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Millennial Money Mistakes to Avoid: Lessons Learned the Hard WayBy Ahmad-Tijani Agbaje on April 8, 2024

Everyone wants to have money but we can’t be the only ones that feel like, sometimes, money doesn’t want to be had.

Trust us, we understand wanting to wake up at 11 am after a long night of serious partying, open your wardrobe and see two ghana-must-goes filled with mint green ₦500 notes.

No explanations and no stress (maybe small money ritual sha but…).

It would be too sweet.

But the reality is, money is great because it’s kinda hard to get.

It’s like the economic principle; scarcity drives demand – and money is very much in demand.

So, unless your calabash was carefully crafted and you were born into generational wealth (or at least, some serious family money), you have to look for money dear.

It’s a cruel world we live in, we know.

Then if you add being a GenZ Nigerian to the mix, it’s pretty steep going.

According to this 2023 report by Piggyvest, only 25% of Nigerians earn above ₦100k monthly, and Gen Z is the least likely generation to have more than one income stream.

Also, only about 1 in 25 Gen Zs have emergency funds that can last them the recommended 6 months or more.

Of course, a lot of the limitations Gen Z face are beyond their power, with inflation, unstable power supply, expensive health care, and insecurity being “normal”, it is understandably difficult for them to find sufficient legroom to hoist themselves up the financial ladder.


When have we ever presented a problem we didn’t have a solution for?

(Or at least, a workaround)

This is why this article was born – we are always talking about how what the elders can see sitting, youth can’t see from atop a ladder right?

So, let’s learn from our elders then.

On your behalf, we spoke to two Nigerian millennials (living in Nigeria) who are financially savvy and doing well in their fields. They were gracious enough to spill the tea on their financial journey and give you valuable insight and recommendations on how to get your moneyball rolling.

When we say we’re here for you, you should know we aren’t playing.

Enough said, let’s get into it!

Meet our Money Millennials


Morenike – A corporate babe who sees money as a tool and value to be exchanged, not something just to be made and kept. With multiple side hustles and her start-up, she has stories to tell.

Busayo – A film producer, food stylist, interior designer and all-around creative working towards an early retirement (with his strict saving routine and seven bank accounts).

We spoke with them about their relationships with money, financial mistakes they made (and how you can avoid them), how they save for short and long-term goals, communal saving, apps and services they use, how they get paid well, what they wish they had known when they were younger, and any tips they have for Gen Z Nigerians trying to build wealth.

As you can imagine, it was quite the chat. So, strap in with your headphones and let’s get cracking.

The interviews

IN3K8 Media · Millennial Money Mistakes to Avoid: Lessons Learned the Hard Way


Now, that was quite the listen, wouldn’t you agree?

You can’t even say Busayo’s advice on payment and salaries didn’t get your frozen heart beating again, or Morenike’s advice on building wealth didn’t make you feel like you could do anything.

You should be clapping for us, really. Let it never be said that we don’t bring substance and value into your life.

But the show’s not over yet, gentle (and financially enlighted) reader, because…


The Millenial Money Index

Save & Invest

Kuda Bank
Ajo Money


Rich Dad Poor Dad
Nigerian Personal Finance
JA Africa 


Sparkle Bank
Money Manager 
Buddy: Money & Budget Planner
Spending tracker
Johnny Africa’s Budgeting Spreadsheet
Goodbudget Budget Planner


The 28Eight co
Get Equity
Flutterwave Market
Disrupt Africa
Founders Connect


We know you’re ready to go and start buying stocks and real estate in Eko Atlantic (amen), but before you go, do you have any financial goals for this year? Also, be honest, do you save? If you don’t, why? And if you do, any tips for others?

They said a problem shared is a solution gained, so, tell us in the comments!


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