Hey, my name is Felix (Not real name), 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 were up and down, but we never lacked food 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 fee, 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 learned from my parent is the dignity of labor, 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 to the level of my knowledge at par with the others at my level. I had my first proper job as a primary school teacher when I finished secondary school, that was 1996, salaries were paid in cash those days, well packed in envelopes with your name well written at the back, I remember my very first salary, I took it home very proud and I was encouraged by my folks, I can remember I bought a bible with part of the money, yea I love God.
I worked not because I was hungry but the wanted to be financially independent and not have to depend on my parents or any other person, as a young boy I hated the idea of begging. I got admission three years after I finished school I had pretty good savings all kept in my grandmothers’ wrapper under her bed, not bad mouthing my big brothers I know they can steal anything. 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 I wanted to wear big boots and the like, that I got from my brothers wardrobe. While I was at the University, I did not stop working I marked WAEC result as I was good in Mathematics, which was my course I studied at the University, I was making money from here, I also started teaching in tutor schools and I earn N50 per hour per subject for GCE/WAEC class, and N70 for JAMB classes during holidays and ASUU strikes, I can remember well I am always 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, less I forget I did have 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, and I call it prudence. 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 my change 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, but I remember I had to join a free ride to Calabar where I did my primary assignment. Service year was great for me financially, I was busy with business sold waist bags, white Tee shirts, badges…. I buy them in Onitsha and sell in Calabar to my fellow corps members and new batches and business was good back then in Calabar, as whatsoever you buy, you gain a 100% profit. Then I decided to stay back and capitalizes 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 coy 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 a job because the company closed down. It was like a dream, I had no money, no savings, no investment, 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.
I worked not because I was hungry but the wanted to be financially independent and not have to depend on my parents or any other person, as a young boy I hated the idea of begging. I got admission three years after I finished school I had pretty good savings all kept in my grandmothers’ wrapper under her bed, not bad mouthing my big brothers I know they can steal anything. 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 I wanted to wear big boots and the like, that I got from my brothers wardrobe. While I was at the University, I did not stop working I marked WAEC result as I was good in Mathematics, which was my course I studied at the University, I was making money from here, I also started teaching in tutor schools and I earn N50 per hour per subject for GCE/WAEC class, and N70 for JAMB classes during holidays and ASUU strikes, I can remember well I am always 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, less I forget I did have 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, and I call it prudence. 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 my change 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, but I remember I had to join a free ride to Calabar where I did my primary assignment. Service year was great for me financially, I was busy with business sold waist bags, white Tee shirts, badges…. I buy them in Onitsha and sell in Calabar to my fellow corps members and new batches and business was good back then in Calabar, as whatsoever you buy, you gain a 100% profit. Then I decided to stay back and capitalizes 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 coy 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 a job because the company closed down. It was like a dream, I had no money, no savings, no investment, 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 indebted 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 been able to help someone.
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