If I Were 18 Again
My 18-year-old self wasn't oblivious to its importance, but I wish I had understood the language of money better especially...
Last Thursday, my friend Daniel shared an intriguing article from Levels.io about what he would do differently if he were 18 again. It got me thinking about my own journey and if there are things I’d do differently.
To be clear, I'm really proud of where I stood at 18, I had a lot of things right, mostly because life had shown me shege from the onset, and so I had my eyes set on the bag already. So there’s surprisingly not a lot of things I'd change. 2018 was no doubt a period filled with uncertainty, but I had my eyes set on the bag already.
On the contrary and taking a leaf from Oprah’s quote:
If we're really committed to growth, we never stop discovering new dimensions of self and self-expression.
Here's the one thing I'd tell my 18-year-old self if I could take a time machine to 2018.
Learn Money
Yes, money – the age-old companion of adulthood and the ever-potent antidote to sapa. My 18-year-old self wasn't oblivious to its importance, but I wish I had understood the language of money better, especially credit scoring, a strategy the rest of this article will dwell on.
Credit scoring is a concept often underlooked but holds the key to a lot of financial opportunities if properly harnessed.
In fact, I only heard of the benefits building a good credit profile offers from Ms. Classy Toombs, an ex-US military sniper turned wealth coach I was opportune to learn from at the GOTNI leadership conference, an event I got to partake in as a panelist last year.
Why build a good credit score?
Building a credit profile is like creating a money reputation for yourself. When you use credit, like having a credit card or taking a loan, and you pay back the money on time, it shows that you're responsible with your finances. This reputation, called a credit score, is important because it affects things like getting loans for big things, like a car or a house. It can also help you get lower interest rates, which means you'd have to pay back less money in the long run. So, building a good credit profile can make your financial life easier and save you money.
Imagine you want to buy an asset or start a business someday. Having a strong credit profile can easily make those things possible. It's like having a good reference that shows you can handle money well. Lenders check your credit score to see if you're trustworthy. If you have a high score, it tells them that you're likely to pay back what you owe. This can open doors for better opportunities and help you achieve your goals faster. So, building a good credit profile isn't just about borrowing money – it's about proving you're reliable and making your dreams more reachable.
The How?
Even when I heard Ms. Classy talk about it, I was unsure of how practical it would be in Nigeria as financial technology, while relatively advanced that most countries, was yet to hit the mark on inclusivity.
Here’s the thing I got to find out this year.
It’s all doable from Nigeria.
The “how”, is a topic for another day and one that I’d have to write properly another time if there is enough interest.
If you’d like to do your own research on the subject, here are a few resources I’d recommend you check out.
Download the Creditcliq app
Parting words
As you navigate your own journey, remember that life is a canvas awaiting your brushstrokes, and the choices you make today will shape the masterpiece of your tomorrow. Embrace relationships, learn about money, invest in your future, and, most importantly, make sure you have evidence.