🪙 Maimuna Ahmed lost 100k to crypto

👋 Good morning. April is Financial Awareness Month, and if you're Nigerian, you've probably been financially aware since the last time you checked your account balance and had to sit down. Easy there. This month, though, we're doing something with that awareness. Welcome to Stacking Season. Every Tuesday, we talk about money: real stories, honest numbers, zero judgment.

This week, Praise has written a crypto horror story. There’s also a budget rave guide and a savings tool you didn't know you needed.

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THE STACK

How Maimuna Ahmed lost 100k to crypto

Financial mistakes don’t always come from ignorance but from certainty. Sometimes, we are like sporty bettors, sure as we can ever be about our odds, and that certainty becomes our pitfall. 

Maimuna Ahmed understands this story very well; it was an unshakeable surety that led her to gamble with her sister’s money. We sit with her to discuss the cost of her certainty, the lessons she learnt, and the financial hack she holds onto.

What business or financial decision did you make that you now consider a mistake?

I don’t think there’s any business decision I’ve made that didn’t make sense in terms of my career, but financially, there’s definitely one that stands out. I was in charge of money for my sister’s wedding, so people would transfer money into my account, and I would convert it to cash for spraying. 

At the time, I had some of her money in my account, and with the naira-dollar situation, the dollar was going up. I thought, if the dollar is going up, crypto would follow too. I decided to put all the money into crypto, planning to make a profit and then return her original money.

Before that, my sister had already lost money in crypto, and I remember thinking, how did she even do that? But I was sure I could make it work. Of course, things didn’t go as planned, and I ended up losing money that had grown over the years.

When did you know? Was there a specific moment it clicked, or did it creep up on you?

When I saw the money go down and down. I can’t even remember exactly how much it was, maybe around a million naira, but watching it reduce gradually made me realize it wasn’t going to work.

I ended up losing over 100k or so. It was confusing at first because it had seemed so obvious, but eventually I knew I had to pull my money out before it dropped even more. 

Before realizing it was a mistake, did you have any doubts or feelings that it wasn’t the right thing to do?

Not at all. I was completely sure. I honestly couldn’t understand how other people were losing money in crypto, and I felt like this was obviously an opportunity I couldn’t miss.

What did you learn from that mistake?

The biggest lesson I learned is never to use other people’s money when taking risks. Even if you feel confident, gambling with someone else’s money is dangerous because if things go wrong, the consequences aren’t just financial; they’re relational and emotional too. 

Had it gone slower or worse, and I had started losing my sister’s actual money, it would have been a completely different situation.

Even if you want to take a risk, it should always be with your own resources, because that’s the only way you can afford to fail and learn without hurting someone else.

If you could go back and give your younger self one piece of financial advice, what would it be?

Omo, buy stocks early. All that money they were giving me when I was younger, I would have used to buy stocks. Anyways, I think with investment I’ve learnt not all that glitters is gold, so that’s the lesson I would give my younger self.

BAG CHECK

5 ways to max your rave experience on a budget

Lagos feels like the melting pot of raves. There are 105 raves every weekend, and sometimes it can feel like you are missing out on the fun, especially if you are on a budget.

We get it, the naira isn’t smiling, the economy is dwindling, and raving under neon lights surrounded by your friends might be the only relief you can get in this downtrodden country.

Attending raves is not exactly cheap. From the tickets to the Uber fares to the drinks, all these rack up. But we’ve prepared a guide that can help you shave off some coins. 

Strive for the early bird tickets

If you are serious about attending raves on a budget, then early bird tickets should be your best friend. You can get some early bird tickets for as low as 5k.

Yes, we know they get sold fast; this is why you need to be on their mailing list. For example, subscribers on the Group Therapy email get the ticket notifications first before the social media guys. So turn on those mail/post notifications.

Nothing for DnD warriors.

Use media passes

If you are a journalist or work in the media, you can get press passes to raves. All you have to do is email the organizers and enquire about their position on press passes.

If you are a writer, after the rave, you write about it; if you are a vlogger, you vlog the experience. Press passes are such money savers; take advantage!

Carpool with your friends 

You lose a lot of money when you Uber to raves alone, especially when you are going from the mainland to the island.

In the case where your friends live far from you, you can board a bus to their house when the sun is still out or Uber–whichever option is cheaper for you–and you all leave together.

The vibes before the rave, the music in the car, the screaming on top of your lungs; immaculate!

Don’t buy drinks at the event

What’s a rave without a likkle alcohol? We love a good pregame; it is very needed, but the drinks at raves can be a bit pricey. You are better off coming with your drinks.

Now, some raves might not let you come in with your drinks, so you have to pre-game before entering the hall. And if you are mobile, keep your bottle in your car and come out to top up every now and then.

Skip VIP

This is very obvious, right? But when we receive our salaries, we start feeling like Father Christmas. If you are trying to stay on budget, kindly run away from any and all VIP tickets. 

There you have it, our rave lords! Now go into the world and raveeee.

Our Saving tool

This week's money tool is Money Mgr, and it does exactly what it says. Log every expense, and a color-coded pie chart shows you exactly where your money is going. Is it food? Lagos transport? Your woman? The chart will tell you, with zero mercy.

Wealthy people track their money obsessively. You're pre-wealthy (manifest, manifest!), so you should too. Plus, it skips the whole painful Excel spreadsheet situation entirely.

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