#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.

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.

I CAN DO MORE !, I CAN BECOME BETTER!!

         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.