Thread by @themoneyafrica

Hi @EricaNlewedim

How are you doing? 

I guess things must feel like a whirlwind. 

Phone calls, WhatsApp messages, IG DMs, and requests to endorse products and services.

Which brings us to something we’re sure must have crossed your mind. 

How do I manage my personal finance, at this time?

Fame comes with many demands and financial pressures.

Here is what we think you can do. 

📍The first thing you can do is draw up a budget.

📍Rent 
This comes first.

Do you want to retain your old place, or move to a different house? 

📍Upkeep
You may have to budget for much more than what you were spending before going for the Big Brother Naija Show. Remember to include a budget for your family and friends.

📍Business

One part can go towards the businesses you plan to do. Before you go into any business, have a chat with someone who’s spent some time running it. That way you make as few mistakes as possible.

📍Investment

What should you invest in? 

You can this split in different ways according to risk.  

▪Low-risk investments, such as government bonds and treasury bills may not earn you much but they will keep your money intact.

▪Medium risk investments such as blue chip shares. These take it a step further. They earn you a much better return compared to low-risk investments. That also means you could lose a bit of money in the short term.

▪High-risk investments such as crypto currencies and start-ups. You can earn a very good return. You can also lose money very swiftly. 

📍At 26, you have a long life ahead of you. You can take a bit of risk and dial back as you get into your 40s and 50s.

📍You can split according to duration.

Some investments can be short term. This could be a year or less, investments such as this can easily be cashed out from. 

Some can be medium term. A medium term investment is one with a duration of between three to five years

Long-term investments have a duration of five years or more. 

Last, you can have some investments in a foreign currency that isn't too volatile in terms of inflation. That way you preserve the value

Whatever form of investments you make, it is important to balance things out. Do not put everything in one basket

📍Health and Personal Development.

Sign up for a health insurance plan that covers yourself and your family. Things may be hectic in the next few months. Find the time to eat and sleep well. Carve out the time to learn something new in acting.

If you would like to learn more about managing your money, we would love to walk you through. 

Holla at us at [e-mail] or leave us a DM.

We’re open and ready to help😊

After the mandatory interview rounds, endeavor to take some time off social media. Spend it with family and friends. Do a bit of yoga too.

You have an amazing tribe behind you. They will always be there for you.

Love,
MoneyAfrica💚