I woke up this morning and I was watching a guy on TV talking about how to live comfortably with the incessant inflation rate in Nigeria and listening to him talk was appalling, he seemed like the guy who read business administration in college or economics and got lucky to get a job.
All how he spoke about making money were only ideas on paper and barely mentioned unemployment, the difficulties involved with finding feasible opportunities in a broken financial environment, or the barriers to entrepreneurship.
His ideas were textbook and could only work on paper. In Nigeria now, the only way to survive financially is to work out of the system.
Dollar Vs The Naira
For example, many Nigerians are buying dollars with the native currency (Naira). Why? Because there's a certainty that the dollar will always appreciate against the naira. This is a means of keeping one's hard-earned money from being eaten away by inflation.
The standard of living is often affected by how much a person can afford over a long period. Some people's standards of living and quality of life depreciate over time and this isn't because they haven't been working hard enough it's just that what they can afford over time has reduced making it difficult to cover every aspect of their lives financially.
So the Inevitability of the naira crashing against the dollar is quite appalling to the extent that people now choose to keep their money in a more stable currency.
Business Practically & Theoritically
While this is devilishly ingenious, I think it's only a practical way to improve one's finances and even make more profit against the naira. So this means people have to go the extra mile to make money and this includes thinking out of the box and taking risks with the chances that they might fail.
Business in textbook is smooth but when the reality kicks in, this is when we'd begin to understand how difficult it is. Some days ago, I was looking at some houses online, and they looked great.
Every day when I wake up, I would always look at these properties thinking about how I can own them and use the passive income from the properties to buy into Crypto, that is if I had the money to buy one of them in the first place.
Finance & Concentration On Quality Of Life
I love to be self-sufficient when it comes to money and having a job and the reasons are because of my health status and because of how earning actively in a country like Nigeria keeps one in poverty. However, even if I have $30k to buy a property at the moment, what's the assurance that my plans to use the passive income to buy crypto would be realistic?
This is to say that there's no assurance whatsoever. In Nigeria, people who earn actively are suffering from the "hand to mouth" syndrome unless these jobs are paying very well.
This means that active income is used to take care of immediate needs and is hardly available for reinvestment. Compounding is difficult when people keep one job that takes their time making it difficult to offer their productivity as a side hustle.
Jobs & Opportunities: Measuring The Time Taken
However it's difficult to see people whose jobs don't consume their time, energy, and effort, this is how people get to do so much while earning very little. This is why the Nigerian economy suits people who earn passively and more compared to the efforts they're putting in.
For almost three years I was conceptualizing a business idea and the reason why it's taking long is that owning a business on paper seems easy but tougher on the surface. Surviving in a country like Nigeria requires brain, this means adding a business idea and concept that would sell.
For me, I've mapped out my life plans and these plans are meant to suit my weaknesses and maximize my abilities and strength. While these plans look smooth on paper, I'm hoping I can pull it through. If you're in Nigeria, bothering about inflation. The dollar and crypto are your best bet
Interested in some more of my works?
Keying Into Sophistication & Exposure To Forestall Economic Revolution
Money: The Learning Curve & Translational Process
What Makes A Job Opportunity Lucrative?
Shopping Online & The Illusion Of Buying Cheap Things
The Humanistic Approach Towards Scarcity & Competition
Spending & Accumulating: The Low & High Point Of The Crypto Seasons.
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Hey @josediccus Hope you're doing good
It happens when you have only memorized Books in school and they've never taught what practically happens in life - sadly we have the same thing in our country.
May i know if Nigeria has took loans from IMF or other countries (china)? Asking Because our currency (PKR) was crashing badly but later after getting agree on deal with US or whatever (not sure about inside and deep politics) our Currency made a comeback - i believe it is for a short period
And yea i can relate people are moving into stable one (USD).
I can agree with all and relate with it too (tho i hope and wish Nigeria isn't in bankruptcy list 2022 like our)
You have a mindset of business - taking time and knowing the fact it's not easy will eventually bring you an awesome idea for business - Thanks for sharing this mate, learned some new things today.
Have fun and Good day to you!
Despite how wealthy the country is, it's in debt and her federal government keeps borrowing loans especially from china, these debts amounts to nothing, and there are not good monetary policies to boost the economy because it's all about embezzlement for these leaders..
Thank you for the comment, I guess, I'll keep checking myself for new ideas to better myself.
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It looks like things are rough and I am not surprised by the textbook answers. It's to run the right narrative that they want. As for the dollar and people buying it, I thought that was the expected choice and it's why I don't believe in the people saying the dollar is dying fast. It will only die when the rest of the fiat is burned.
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The USD might have issue, but it doesn't when it comes to the retention of value in comparison with the currency of other countries.
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The inflation in Nigeria must be insane right now. Here it’s pretty high, something around 13%, which is crazy for a place like the UK. Imagine the real inflation in Nigeria is around the 50% mark. Imagine, your life savings cut in half overnight. Total madness.
The rate at which the inflation in Nigeria increases is what makes it more terrible, I know about the inflation in the UK, but I think that rate of inflation in Nigeria cannot even be the regular "normal" in Nigeria. The country keeps voting in people who are economically inept.
Nigeria government has failed so many of us and make educational look like a trash some believe that education is a wast of time so it is better to get involved in technical job or entrepreneur wright now that is the only solution in our dear country Nigeria @josediccus thanks for sharing this insightful post with us do have a wonderful day
Thanks for the comment, everyone who knows what's up, is looking for alternatives.
Indeed in Nigeria the only way to survive is to work out of system.
That is indeed a great point everyone must pursue, working out of system guarantees ability to explore the explorer which will brings about a successful living
Yeah, that's absolutely it. Working in the system is already overpopulated by corruption, sometimes we just need to do it differently.
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Excellent words said by someone with a good head on his shoulders and a plan for success. The nice thing about Hive and crypto in general, is that it helps to provide a base of support which can be leveraged into other areas.
In this region, real estate is cheap so we have a number of people as far away as California who buy property here but have never set foot in my state. From talking with them, they tend to save up to buy multiple properties to even out the ebb and flow when renting. This assure a more steady income versus buying only one property. I hope you make it.