Thursday, February 25, 2016

#MyPersonalFinancestory-Facing my personal finance giant

My name is Segun, I am married and blessed with two beautiful children, I live in Lagos and I lost my job in January, 2016. This is my personal Finance story.

I have being reading this blog for quite a while and there’s a need to share my story not for pity party but to encourage somebody.
My wife lost her job during the bank crisis in 2011 and she switched into business- selling cloths and ladies accessories after we searched for another offer and could not get. And this she did making gains until the recent downward turn due to the exchange rate, which has brought the business to its knees. Sad enough, the same economic situation affected my company and I was affected by the downsizing in January 2016.

Monday, January 25, 2016

Currency Devaluation, Dwindling oil prices VS Personal Finance in Nigeria

If you are a regular reader of the blog, you will recall I did a piece on living in trying times, you can get it here. Without mincing words, Nigeria’s economy is going through difficult times and this is not just peculiar to our dear country alone, it is a worldwide issue. With the dwindling oil prices, major oil producing countries have been adversely affected, and countries with major dependence on this commodity with Nigeria topping the chart are having serious economy crises.

The current global economy down turn is caused by the following:  The slow and declining growth in China and the Euro zones, raising global terrorism cases and  increase in the world oil supply and if you remember from the law of demand  and supply , that the higher the supply the lower the price and Nigeria as a country cannot do anything about it, what other oil producing Countries like ours are leveraging on is diversion into other produce such as Agriculture, IT, Mineral resources etc. which Nigeria is yet to properly take advantage of, and  utilizing the external reserves to handle projects and reoccurring expenditure. The mismanagement, and looting of our reserve does not give the country the option of falling back to make use of the external reserve hence our urgent need to loan funds from IMF.

Monday, January 18, 2016


         Let me start by saying Happy New Year. I want to believe we are all ready to achieve our financial targets this year 2016, and if this is your decision, there is a need to be resolute enough to achieve it through a well-articulated vision and determination.
     I am optimistic it is going to be a great financial year, even though the economic indices are not favorable, yet many will achieve financial freedom this year and these classes of people are the smart ones. We will look at how to be smart with our finances in 2016 and beyond so as to meet our financial targets and achievable.  That is why we are starting the year with the topic I CAN DO MORE, I CAN BECOME BETTER.

Wednesday, December 30, 2015

#MyPersonalFinancestory-School Fee Burden

Hey, I feel it won’t be a bad idea to tell my own #mypersonalfinancestory.  My name is Steve and I am from Edo State, in fact a typical Benin boy. I used to work with the Edo State Government until Five years ago when I got my current Job which transferred me to Lagos. To tell the truth I never liked Lagos life for anything but the MONEY was needed for the family, oh I forgot to mention that am married and have three children, two of which were in school as at the time I got the big Job in Lagos. My thought was to relocate my family to Lagos and settle in, but one thing is typical of me, I love to count my cost before making any financial move, I hate financial surprises. Besides, I am not an accountant but an engineer. I moved down to Lagos and went on school hunt for the kids and then I got the shock of my life; The schools were expensive, good schools of the same standard like the ones they attended in Benin City were three times the cost and the cheap schools were washout, couple with the fact that the selected accommodation was also on the high side, and the cheaper flat we were staying back in Benin was not just cheaper, it was bigger and better by all means possible. I reasoned with my wife and we reached a conclusion to keep them in Benin City. 

We reached the conclusion after doing cost and benefit analysis and today, I am happy I let them stayed back in Benin, has I am able to save better and give them quality education without putting myself under any form of financial burden, my family today lives in the house we built in Benin City while I work in Lagos and stay in a BQ. I decided to send this in after a colleague at work complained of the huge school fees to be paid by the third week of January.
Thanks Steve, the Flash points for me are as follows:
1)      You did not rush into decision making as soon as the salary status changed.
2)      As a married man you carried your wife along in your decisions.
3)      You counted the cost.
I know a few people might have reservations about Steve’s decision, but he acted according to his capacity.
You too can share your story on #mypersonalfinancestory, just contact us on twitter @pistis03.
Stay financially healthy as we progress on our journey to financial freedom; share the blog among your friends, families and foes.


