6 Financial literacy lessons you won’t learn in school

 

Financial education is a very important aspect of our education. Unfortunately, our educational system has robbed us of this very important aspect of our lives. And while the school has made it compulsory to teach subjects like mathematics, English, and other subjects as the basis for success in life, they have neglected the very and most important parameters for success.

Financial literacy is a must for everyone who wants to be successful financially. And if you need this type of education, you must look outside the four walls of conventional schools, because it’s not taught there.

This article deals with the core of money education you may never have heard about, because it’s not taught in schools.

Why you need financial knowledge

Financial education has to do with your ability to grasp and effectively use various financial skills, from budgeting and knowledge-based saving to debt management and retirement planning.

Financial literacy equips you with the understanding needed to make informed decisions, leading to greater monetary freedom, less stress, and a better quality of life.

Financial literacy empowers you to take control of your finances and navigate the challenges and opportunities that arise

Conversely, low financial literacy threatens your financial well-being and that of your family. Without a sound financial education, you will be more susceptible and prone to predatory lending and costly errors in managing your finances and expenses that can lead to lifelong financial deficit and ultimately low quality of life.

When you lack financial knowledge, you are more likely to become trapped in cycles of poverty and debt. 

For example, poor spending habits and unwanted borrowing habits often lead to a frustrating end.

Now let’s talk about some of these lessons and insights that will help you to make informed choices when it comes to financial matters.

6 time-tested financial lessons you won’t learn in school

1. To make more money, you must love money and talk about it often

I know this is contrary to popular opinion, but the truth is that those who are wealthy are those who are money-conscious. They talk about money, they think about money and they see money everywhere. This is very simple and at the same time very logical.

By the law of attraction, you become attracted to what is dominant in your mind, what you always see and talk about. This is a very important rule of money and life generally. So deliberately think about wealth, talk about abundance, and never in any circumstances think about lack or even confess it.

This seems so basic, but it is the root of all lasting wealth and prosperity. And of course, you were never taught in school. 

2. Saving for the short term is good, but saving for the long term is bad

People save for several reasons like buying furniture, rent, and other short-term concerns.

However, saving for the long term or retirement may be wrong for several reasons.

One major reason why this may not be a wise decision is because of the high rate of inflation and currency depreciation.

For example in Nigeria, the inflation rate from 2020 to 2024 alone is almost 80 percent. And the Naira has depreciated more than more than imagined. For one saving for the long term, it becomes so unreasonable to do that, because, in the end, the value of what you have saved would have amounted to nothing. The worth of a million Naira in 2020 is now about 200 thousand naira.

Rather than saving for the long term, you should invest for a long term

3. Have a budget and track all your spending and expenditures

It takes financial discipline to be rich. This testament is true. It takes such a level of discipline to track all your spending and expenditures. This is important as it allows you to know whether you have exceeded your budget or not. 

Tracking your expenses helps you to become mindful of what you spend your money on. And without a budget, everything becomes a surplus. You see yourself spending without a boundary only to realize you have exceeded your financial threshold.

4. Know the difference between assets and liabilities

Most people don’t know assets and liabilities, and they can’t differentiate between the two. Hence they end up prioritizing liabilities over assets, which will ultimately lead to financial failures in the long run.

Assets are things you buy or own that appreciate with time, while liabilities are things you buy or own that depreciate with time. While building a house is an asset, buying a car for luxury is a liability. Investing in yourself on the other hand should be your greatest asset. This means you must take the discipline to invest your finances in knowledge, equipping yourself with the relevant skill set, and necessary education, especially financial education.

On the other hand, going for luxuries and other wishful spending can be termed as liabilities, as they will amount to nothing in the long run 

5. Know the difference between bad debt and good debt

use, that is a good debt, while getting the same loan to get a personal car may be termed bad debt. Bad debt is a loan spent on liabilities, while good debt are loan spent on assets.

