No dumb moves. Never buy anything that is worth more than 25% of your total bank balance (except it's a cash generating asset).

Never ignore the power of compounding interest. Save up to a point where the least market interest rate can pay some major annual bills you incur. Then you keep compounding and earning more returns....

Savings is for the patient. But saving without a goal is a waste of time.

And never get emotional and naive about money. Social conditioning and pressure can pose a great enemy to your financial buoyancy.

Write the vision, make it plain.....

op, George .S. Clason didn't say you should save to buy a car or build a house. He said save to invest then invest again before you buy a car from the proceed of your multiple investments

Somehow I feel the person who wrote this does not have one million naira anywhere not in a car house land or bank account

MsFaith:
At this moment, I'm stuck between saving money and you only live once

Do not save money!
Invest your money ! No matter how small

Opinionated:
Growing up in Nigeria, you would agree that money is usually not the topic discussed with teenagers becoming young adults. Money is only discussed when it is needed by someone or when it has been misplaced or wrongly spent.

Every other thing in between like budgeting, how to makes wise money decision, long term money goals, short term money goals, savings and most importantly investing, is usually not discussed with young adults in Nigeria except but a small percentage.

As a young Nigerian in your 20s, you would usually fall within one of these four categories; a fresh graduate, a just discharged corp member, an employee at the edge of kicking off your career, or an entrepreneur trying to figure out how to get started.

Regardless of where you belong, you must have accepted and come to terms with the money truths, so it’s time to start getting serious about managing your money and here is how to get started.

Educate yourself

By now you’ve probably realized that the education system has done a terrible job at teaching anything related to financial literacy, except of course you studied something relating to finance. But don’t worry, managing your money is simple once you educate yourself. Start by reading a book about personal finance, but be deliberate about it. if you want to be an entrepreneur, read books by successful entrepreneur an how they managed their money, as a career person, read books about successful executives and how they managed money. That way you don’t get confused when you want to apply it to yourself.

Make a realistic budget

This is the starting point for personal finance, yet many people struggle with it. One of the reasons people struggle with justifying their spending is because they do not have a budget or do not set a realistic budget. Also, a lot of young Nigerians get carried away by the salary they earn that they don’t bother to account for it.

Before you can put together a realistic budget, you must be able to track your spending, all of it. Know the needs you spend on and the wants you are likely to spend daily. Prioritize what is important to your survival first before adding your fun and splurge expenses. Though you might be able to afford some splurge, but ensure they are trimmed so you won’t spend more than you earn.

Pay yourself first

This rule was first mentioned in the book ‘The richest Man in Babylon’ by G.S Clason and it is the start of financial freedom. This applies to both short and long term savings. This includes saving for buying of a car, your wedding ceremony, vacation and even retirement savings. By paying yourself first you are paying down for the future so when you need those things, you would be able to pay with ease. It also means your future needs goals would always be met. Money in your 20’s can be difficult to manage so don’t fall into the trap of spending first and then saving if you have something left over.

Build your emergency fund

Building your emergency fund can be tough in your 20’s since your pay is usually not that fantastic, but don’t underestimate the importance of saving for one. Anything can happen, you might need medical attention that your HMO would not cover that’s if your organization has one in place. Yu might need to get an accommodation, in case you are still leaving with your parent or some friends. Therefore, for these unexpected things, make your emergency fund part of your budget.

Start Investing

It is funny how a lot young Nigerians believe investing is something that should be considered when one is approaching their 40s or 50s when they have millions in their account. As a matter of fact investment is the last thing to be spoken about when talking about money. The truth is, investing is now easier and anyone can start an investment plan. Financial institutions have now made it easier for anyone to start an investment, just find the one that is verified and effective and start investing.

Finally, one thing to note is that you can’t compare yourself with your peers and what you do with your money now could have a lasting impact on your financial future.

How to Manage Money as a Nigerian in your 20s

Thanks for the update.
Can you please name the Personal Finance Books to read?

Neurotika:
No dumb moves. Never buy anything that is worth more than 25% of your total bank balance (except it's a cash generating asset).

Never ignore the power of compounding interest. Save up to a point where the least market interest rate can pay some major annual bills you incur. Then you keep compounding and earning more returns....

Savings is for the patient. But saving without a goal is a waste of time.

And never get emotional and naive about money. Social conditioning and pressure can pose a great enemy to your financial buoyancy.

Write the vision, make it plain.....

first thanks to the op for this great tips.
Back to you. Sir can you suggest some of the savings platform that one can save and use the compound interest type of savings which platform

Chibenze:
first thanks to the op for this great tips.
Back to you. Sir can you suggest some of the savings platform that one can save and use the compound interest type of savings which platform

Congratulations!
You are a potential food for scammers !

