Naira Life Vol 99

Good morning ☀️

Quick PSA before we get into this week’s stories: Moonshot is giving out tickets to students at ₦5,000. As a student, you will get access to all Entering Tech sessions, all workshops, and brand merch.

Spread the word to a student who might need this.

In this letter:

• #NairaLife: The Homeless Security Guard Barely Surviving on ₦70k/Month
• Design Gave My Life Direction. But It All Fell Apart After I Lost My Life Savings
• Aunty M: I Don’t Have a Lot of Money, So How Do I Build My Financial Freedom From the Ground Up?
• QUIZ: Take this Quiz, and We’ll Tell You How Far You Can Go to Make Money
• Where The Money At?!

This 27-year-old security guard works two jobs 24/7 but can’t afford a home and can barely support his two children.

Ironically, this is the best his finances have been in years, and he hopes to find new opportunities to improve his luck.

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.

Okeoghene (32) knows how difficult it is to rebuild after losing everything.

He shares how he found a rewarding career in art and graphic design despite his parents’ disapproval, becoming successful, and hitting a creative wall after losing ₦17m. Now, he’s trying to start over.

Are you looking to give your team a competitive advantage and position your organisation for long-term success? Moonshot is offering a 30% discount for teams and groups.

Moonshot 2024 provides valuable content to foster team growth and innovation. Your team members can engage in workshops focused on accelerating startup growth, participate in panel discussions about the global digital economy and building elite teams, and attend additional sessions offering strategic insights to help achieve international development goals.

Save a row for your team at Moonshot and get a 30% discount on 5 or more tickets.

How do I make effective investments in this day and age? I don’t have bulk funds, so how do I build my financial freedom future from the ground up? - Pelumi, 27

Hello Pelumi. This is an excellent question! You don’t need bulk funds to start investing and building financial freedom. You need to commit to regularly depositing a portion of your pay into purchasing stocks. But before that, let’s get your money right.

Step One: Create a budget. This will help you track your income (how much money is coming in) and your expenses (how much money is going out). With this, you can identify whether you have money to save/invest, whether there are expenses you can cut, and whether you need to increase your income to achieve financial freedom.

Step Two: Create financial goals. There is no point in saving and investing if you don’t know what you are saving and investing for. Are you looking to buy a home or a car or travel to a country? Knowing your goals helps you choose the right investment and/or strategy. Get specific with your goals.

Step Three: Pay off high interest. If you have debt, please pay it off as soon as possible! If your debt is at a 15% monthly interest rate, it is unlikely that any investment will beat this, so you might as well pay off the debt first.

Now, step four: Investing! Let’s say you are paid ₦300k on the first day of every month. Take ₦30k, put it into the stock market, and buy exchange-traded funds (ETFs) that track the US stock market. Although ₦30k seems small, you’re able to make fractional investments with some platforms, meaning you can buy a portion of a stock. If you do this consistently for years at a conservative growth of 8% per year, you will surely see huge growth in your portfolio. To take it a step further, automate this transfer so you don’t have to rely on your own willpower to invest.

This is how the rich get richer. They make their money work for them. Remember, don’t save/invest what is left after spending; spend what is left after saving/investing. Good luck.

Xoxo, Reni

• Have a money question? Ask Reni here and we'll take it from there