There’s something about seeing millions in your account for the first time that can temporarily remove financial management skills.
Suddenly, things you’ve been postponing for years feel affordable, and everybody seems to know what you should do with the money. Sometimes, the money goes into something sensible. Other times, you look back months later and wonder what exactly possessed you.
We asked Nigerians to tell us about the biggest mistakes they made with their first windfall and what they learned from them.
“I kept giving loans” — Adam*, M, 32
I got about ₦4.5 million from a contract I worked on for a few months post-pandemic. It was the most money I had ever seen in my account, so I was excited and told my family. I gave my mum ₦500,000, gave my siblings some money and gave my cousin ₦300,000 because she wanted to start selling clothes.
That was when the loan requests started coming. Someone needed help with rent, someone else had school fees to sort out, and there was always one emergency or another. I kept giving and thinking, “It’s fine, I still have money.”
By the time I actually checked what was left, I had spent almost half of the money. Some people paid me back eventually, but most of them didn’t.
Lesson: Set a clear limit for financial support before your money turns into everybody’s money.
“I bought a car without thinking” — Bolaji*, M, 27
My first big money was around ₦5 million in 2023. I had wanted a car for a long time, so when the money came, I didn’t really think twice before buying one for ₦3.2 million.
Looking back, I think I was also trying to prove something. Most of my friends had started buying cars, and I was tired of always being the one ordering Bolt or taking public transport.
The car itself wasn’t even the biggest problem. It was everything that came after: fuel, servicing, repairs, insurance and random things I hadn’t considered. There were months when I was borrowing money to maintain a car I had bought with cash.
Lesson: Factor in the ongoing cost of ownership before making a major purchase.
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“I bought a car for my ex-boyfriend” — Lara*, F, 26
My first proper windfall was ₦10 million in 2022. My ex had been complaining about how difficult it was for him to get to work, so I helped him buy a used car for about ₦4.5 million. He was also supposed to use it for ride-hailing.
We broke up four months later, after I found out he wasn’t on any ride-hailing apps. He kept collecting money for fuel and car servicing with nothing to show for it, and I kept giving him till I couldn’t afford to anymore. He still has the car.
The funny thing is that I genuinely thought we were going to get married, so at the time it didn’t feel like I was doing anything crazy. Looking back now, I can’t believe I gave someone I was dating ₦4.5 million to buy a car with absolutely nothing to show for it.
Lesson: Keep personal finances separate enough to protect stability when a relationship changes.
“I invested in a bad crypto scheme” — Gabriel*, M, 30
I made ₦6 million from a business deal in 2024 and put ₦2 million into a crypto blue-chip investment someone introduced me to. He was a friend of a friend and had screenshots showing how much people were supposedly making.
I didn’t do much research because I thought, “If he can put his money there, why can’t I?” The first two months went well, and I even received some returns. That made me put another ₦1 million in.
Then the payments stopped, and his calls stopped going through. Eventually, I found out that several other people had invested too.
My friend and I tried to find him for months before we gave up. It strained our friendship, and we eventually fell out. Early this year, I saw a TikTok video of him living his best life in Dubai. He’s even married now, with a kid. I reached out to him, and he blocked me.
Lesson: Verify the investment and the risks involved before committing a large sum.
“I spent it all on my wedding and entered debt” — Chiamaka*, F, 34
I received ₦3 million in salary arrears a few months before my wedding. I had already made a budget, but once the money entered my account, I started increasing everything. We added more food, nicer souvenirs, and even more outfits. Every time something was added, I told myself it wasn’t that much.
By the time the wedding was over, almost all the money was gone.
The annoying part was that my husband and I still had a lot to buy for our new place. We ended up borrowing money for some things that we could have paid for ourselves if I had stuck to the original budget.
Lesson: More income should not automatically become permission to increase spending.
“I increased my lifestyle” — Sam*, M, 26
I got ₦2.5 million from a project early last year and decided to enjoy myself a little. I had been broke for a very long time, so I didn’t think there was anything wrong with buying new clothes, perfumes and eating at places I normally couldn’t afford.
The problem was that “a little” became my new lifestyle. I started taking cabs everywhere, ordering food more often, and buying things without checking the price.
Nothing I bought was particularly crazy. That was actually the problem. It was ₦30,000 here and ₦50,000 there, but within two months, I was left with less than ₦300,000.
Lesson: A windfall is easier to sustain when discretionary spending has a defined limit.
“I made the mistake of telling my friends” — Abisola*, F, 28
I received ₦10 million from a property deal earlier this year and made the mistake of telling some of my friends how much I had made. I wasn’t trying to show off. I was just happy and wanted to share the news.
Suddenly, friends who had never asked me for money were calling with business ideas. One of them wanted a loan, two of them wanted help with rent and were very entitled to my help, and one of them told me her boyfriend had “a very good opportunity” he wanted me to invest in.
I agreed to some of the loans, but the problem came later when I needed money myself. I had to start chasing people for money I had casually given them months earlier.
Lesson: Financial privacy can protect a windfall from unnecessary pressure.
“I resigned without a solid plan” — Chris*, M, 33
I made ₦9 million after selling some inherited property in 2023. I had been unhappy at work for a while, so I resigned almost immediately. At the time, it felt like I had finally bought myself freedom.
The first few months were great. I travelled, rested and started working on a business idea. Then the money started going down faster than I expected.
I had underestimated how expensive it was to have no regular income. Eventually, I had to start applying for jobs again, and I regretted not keeping the job until I had figured out what was next.
Lesson: A windfall should not be mistaken for a replacement for sustainable income.
“I made bad investment calls” — Paul*, M, 26
I made about ₦2 million from crypto last year and thought I had finally figured out investing. That was my mistake.
Instead of taking the profit, I put the money back in because I kept seeing people online making much more. At one point, my portfolio was worth almost ₦5 million, and I was already mentally spending it.
Then the market dropped. I kept waiting for it to recover because I didn’t want to accept the loss. Eventually, I needed the money and had to sell.
I walked away with much less than I originally had.
Lesson: Profits should be treated differently from projections, and risk limits should be set before an investment starts moving against you.
“I gave in to black tax pressure” — Hassanah*, F, 24
I received ₦20 million from an inheritance when my mum died and made the mistake of telling my cousin (who I thought we were close) the exact amount. For context, my mum and my biological dad had separated many years ago, and she remarried.
My aunt from my dad’s side actually called a family meeting to discuss what I should do with the money. There was a whole conversation about how much should go to my dad, what I should give my siblings and why I shouldn’t “just keep money sitting in the bank”.
At some point, someone suggested that I should use part of it to start a family business. I was sitting there thinking, “Is this still my inheritance?”
I gave in and invested ₦3 million in the family business. I also settled some of my father’s debts. By the time my second daddy found out, I was already financially drained. He and my siblings eventually got my dad’s relatives to leave me alone.
Lesson: Decide how much financial information to share before a windfall becomes a family discussion.