Save ke when these babes will not allow man to rest. From iPhone X to Human hair.. The makers of that iphone will know no peace.. They are the cause of Nigerians spending their life savings on iphone. You are not a big girl if you are not using an iphone in Nigeria..

Na where you even see the money to manage?? Lol

BigGuyMan:

Ote no go hustle dey think

and am guessing you wey dey hustle no dey THINK abi?

Opinionated:
Growing up in Nigeria, you would agree that money is usually not the topic discussed with teenagers becoming young adults. Money is only discussed when it is needed by someone or when it has been misplaced or wrongly spent.

Every other thing in between like budgeting, how to makes wise money decision, long term money goals, short term money goals, savings and most importantly investing, is usually not discussed with young adults in Nigeria except but a small percentage.

As a young Nigerian in your 20s, you would usually fall within one of these four categories; a fresh graduate, a just discharged corp member, an employee at the edge of kicking off your career, or an entrepreneur trying to figure out how to get started.

Regardless of where you belong, you must have accepted and come to terms with the money truths, so it’s time to start getting serious about managing your money and here is how to get started.

Educate yourself

By now you’ve probably realized that the education system has done a terrible job at teaching anything related to financial literacy, except of course you studied something relating to finance. But don’t worry, managing your money is simple once you educate yourself. Start by reading a book about personal finance, but be deliberate about it. if you want to be an entrepreneur, read books by successful entrepreneur an how they managed their money, as a career person, read books about successful executives and how they managed money. That way you don’t get confused when you want to apply it to yourself.

Make a realistic budget

This is the starting point for personal finance, yet many people struggle with it. One of the reasons people struggle with justifying their spending is because they do not have a budget or do not set a realistic budget. Also, a lot of young Nigerians get carried away by the salary they earn that they don’t bother to account for it.

Before you can put together a realistic budget, you must be able to track your spending, all of it. Know the needs you spend on and the wants you are likely to spend daily. Prioritize what is important to your survival first before adding your fun and splurge expenses. Though you might be able to afford some splurge, but ensure they are trimmed so you won’t spend more than you earn.

Pay yourself first

This rule was first mentioned in the book ‘The richest Man in Babylon’ by G.S Clason and it is the start of financial freedom. This applies to both short and long term savings. This includes saving for buying of a car, your wedding ceremony, vacation and even retirement savings. By paying yourself first you are paying down for the future so when you need those things, you would be able to pay with ease. It also means your future needs goals would always be met. Money in your 20’s can be difficult to manage so don’t fall into the trap of spending first and then saving if you have something left over.

Build your emergency fund

Building your emergency fund can be tough in your 20’s since your pay is usually not that fantastic, but don’t underestimate the importance of saving for one. Anything can happen, you might need medical attention that your HMO would not cover that’s if your organization has one in place. Yu might need to get an accommodation, in case you are still leaving with your parent or some friends. Therefore, for these unexpected things, make your emergency fund part of your budget.

Start Investing

It is funny how a lot young Nigerians believe investing is something that should be considered when one is approaching their 40s or 50s when they have millions in their account. As a matter of fact investment is the last thing to be spoken about when talking about money. The truth is, investing is now easier and anyone can start an investment plan. Financial institutions have now made it easier for anyone to start an investment, just find the one that is verified and effective and start investing.

Finally, one thing to note is that you can’t compare yourself with your peers and what you do with your money now could have a lasting impact on your financial future.

How to Manage Money as a Nigerian in your 20s

Invest on what? You guys. Come here and. Say invest. In our. Economy it is difficult to invest. Give us examples if you really want to help out.

LordFriar:


I don't want to relate to posts like this and I hope I won't in the future.
I want to have so much money that I won't care how I spend it.

Ode.. If you can't manage pennies, u can't manage pound

Olohunjedalo:

Do not save money!
Invest your money ! No matter how small

Alright o, so what can I invest my money on?

Onnasucs1:
while your mates are stuck between saving money and investing money

oga, whay can I invest my money on that it won't go into flames

I thank God I was taught financial literature in the home right from teenage days.

To spend money dey pain me, to save money dey sweet me. As long I dey get heavy alert, the happiness alone sef dey quench hunger, I no dey fit chop that day.

