On Thursday, July 15, 2021, Nigeria’s leading digital bank, ALAT by Wema hosted the first edition of its youth-oriented Talk Series on the social networking application, Clubhouse. The session themed “Wealth Creation and Money Management for Nigerians under 30” was moderated by Tosin Olaseinde, founder, Money Africa with Olusegun Adeniyi, Chief Digital Officer, Wema Bank, and Yemisi Odunsanya (aka Sisi Yemmie), popular Nigerian food and lifestyle vlogger as panelists.
Here are five lessons we learnt from the insightful session.
- You do not need to have a lot of money before you start thinking about investing: Many young Nigerians think they need to start earning well before they can start investing and this is because of their limited understanding of investment opportunities. Saving money with digital banks like ALAT which offers interest on savings is a good way to start.
- Information is Key: During the session, Tosin Olaseinde highlighted research as one of the key steps she took to gain financial freedom. The internet has provided access to a wide array of information that can help young people make correct financial decisions.
- Skills can be monetised: With the development of technology, there are many platforms that provide a chance for you to offer your skills to customers. There are always people who would require services common to your skill set whether it is writing or cooking or even speaking.
- Banks can serve as partners for fostering young talent: Banks like ALAT work with young talents whether in the entertainment industry or technology industry to bring their ideas to life. However, to leverage this partnership, it is important to do adequate research and make sure the partnership is symbiotic.
- Personal finance management and budgeting are key techniques that every young Nigerian needs to learn in order to manage their finances. Personal finance is 20% knowledge and 80% mindset. Budgeting also allows individuals to track their spending.
There’s no better time to start making healthier financial decisions than right now!