Stories That Touch: "From Serial Entrepreneur to Serial Debtor"

 

Tell us your first experience with making money

Well, I used to take a lot of contrabands such as sweets and chocolates to my secondary boarding school. I noticed my dorm mates weren’t good at sneaking theirs in. Hence, they would result in begging from me. So, I started offering it to them at a price and they jumped at the offer. That’s how I got the nickname Contra Mama. I became the go-to for contrabands and I made sweet money from it. I was selling an item for over double the price of the initial cost.

Impressive! So was that when you decided to be a Business Owner

No, I wanted to be a Lawyer. I studied law at the University of Lagos. However, right from year one, I was into one business or the other. I always took advantage of my environment and created opportunities for them.

Do you think it has anything to do with how you were raised?

Hmmm! That’s very possible. My mum is a Medical Laboratory Scientist but she runs a SuperMart. Thinking back now, I think my mum has dived into several businesses. I remember her selling gold, fabrics and even paint at different times. So maybe you’re right, she may have had an impact on me.

Now, let’s talk about running a business while being a Law Student. How was that?

I actually ran 3 businesses.

What!!!

*laughs, Yes. I sold wigs, jewelry, shoes and bags. That’s 4 businesses actually. 

Well, it was pretty easy for me. I had a lot of referrals and made use of social media to promote my business as well. I did that till I graduated. My business was doing so well that I decided to skip Law School and focus solely on being an entrepreneur. If only I knew, I’d have chosen differently.

Really?! What makes you say that?

Well, I guess it was pretty much a lack of information on my part or maybe I knew and I just chose to ignore it.  My business was doing so well; I never thought about saving. So I always reinvested the money into the business or used the profits on funding my baby girl  lifestyle.

Sometime last year, I made a huge purchase of human hair from China. However, I got scammed and I lost a lot of money. It’s been difficult to bounce back as I have no savings. I had to borrow money from friends and family to pay my customers who made early payments for preorders.

That’s sad to hear. What’s the next step for you?

Well, first I have to settle all my debts. I’m running sales so I can make some money selling off some old wares.

My elder sister already promised to support me with capital to reorder the goods. So, I'm going to start my business again. 

What do you plan to do differently this time?

It’s a case of once bitten, twice shy. This time around, I’m saving as I’m making a profit. I can’t afford to let what happened repeat itself. 

I already opened a LifeTime Savings plan with Enterprise Life. I’m really excited to get back to my regular way of doing business.

 

 

 

Stories That Touch: "How I missed out on going to my dream school"

What was growing up like?

I am an only child, and I attended a private primary and secondary school. My dad worked at a Telecom company and mum is a lab scientist. Hence, we lived well above average. When I was 9, my father was diagnosed with Lung cancer. He died shortly after. After he died,  I also spent some time with my uncle at Ikorodu, where I had lots of friends to play with, and it was fun.

Sorry about your dad, how did your dad’s death change things?

Well, it was just my mum and I so we were able to survive with her salary. That was until she had an emotional breakdown which made her lose her job. This was when things got really messy. It affected me as well as I started to lose focus in school.  I remember I was preparing to write my common entrance exam.

That’s really sad to hear. How did you survive?

A few months after she lost her job,  things went really bad. She had exhausted her little savings and family members started to withdraw.  We moved out of our 2-room apartment to rent a self-contained room.

When I was in SS1, my mum took me to my uncle’s place at Ikorodu to start living there. I finished secondary school at my uncle’s place.  I gained admission into a German University to study computer science but I lost the opportunity.

How?

Well, even though I had a scholarship. We couldn’t afford the travel expenses.

So were you away from your mum throughout your stay at Ikorodu?

No, she came to visit me from time to time. I always missed her. I visited her once in a while too.

So were you away from your mum throughout your stay at Ikorodu?

No, she came to visit me from time to time. I always missed her. I visited her once in a while too.

How do you think she managed without you?

She always tried to convince me that she was fine whenever she came around but I could see she wasn’t.

She was able to set up a small lab with the help of her siblings and that helped us a bit. I went back to stay with her to help with the lab while preparing for university.

Which university is that?

I got admission to study Mathematics at Obafemi Awolowo University and graduated in 2016. I attended a free coding training session in school and that’s how I started coding.

Interesting! I love that you jumped on the opportunity. So, why tech?

Well, I’ve also been fascinated with computers.  My uncle was a Computer Engineer and while I was at his place; he noticed my interest in computers. This was why he advised me to study Computer Science in university. He’d always say that computers will make me more relevant in the future.

Nice, did they really make you more relevant?

When I was in my final year, which was 4 years of learning how to write code and working for free.  I got my first freelance job as a Front-End Website Developer. The company paid me N145, 000. I thought I was dreaming. I still clearly remember calling my mum to tell her the good news. I also sent her my first salary.

Now that I look back at it, that job was my breakthrough into the industry. The client liked my work and from there I got referrals, built a strong portfolio. By the time I was serving, I was already working with a Fintech company. Safe to say I was a Lagos Big-boy.

Oshey! Tech bro. Share this money now.

What would you say is the greatest lesson you’ve learnt in life?

I think I’d draw my biggest lesson from my parents’ life. When life is rosy, always prepare for the rainy days cause life is full of surprises. I don’t think anybody would have guessed that my dad would leave us so soon. I know he loved for me to go to Germany to study Computer Science.

I’m inputting these lessons into how I raise my family which is why I already know I’m getting  a Child Educare plan for my children immediately after they are born. It’s really never too early to plan for your child’s future.

How to teach your children financial freedom.

Financial freedom usually means having enough savings, financial investments, and cash on hand to afford the kind of life we desire for ourselves and our families. It means growing savings that enable us to retire or pursue the career we want without being driven by earning a certain salary each year. Financial freedom means our money is working for us rather than the other way around.

As a parent you constantly look out for your child’s best interest whether it’s selecting a school, shopping for clothes or deciding what meals to make for them. You’re intentional about setting them on the rest path for success in life.

This is why you should ensure you teach your children good money habits early in life. This way, you set them on a path to becoming successful and financially free adults. As early money habits go a long way in making wise financial decisions.

 

Here are 4 money habits to teach your kids-

Saving: It is important to teach your children that money isn’t just for spending, it can be saved as well. You can encourage them to save by explaining how saving helps accomplish goals. An example is encouraging your child to save for a toy. You can help your kid start saving by opening a LifeTime Needs plan at Enterprise Life.

Budgeting: To get your child comfortable with the idea of budgeting. Help your child understand the difference between what they want and what they need so they can prioritize how they spend their money. It’s essential your child knows that wants are least important, compared to needs.

Profit making: Teach your kids that money can grow. This way they set out early in life to build wealth through investing. One way to do this is through getting them books on investment.

Giving: If you value giving to others, you can instil that value in your children by making giving a habit for them from an early age. A key reason why it is important for you, as a parent, to teach your kids financial lessons is because you can share your money values through those lessons.

If you want your children to develop good spending and saving habits, they need to see you making smart spending and saving choices. In short, practice what you preach and preach with consistency.

Educating your children about personal finance is a process that can take time. But if you put in the effort and continuously communicate a clear message about money, you will instil good habits that will serve your children well.