Tipping in the states!

tipping in the states

Ok this made me laugh sooo hard! ( because I could totally do this)

Maybe it’s because I’ve never lived in America that I don’t get this whole tipping for no reason business… Call me crazy but I believe in tipping for exceptional service ( I.e like in Nigeria when someone helps you find parking or in London when someone carries your 5 suitcases up 2 flights of stairs )not when someone just breathes next to you and then expects you to tip them. They claim it is optional but they’ll all but spit in your eye if you don’t tip them the way they want and start calling you all sorts of names in * French* to ur face

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Are you running a business or playing at a hobby?

Are you running a business or playing at a hobby?

Nigerian Entrepreneurs are some of the smartest, most creative people you will ever meet. They are dreamers and risk takers and there is never a shortage of good ideas. However, why is it that some struggle while others thrive?

Doing business in Nigeria requires a special kind of patience and some of the obstacles can kill even the most passionate entrepreneur’s determination to succeed.  However, some entrepreneurs get in their own way by not taking the time to understand the role that having control of their business’ finances plays in their success or failure. These are three tips that can help.

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The Debt Conundrum!

A padlock and chain around a wallet 

‘Neither a borrower or lender be’ – Shakespeare

We’ve all been there! You lend money to a friend who is supposedly in ‘need’ and you get burnt! Their attitude becomes so belligerent that you start to believe the saying that ‘no good deed goes unpunished’.  Then somewhere down the line you are caught in the same situation and another friend asks to borrow money, you are torn between your need to ‘help’ and be considered a good person and the fear that you may never get your money back.

So as I got older and the financial responsibility of being an adult got real, I realized that there is an opportunity cost for every naira I spend. Therefore I had to think carefully about lending money that I may never get back. So I developed a new policy.

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Stay In Your Lane

I heard the most intriguing story this weekend that made me question the impact social media has on our finances.

Sade: I need a favor. Please can I borrow N200, 000? I’ll pay you back with interest in 2 months.
Tolu: What do you need the money for?
Sade: Remember the Celine bag (N484, 000) I bought in February? I borrowed some of the money from Ngozi. Now she’s hounding me everyday. I need the money to pay her back.
Tolu: Why did you buy the bag if you can’t afford it?
Sade: Abeg don’t insult me o! Who told you I can’t afford it? I saw Lara’s blue one on Instagram in December. We are the same age, we are both working. So what makes you think she can afford it and I can’t?
Tolu: Look at you! Be following Lara! Don’t you know she’s an ‘Aristo’ girl.

Something is wrong with this picture, no?

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A Chanel Bag Versus Stock Portfolio

There is a huge debate surrounding the fact that this generation lives above their means. We have a spending culture that surpasses the realization that we need to invest some of our earnings. We’ve all heard the stories; the girl with a Chanel bag collection to rival Winonah  De Jong’s, but squats in her cousin’s house because she has nowhere to live; or the guy that drives a GL 550 but can’t afford the petrol to put in it. These stories may sound absurd but they are a reflection of the misplaced priorities in our society.

Most of us were raised to work hard, be frugal with our spending and save for a rainy day but I’ll just say what we are all thinking in the back of our minds…what if the rainy day never comes? The reality is, this is the ‘YOLO’ generation; we live for instant gratification. So how do we bridge the gap between our parents’ philosophy and our love for the finer things? Simple answer: moderation and planning.

I LOVE Chanel bags and trips to Europe, as much as the next person but I also have financial goals that demand that I invest today if I want to ‘Ball’ tomorrow. I am a proud advocate of living the good life and I don’t believe in shaming people for liking the things that make them happy but there’s also no point in accumulating designer bags with no assets to match my spending. It’s not about living like a hermit but about striking a balance, knowing the difference between what you want versus what you can afford over a period of time.

What if you could have it all?

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