Knowing the difference will help you make informed choices on how you spend your borrowed money. The fact remains that it is never wrong to get a loan. But it is wrong to spend that loan on liabilities. Most individuals and corporate entities get loans for their businesses and it will interest you to know that most corporations do that. 

6. Get a Job, but becoming an entrepreneur is better 

While school and society will teach and empower you to get a job, it’s better when you become an entrepreneur.

There is nothing wrong with getting a job, but you must strive to be an entrepreneur, be it on a small scale or a larger scale.

The truth must be told that inflation only affects salary earners, whose earnings are fixed, no matter the inflation.

So taking Nigeria as an example, while the salary earners are groaning for the spike and increment in price of goods and services, the entrepreneurs are adjusting their selling prices to accommodate for the inflation.

So, inflation has little or no effect on the entrepreneur. Of course, inflation causes a decrease in demand, which ultimately may affect their sales, but on a broader view, the average entrepreneur increases the cost of his goods and services to reflect the current economic situation, while the salary earners are at the mercy of their fixed income irrespective of the current economic situation 

Conclusion

Financial literacy will save you from the errors of the naive and uninformed as regards your finances. In this vain, I must state that investing an amount of money or budgeting an amount of money annually for your financial education is a great and wise investment.

While you may agree with me on the aforementioned, I need you to take action now on these very six concepts I have exposed you to. And if in any way you have been complicit, and misunderstood any of those concepts, then it is high time you make the necessary adjustments now.

A few years from now, you will be happy you did.

10 Best Australian universities for Nigerian students

 

There are plenty of study destinations popular among Nigerian students and Australia is one of them.  You can only find unadulterated wilderness and the birthplace of contemporary civilization—including colleges, universities, and schools—in Australia. The contemporary educational system and the outbacks frequently leave the observer in wonder. 

If you’re interested in studying in Australia but you’re feeling overwhelmed by the options, then this article will guide you. In this article, I’ll outline the top 10 universities in Australia for Nigerian students. 

1. The Australian National University

According to the QS Best World University Ranking 2022, ANU is rated 27th.

Australia’s top university and the country’s top employer of recent graduates. It is a public research university located in Canberra, the capital of Australia. It was established in 1946.

In addition to courses in the fields of engineering and technology, life science and medicine, business and management, and the arts and humanities, it provides undergraduate, postgraduate, and professional degree programs.

2. University of Southern Queensland

In 1967, the University of Southern Queensland was founded and is situated in the city of Brisbane. Over 110,000 graduates from the institution have graduated to date, and they are spread throughout 146 different countries.

Upon acceptance, international students at this institution are eligible for a variety of advantages including on-campus and off-campus housing, counselling services, multifaith support, regular events, and healthcare.

3. University of the Sunshine Coast

Brisbane, the capital city of Queensland, is home to another world-class university, the University of the Sunshine Coast which was founded in 1994. Over 25,000 of the university’s active graduates are now employed in prestigious positions throughout the world.

Admitted international students at the University of the Sunshine Coast benefit from a five-star education, an exceptional study experience, flexible degree options, and first-rate academic skill support.

4. Edith Cowan University

The Edith Cowan University was founded in 1991. The institution now boasts a robust global network of more than 175,000 alumni. Perth, the capital city of Western Australia, is home to Edith Cowan University.

Admitted international students at Edith Cowan University enjoy a variety of benefits, including a welcoming atmosphere, tolerance for other cultures, cutting-edge learning facilities, exposure to business, and employment opportunities. 

5. Charles Darwin University

The Menzies School of Health Research, Northern Territory University, and Centralian College merged to become Charles Darwin University in 2003. The University is located in the northern capital of Australia, Darwin.

The institution has a robust network of 70,000 active alumni in 140 countries as of 2022. Admitted international students at Charles Darwin University are offered a variety of benefits, including a cutting-edge academic environment, chances to discover new interests and talents, and an extensive extracurricular curriculum. 

