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Gaya

Not every piece of money advice ages well. Especially in an economy like ours that changes faster than the rules we grew up with, some financial lessons need to be questioned, re-examined, and updated. Here are some popular <a href="https://aura.ng/culture/7-lies-social-media-has-convinced-us-to-believe-about-success">money beliefs</a> young Nigerians are beginning to view differently.

1. “Money is meant to be spent.”

Unfortunately, the harsh reality about living only for today is that it makes preparation for tomorrow difficult and increases the chances of life’s demands creeping up on you too quickly.&nbsp;&nbsp;

Enjoying your money is important, but spending without considering the future can leave you unprepared when unexpected responsibilities arrive.

2. “A government job is the safest financial decision you’ll ever make.”

 Stability still has value, but many have discovered that security is not always guaranteed. The average income of many government workers in Nigeria is often not enough to provide the level of financial security many people desire in today’s economy.

This is why side income, investments, and additional skills have become more important than ever.

3. “Don’t talk about your salary.”

While privacy has its place, complete silence around money has kept many people underpaid.

Sometimes, networking and having conversations with people in similar fields can help you discover industry standards. You might realise that you have been undervaluing your skills, experience, and worth.

As a society, we have frowned on debt for many valid reasons. However, we often fail to acknowledge how powerful loans can be in wealth creation when used wisely.

For people with great vision and proper financial planning, borrowing can become a tool for building wealth by acquiring assets and building businesses.

5. “Don’t mix friendship and money.”

Having boundaries around your finances, especially with friends and family, is important.

However, those boundaries should protect your business and relationships, not prevent you from recognising the opportunities that can come from working with people you trust. Some of the strongest partnerships are built through existing networks.

6. “Go to school so you’ll never struggle financially.”

 Education is priceless, but it is no longer the only guaranteed ticket to financial success.

While school should not be labelled a scam, extracurricular activities and experiences that cannot always be taught in classrooms should be recognised for what they are: invaluable opportunities that can open doors, build networks, and develop important skills.

7. “You’ll save once you start earning more.”

Saving, just like any other <a href="https://aura.ng/the-streets/7-money-habits-that-keep-high-earners-broke">habit</a>, can only be learnt through practice. For many people who never learned how to save while their earnings were smaller, saving became even more difficult when they eventually started earning bigger salaries. Because higher income often comes with higher expenses.

8. “Only rich people invest.”

Many people wish they had started investing with small amounts years earlier.

It can be painful to think about how much wealth they could have built if they had not believed they needed to attain a certain financial status before investing.

What many eventually realise is that investment is not a reward for wealth; it is one of the ways wealth is created.

9. “Buying land is the only real investment.”

 Granted, land has historically been one of the most valuable assets because it often appreciates over time.

But it should not always be the only financial plan. The location, surrounding development, accessibility, and future demand can determine whether a property investment becomes profitable or not.

10. “Build a house before you think about anything else.”

 For some people, prioritising building a house above every other financial goal delayed other investments that could have grown their wealth sooner.

And now that they are older and still yet to build the house they imagined, they feel like they are falling behind in other areas of life.

Owning a home is a great achievement, but it should not become the only measurement of financial progress.

11. “As the first child, your siblings come before your financial goals.”

Supporting family is admirable, but carrying every responsibility can delay your own financial stability.

<a href="https://aura.ng/culture/the-responsible-child-curse-when-being-good-costs-you-everything">Black tax</a> has been normalised and glorified so much that it has become a major reason some people struggle to prioritise their own goals and future.

12. “If you have money, people should know you’ve made it.”

 Lifestyle inflation has rapidly emptied many bank accounts. Looking wealthy and actually building wealth are two very different things.

Now, many Nigerians are discovering that a flashy lifestyle is often less valuable than assets and investments designed to generate more money in the future.

13. “Don’t charge your friends or relatives.”

Many creatives and entrepreneurs realised too late that constantly offering free work is not sustainable. Because when discounted services and <a href="https://aura.ng/culture/i-didn-t-realise-how-much-money-controlled-my-relationships-until-i-started-saying-no">unpaid labour</a> become expectations from loved ones, they can reduce the worth of your business and eventually run it down. This is why financial boundaries are very necessary.

14. “Keep your money in the bank, and you’ll be fine.”

Inflation has shown that saving alone is not always enough. It is important that money is not just sitting idle but is also working to create more value. After all, banks use deposited money to run businesses and generate profit too…but that is a conversation for another day.

15. “Avoid taking financial risks.”

 Playing it too safe has cost some people opportunities to grow. Sometimes, achieving meaningful financial rewards requires taking calculated risks. The goal is not to make reckless decisions but to make informed ones.

16. “There’s no need to learn about money; just work hard.”

Hard work earns income, but financial literacy helps you keep, manage, and grow that income. Financial principles and basic economics deserve the same importance as the skills that have the potential to earn you money.

Knowing what to do with money is equally as important as knowing how to make the money. Or else, you’ll squander it.

17. “Success comes only from one source of income.”

More Nigerians are embracing <a href="https://aura.ng/culture/the-nigerian-social-tax-how-celebrations-are-quietly-draining-young-people">multiple income</a> streams out of necessity. The idea that a “Jack of all trades” will easily become a “master of none” discouraged many people from exploring different opportunities in the past. But no rule says you cannot try different things until you discover what works for you.

Even after finding what works, having backup plans can be wise, as long as they do not interfere with your effectiveness in one area or another.

From “money is meant to be spent” to “government jobs are the safest,” here are seventeen pieces of money advice many Nigerians now regret following.


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