{"id":2813,"date":"2020-07-17T11:40:27","date_gmt":"2020-07-17T10:40:27","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=2813"},"modified":"2023-01-16T22:25:05","modified_gmt":"2023-01-16T21:25:05","slug":"nigerians-financial-advice","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/nigerians-financial-advice\/","title":{"rendered":"5 Nigerians On The Best Money Advice They\u2019ve Received"},"content":{"rendered":"\n<p>Everyone seems to be a self-proclaimed investor and money coach these days but just how much of that financial advice is actually helpful? Well, it\u2019s an interesting question to pose.<\/p>\n\n\n\n<p>Sometimes it isn\u2019t that the financial advice is unhelpful but that it isn\u2019t explained and broken down enough to be understandable. This is why at Cowrywise, we strive to take those confusing financial jargon and simplify them.<\/p>\n\n\n\n<p>We wanted to find out the most interesting financial advice Nigerians had been given and which had turned out to be the most misleading. Five Nigerians of varying ages and industries were asked all about the money advice they had been given. We didn\u2019t stop there though, we decided to ask them what they wish they had known earlier on in their relationship with money too.<\/p>\n\n\n\n<p>It\u2019s pretty enlightening and we\u2019re sure you\u2019ll also have heard a few of these yourself.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">1. Ayoola, Developer<\/h2>\n\n\n\n<p>Money advice that wasn\u2019t helpful for him: \u201cI am not sure I have had any bad financial advice. But if sports betting counts, I would say that\u2019s one heck of bad financial advice I listened to. Yeah, I made a few thousands, but I am not sure it outweighs the few hundred nairas I have lost in multiple folds.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201cI am a software developer and I have to pay for a lot of services I run in USD, so my brother recommending that I convert my naira to USD and <a href=\"https:\/\/cowrywise.com\/blog\/dollar-investments-for-nigerians\/\">invest in USD<\/a> was great advice.\u201d<\/p><cite><strong>The most helpful financial advice he received<\/strong><\/cite><\/blockquote><\/figure>\n\n\n\n<p>Money advice he wishes he had known earlier: \u201cI wish I had known earlier about how money works in general, not just from the standpoint of earning and spending. But from the standpoint of investments, saving for the unexpected, getting returns from your money and getting your money to work for you.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Samuel, Media<\/h2>\n\n\n\n<p>Money advice that wasn\u2019t helpful for him: \u201cInvesting in a Ponzi scheme. A classmate got me to invest in one a decade ago and then I realised how much of a sham it was. And now I see people fall for it all the time, every time, and I scream in righteous anger. There&#8217;s a lot of deception around it that most people just don&#8217;t understand the system enough to know what they&#8217;re actually doing.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201cThe most generic financial advice ever &#8211; cut your coat according to your size\/coat (whatever). I mean, I fail at it on very rare occasions, but I have helped myself a lot by simply knowing when an expense is unnecessary. I try as much as possible to take care of myself and my loved ones, but also know when spending on something adds nothing of substance.\u201d<\/p><cite><strong>The most helpful financial advice he received<\/strong><\/cite><\/blockquote><\/figure>\n\n\n\n<p>Money advice he wishes he had known earlier: \u201cThis one will sound like a rant, but I hate how fast you can lose money and nothing prepared me for that. Like, you can have a certain amount of money in your account and you think you have enough breathing room for, say, a set period of time, but then there&#8217;s a snap, something happens, and your account is suddenly light-headed. Another thing I wish I knew very well before I started making a steady income is how to invest it properly.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Chika, NYSC Member<\/h2>\n\n\n\n<p>Money advice that wasn\u2019t helpful for her: \u201cThat if I can\u2019t buy it twice I can\u2019t afford it. That\u2019s false. Untrue. I don\u2019t need to buy anything twice if I need something and I can buy it, then I can afford it.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201cI suppose the most helpful financial advice I\u2019ve learnt from people\u2019s experiences the past year is to always make provision for emergencies. No matter how much is earned, plan properly for emergency asides expenses and savings.