The average Nigerian dude wants to ball. You can’t really judge them either, because…you only live once. YOLO!
Monday to Thursday: you stay on the hustle, money must be
made.
Fridays nights: back to back clubbing with the babes.
Saturdays: wedding and after party then lounge/drinking time
with your bros.
Sundays: big boy brunch at any four-star hotel and football time at the
bar later in the day.
The lifestyle is the dream; however, except you have your
own business or solid inheritance somewhere, this lifestyle cannot be
sustainable -especially, if you are still a bachelor.
Even when they follow the best financial advice available
(they work hard, spend less than they earn, save and invest) quite a percentage
of single men still find they have to live pay cheque to pay cheque – with no
savings.
Of course, this does not in any way imply that all the
unattached men in Nigeria are flunking their finances or are in a hopeless
position when it comes to money. Some men just face specific challenges, when
it comes to managing their cash.
The state of the country’s economy plays a huge role in this
dreary financial picture; as such, opting for just the basics when it comes to
making financial changes may not be ideal.
Single dudes should consider taking on some of these
hands-on money rules:
Rent must not exceed half of your monthly earnings
Yes, you want to live alone, have your own place and be
independent, but you should not spend a fortune or run into debt renting an
apartment. Ensure your monthly rent is not more than half of your total
earnings per month. For instance, if you earn N100,000 per month ensure you do
not rent a place that costs more than N25,000 per month. This means that you
would be looking out for a space that would possibly cost you N300,000 per
year.
It’s easy to get sold on the dream of emancipation from
parents and total independence, but if it’s going to jack up your bills, it’s
probably not a wise financial move. If you must rent a space, consider getting
flatmates and move up from there.
Opt for hobbies that don’t require an upkeep cost
As a dude, you have a number of hobbies and activities you
engage in, to keep life eventful and interesting. It could be fitness, or just
games for leisure. The thing is, a number of these hobbies require ongoing
upkeep costs; from club membership dues, to cost of supplies, uniforms, and
even trips/get-together.
While it is definitely alright to have hobbies, just make
sure you go for one that requires minimal maintenance, or even none at all.
For instance, no matter how much you love golf, you may want to put that off
for later, when you are more financially stable. Not only do you have to register
to use the golf course, you have to get the outfits and the need for fresh
supplies are almost endless. You may want to consider alternatives like playing
music, on an instrument you already have, or even football with friends or
colleagues.
Cut down on eating out
Yes, you want to join in on the Sunday brunches with
colleagues; you want to prove to your girlfriend, who loves fancy food, that
you are enough for her; you also want to order from ‘The Place’ like your
colleagues, instead of brining something homemade or buying from the lady
across the road and being the “stingy” or “low-class” one.
But if you are
concerned with upgrading your financial status, you will have to skip these
splurges. They seem small, but actually, they accumulate and take a toll on
your finances. You will be surprised to find out that sometimes, the cost of
the daily take-out is what, over time, separates the rich dude from everyone
another dude the wrong side of the thin money line.
Acquire cars based on reliability and fuel efficiency…otherwise,
use public transport
There is the assumption that owning a car makes a dude more
appealing. Before using your life’s savings to buy a car, you must at least
consider two factors.
Ask yourself: how reliable is the car? How fuel-efficient is
it? Answering these questions lets you know if you would be actually making an
investment by buying the car, or acquiring a liability.
This is because fuel bills and repair bills are serious
money drainers when you own a car. Do not just jump and buy any car just
because it is cheap and it still moves. If you cannot say for sure that it is
reliable and fuel-efficient, get on with public transport. And by public
transport, I don’t mean Uber and Taxify.
There is absolutely nothing wrong with commuting to work in
a bus or keke napep. It is actually a better option as it is incredibly faster
in rush-hour traffic. It’s also cheaper when you consider the fuel, oil and
other maintenance costs of running the car. You save more and you upgrade
yourself financially.
When shopping, use the 30-day rule
Believe it or not, shopping is not a “girl” thing. Guys love
to shop too. When shopping – online or in-store, it is important that you
adhere to the 30-day rule. The rule simply implies that you wait 30 days after
your first serious impulse before buying the expensive item, no matter how
essential you think it is. Waiting 30-days give you enough time to do research
and ascertain the impact it could have on you financially, and whether you even
really want it or not.
Sometimes we are deluded by brief fascination and end up
spend a lot of money on something that we will never use and may not improve
our lives in any way.
The 30-day rule gives you the time to come back to reality
and make the sane decision.
Don’t borrow money to invest
Every financial guru will tell you to invest your money in
something, if you want to be financially stable in future.
While this is great advice, you must also ensure that you do
not use borrowed money (money that is not originally yours) to invest…no matter
how lucrative the investment seems or how much of an asset you assume it will
be.
In the case where the investment you want to make is either
a fixed deposit or bond, you will eventually find that the dividends may not be
able to match the rate of interest you pay on the loan. Again, even
investments, such as equities, that offer higher returns, can be too risky.
*Contributed by Nkem Ndem | nkemndemv@gmail.com
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2 comments:
Stop saving money, start investing! Dollar bills are worthless, fancy pieces of paper that are not backed by anything tangible. Buy assets, things that will appreciate in value or that will put your money to work to make more money for you. Things like physical gold and silver, stocks, bonds, real estate, art, anything that you can buy low and sell at a higher price.
By saving and hoarding cash, you are actually losing money because of certain economic factors such as inflation
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