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.



The downsizing was in phases, so I had ample time to plan and strategize on what I will do and that is what I will like to share. I must stress that it is never a good thing to lose ones job, if not well managed it can lead to depression and other complicated health issues. With this knowledge, I avoided pity parties and negative words; I try not to be angry even though I have a thousand reasons to be. I thought of being resentful but it will affect my person, so I choose to be happy and manage the situation at hand.
One lesson learnt was to have saved more, and I realized, I just read the Blog without working out the action points. But thanks to Mr.Babat for those deep thoughts you should have being Blogging personal finance much earlier.
Now to what I did with my severance package, my rent will be due in June, so I paid off my rent at least I have a place to keep my family.

I paid my children’s school fee for next term so I can avoid embarrassment. I kept the rest as operating expense for the house even though I stock the house with basic necessities, I am looking for job but on the interim I am using my car as shuttle as I drop people off early in the morning,so I can have a little funds coming in to fend for my family. I hate lazy men, and I cannot afford to be lazy, because I see many lazy men around this days.

Thanks for reading my story.

..................Mr Segun, thanks for sharing, and you are such a brave man. 


 You too can share your story on #mypersonalfinancestory, just contact us on twitter @pistis03, or send in a mail to babat09@gmail.com.

 Stay financially healthy as we progress on our journey to financial freedom; share the blog among your friends, families and foes.

3 comments:

  1. Hi Babat, i totally relate with Segun as i have lost my job too once in the past. Its true u can get depressed and all but as Segun says no need to waste ur energy feeling sorry for ur self. The decision u take right there would either make or break you. No need for pity party- it can only weigh u down.

    My advice to anyone reading is that right from when u settle down at a job, start to have plans for your EXIT.

    Develop a skill, learn something new. Have something in you which can NEVER be taken from you by any economic downturn.

    the present issues in Nigeria is a blessing in disguise for us all. Let us learn from it and run with the lessons learnt.

    All the best Segun. See u at the top.

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  2. @Tayo Thanks for the deep thoughts, we need to have an EXIT strategy at all times, which include developing soft skills as you have said.

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  3. Exit strategy is key in whatever we do. If you do not have an exit strategy, your employer will have one for you one day.
    This is a deep thought for everyone of us, we need to think deeply and get a second skill/job that can keep us going if the unthinkable happen.

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