I remember meeting Joseph, a 23-year-old graphic designer from Port Harcourt, Nigeria, who told me how he made over ₦800,000 in one month and blew it all in three weeks chasing after unnecessary luxury and soft life. From clubs to getting the latest gadgets, the money disappeared faster than it came. Joseph’s story isn’t rare. In a continent brimming with creativity, hustle, and ambition, many young Africans still struggle with achieving financial freedom. While we often chase trendy money moves from crypto to forex to “soft life” lifestyles, some unchanging wealth principles continue to stand tall through the generations. If your plan as a young person is to build long lasting wealth, you need to know and work with these practical financial truths.
One of the simplest but most ignored wealth-building habits is saving first and spending what’s left, not the other way around. The African culture of luxury living, I would boldly say is just a farce. Many young Africans earn little and feel like they can’t afford to save, but saving is a discipline, not a luxury , most of the time it’s a “need to” not a “want to”. Saving matters and is very essential in the journey of financial freedom, it helps you build financial discipline and creates a safety net for emergencies. If you can’t save on your own, you can set up an automatic transfer of a fixed amount to a savings wallet (like PiggyVest, ChipperCash, Cowrywise, or Opay) as soon as your salary or profit lands, at the end of the day you have money saved up enough to make profitable investments.
Secondly, Learn to invest, no matter how small. Investing simply means putting your money where it can grow over time, whether that’s in a business, mutual fund, crypto, stocks, or properties. In many African countries, salaries are low and the urge to “enjoy life now” is high, especially when family expects financial support. But the earlier you start investing, the more time your money has to multiply. You don’t have to be rich before you start growing wealth. With time you get to understand that time makes your money grow (i.e. the principle of compound interest is real). Investing will help you build financial discipline and most importantly early investments can rescue you during hard times.
Thirdly, Live below your means, this means spending less than you earn, no matter how small your income is. In many African societies where appearances matter and social pressure is high, people often spend money to look like they have more than they do. From buying new phones on credit to attending expensive owambes every weekend, it’s a fast track to staying broke. Living below your means will create room for saving and investing, and you get to avoid debt and financial embarrassment. It also prepares you for emergencies and unexpected expenses.
Fourthly, leverage your network, not just your hustle. Your skills and hustle are important, but who you know can open doors that your CV won’t. Many young Africans get stuck financially because they try to do everything alone. A smart network can link you to job gigs or investment opportunities. Like the old saying goes, “If you want to go fast, go alone; if you want to go far, go together.” Leveraging your network gives you access opportunities faster, helps expose you to new money moves and ideas and also helps you avoid costly financial mistakes.
Lastly, one salary or means of income isn’t enough in today’s economy. Prices are rising, and jobs aren’t as secure as they used to be. This principle means finding more than one way to earn money, a side hustle, freelance gig, small online business, or digital product. As Warren Buffet popularly quoted “never depend on a single income. Invest to create a second source”. This is advantageous in that you’re protected when one income stream dries up, you build wealth faster and finally you have financial freedom and peace of mind.
These five principles discussed are not just advice, they’re wealth-building wisdom passed down through generations. Whether you’re a student, job seeker, freelancer, or entrepreneur, start applying them now. Remember, wealth is built intentionally, not accidentally. Which of these principles resonates with you the most? Share your thoughts in the comments!
Written by: Mercy Eimoga
