Osaretin Victor Asemota

Osaretin Victor Asemota

12-09-2022

11:58

When I told a friend that I could survive on $500 a month, he was perplexed. I just buy Internet, electricity, food, and a full tank of fuel then stay at home. The Internet is how I communicate with most people and also how I make money. I have been working from home since 2005.

Even when my family is around, the budget used to maybe just doubles with targetted bulk purchases. I learned something from my uncle years ago that the easiest way to remain poor is to increase your burn rate when your income increases. You should ideally cut it down further.

Bulk purchases are underrated. Socialization is overrated. I enjoy family events and hanging out with friends but it doesn't have to break the bank. When friends come to visit, I cook. It turns out extremely cheaper than going out. I thrived during the pandemic lockdowns.

I invested everything I saved. The market may be bad now but I have not liquidated anything and I have not made a loss. That money could have all been blown on meaningless Jollof! I finally figured out that travel was my biggest drain. When I travel, I buy stuff. I have stopped.

I just remembered all of this when @binjoadeniran asked why Nigerian Ogas kill their own companies and don't let them grow. I responded that it is because of cash flow and burn rate. Most Nigerian β€œbig men” have very high burn rates because of extensive obligations.

I am fortunate that my mother doesn't depend on me and my siblings are largely independent. The extended family members largely talk to me and I am not invited to contribute to anything. For most people it is not so. I have friends who spend almost all they earn to support family

Being a Nigerian Oga is more of a burden than a joy. It is why they do everything to get cash flow. This is not an excuse for unethical practices but when you see how people live, you will understand why bad practices won't end.

Lifestyle choices are also another factor that effects burn rate. Many ogas have girlfriends, concubines and multiple families to support. They must also buy the latest cars. Not doing adultery or fornication can save you tons of money too! πŸ˜‚

It may seem like a joke but Mekwe alone is responsible for a significant part of the burn rate of Nigerian Ogas. I think I even wrote an article on Ogaship in Nigeria and what it means. Let me find it πŸ˜‚

Oganomics is complex. It is responsible for most of Nigerian corruption. This is the article I wrote below.


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