Lagos, so it's also hard to know what to expect (but which Nigerian was ready for the inflation we experienced this year?). I try to keep my expenses down as much as possible, but I keep ending up spending more than expected. I feel like it's irresponsible to not stick to a budget but please, hooooowww can I? - Ibukun, 31

Hi Ibukun. First of all, give yourself some grace. Let’s acknowledge the reality; budgeting in an inflationary economy like Nigeria can be hard. It’s almost like you’re shooting at a moving target. So I understand and empathise with you. Here are a few practical tips I’ll offer:

a. Shift To A Flexible Budgeting Method: Traditionally, there is a fixed amount for each category, but this can lead to frustration in a volatile economy. You can try a prioritised spending plan where you rank your expenses by importance. Essentials like rent and transport come first, and want like entertainment can be adjusted or paused if costs rise unexpectedly.

b. Account For Inflation In Your Budget: Build in a buffer to cover unexpected price increases. For example, add 15% to categories that are prone to inflation, like fuel or food. If you don’t use the buffer, it becomes savings, or you can roll it over to the next month.

c. Track throughout the month & adapt: Most people budget once for the month and then hope for the best, but I like to review my spending weekly. This allows me to identify areas where I am overspending early and make adjustments before the month ends. Try this!

d. Focus on making more money: The reality is that you can only budget so much. Sometimes, you need to make more money. Seek our remote work opportunities or side hustles to help you outearn inflation.

I hope this helps. Rooting for you.

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.