Money Conversation with Julius

From crafting beads to crafting brand identities, Julius talks about the early entrepreneurial spark that led to his financial savviness and how he manages his income as a brand strategist.

Money Conversation with Julius

1.) What is your profession?

I am a brand strategist.

2.) Why did you opt for this career path?

My choice of a career in brand strategy stems from my enduring fascination with the art of persuasion and the intricacies of sales. In this field, I have the opportunity to harness my creative abilities to not only sell a product but also build a brand's identity and story. It's a profession that allows me to merge my passion for marketing with my love for storytelling.

3.) What was your first venture to earn income?

My entrepreneurial journey began at a young age, around 8 or 9 years old. During that time, I started crafting and selling handmade beads to my mother's circle of friends.

4.) What difficulties do you encounter regarding compensation in your job?

One of the primary challenges I face in my line of work is dealing with income earned in Naira while often needing to make purchases and investments in foreign currencies.

5.) If your compensation met your expectations, how would you allocate your monthly expenses? What would be your primary expenditure categories?

Housing would undoubtedly take up a significant portion of my budget, ensuring a comfortable and secure living environment. Additionally, I would allocate funds for savings and investments to secure my financial future. Other essential categories would include healthcare, education, and leisure activities to maintain a balanced and fulfilling lifestyle.

6.) How do you presently handle your financial matters and expenditures?

Currently, I manage my finances using the 50:30:20 rule as a guiding principle. This means that 50% of my income is dedicated to covering essential needs, such as housing, groceries, utilities, and transportation. Another 30% is allocated to discretionary spending on wants, which can include entertainment, dining out, and leisure activities. Finally, 20% of my income is reserved for savings and debt payments, helping me build a financial safety net and manage any outstanding obligations.

7.) What financial practices do you wish you had adopted earlier in life?

Looking back, I wish I had embraced the 50:30:20 rule much earlier in my life. It's a simple yet effective framework that provides financial structure and discipline.

8.) What financial guidance would you offer to emerging professionals in your industry?

For aspiring professionals entering the field of brand strategy or any career, my financial advice would be to treat withdrawals from your savings as if you are borrowing from yourself. Always have a plan for repayment, similar to how you would handle a loan. This allows you maintain financial discipline and continue to grow your savings even when you need to access them for investments or unforeseen expenses.

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