Zikoko wants to understand how people move the money around. There will be some stories that are struggle-ish and some that are bougie. It will reveal all the time.
Let’s start with what money was like growing up
My parents took me and my siblings to fast-food restaurants on Sundays. My first recollection of money was when I was nine years old. I received a monthly allowance of 300/month when I got into the school. The family was going through tough times at that time.
Do you know what led to this?
The deals my dad lost affected his business. He was moving to the UK for a job. The family's money was used to settle him down in the UK.
My mother didn't have enough money to take care of her four children. We had to change our lifestyles. We moved out of our mini-flat and into a room in a face-me-face-you house. We were fighting for our lives.
When the other kids in my school got between 800 and 1k/month, I couldn't afford more than 300 as my monthly allowance.
When I graduated from secondary school in 2010, my allowance had grown to 1k.
Let me guess, things had improved at home
I agree. When my dad moved to the UK, he found a steady income and was able to send money back to us.
My parents and brother moved to the UK to be with my dad, so I and my sister lived with an uncle.
I attended a university in the southwest.
Did you do anything for money before uni?
I didn't I lived on 5k-10k per month because my parents worried that I would be distracted in school.
When I got into uni, my allowance went from 25k to 25k. I didn't do anything for money in school. I didn't think about making money for a long while.
Interesting. How did it happen?
I spent a lot of time looking up random things on the internet while I waited for NYSC. I stumbled on a thread on how to make money online, which led me down a rabbit hole until I found an offer to make 2k. I got the job after applying.
I had to do everything on my phone because I didn't have a computer. The money was okay to me at that time.
Literally earning your daily ₦2k
That was the end. I was hesitant to take it because I was worried that my parents would cut me off from my allowance.
My allowance didn't stop despite the fact that the transcription gig continued. I was hitting the ball.
The federal government paid 19800 after my parents gave me 25k/month. I was paid 3k by my school'sPPA. The jobs were worth 15k/month. The items came to 62800.
I saved up 45k after buying a laptop. I wanted to get another income source after getting the laptop.
It is possible to be a writer without being a full time writer. It is possible to be a writer without being a full time writer. I had some writing experience but it didn't catch on. I thought I could make money from it.
I came back to Nairaland to find writing jobs. I got my first job as a writer after writing some random articles. My pay wasn't great either.
The word count is 1 per word. I was able to write a 1000-word article in two hours, but it took me four hours to complete the audio portion. I averaged 30k from writing for the year.
Now your combined income was ₦77800
I wasn't trying to save. I always ended up dipping into my savings for random things because they were my monthly savings. I started a savings plan with a few friends three months before my service ended and saved 30k/month.
She needed to get money. She wouldn't want to do that again.
Sweet. What came after?
My parents didn't want me to work part time. I wanted to focus on my work as a writer.
I worried that a 9-5 would make me abandon my low-paying content writing gig in favor of higher-paying ones.
I didn't know how to explain this to my parents.
I tried to get a job but didn't get one. I took that as a sign that I needed to focus on my work as a writer.
What did your parents think about this?
We had a lot of disagreements because they thought I was wasting time. They weren't in Nigeria, so they only had so much to offer. They were still giving me 25k a month.
Back to your gigs, what niche did you want to focus on?
It's a type of currency called a crypt. I got a steady job writing aboutCryptocurrencies for a website during my service year. I was interested in it because it was a new technology and because it was a way to make money.
I didn't find any other work for thecryptocurrencies I wrote for. The majority of the money came from other niches. It took me a couple of years to find another job in digital currency.
What happened in those two years?
Family support isn't appreciated as much as it could be. My parents gave me 25k a month so I could figure things out. The money came in even though we fought because of my unemployment. disobeying my parents didn't have any financial consequences, so I continued to make money from writing andcryptocurrencies.
Must be nice
I focused on the niches I could get since I couldn't get the big break I wanted. I worked on at least two or three jobs at a time. I made between 50k and 80k from these jobs over the course of two years.
In 2020 I found a way to work in crypts.
I was surprised when I found out that my neighbour was going to start a media company in Nigeria that would be focused on cryptocurrencies. He persuaded me to work on his website. He wasn't going to pay me
The company didn't make money yet. He gave me stock options. I decided to take the offer because I was making money outside. I realized it wouldn't work out after nine months. I didn't see any paperwork the entire time I worked there, the stock options thing was a joke.
