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If You Earn Above ₦200,000 Monthly And You Are Not Doing These 5 Things — You Are Slowly Going Broke.
₦200,000 is a starting point, not a destination. Most people earning this are one emergency away from crisis because they do everything with money except the right things.
1. Split Your Money Before You Touch It
The moment your salary lands, divide it:
* 50% — living expenses
* 20% — savings and investment
* 20% — debt or business building
* 10% — emergencies
One account for everything is financial confusion guaranteed. CBN guidelines allow you to open multiple account types at no extra cost. Use them.
2. Invest ₦30,000 Every Month Without Excuse
Treasury bills currently pay 18–22% annually. Money market funds match that. Dollar-denominated platforms like Risevest and Bamboo protect you from naira devaluation simultaneously.
₦30,000 monthly at 20% returns for 10 years = ₦8.7 million. Not because you earned more. Because you started.
3. Get Life Insurance
A ₦10–20 million term life policy from a NAICOM-licensed insurer costs ₦15,000–₦30,000 per year. Under ₦3,000 monthly.
If you die tomorrow, your named beneficiary receives payment directly — no court delays, no frozen accounts. That is love with a legal structure.
4. Build An Emergency Fund
Three to six months of living expenses in a separate high-yield account. For someone earning ₦200,000, that is ₦300,000–₦600,000.
Without it, every crisis — medical bill, job loss, car breakdown — becomes a loan or a family plea. Start with ₦20,000 monthly. Build it quietly. Never touch it.
5. Write A Will And Update Your Beneficiaries
You have a bank account, maybe land, maybe investments. You have an estate. Without a will, the legal system decides what happens to it — and that process takes years.
Under BOFIA 2020, your bank freezes your account upon death regardless of next of kin. A valid will and an updated beneficiary designation cost almost nothing and protect everything.
₦200,000 is an opportunity.
These five steps are not complicated or expensive. They only require one decision — to start.
© Damian Dondo
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