Wednesday, December 23, 2015

Celebrate Your pocket Size

As we prepare for this festive season (Christmas and New Year celebration), I feel strongly to share a thought on the need for us to celebrate according to our pocket size, not doing anything extravagant or out of our way to celebrate because of the economic situation in the country, even though we discussed it sometimes back (Get it Here).
The current economic condition is biting hard on businesses, which in turn bite hard on our personal finance, and we need to manage the situation well by not going overboard, with economic projections of tougher times by economist and financial analyst next year. Here are few thoughts to celebrate your pocket size:
Quit Competition this season.  The fact is we are always in a subtle competition either with people around us or with our last performance and we need to quite that this season and just spend based our pocket size, you can have a classy celebration without breaking the bank and getting yourself indebted.

Monday, December 14, 2015

My Personal Finance Story- Buying a Dream Car!!!!

I am Ken by name and I have loved cars since my childhood days, even though toys cars then were not cheap, I improvised by making cars from every carton I could lay my hands on. I know quite a number of us will remember the sugar cartoon and soft drinks cover (counter’s) cars. Back to my storyline, my Dad drove a beetle car, which was a great car back in the days. I loved the car; I remember washing it always not because I loved to but because I wanted to play with the car.

Monday, November 16, 2015

Retirement- The Concluding Part

 The major thing in planning for retirement is having a somewhat steady follow of income that can sustain your chosen life style during the retirement. That is why I always recommend a moderate, not too extravagant life style that is rich in substance and style. And to achieve this we must have saved over our working years, or have some sort of investments to fall back on. In respect to this will I  commend President Obasanjo, though he may have his own issues from your perspective, but  signing the first pension act into law, a thumbs up. In 2004 we had the first pension contribution law and it was amended in 2014. We will look at the 2014 amendment a little so as to draw our attention to the facts as this pertains to personal finance.
Before we start out with the law thing, lets me quickly ask a few questions:

Wednesday, October 21, 2015

Retirement a Must (2)

From our last publication- Retirement a must (1) get it here. We broadened our views about retirement, pit falls and common errors. We will take a step further and look into some key concepts in retirement planning. They include:

Tuesday, September 15, 2015

Retirement: A Must - 1

When I see the aged begging on the road, especially in traffic my heart breaks, and the question that readily comes to mind is ‘what happened to them while they were in their prime?’ I am not judging their condition, but rather taking a thought to my own life that after all the years I have invested in my career or business I will not grow up and lack the basic things of life (Housing, clothing and food) at the least.
Retirement is one of the topic we least talk about in business and work circle, but it is a reality we will all have to face someday soon. Every time you hear the word “Happy Birthday”, one of the things coded in it is the fact that you are getting older, and with growing older moving an inch closer to retirement.

Friday, August 21, 2015

My Personal Finance Story

Hey, my name is Felix (pseudonym), I am in my mid-thirties and this is my personal finance story:
I was born into a humble family, where both parents were Civil servants.  Our family finances was up and down, but we never lacked basic needs like food, clothing and shelter at any point, and all the six children went to good school and at no time were we sent out of school for school fees, it was paid as at when due, how my parents pulled that off I do not know considering their salaries as at then.

Thursday, August 20, 2015

Introducing a New section-' My Personal Finance Story'

My Personal Finance Story is a new section we would like to introduce for our reading/learning. 

It will be real life personal finance stories of people, the experiences, they have gathered over the years, we want to learn from people around us and see the practicality of personal finance and how we can learn from their mistakes, by avoiding the pitfalls and also leverage on their success story and make it ours.

We will be using pseudo names, locations etc. so the identity of the person telling his story is not compromised in any way. We will also use the medium to seek for financial advice as the case maybe (Note we will not post any request for funds).

You are free to send me your personal finance story at, follow me on twitter @pistis03.

Lets do this together, lets learn from each other.

Ayorinde B.T

I am your friend and Personal Finance Coach Babatunde Ayorinde.

Monday, July 6, 2015

Living in This Trying Times
Over the past few weeks I have had to advice and counsel a number people on personal finance issues relative to the financial turbulence within the Nigerian environment. I had to explain that it is not just a Nigerian thing, but worldwide as a result of Inflation rate been is on the high side and Cost of living which is also on the increase.
Let me refresh our memory: What is Inflation? This is an economical term defined as ‘The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.’ It is obvious that the inflation rate in Nigeria is in the state of comatose.
Let us quickly define the other concept: What is cost of Living? ‘Price of goods and services required for sustaining or maintain an average level of standard of living. This cost varies from place to place and from time to time.’
But I will relate more to the Nigeria environment. The inflation rate in Nigeria as at May 2015 9%, this is not the highest in the history of Nigeria as we had a record high rate of 47.56% in January 1996, however it is high at 9%, this figure is published by the National Bureau of Statistics, Nigeria (