I left after taking it as a flag. The job gave me the chance to learn more about a new technology. I got a gig in January of 2020 that I had been looking for.
How did it happen?
There is a account on the social media site. The process was simple, I just looked for a writer. I was hired by a PR company to write press releases for their clients.
The height of the last bull run was in 2021. They were willing to pay $50 for every 500-word press release.
In my first month, I was hired to write 30 press releases. My first million was in Naira.
How did this sudden jump in income feel?
It was the first time I realized I could be rich, and I still can't explain how relieved I was. For the first time in my life, I knew that I made the right decision to pursue a career in thecryptocurrencies.
I got another $300/month job in June of 2021. The press release gig brought in a lot of money. I made an average of 1.2m in Nigeria.
How were you moving money during this time?
I lived on 200k and saved 1m/month. I split the 1m into two parts and left 500k in savings and 500k in coins.
I split my investment into two equal parts to make it less risky. A majority of my investment was in stable coins likeUSDT.
I used my savings to buy a car in December of 2021. The rent for my new apartment is 650k per year. I had 500k in my savings at the end of the year.
I renewed my ginger in the new year to do more work in the crypt.
So how did 2022 go?
I got a part-time job in the media department of a company and my salary was $700 a month. The income from both the PR company and the news website was $1200 a year.
If I lost any of my jobs, I thought it would be a good idea todiversify my investments and have an option to return to them.
What did you decide on?
I set up a studio to make videos. I didn't know how much it would cost. I spent $10k on audio and video equipment in the first half of the 20th century. I woke up and realized I didn't have any savings. The studio was tied up so I couldn't save anything.
Were you making money from it, though?
Nope, that's right. I realized that I should have taken a savings first approach. We made a plan to build my savings back up after a phone call with my mother. We decided on a goal of $10k by the year's end.
Did you hit the target?
I was close. I saved $8k by the end of the year.
How? Please break it down
I was earning $1k a year at the media company. Two PR companies and a news website gave me an extra $2,500 for my work. I wanted to save at least $1k per month for the rest of the year.
I built a savings chest after talking to my mother. I was no longer employed in November. The PR company I worked for ended their contract in December. There were consequences of the bear market in thecryptocurrencies.
Omo. What’s 2023 looking like?
I make between $1200 and $1500 a year working for a PR company and a news website. The studio has begun to make money, but it goes into keeping the lights on and the operations going.
Has anything changed in the way you manage money?
I'm taking a savings-first approach now. The $8k from last year is still in my account. Two months ago, I began a new savings plan. I'm saving $500 per month. It's not negotiable.
What about investments?
I have a large amount of money in cryptocurrencies. Good use cases and strong communities are some of the things I look for in projects. I also like to support VC-backed projects. I think those are in for a long time.
I am not a big fan of speculative aspects. It's the best way to make money incryptocurrencies. While I try my best to avoid trading, I keep an eye out for job opportunities in the market. It is the perfect blend of safety and risk.
Love it. What do your monthly expenses currently look like?
I have a high gift budget because people think I have a lot of money. I took a bank loan a year ago. I had to make some emergency purchases for my house, but I didn't want to take out my savings. The bank gave me a loan of 275k.
How much do you think you should be making now?
I thought I would make at least $5k a month this year. The bear market has made it hard to find hard-hitting jobs. I'm in this for a long time.
I am looking for a marketing officer role, as well as a couple of writing jobs. I think these will get me to $5k per month.
Is there anything you want but can’t afford?
Investing in real estate. I want to own a block of flats, but I can't afford it. A new stream of income can be unlocked by this method. I can't afford it at the moment.
How has your experience shaped your perspective on money?
It is easier to make money when you have a structure. It is said that it is easier to make money after you have a million dollars. I didn't know how to make a million. I only had to improve the process after hacking it.
Where would you put your financial happiness on a scale of 0 – 10?
There are four. I am not close to where I think I can be. Saving, real estate investments and stocks lead to financial independence, according to me. I only have a small amount of money, and I worry a lot about it.
That’s very interesting
I want to save at least $30k as soon as possible. I want to know what it feels like to have more than one option.
This is a good place to start if you want to talk about your story.
I would like to do a Naira life.
Here, you can find all the past Naira Life stories.