So I know, you will ask what is my own with job losses. Well there are certain things that i believe are inevitable in life. A job loss is one of them. A little birdie told me that a bank in Nigeria laid off about 800 people last week and is looking to layoff another couple of hundreds this week for the second bank which it acquired under alleged questionable circumstances in 2014. The head of the said bank also contributed billions of NGN to the sitting president’s campaign under “xyz and friends”. He also contributed money under different banners to the “change party”. If you haven’t figured it out by now, i cant help you. I am still too fresh to be politically prosecuted and sent to jail abeg.
So in having a conversation with a friend who works for the entity above, some people should have gotten their sack letters as we speak. Some people’s world literally come crashing dwon when they lose their jobs. To a certain extent it means that person was living just for work. It calls into question, their financial knowledge, and skills acquisition mindset. My friend was now telling me that he knows how to drive a forklift, i almost fell out of my chair. He is a banker, what business does he have with a forklift? His standpoint was basic – he can work anywhere at this point in his life, and manual labour is not a problem for him. Often times you hear people who are panicked because they pretty much spend their entire salaries – maintaining a lifestyle, and when the job is gone, they start begging within the next month.
For entrepreneurs its even dicier. You don’t know when your next paycheck is coming in, and you aren’t too sure how much it is going to be. I fall into this category. So when you have the money, it is important to be wise. This one I am very guilty of- at least in the last two years, i haven’t been as prudent as i should be, neither have I been as investment savy as i could be. But i noticed i have a bigger appetite for investments than i do savings – I am more of a gambler – I have been known to buy things i haven’t laid my eyes on and so far so good lol. My mother for instance is an absolute saver, the most she will do is buy life insurance, the fact that she could lose money in the stock market absolutely terrifies her.
So Suze Orman says you should have eight months 0, but its Nigeria so lets even say six months.
Please answer the poll i am curious, the applied mathematician in me is curious.
Also share your thoughts on saving versus investing and how you go about organizing your finances.
The giveaway for the week is an Insignia flex 10.1 tablet- 16GB.
Please note the community member with the highest number of comments in total for the week – on all the posts from 11 May 2015 t0 16 May midnight wins the tablet as pictured above. Good luck to everyone. Item will be picked up either in Ikoyi or Victoria Island or Lagos Island by the winner.