I'm still quite young so I saw it as an achievement when I made my first million naira last year November, I had earlier on planned on saving it in hard currency as I grind for more so that time will not waste it but around that time, naira started depreciating so I changed my mind, December last year my guys were already pumping their cash in dollars, most of them bought around 1200 but I had made up my mind I wouldn't. They were fuc*ing on my neck, gee your money dey go, gee dey there while we dey multiply, gee na you know oo, naira has no more value, I was adamant because I for one didn't trust the sharp increase. January came, February came, naira was depreciating further but I already made up my mind even with pressure from my guys, they were having huge profit. What made me change my mind was that I usually buy rice a cup for 150, I went to the market again and they said 4h, fu*k, everything was now x2, I now realized my money was wasting, I told my gees and they were like its not too late, this thing will reach 3k per doll, I pumped in my naira at 1900 plus, that same night, not exaggerating oh, that particular night, I started hearing naira has started appreciating. Opor, my gees withdrew at 1700, I didn't want to do anything out of fear so here I am today, if you calculate with the current rate you'll know my losses.
I just cross my mind say I don fu*k up. I consider that cash now 0, now I'm starting all over again, on the road to making my first million a second time. God help me ,mbok

modified: yes, it's no mistake, it's in crime section, it's a crime, all my gees dem should be serving time for robbing me

You lost a million naira cash and gained a million naira wisdom.

thesicilian:
You lost a million naira cash and gained a million naira wisdom.

come and take the wisdom and gimme cash mbok, I'm ready to sell

DGimmick:
come and take the wisdom and gimme cash mbok, I'm ready to sell

There's a big difference between just knowing something, (like yes everyone knows you shouldn't allow emotions and peer pressure to drive your investment plans) and actual experiential knowledge (finding yourself in a real life situation). Years later when you're controlling million dollar deals, most of your decisions will not be based on the things you learnt in class, but mostly on what you have gone through on the streets.

Mumu

First of all, permit me to laugh a lil bit 😂.
On a more serious note, don't feel too bad about it. There's going to be more opportunities in the future. Many have lost more due to pressure from friends and family. I'm an advocate of sticking with your convictions rather than joining the band wagon.
Instead of keeping your money idle in the bank, I believe it's more prudent investing in something that'll keep your money flowing. Remember, stagnant water doesnt have much benefit

thesicilian:
You lost a million naira cash and gained a million naira wisdom.

Ojina si adanu, O sun mo Igbo🤣🤣

thesicilian:

There's a big difference between just knowing something, (like yes everyone knows you shouldn't allow emotions and peer pressure to drive your investment plans) and actual experiential knowledge (finding yourself in a real life situation). Years later when you're controlling million dollar deals, most of your decisions will not be based on the things you learnt in class, but mostly on what you have gone through on the streets.

yeah I gat your point, it's better I lost the million now and learn rather than learning later with a more humongous amount. Ill advisors stay far away from me

kestolove95:
Mumu

Ode

OP school na still scam?
Happy sapamalekum to you

This story funny me dieee .you bought dollars @1900

It's not peer pressure anything. It's just your...
You were hoping to cash out like your friends without studying the market.
Your friends did, they knew N will fall against the $ and advised you to. You ignored. When you now wanted to, you didn't do anything and just went into it.
Well, lesson learnt.
Always study something b4 going into it.

Blackbelly:
First of all, permit me to laugh a lil bit 😂.
On a more serious note, don't feel too bad about it. There's going to be more opportunities in the future. Many have lost more due to pressure from friends and family. I'm an advocate of sticking with your convictions rather than joining the band wagon.
Instead of keeping your money idle in the bank, I believe it's more prudent investing in something that'll keep your money flowing. Remember, stagnant water doesnt have much benefit

You are right, I thought of it too but the thing is, I work constantly, almost 24/7 with rests in between,so I don't have anytime that I can spare to put the money I've earned into something else and start managing that too, if there's any investment that you can suggest,tell me so that I'll research it 😏 ,that way the money can be working for me rather than staying idle

Me self loss 150k naira ontop this matter. Wetin save me b say I quick convert to naira. I accepted my loss. If to say I still hold my dollar by now na over 400k - 500k I for don loss.

These things happen. You win some you lose some.

That is why managing money is obviously very difficult than making money in this life.

KillIgbohoN0W:
OP school na still scam?
Happy sapamalekum to you

big scam, I make that money in less than a year after suffering for 3years for school with no shishi for account...

Money hard to enter but quick to go...

You lost already, the greatest mistake you'd make is selling that usd now. Never ever buy a currency at the peak, you'd loose. I have been in your shoes when Usdt was 700, I boght about 1m vaue @840, dropped to 690-700 and I sold them all incurring a loss of about 140k.

I later regreet not leaving the funds then. Whatever happens, keeping funds in USD is still okay because I dont see the Nigeria of today making 1USD =1NGN. If you believe in this Government, do well to sell your assests. I bought the recent ones around 1100-1300. I didnt sell even when it was at 1900.

DGimmick:

modified: yes, it's no mistake, it's in crime section, it's a crime, all my gees dem should be serving time for robbing me

You had 1 million naira and you were buying a cup of Rice. You should have been the next minister of information after Lai Mohammed

fidelmarshal199:
You had 1 million naira and you were buying a cup of Rice. You should have been the next minister of information after Lai Mohammed

I see people dey like that o
My roommate use to have 250k no responsibilities
This guy can go to bukka eat rice without protein
E make sense now Abi
Werey go buy rice 500 one drink
No meat o

Na village ppl dey follow u,when it was 1400 they closed ur ear so u won't buy,when it was 1500 same thing then it entered 1900 ur ears open.

Buying dollar at 1900 is a foolish investment,since they said it will track 3k u could have waited for it to hit 2k first before buying.

DGimmick:
You are right, I thought of it too but the thing is, I work constantly, almost 24/7 with rests in between,so I don't have anytime that I can spare to put the money I've earned into something else and start managing that too, if there's any investment that you can suggest,tell me so that I'll research it 😏 ,that way the money can be working for me rather than staying idle

invest your money in good expired domain names. A domain costs just $8 and you can resell from $100 up afterwards. Below is one of my sales at a domain marketplace. I bought the domain almost $8.

Just a suggestion, do more research on your own or check this awareness thread on nl;

https://www.nairaland.com/4519087/how-rich-selling-expired-domain

fidelmarshal199:
You had 1 million naira and you were buying a cup of Rice. You should have been the next minister of information after Lai Mohammed

Lol. 1m will look like 100,000.00 to you
when you have it.

Aaaaarghmed:
This story funny me dieee .you bought dollars @1900

worst gee, 1920.. omo

CandidAdmin:
It's not peer pressure anything. It's just your...

You were hoping to cash out like your friends without studying the market.

Your friends did, they knew N will fall against the $ and advised you to.
You ignored.
When you now wanted to, you didn't do anything and just went into it.

Well, lesson learnt.

Always study something b4 going into it.

seriously painful, but it was going up rapidly for months naa, my money was losing value, I guess I just panicked not being greedy as you hinted but as you said lesson learnt