From N35K to Earning 6-Figures

One common thing in the Nigerian labor market is that your first job is either unsuitable for you or you get paid a salary that is way below what you need for monthly upkeep. 

Just like many of us, Trippe A, as he chooses to be addressed, had his fair share of this struggle.

In today's insightful interview, Trippe A shares his remarkable experience, providing insights into the twists and turns of entering the job market in his early 20s and earning less than a 40k salary as a so-called POS manager. 

Fast forward six years, and he is now a banking officer earning over 10x the amount he started with. In this conversation, we'll delve into his financial journey, exploring the pitfalls he navigated, the lessons he learned about managing a substantially higher income, and how he achieved financial goals against all odds. 

Hello, Triple A at what age did you officially start working? What role was it, and how much were you earning?

I think I started off at the age of 22. It was a contract job that came with no employment letter. It was an agreement to show up, work, and get paid after assessment. I was to work as a “POS manager.” - I called it a manager so as to feel good about the job, but if I were to go back in time, I probably wouldn't have accepted the job.

I did it because I needed to work rather than sit at home and hope for the best. It was an offer I came across through a colleague I met during Nysc, so I accepted it with the expectation that I could build up from there. My take-home then was N35k, which was slashed in half when they employed a colleague to join the team. 

That’s Wild! Why on earth will they take out of your salary to pay your colleague? 

Well, Thankfully, that's all in the past now.

How about you tell us how long it took you to get to your current position and how that has boosted your monthly income?

How long? 

It's been a pretty long journey ooooo, roughly six years! Let me briefly describe my current role. 

I got in newly as a Senior Executive roughly six months after three key people resigned from my department. My boss and I were left with the bulk of the work for three months. I sure gave it my all because I got promoted the following year (2023). Now that I narrate it, it feels like the major transformation took place within a short time frame, but in reality, it took a lot of resilience and hard work to get to this point.  

The best part is, It did boost my income. I can now do a couple of things I didn't think I'd be able to do if I was asked this question four years ago.

Can you share some of the challenges you faced when your income experienced a significant increase?

For me, my major challenge was inflation. 

It was almost as if the increased income stirred the desire for inflation to rise along with it. So, in the real sense, it seemed like I got an increase to go back to where I was coming from. Lol.

Honestly, I can't imagine how much more complicated things would have been if I didn't get an increase in income to at least match the inflation rate. It is pretty difficult out there for millions of folks.

I Know, Right?

The rate at which prices of goods & services are rising (Inflation) is quite alarming. How on earth will something you bought a few weeks ago become almost double its price by the time you go to the market? There is no way that is sustainable.

I agree; it is quite a challenge. But aside from this general increase in the prices of goods and services we are experiencing (Inflation), There is this saying about expenses growing to reach your income; so, how have you been able to manage the temptation of lifestyle inflation as your income increases?

Hahaha. That is not far from the truth, really. 

An increase in income makes you see the world through another lens. The question then is how do you deal with the new sight?

Managing the effect of my income increase was pretty straightforward for me because I wasn't doing much. I don't spend much except on good food and perfumes.  

I know my needs, and I know my wants. I also know the regular expenses I incur every month. 

So, all I did was prioritize my needs above my wants and ensure that I kept what was left before the temptation to spend got intense. 

But I do enjoy myself sometimes though. I mean, what's the point of working so hard if I don't get to enjoy the fruit of my labor once in a while? 

But not excessively!

That is quite smart! 

Were there pivotal moments that prompted you to become financially disciplined? 

Yes, there was!

The pivotal moment occurred some years back. Unfortunately, I didn't manage some resources well and suffered from it. It took about two years to turn the tide, and ever since, I have steadily grown to become more financially responsible.

What other strategy did you employ to ensure your increased income was effectively utilized to meet your financial objectives?

I feel the most important strategies for managing money are truth and discipline. If both are missing in your arsenal, you'll find yourself in constant struggle and frustration. 

You have to Know what you need and Accept what you can’t afford so you don't feel pressured to do beyond your means. 

They were vital for me. And I think my upbringing also helped. Contentment, for me, is a big deal. It helped me manage my desire.

Awwww, that's amazing!

You gotta be truthful to yourself. Increased income will make you see things you normally wouldn't have seen when you were broke. There's a confidence that comes with that increase... I can afford that, so no worries. But you need always to rein yourself in!

It's important you maintain, to a large extent, the lifestyle you were living on your previous income and adjust a bit for your new level of income.

Basically, strive to live below your means.

Were there financial goals you were able to achieve during this period, and how did you prioritize them?

Well, I personally feel it is easier to achieve a goal if you create a plan for it in advance. So, over time, I worked with a savings target and then made use of it when it got to a stage. 

I was able to prioritize my goals based on a scale of preference and my current financial situation. I made sure not to chase multiple things at the same time, and doing this gave me traction.

Simply put - I specified my financial goals for a period, identified their level of importance, and went for them. To be fair, I didn't achieve all, but it helped me to focus and gradually tick them off.

That’s commendable. 

You have come to realize so much within these years, and it's great knowing that you found what works best for you. Thanks so much for being an ardent follower of MCWH- MoneyChatWithHafsat and for allowing us to learn from your experiences.

Now, to our final question- Looking back, what financial advice would you give your younger self as you embarked on this journey?

Financial advice to my younger self? Don't spend it all!

Keep it. Fix it. If possible, convert to foreign currency and/or invest some into profitable ventures. Ensure to spread the money into different kinds of investments/ portfolios.

I had less information compared to now, but that's what life is all about- Learning from your experiences and other people's experiences.

Key Takeaways:

• Strive to live below your means.
• Ensure to spread your money into different forms of investments/business.
• Learn to differentiate your needs from your wants and then prioritize your spending.
• Know what you need and accept what you can’t afford so you don't feel pressured to do beyond your means.