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We Asked Nigerians To Share Their Unpopular Money Opinions, And These 10 Stood Out

The other day, PiggyVest asked Twitter users to share their unpopular money opinions, and the over 1,000 quotes did not disappoint! Some of these opinions stood out because, in our opinion, they should be common knowledge.  

Since we love helping you better your relationship with money, we’ve compiled and broken down ten of these opinions below:

1. “You must not spend more when you start earning more.” — @MARKce_ 

Shake off the urge to upgrade your lifestyle the second the number on your paycheck increases. If you had a comfortable lifestyle before, why spoil a good thing? Lifestyle inflation will only inhibit your ability to build future wealth. You’re not in this life to only pay bills, so why incur more? 

Besides, as you go through the stages in life, you’ll eventually need to upgrade, move, and/or expand. You may need a bigger house for kids, you may buy a car to help your commute, or you may need to move for school or work. The money you have saved by maintaining your old lifestyle will come through for you. 

Aim to spend money because you need to, not because you can.

2. “Money is not only valuable when saved/invested. Spending money to create joyful moments is just as valuable.” — @Lamimoyin 

Listen! Saving and investing are great, 10/10 would recommend. But time lost cannot be replaced. This is why we should invest in making memories with the people we love, too. And you don’t have to break the bank to do that. 

A beach outing, a night with the crew, a trip with your partner, or a small birthday party for your kids. These are the things you’ll wish you did more of when you’re old and gray. Memories follow you everywhere. Create great ones!

3. “Debt is good.” — @AyEminent 

Shocked? Don’t be. Debt can be good, but only when:

  1. It can drastically improve your life (education, mortgage etc.) 
  2. It can help your business yield more money.
  3. It can change your life financially in the long term.
  4. You can pay it off with ease and a budget.
  5. The interest rate is low.

Debt can also be bad. When you borrow money to live above your means or the money comes at a high interest rate, you’re backing yourself into a corner that’ll be hard to escape. So if you saw this and thought, “There’s this ad for a loan app that I’ve been seeing; I should go borrow money from them,” please, STOP

4. “People never learn. If another multi-level pyramid scheme like MMM came to Nigeria again today, tens of millions of people will fall for it.” — @theunscrpt3d 

Every day, these ponzi schemes with gimmicky names appear out of nowhere with the sole purpose of defrauding Nigerians out of their hard-earned money. Sorry to be the bearer of the bitter truth, but that company promising you 40% ROI in two weeks is a scam. 

We get it: Nigerians need money. However, you’re more than likely to lose money ‘investing’ with these people. So, for the millionth time, if an investment sounds too good to be true, it probably is. Run!

5. “If you live alone, cooking is not cheaper than buying food.” — @the_happygirlie 

“There’s rice at home.” If you’re Nigerian and you’ve never heard this phrase, then we need to have a serious conversation about your nationality. All jokes aside, though, there used to be a time when it was cheaper to have rice at home than buy it from a restaurant, whether you were a student or a family of seven. 

With a larger portion of the populace living in multidimensional poverty, it appears it’s only cheaper to cook when you’re feeding multiple mouths. When you add up the cost of cooking gas, ingredients, and condiments you need to make a pot of sapa rice, you would find that the vendor selling food down your street might just be cheaper. And don’t forget time is money. Think of all the time you’ll save buying a plate of beans down the road, instead of cooking it. Food for thought.

6. “Waheed, your mechanic, is richer than you. That is because he saves daily but you are on a monthly salary and flex weekly.” — @asemota 

A good number of us know this, but we’d rather pretend that it’s not true. Say you’re Waheed: You earn your wages on a daily basis. Some days, you’re smiling to the bank and other days you make little to no money. Wouldn’t you save daily too?

If you answered no, then change your life. Waheed is richer than you because he has been able to cultivate financial discipline. He saves as regularly as he earns. We know that a salary comes with its own security, but don’t be too comfortable with extravagance. Be smart like Waheed.

7.  “Treat every monetary gift given to you as bonus points to be used in Hard Level. Don’t waste them anyhow.” — @Tekanomo_ 

We should all know this. Monetary gifts should go straight to your PiggyVest wallet. When you receive money that you never planned for, save it for a rainy day. If you really want to treat yourself, use only a small part of it. Don’t buy on impulse. If you don’t have a savings goal, create one

But if your debts or bills are after your life, you’ve already reached the Hard Level. Please, feel free to use monetary gifts to offset them.  

8. “The quickest way to double your money is to fold it in half and put it in your back pocket.” — @IamTOKOOL 

If you’ve ever run into money doublers, you’d know that these silver-tongued scammers are never up to any good. You should be wary of them. Now, keep this same energy for businesses, investments and people that look good on the surface, but come bearing incredible financial promises. 

Just because they’re wearing a suit does not mean they are legitimate. If you can’t see goods or services, then there aren’t any. Just fold your money in half and put it in your Pocket (and, yes, we mean the one by PiggyVest).   

9. “Money takes upon itself, the character of the owner. Paraphrase: if you want to know a man’s true character, give him money.” — @uwembrown1 

We like to say that money changes people, but does it really? It’s unlikely that a person will suddenly become smarter with money because they have more. If they weren’t frugal with a little, don’t expect them to start making wiser financial decisions with a lot.

There are many things money can change: your status, your outlook, and your overall user experience in life. But the jury is still out on whether or not money changes a person’s inherent nature. Money may amplify, but what you’re seeing is likely to be their true character more than anything else. 

10. “Safelock is the best savings option. If the money is available to withdraw, you will most likely withdraw it.” — @PrincessUkoko 

Not to toot our horn or anything, but someone had to say it. We see you break your Piggybank; we understand the temptation. And that’s okay. Sometimes you’re in dire need of funds. Why save money if it can’t save you, right? But if you are really gunning for accountability, you need to try the Safelock option. Start here. You’re welcome!

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