6. University of Melbourne

The University of Melbourne is the second-best institution in Australia, coming in at number 37 on the QS Best Universities in the World 2022 ranking.

This institution provides a wide range of bachelor’s and master’s level courses in the following areas: business and management, natural sciences, engineering and technology, life sciences and medicine, and arts and humanities. For overseas students, it also provides MBA and Executive MBA programs.

The institution grants scholarships based on several factors in addition to merit. When gifted overseas students enrol in undergraduate or graduate programs in 2022, the institution will provide them with further assistance.

7. Australian Catholic University 

In 1991, Australian Catholic University was founded. Currently, 125,000 students have had the good fortune to graduate from the institution with a degree. The campus has the distinction of being in one of the biggest cities in Australia and is situated in the centre of South Wales, Sydney.

International students who are accepted to Australian Catholic University, or ACU, benefit from a variety of experiences that broaden their perspectives on the world, including diverse worldviews that are very desirable to employers and much more. 

8. The University of New South Wales

The leading research university in Australia, UNSW, is ranked 43rd in the QS Best Universities in the World. According to the QS Graduate Employability Rankings 2022, UNSW is rated 32nd globally and third in Australia.

To prepare its students for real-world experiences in disciplines of study including engineering, medicine and health, law and justice, business and management, and arts, design, and technology, the institution uses hands-on teaching methods. They are well-known worldwide in a variety of sectors, including quantum computing, sustainable materials, solar power, and many more.

With UNSW offering several scholarships and different route programs to get into the desired degree, students may study in Australia on a scholarship. International graduates who meet the requirements of the applicable visa stream may be able to work full-time lawfully. After graduating, master’s degree holders are permitted to remain for a further two or three years to find employment.

9. Charles Sturt University

The Charles Sturt University was founded in 1989. The institution now boasts more than 215,000 active alumni who are dispersed across many nations. Sydney, Australia, the state capital of South Wales, is home to the campus.

After being accepted, international students at Charles Sturt University are eligible for savings on tuition, health and welfare benefits, and a free lifelong membership in the university library.

10. Western Sydney University

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As the name implies, the campus is situated in Sydney, Australia. The Western Sydney University was founded in 1989. By 2022, the institution boasts 200,000 active graduates who are now contributing significantly to a variety of global businesses.

Upon acceptance, international students at Western Sydney University are eligible for a variety of privileges, including career service support, free library use, student discounts, and much more. 

Conclusion

For a very long time, Australia has offered the greatest advantages and experiences for students. Look no further if you’re a Nigerian looking for the best universities in Australia that will cater to your needs academically, as well as provide you with a conducive and welcoming environment. 

How to save money in dollars as a Nigerian

 

If you have ever wondered how you could save in dollars, you should know that you’re not alone. Every smart-thinking Nigerian should know that one of the ways to beat this high inflation and naira depreciation is to save in dollars.

The Nigerian currency seems to be on a free fall against the dollar, and there’s no sign of it abating soon. And that, coupled with other factors has brought so much inflation in the economy.

We have no choice but to turn to the dollar.

This is one of the safest and easiest ways to hedge your naira against inflation, as inflation devalues the purchasing power of the Naira currently in your hand.

In this vein, saving in Naira should be discouraged on all grounds.

For example, if you kept 3500 naira last year, which could have bought a bag of cement last year, that same amount cannot afford that same bag of cement, as a bag of cement now costs about 15000 naira. So this is a testament to the fact that for a nation like Nigeria, every naira saved depreciates with time.

Again, you as an individual must save. Either for the long term or a saving done to purchase something in the shortest time possible. You may even want to save for projects. Whatever the purpose is, you should save in dollars. It can then be converted again to Naira whenever the occasion demands it.

With this article, you will have first-hand knowledge of the various ways this is possible, which will help you make an informed choice on any that suits you well.

Again you should be aware that in all currencies of the world, the US dollar is the most dominant, and seen as a very stable alternative.

