In this money story episode, we had a chat with one of our product designers, Michael Adefioye. He talks about his low appetite for risk, fatherhood, money management and how Nigeria’s inflation cannot pressure him. Let’s dive in.
Tell us a bit about yourself, please.
My name is Michael Adefioye I’m a graduate of Statistics from FUTA., While I was in school, I ventured into Graphic design, and after uni, I got a few gigs and picked up an interest in Product design.
Where did you grow up?
I lived my whole life in Ile-Ife, Osun state until I moved to Akure for university.
Did you get an allowance as a kid? What did you do with it?
In primary school, I remember my allowance being around 10 Naira. I loved walking, so I would use the allowance to buy fish on my way home.
Did you ever think to save the money?
I never thought about saving money at that age, to be honest.
Would you rather have a job you hate with a high salary or a job you love with a small salary?
I would rather have a job I like with a small salary. Let me give you a bit of context; during my IT as a student, I worked in a bank and was paid 40,000 Naira. It was a lot to me at the time, I worked in the bulk room and attended to 300 customers a day.
Yes, it was at GTBank, we attended to so many people. It was especially worse on days after public holidays, we could expect about 1000 customers. I worked with just one other person, which meant each person had to attend to about 500 customers each.. After six months working at the bank, I resolved to never work in a bank or an overly corporate office. Even though the money was a lot at the time, I was like “I’m not ready to sell my soul for money”.
How would you describe yourself generally: a spender or a saver?
I save a lot. I save a percentage of my salary every month.
What are your finances like as a father?
Most people think being parents is about having money, but most of the time it’s not money. In fact, as a family person, it’s the least of the problems. It is important to have money, but your time is more important. I work from home, and it takes a lot of commitment- taking care of the baby and doing stuff around the house.
What is Money management like for you? Do you have a budget or do you spend as the spirit leads?
Omo! If you spend as the spirit leads, all your money will finish, especially with all these Instagram vendors that sell food. I don’t spend money as the spirit leads, I work with a budget, and as I said earlier, I save a percentage of my income.
Can you open a joint account with your partner? Why/why not?
I think it depends on you and your partner,. If you marry the wrong person, opening a joint account will be the wrong move. If you’re compatible with your partner, it will help with decision-making. My wife and I don’t have a joint account, but we are both aware of each other’s finances, and we go as far as using each other’s accounts. We also hold each other accountable.
Have you ever had a big money mistake? And how did you handle it?
I’m very averse to risk, I don’t like putting my money in places I’m not sure of. When everyone was talking about MMM many years ago, I didn’t participate in it because I was scared of losing my money. I learned a bit of Forex, but never went into it because I wasn’t sure about it. I don’t make mistakes when it comes to money.
What are your money dreams or goals in life?
To have enough money to take care of my family. As long as they’re okay, I’ll be okay. I would also like to go into the printing business. Maybe as I grow older, I will have more things I’d like to do.
Would you rather be rich or powerful? Why did you choose your answer?
I’ll take power. With power comes a lot of freedom
If I gave you 10 million Naira right now, what would you do?
I will japa (laughs). If you give me 10 million Naira, you won’t see me in Nigeria next year.
In what ways does the current inflation affect you?
The inflation rate is very alarming, you’ll notice this if you go to the market. When my wife was pregnant, I went to the market expecting Panla Fish to be 200 Naira, I got there and found out it was 500 Naira. I was shocked. Everything is now very expensive.
How do you cope with it? Has it made you more frugal or are you just taking each day as it comes?
I’m taking it one day at a time. I can’t come and die. Nigeria cannot pressure me.
In case you missed it, here’s our chat with Feranmi, where talks about his business, rectifying money mistakes and his plans for the future
If you have any questions, please let us know. You can reach us on 08147198097 or email us at email@example.com (9am to 6pm Monday to Friday, and 10am to 5pm Saturday and Sunday).