For a while, I have been searching for the perfect template to model my first post on Leo-finance Community. On the one hand, maybe, I felt having a perfect first post would inspire my subsequent posts to either maintain the quality or to go beyond it. On the other hand, maybe I just want to begin on the right foot in the community.
I read various posts and sought counsel from @josediccus @starstrings01 @readthisplease and @onwugbenuvictor during our Hive Meet up on 16th April 2022.
Oh, Yes, within few hours of our meetup I had to undergo the vigorous process of unlearning in order to learn and re-learn.
However, I don’t think I am qualified to walk in their footsteps yet. Maybe (just maybe) I’ll begin with my baby steps and see where it leads me to. Hopefully, it will not be in the wrong direction, since I am open to corrections, learning, and I believe they will not allow me wander in the "dark."
This may not be the perfect first post, but I wish to begin my "Leo-financ-ial" journey by sharing my reflection or wild thoughts on Financial Uncertainties.
ADULTHOOD - FINANCIAL RESPONSIBILITIES
As a young man of 24, 25, 26 or 27 who is a graduate of a University or other Tertiary Institutions and has completed a program (unique to Nigerians) called National Youth Service Corps (NYSC), you are expected to fully embrace the adulthood status. Well, in all sincerity, you are expected to embrace the aspect of financial responsibilities tied to being an adult, even though you may not be considered as an adult by your parents.
In other words, you become charged with the responsibility of “bringing money home”, taking care of yourself and assisting in the family’s need.
How do they expect you to do this magic?
Oh well, you’ve got a degree, why not go find a job? Or better still, why not start a small business with your skills?
Considering the fact that the (Nigerian) environment makes things difficult for entrepreneurs, you may choose to find a job, and at the same time, plan towards establishing your business at the long run.
You begin job-hunting; you don’t know how this will turn out.
YOU NOW HAVE A JOB - FEAR OF BEING LAID OFF
You finally got a Job, where you work Mondays to Fridays from 9am to 5pm. You get paid ₦110,000 ($200) in a month, for completing enormous tasks which require physical strength, mental calculation and the divine skills that will aid you in being the best customer care agent.
You give in your best and you become the best staff for three consecutive years. Your salary was increased by a "whopping sum of" ₦10,000 (< $20), but your responsibility grew tougher accompanied with the words from the Branch Manager,
“Big man! You know we increased your salary, so you have lots of work to do.”
It dawned on you that you are only an employee and can be laid off at any time without consideration of your past glories.
You become scared and you continue to do all the “donkey work” to safeguard your spot at your work place.
But, at a point, you ask yourself, “why don’t I consider a side business or use my skill for extra source of income?”
Because, who knows what will happen tomorrow?
SIDE BUSINESS BEGINS - NO SALES, IT BEGINS TO CRUMBLE
You began the side business. It flourished for a while and then it was stagnant, No growth!
All your effort to make the business grow proved futile.
You kept on putting in money into the business, but the business kept fumbling and tumbling.
You decided to close down the business and convert your asset into cash (using the Nigerian Naira) and you put your money in Savings Account of "Ga-ran-tea Trus Bhank".
NB: I didn't mention the name of any bank ooo
CASH IN NIGERIAN SAVINGS BANK - NAIRA IN THE MUD DEVALUATION OF FIAT
My money is in the bank 😎
Money in the Bank - WWE 😁
O yeah!
Savings Account! O yeah! I will receive huge interest every year. 😏
Ga-ran-tea Trus Bhank" looking at you like 🙄
Oh no! The Naira is declining in value against dollar.
As at 2010, $1 = ₦150, but right now $1 = ₦550, ₦570, ₦595 and even ₦600.
“What should I do?”
"I earn very little, but prices of goods in the market has skyrocketed 🚀."
"What should I do?"
“Oh, I heard something called cryptocurrency. I don’t know what it is, but let me try it out.”
"I NOW DEAL WITH COINS, BABIES 😏" - UNCERTAINTY IN CRYPTO’S VOLATILITY
You met, @ksam (Oh, wait a second that is me 😅) and he told you to buy and hold Hive (NFA).
You bought 100 Hive at the rate of $0.9 (total of $90) on 18 November 2021, and on 26 November, Hive got to $3.4. In other words, your $90 became $340 in 8 days.
You sold it off immediately!
You're now a big Boy!
A Certified Trader 🙌
On April 25th 2022, When you heard the news that Elon Musk bought twitter, immediately, you bought Doge coin and Shiba Inu because, yea, they will rise, since they are Elon Musk’s children.
Expecting the magic of Hive on 26th November 2021.
Now your portfolio is bleeding!
Your $500 has turned to $269
You began to call crypto a scam 😭
STABLE COINS - WAY OUT?
They told you to save in Stable coins so that you won't be heart broken when the Bear drinks a beer in the market.
You sold off your portfolio immediately to buy USDT without thinking.
Now the Bull began to run, you began to FOMO (Fear Of Missing Out).
You stack up some coins with your $269, only for you to realise that it was a false alarm.
The dip became dipper than previous dips
When you sold back, you got $69 🥲
Now, you regretted meeting @ksam 🥲 who first introduced you to crypto World.
poor @ksam 😢
You wanna get rid of anything crypto and coin.
You prefer to battle with the financial uncertainty that you can "see".
You want to deal with what you can control, instead of what you can't.
Now you want to concentrate on your job and focus on your salary.
BUT, Can we really be free from financial Uncertainties?
Our stories might have a better ending unlike the young man in the story above, but does it mean we have absolute control over our financial burdens?
Even when we save in HBD and earn 20% APR, does it mean all our financial burdens are solved?
We can continue with the questions, but at the end, we will come to a realisation that:
"Our financial life has its unique circle - the higher we go in life, the more burden we encounter - if we fall or go lower, we will also encounter more unquie burdens."
In other words, no financial level has immunity when it deals with the concern of Financial Uncertainties.
I would love to hear/see your thoughts (put into writing) in the comment section below.