This article shows you how to save in dollars and the different financial platforms that make that possible

3 ways to save in dollars in Nigeria 

Here are avenues to save your money in dollars in Nigeria:

1. Use of Domiciliary account 

A Dom account for short, is a type of account option offered by the traditional bank in which you’re able to receive funds or deposit in dollars or any major foreign currency.

With the Dom account, you’re able to save your money in dollars. All you have to do is to decide the amount you want to save, and then convert to dollars by buying the dollar equivalent. Then you deposit it on your Domiciliary account.

The account opening process of a domiciliary account is the same as that of a current account. You may need two guarantors who are operating a current account in any bank, as part of the requirements.

With this, your naira will not be affected by the rising inflation.

2. Convert your Naira to stable cryptocurrency assets like USDT

USDT is one of the stable cryptocurrency assets, created by Tether. It acts as the digital dollar or one can say that it’s the digital equivalent of the US dollar.

It will interest you to know that each USDT is equivalent to $1 and it’s backed by the same one dollar in physical reserves.

Theoretically what this means is that the USDT is not affected by market forces and volatility. It’s stable and acts as a safe alternative to the dollar in the digital space.

To save your money in this digital dollar, all you need is to buy this coin, and that’s all.

First, you will have to register with any crypto exchange platform where you can buy the USDT.

Next is to buy the USDT with any amount you want. 

Then you can hold on to it for as long as you want. It’s another viable option to hedge your dollars against the naira.

You can buy USDT with Naira on Bybit.

3. Use a fintech app

Fintech has caused so much positive disruption in the way financial transactions are implemented today. With the advent of fintech, life has become more easier and convenient as regards financial matters.

Most fintech apps today allow you to save money in various currencies of your choice, while some go the extra mile to give interest on such savings.

All you need to do is download any of the fintech apps, do all registration and documentation, deposit money in naira, and choose to convert it to dollars or any foreign currency of your choice.

It will be automatically converted to dollars using the current exchange rate.

There, you can hold on for as long as you choose before converting back to the naira.

Some fintech apps to save money in dollars

1. Piggyvest

Piggyvest is a very popular online saving and investment app in Nigeria, as most Nigerians who have an interest in savings have this app on their smartphones.

This app allows users to earn up to seven per cent interest in their savings of dollars, while up to fifteen per cent for saving in Naira.

This app is quite easy to install, as it’s available in the Google or Apple Play Store.

Having downloaded, registered, and funded your account with naira, then converted to dollars.

2. Cowrywise

Cowrywise offers an opportunity to save in dollars. It’s a common fintech app for saving both in dollars and naira.

All you need to do is download the app from Google or Apple Play Store and install it. Proceed to do all necessary registration and deposit in naira the amount you intend to save. 

Then you can convert it to the dollar equivalent and hold on to it. 

Cowrywise also offers interest on money saved. However, the interest rate is not specified as it fluctuates with time.

3. Bundle Africa

This app is more than an online saving app. It is also a crypto wallet that allows you to buy and save in stable cryptocurrency assets like the USDT.

This app offers its users 6 per cent interest annually on savings.

As with other fintech apps, it’s available on Google or the Apple Play Store. 

Download, install, register and fund your account. And thereafter convert to dollars or any stable cryptocurrency.

Conclusion

For the average Nigerian, the issue of inflation rocking the economy is a nightmare, and such savings for short or long-term in the naira should be discouraged.

The US dollar is stable, as well as Stable crypto coins like the USDT. 

While opening a domiciliary account may be a viable option, many may not meet the requirements and criteria for opening such an account, as it may seem too cumbersome to many.

In this case, the use of fintech apps becomes the easiest possibility, which is readily available on the Play Store and requires little or no amount of effort for registration.

However, it should be noted that all fintech apps may charge certain percentages for withdrawal. On this note, you must do thorough research to choose out of the several options available.