\u201d<\/p><cite><strong>The most helpful financial advice she received<\/strong><\/cite><\/blockquote><\/figure>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"http:\/\/cwry.se\/blog_signup\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"222\" src=\"https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-1024x222.png\" alt=\"\" class=\"wp-image-4065\" srcset=\"https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-1024x222.png 1024w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-300x65.png 300w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-768x167.png 768w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-1536x333.png 1536w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-2048x444.png 2048w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-360x78.png 360w, https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2021\/02\/Saving-as-a-couple-button-breakers-300ppi2-01-150x33.png 150w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/a><\/figure>\n\n\n\n<p>Money advice she wishes she had known earlier: <em>\u201c<\/em>I wish I knew that no amount of money is enough money. I wish I knew that a couple of years ago but I do now. <a href=\"https:\/\/cowrywise.com\/blog\/financial-independence\/\">It\u2019s crazy how responsibility and expenses grow as income increases.<\/a>\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4) Damiete, Customer Service<\/h2>\n\n\n\n<p>Money advice that wasn\u2019t helpful for her: \u201cBecoming an investor in a Nigerian company that claimed to give a ridiculous amount of interest. In hindsight, I recognize now that it wasn\u2019t a good idea but everyone around me was investing and encouraged me to do it too.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201cIt definitely has to be <a href=\"https:\/\/cowrywise.com\/blog\/dollar-investments-for-nigerians\/\">investing in dollars.<\/a> One of my friends gave me the heads up and it\u2019s been smooth sailing ever since.\u201d<\/p><cite><strong>The most helpful financial advice she received<\/strong><\/cite><\/blockquote><\/figure>\n\n\n\n<p>Money advice she wishes she had known earlier: \u201cI would have liked to know about the stock market. <a href=\"https:\/\/cowrywise.com\/blog\/forex-trading-for-beginners\/\">Forex trading<\/a> is a complex subject matter and the learning curve seems so steep.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5) Funmi, Sales<\/h2>\n\n\n\n<p>Money advice that wasn\u2019t helpful for her: \u201cI was told to make a lot of money in order to have money. Looking at it now, I think that\u2019s pretty silly advice. Of course, you should earn a decent amount but then what? Yeah, so that advice wasn\u2019t helpful.\u201d<\/p>\n\n\n\n<figure class=\"wp-block-pullquote\"><blockquote><p>\u201cI saw someone tweeting about investing and the returns they were earning. I texted them and they shared that since I was a beginner, I shouldn\u2019t start with stocks but other investments with less risk. I\u2019m glad they told me that, I\u2019d probably have lost a lot of money and never tried again.\u201d<\/p><cite><strong>The most helpful financial advice she received<\/strong><\/cite><\/blockquote><\/figure>\n\n\n\n<p>Money advice she wishes she had known earlier: \u201cSave. Save and save some more. Even if you can\u2019t invest currently, nothing at all stops you from putting money away for a rainy day.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">So should we be listening to financial advice?<\/h2>\n\n\n\n<p>There are a lot of interesting variables to consider when taking financial advice to heart. We recommend understanding your own finances and money habits first before considering any financial advice at all.<\/p>\n\n\n<div class=\"shortcode-block\">    <div class=\"inhype-postline-block-wrapper\">\n      <div class=\"container\">\n        <div class=\"row\">\n          <div class=\"inhype-postline-block inhype-postline-block-281974 inhype-block clearfix\">\n            <div class=\"owl-carousel\">\n            \n                  <div class=\"inhype-post\">\n                    <div class=\"inhype-postline-block-content\">\n\n                      <div class=\"inhype-postline-details\">\n                        <div class=\"post-categories\"><a href=\"https:\/\/cowrywise.com\/blog\/money-guides-and-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Guides<\/span><\/a><a