One of the best ways to learn about money is through experience. To do this, one way is to gain knowledge from some financial experts, understand what money can do for you, and become mindful of your expenses. Here, one of our Legal Analysts, Oladipupo Mutiu Eluyera shares these learnings with us on financial prudence and literacy. Take a look.

What’s the biggest money mistake you made in 2022?

The biggest money mistake I made this year is not even related to a failed investment or imprudent spending but to lending someone a huge chunk of money. He absconded with the entire money almost immediately.

What did you spend your money on in 2022 that gave you joy?

I believe the purpose of life is to live it, to taste new experiences to the utmost, and to reach out eagerly without fear for a newer and richer experience. Knowing this, I spent on things that gave me maximum excitement such as Philanthropy, spending on connection: arranging lunches to reunite with buddies and strengthen social bonds and learning new sports (horse riding, bowling, and kayaking). I also ticked off my bucket list of fun spots to visit in Abuja and paid every weekend to watch Lionel Messi play football.

What is your top money lesson in 2022?

The best way to solve your money problems is by managing your money better. It doesn’t matter how much money you have or earn, if it’s managed poorly, because of imprudent financial decision-making; you will still end up with the same financial problems.

Do you have a money action plan?

Yes, essentially, my money action plan now and going forward is to do the following: • Determine my financial priorities • Record my expenses • Include saving in my budget • Find ways to further trim needless expenditures • Set better savings goals and make savings automatic

How did you up your money game this year?

Before I got to AFEX, I was completely financially illiterate. The kind of guy who splashed money as soon as it came in. So, I sought the advice of Zara Dogo, Yusuf Ogunbiyi, and Oluwafemi Kehinde on money management and investment.

From their several pieces of advice, I did a self-inventory and started tracking every single penny leaving my account/pocket; automated the diversion of at least 40% of my salary into savings and investments; I devised other sources of revenue apart from monthly salary in order to augment my monthly income. Just baby steps.

Share one thing you don’t mind spending money on and why?

I won’t mind spending money on learning a new sport every three months and trying out new spots/locations in Abuja with fun sports and games. The reason is attributable to the fact that I discovered very early that I derive the purest and undiluted form of joy and excitement from doing sports and games, and also learning new ones after I get bored of the old ones.