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.

One major key for a good life I learnt from my parent is the dignity of labour, my dad was an electrical engineer and as such he did contracts, and this was my first shot at making money. I worked and I was paid based on the level of my knowledge. I had my first proper job as a primary school teacher after my secondary school education in 1996. Salaries were paid in cash then, well packed in envelopes with your name written at the back, I remember taking it home very proud, and I was encouraged by my folks. With part of the money I can remember I bought a bible yea I love God. I worked not because I was hungry but I wanted to be financially independent, as a young boy I disliked the idea of begging. I got admission three years after I finished school and by then had pretty good savings all kept in my grandmothers’ wrapper under her bed, well-hidden and free from theft. My savings was a big deal to me and I could save because, I was not spending transport to work as the school was a walking distance from my home, I ate food at home and my parents took care of my clothing’s, yes it was my teenage years . While I was in the University, I did not stop working I marked WAEC result as I was good in Mathematics, which was the course I studied in the University, I was making money from there, I also started teaching in tutor schools and I earn N50 per hour on each subject for GCE/WAEC class, and N70 for JAMB classes during holidays and ASUU strikes, I remember been happy when I have to take extra classes, and I took all available subjects apart from English Language, I took JSS 1 class to SSS 3, when you see me with my bag I am always white from chalk dust, the money was good. I also had extra classes for students who approached me at a good fee. I opened my first ever bank account with Coop Bank PLC. It was a savings account, I never liked Current account because of COT, even till now, you call it stinginess, but I call it prudency.  

While working as a primary school teacher I remember buying my first shares after I had a talk on dividends with my dad, even though he added money to what that I gave him from my savings. That was my first real investment; I bought more shares while in the university. Then I thought I have had a good grip of my personal finance, while waiting for NYSC (National Youth Service Corp) I had the opportunity of doing a good marketing job for a PFA (Pension Fund Administrator) that was where I raised the money I spent in camp and that was my first shot at financial recklessness, as I spent all the money before Camp was over, I spent over a hundred thousand naira in three weeks, I do not drink, smoke or womanize, what I spent the money on I cannot remember. Service year was great for me financially; I was busy with business: I sold waist bags, white Tee shirts, badges…. I buy them in Onitsha and sell in Calabar to my fellow corps members and business was good back then, as whatsoever you buy, you gain a 100% profit. Then I decided to stay back and capitalize on the opportunities that abound in Calabar. This time I was not reckless, managed the money well, I paid for my rent and was able to have decent apartment after service year, and then I got the big break got a fantastic job with oil and gas company earning over 250,000 a month as at 2007 and I got promoted the third month on the job, and that was when I started living recklessly as I joined my colleagues at work and they inducted me into Clubbing, womanizing and financial recklessness, I did not have caution with money, I spent money like there is no tomorrow, my dad told me to buy a land for 150, 000.00 I refused told him that it was in a bush that they should look for other options as money was not the issue, I became so reckless that I once had issues with irregular signature with my bank and I decided to close the account and I took over a million naira home and I spent it in less than three weeks, that was the money I would have used to start my first house. Suddenly at the peak of the credit crisis, my then office had serious loan and we were having money issues because we had our major investment in real estates in the USA as a form of diversification, all the business in Nigeria was failing we needed to pay our loan in the USA as well as service the loans in Nigeria…..they needed to lay some staffs off globally, I was not sacked immediately because I was a diligent and a smart staff, I like to work even till now I still do as it is my major strength in making ends meet. It was not until after six months that I was eventually out of job because the company closed down. It was like a dream, I had no money, no savings, no investment, and I had debts. I was not paid any final entitlements so nothing to fall back on, I was in trouble, friends that I owed embarrassed me, some deserted me, it was a story of from grace to grass, I got another job 3 months after but my salary was not up to my tithe 3 months earlier, it was a terrible experience.

Seven years down the line, I am no more in debt and I am living a better financial life, and still working to get better by the day.

This is my personal finance story, hope I have being able to help someone.