href=\"https:\/\/cowrywise.com\/blog\/saving-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Savings<\/span><\/a><\/div>\n                        <h3 class=\"post-title\"><a href=\"https:\/\/cowrywise.com\/blog\/battle-lifestyle-inflation\/\">How To Battle Lifestyle Inflation<\/a><\/h3>\n                                                <div class=\"post-date\"><time class=\"entry-date published updated\" datetime=\"2019-04-16T10:13:49+01:00\">April 16, 2019<\/time><\/div>\n                                              <\/div>\n\n                                            <a href=\"https:\/\/cowrywise.com\/blog\/battle-lifestyle-inflation\/\" class=\"inhype-post-image-link\">\n                        <div class=\"inhype-post-image\" data-style=\"background-image: url(https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2020\/06\/lifestyle-inflation-2.jpg);\"><\/div>\n                      <\/a>\n                                          <\/div>\n                  <\/div>\n            \n                  <div class=\"inhype-post\">\n                    <div class=\"inhype-postline-block-content\">\n\n                      <div class=\"inhype-postline-details\">\n                        <div class=\"post-categories\"><a href=\"https:\/\/cowrywise.com\/blog\/money-guides-and-tips\/\"><span class=\"cat-dot\" data-style=\"background-color: #000000;\"><\/span><span class=\"cat-title\">Guides<\/span><\/a><\/div>\n                        <h3 class=\"post-title\"><a href=\"https:\/\/cowrywise.com\/blog\/cash-flow-or-profits\/\">Cash Flow or Profits: Which is More Important?<\/a><\/h3>\n                                                <div class=\"post-date\"><time class=\"entry-date published updated\" datetime=\"2023-06-15T16:52:03+01:00\">June 15, 2023<\/time><\/div>\n                                              <\/div>\n\n                                            <a href=\"https:\/\/cowrywise.com\/blog\/cash-flow-or-profits\/\" class=\"inhype-post-image-link\">\n                        <div class=\"inhype-post-image\" data-style=\"background-image: url(https:\/\/cowrywise.com\/blog\/wp-content\/uploads\/2023\/06\/Cash-Flow-or-Profits-scaled.webp);\"><\/div>\n                      <\/a>\n                                          <\/div>\n                  <\/div>\n                        <\/div>\n          <\/div>\n        <\/div>\n      <\/div>\n    <\/div>\n    <\/div>\n\n\n\n<p>Understanding your finances and money habits means you&#8217;ll be in a much better place to discern what is useful or helpful financial advice. This doesn&#8217;t mean financial advice is wrong when it isn&#8217;t helpful for you, it just means it simply isn&#8217;t for you. But we assure you, there&#8217;s definitely someone out there that it suits.<\/p>\n\n\n\n<p>We also recommend tailoring financial advice to suit your finances. This is why we believe having an <a href=\"https:\/\/cowrywise.com\/blog\/manage-emergency-funds\/\">emergency fund<\/a> is important and an emergency plan that is tailored to meet your income and expenses is the best thing since sliced bread.<\/p>\n\n\n\n<p>Begin building your own emergency plan <a href=\"https:\/\/my.cowrywise.com\/create-emergency-plan?utm_source=blog&amp;utm_medium=in_article&amp;utm_campaign=regular_savings_organic\">here<\/a> today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Everyone seems to be a self-proclaimed investor and money coach these days but just how much of that financial advice is actually&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[135,173],"tags":[268,194,204,181],"coauthors":[463],"class_list":{"0":"post-2813","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investment-tips","8":"category-saving-tips","9":"tag-emergency-funds","10":"tag-emergency-savings","11":"tag-investments","12":"tag-savings"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>5 Nigerians On The Best Financial Advice They\u2019ve Received<\/title>\n<meta name=\"description\" content=\"Everyone seems to be a self-proclaimed money coach these days but just how much of that financial advice is actually helpful? We ask five Nigerians.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cowrywise.com\/blog\/nigerians-financial-advice\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"5 Nigerians On The Best Financial Advice They\u2019ve Received\" \/>\n<meta property=\"og:description\" content=\"Everyone seems to be a self-proclaimed money coach these days but just how much of that financial advice is actually helpful? 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