My Money Mistake is a biweekly Piggyvest series that explores the worst money mistakes real Nigerians have made, and the lessons they learnt from it.
For this week’s episode of My Money Mistake, we spoke to a ghostwriter who squandered ₦2 million in three months on “self-care”. He breaks down his expenses, talks about his regrets and lessons, and offers some financial advice for freelancers and ghostwriters.
What do you do?
I’m a freelance content creator and ghostwriter, with over ten years of experience in the field.
Why freelance ghostwriting?
I went into freelancing (ghostwriting) when I lost interest in searching for physical jobs. It started with friends reaching out to me for help with their writing needs, and I realised I was good at it. From there, I became intentional about building it into something real, and I used social media to grow and establish myself properly.
Tell me about your money mistake.
I’ve made several money mistakes in the last few years, but the one I’ll never forget happened in 2021. You know how it is with freelance work; you have your busy seasons and your dry spells. In the last six months of 2021, a lot of opportunities came my way. I wrote up to 10 books, 2 documentaries, a PhD dissertation, and 2 master’s dissertations.
It was an incredibly hectic period, but I made over ₦5 million. After the stress of that six-month marathon, I felt I deserved to pamper myself. I budgeted ₦500,000 for enjoyment and delayed gratification. However, within a few months, I ended up spending almost ₦2 million. That money could have gotten me a plot of land at the time.
What was your average monthly income before then?
Before those six months, my monthly income averaged ₦150k.
Wow, a big leap. What did you spend the money on?
My spending started with that “little treat.” I checked into a very expensive hotel in Benin City and stayed there for almost three weeks, eating a lot and using Uber everywhere I went. I was even lodged in the hotel, even though my apartment was in the same city.
I also bought a new phone, a new tablet, and a new laptop, even though the ones I had were barely two years old and were working perfectly fine. There was no real reason for me to change them. I just had the money and felt it would never run out.
I also spent a lot on my friends. I invited them to the hotel and paid for their lunch and dinner. I was just careless with my spending. When you’re spending impulsively, you don’t realise how much you’re losing until the money is almost gone.
That’s quite a splurge. Did you stop working while you were spending?
I wasn’t working at all during those three months. The truth is, I needed a break. From June to December, I barely slept. I worked almost 20 hours a day to meet my deadlines because I was handling every single project myself. I wasn’t outsourcing jobs, and I didn’t have anyone to rely on. All the ten to fifteen projects I completed during that time were my own work. I was just exhausted, so I decided to relax and enjoy the fruits of my labour.
What happened afterwards?
I was consumed by regret, and it drove me to try to compensate for that huge mistake. Shortly after, I went to the bank and opened a new savings account. It’s a very strict account—I don’t have an ATM card or a withdrawal booklet. I can only make a transaction when it’s absolutely necessary.
Whatever money I make now, whether it’s ₦100,000 or ₦500,000, 40% to 60% of it goes into that account. I save that money no matter what. I have also learned to differentiate between my needs and my wants.
What lessons did you learn from this experience?
That experience taught me the most important lesson I’ve ever learned. From that moment on, I became more financially cautious.
What would you like other freelancers and remote workers to take away from this?
For every freelancer, remote worker, or anyone hustling, you must save for the rainy days. There will always be moments when you have unexpected expenses, and if you don’t have savings, you’ll end up borrowing. I’m proud to say that I don’t owe anyone any money because I have learned to save. You have to deprive yourself of some things, and it’s a necessary sacrifice.
With AI technologies, many digital skills are becoming obsolete, and writers and graphic designers are struggling to adapt. You must constantly reinvent yourself, but be aware that your opportunities are not guaranteed. The gigs you get are not a given. So, whatever you make, save for the rainy day. Expenses and bills will always arise, so it’s essential to distinguish between your needs and your wants.
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