Womanizing- zero

Drinking- zero

I can never be poor.

gift01:
Avoid bet9ja

especially visual,that stuff can destroy someone

Chibenze:
first thanks to the op for this great tips.
Back to you. Sir can you suggest some of the savings platform that one can save and use the compound interest type of savings which platform

I can save them for you sir

MsFaith:
oga, whay can I invest my money on that it won't go into flames

In my business.
Interest assured

ClixMaster:
In my business.
Interest assured

Your business koor

What do I invest in please?

Running outta time.
Thanks in anticipation

We are in the process of launching an online survey startup, afrisurvey.com, that exclusively caters for those (companies, governments, academic institutions, individuals) doing market/academic research about Africa.

Put simply, Afrisurvey will be a user-friendly web based software as a service (SaaS) platform where African researchers can easily create surveys, deploy it to targeted African audiences who use our mobile app and get good quality data.

We will make money by charging researchers who use our web based platform to connect to thousands of registered users waiting to respond to any survey that targets them.

Project Current Status

✓ The web platform for Afrisurvey is still under construction. Current status of the platform can be accessed via www.afrisurvey.com, forum.afrisurvey.com and panel.afrisurvey.com. The platform is expected to be formally launched and open for business early next month.

✓ We have been compiling a detailed a list of potential customers. We also have been making cold pitches to those on our list. We got some quality feedback from a couple of them, and many have indicated interest in paying for our service.

✓ We have built a prelaunch site, afrisurvey.launchrock.com which we are currently using to acquire prelaunch users. We currently have over 20,000 subscribers.

✓ The company have been registered in Nigeria with the Corporate Affairs Commission (CAC), with the name African Survey Services.


As we plan to formally launch by early next month. We are also planning to raise an investment amounting to $10,000 or its naira equivalent (N3,600, 000). A minimum of $500 (N180,000) per individual.

The primary usage of the funds will be as follows:

1. Aggressive marketing for more user acquisition

2. Building formal relationships with potential clients. This include travelling, etc.

3. Complete the development and launching of the web/mobile platforms

4. Invest in scalability

5. Rent, utilities and contingencies.

The required sum of $10,000 might be seen to be on the low side. This is deliberate, we expect revenue to come in immediately, and that will encourage us to focus on getting and growing revenue as early as possible so as to completely bootstrap the business.

Opportunities for Investors.

We are offering two distinct channels, through which investors can get good return on investment made:

1. 50% return on investment, spread over 10 months. With this, an investor will get 5% of his/her investment monthly, for a period of 10 months, and he/she gets the capital back after the expiration of the 10 months period.

2. This is strictly for those that want to stay and grow with us. We have reserved a total of 20% equity for this class of investors. If interested in this class, please get in touch for more info.

Kindly let me know if you are interested in taking part of the fund raise.

I can always be reached via;

Email: support@afrisurvey.com

Call/whatsapp : +234-09081412698


Thank you.

Sunexy:
Keep away from most naija girls...They can disfigure your account if you aren't careful

Only a fool wouldn't know this.

BigGuyMan:
In Nigeria?

95% of afonjas youths are all Internet fraudsters or skull miners, they all want fast money

The only investment they know na Investment formats

Permit me to correct this your last statement:.
The only investment they know is sport betting.

MsFaith:

Your business koor

Where is the money to even save self?

MsFaith:
oga, whay can I invest my money on that it won't go into flames

invest in my dowry. *Just kiɗding o.*

invest your time into books and you'll know how to invest your money wisely. I can recommend some books.

Onnasucs1:
invest in my dowry. *Just kiɗding o.*

invest your time into books and you'll know how to invest your money wisely. I can recommend some books.

Name the books pls.

kzea4real:

Name the books pls.

1. Rich ɗad poor dad.(Robert Kiyosaki)
2. Millionaire fastlane(Mj DeMarco)

3. Think and grow rich(Napoleon Hills)

4. Why 'A' students work for 'C' Students (Robert Kiyosaki)

5. Richest Man in Babylon(George S Clason)

These books has changed my life.
Search on google for them or better still check on
(pdfdrive.net)
They are free. Don't pay a dime for any.

Msfaith check this out

ClixMaster:
I can save them for you sir

hahahaha Boss . no worry will dig ground and cover it like the olden days style

Onnasucs1:

1. Rich ɗad poor dad.(Robert Kiyosaki)
2. Millionaire fastlane(Mj DeMarco)

3. Think and grow rich(Napoleon Hills)

4. Why 'A' students work for 'C' Students (Robert Kiyosaki)

5. Richest Man in Babylon(George S Clason)

These books has changed my life.
Search on google for them or better still check on
(pdfdrive.net)
They are free. Don't pay a dime for any.

Msfaith check this out

Thank you Onnasucs1, will do that