Making one’s first million, whether through a one-time salary, saving or investment, is a big deal for many. And depending on how one spends that first million, you can turn it into many more millions… or not.
We spoke to a few young Nigerians to hear how they made and spent their first million.
“I made my first million by saving on PiggyVest” — BeckyJoe, Social Media Manager
Before 2020, I was earning ₦25,000 as an OAP and TV host in a media company. But when COVID happened, I lost that job. Extremely broke, I was motivated to search for ways to make money online. It was this search that introduced me to social media management. I got my first client in March 2020. Initially, my rate was ₦25,000, and in no time, it increased to ₦50,000. I had 4 clients, totaling my monthly earnings to ₦200,000.
However, I wasn’t touching any of this money. I was transferring them directly to my PiggyVest with the Autosave feature. It wasn’t until September, when I had the urge to get a new phone, that I checked my PiggyVest and realised my balance was ₦1.4 million. I had saved up to ₦1.4 million! This was one of the best moments in my life. I bought my new phone and rented a new apartment on the island.
“I made my first million from YouTube” — Tobechukwu, YouTube Content Creator
I made my first million from making videos on YouTube. Before then, I was making less than ₦200k a month. When I received my first million naira after doing a sponsored video, I spent it furnishing my apartment and buying work equipment to improve my YouTube content.
“I made my first million from writing” — Mary, Freelance Writer
I made my first million from freelance writing. I secured a client who paid me $2000. Unfortunately, I didn’t spend this money wisely, as I spent most of it on family expenses.
“I got a new job that helped me save up to a million in three months” — Destiny, Product Marketer
After landing a new job that paid me ₦500k monthly, I knew I needed to get a new phone, laptop and move into another apartment. So I started saving at least ₦300k monthly, and by the time I got to the third month, I had saved up to a million. I spent this money moving into a new apartment and getting new appliances.
How can you make your first million?
Inspired by these stories? You can have a similar (and even better) experience if you follow these tips:
1. The journey to making your first million starts with your mindset. You cannot build wealth with a limiting mindset. For this reason, reshape how you think about money.
3. If you’re a business owner, look for ways to improve your profit margin, whether by offering more services or increasing your prices.
4. Don’t try to keep up with the Joneses; instead, cut your coat according to your material. Otherwise, you might spend your first million paying up debts or not even achieving that goal at all.
5. Invest in real estate. And no, this doesn’t have to be cost-intensive. With Investify, you can invest in real estate projects with as little as ₦1,000.