One Thing Every Young Person Must Know

In an era where quarter-life crisis is a thing, you need to be more tight-lipped about how much you earn. Seriously, who really needs that information?

What do I mean? 

Applying wisdom when it comes to your income is key. You must have heard that your 20s and 30s are for grinding the most and laying the foundation for how your life will be in your later years. Well, I can tell you for free that it will be difficult for you to have any reasonable savings and investment if people know how much you earn.

Who are people? Strangers, your friends and even family (not just extended family, also your parents and siblings)

Yeah, yeah, I know your mum sold her things to train you through school and you feel indebted to her. I get it! 

Stay with me, I’m going somewhere.

Remember I spoke about applying wisdom earlier? Let me explain.

When you start earning either from a job or monetizing your talents and skill set, it is only natural for you to want to feel useful at home. Help out with some bills, make your folks proud, have your younger ones look up to you, etc. You must know this, once you start, you can’t stop halfway. It will be extremely difficult for you to stop carrying everyone because for a million good things you do, that one time you couldn’t help out will be remembered.

Also, it is easy for you to forget your needs and get drowned with every other person’s wants. How do you intend to build savings when you are answering everybody’s call and frankly, you won’t be so overwhelmed if you kept your mouth shut in the first place.

I have read and heard enough about many young people who earn quite much but save so little because of obligations. One of the most annoying stories I read online was about a young developer who after having a series of 70k-100k jobs got a bigger contract of a little over a million naira. Of course, he used it to take care of his mum’s health(reasonable), moved his family from their apartment to a bigger, better one(why?) and paid off some debts and school fees for younger ones. Oh, including giving his mum funds to recharge her business. After everything, there wasn’t enough change for the laptop he wanted to get that will make his work easier.

The young man got drowned with responsibilities. Was it necessary he did all that? Yes and no. His story was quite touching but all that responsibility without putting himself first was foolishness. Harsh, but true. In the comment section I saw people hailing him and praying for the ability to do that and I shook my head. Also got me thinking.

Have we so romanticised the idea of being the ones to lift our families out of poverty? Maybe we do not realise that you can never come out of poverty by unnecessary benevolence and excess spending without proper planning.

Is there a possibility that we do not look out for ourselves first out of guilt?

I have spoken to many young workers and a lot of them are tired of carrying everyone. They can’t say no, have savings or even attend to their desires because, how will everyone cope?

You forget that no one is indispensable. You die now, they will miss you but, life goes on. They sure as hell will survive one way or the other.

Now, you might say, it’s not possible to hide your earnings. Truthfully, I know many parents who ask their friends and acquaintances about the salaries of certain companies simply because their kids work there. There’s a reason I said Income and not salaries.

Tips, bonuses, side gigs, gifts and other extra sources that make up your total income do not have to be disclosed. Your colleagues know about your salaries, they should not know about your second job or gigs. Leave something for yourself, don’t be an open book.

Do not reveal your Income to the following:

• Parents/Family: this is the most difficult especially when you consider how tough things might have been or how easily parents guilt-trip their kids. Listen though, if you don’t have a family that is financially intelligent and can advise you on how to save and multiply funds, keep your mouth shut. Prioritise! When they bring their needs, outline the most important ones or better still, extract your savings first and then work with what’s left. Remember, wants are unending.

• Friends: apart from the fact that many friends want to know how much you earn in order to assess you, if you don’t have financially smart friends, zip it. Your life goals are not the same. Your lifestyles are not the same. You may be pressured to want to meet up, don’t fall for it. Remember, they might have extra backup from family, friends, lovers or extra gigs that you know nothing about. Keep your income to yourself.

• Social media/Strangers: the need for validation can be very strong from social media but don’t fall for it. Someone calls you a broke-ass online, smile and move. Don’t lie or disclose your income to feel better. Salary bragging contest, don’t fall for it. You might fall prey to leeches who would come disguised as friends or worse, compromise your security. Yes, they can stalk you, rob you, introduce scams to you and set other traps.

• Colleagues: just do your work and go home. It’s nice to have colleagues as friends but remember that ultimately you have similar goals; promotion or rising up the ranks. You don’t have to speak of your second job or side hustle. No need attracting envy or having an anonymous reporting to HR that you use office hours for something else. Be wise!

There is more to be said but ultimately, you have to remember: self-preservation is key and no one is indispensable. It is easier to help, stunt and do better things with more income. Each time you feel the need to talk about your earnings, ask:

1. Is it necessary?
2. Does it serve me or bring me benefits?
3. Will my security and peace of mind be affected?
4. Am I done achieving my goals?

These should be enough to keep your tongue in check. Peace!