Tolu* is 30, confident and hungry. Since he moved out of his mother’s house in 2020 and began to face life on his own terms, he has been making foolproof plans to secure his future. Funded by his day job, he manages two businesses and is rounding up his online executive MBA degree from a European university. An interesting part of his lifestyle is how he has hacked low-cost methods of enjoying Lagos nightlife and owambes, his favourite ways to unwind.
Let’s hear it for the ambitious man who loves a good party.
Tell me about your career
I am an Art Director focused on visual storytelling. My work comprises animations, graphics, photography, motion design, and videography. Currently, I am the senior Art Director for a digital agency and I think I am one of the lucky people who enjoy their jobs. Alongside, I run two businesses – one design agency and one animation studio that I co-founded with my friend. I also concluded my lectures a month ago for an executive MBA degree online.
Wow, sounds like a lot. How do you manage your time?
Honestly, it has not been easy. I used to take classes on weekends for my MBA but that chapter is closed now and thankfully, I will be graduating in October. We are also launching some projects at the studio this year, so the workload will reduce. I was mentally ready for this year, and I think this is why I am able to manage it all. I told myself that some of these things will only take me a year, and I am making it count.
Great perspective. Let’s talk about how you are funding these ventures
Most of the money I make goes into my animation business, which has not started making profit yet. So, I generate income to fund these ventures from my salary and my design agency, where I handle gigs occasionally. The income from the agency is not consistent but when it comes, it is worth it. Essentially, my 9-5 is my only stable source of income.
Okay. Do you consider yourself a financially disciplined person?
No. The toughest thing about being an entrepreneur is that most of my earnings go back into my businesses: from paying salaries to other running costs. It means I cannot afford any investment that is not in my business or education for now. I can go from not spending anything for weeks to making a huge impulsive spend in one go. Also, sometimes I lose track of spending and incur some bills that I can’t even account for. So, I am not disciplined but I try to be debt-free and make do on all my commitments once I get paid.
How long does your salary last in a month?
Haha! It finishes on the spot. This entrepreneur life is not for the weak.
Facts. What about family and Black Tax?
Luckily, Black Tax is a little easy on me. Asides my mum, younger brother, and cousin that I buy data for, I don’t send money to anyone else. My mum is pretty dependent and will not bother me even if I don’t send money, but it is my duty to her. I am so glad I have a good relationship with her and she understands boundaries. No pressure on that end, thankfully. Actually, my mum still cooks and stocks my fridge so I don’t have to worry about cooked meals every month. I give her about 60k and she prepares everything for me.
Ouu, Mummy’s boy?
Nah. We just have a really good friendship.
Let’s do an expense breakdown.
Food – N120,000
Black Tax: N128000
Fuel – N50,000
Outings – N50,000
Data: N44000
Electricity – N10,000
Subscriptions – N8,000
Business & education costs: N390,000
How do you save for rent?
I usually raise the money in the first three months of the year and stash it until when rent is due.
What do you do for entertainment?
I hang out with my guys often and we split bills. We like to stick to lounges on Lagos mainland, where a drink can cost between N2000 – N3000. I choose spots with snooker because I enjoy snooker, and that costs around N2,500 for 5 games. Even when we go to the island, we go in large groups so it’s way less expensive. Occasionally, I take on groomsmen roles at weddings, and I spend about N50,000 on outfits and gifts. My social life is mostly outside, but the funny thing is that I can be inside my house for weeks and nobody will know. Especially when I used to attend classes on weekends.
Alright. What is your greatest money hack?
I am not materialistic at all, so I don’t need much. I also don’t have a large appetite so food lasts for months before I have to restock my house. When I am not driving my car, I always take the bus. I live within my means and that helps me a lot.
Great. If you could have any job with any salary, which would you pick?
I would like to still be an Art Director but at a company that offers share options and bonuses when you hit targets. I am a top performer at my current role and if I could get these extra benefits, it will be awesome. I am dreaming of a company like Nvidia.
