Money Conversation with Tomi

Tomi, a business banker, firmly believes that in order to achieve the lifestyle you desire, it is crucial to first tailor your expenses to match your financial means.

Money Conversation with Tomi

What do you do?

I work in business banking.

What do you enjoy the most about your job?

Asides the money, I enjoy helping business owners make money.

So you are clearly a 9-5er, do you have a side hustle?

No, I do not but I hope to someday.

9-5 versus entrepreneurship?

I will pick entrepreneurship because you have more control over your time and it’s whatever effort you put in, equates to results. I know it does come with its risks, however.

With your income stream presently, do you think you earn enough for your current lifestyle?

No, I don't.

I’m curious, why not?

Well, because good things are expensive and to be able to afford them you need more money. Because of this, you have to cut your coat according to your size.

So we are constantly budgeting, right?

Yes, we are.

How much do you think you should be earning though?

7,000-8,000 dollars a month.

When you get paid at the end of the month, how do you typically split your money? That is, what are your expense buckets?

My major expense buckets are - cash needs (which include daily expenses like groceries,etc.), credit card (including expenses like buying fuel and paying my electricity bill), and rent.

What are three recurring specific monthly purchases you spend money on?

Rent, groceries, and church contributions.

What’s one current expense you think is a drain on your finances and would like to do without?

Honestly, I have everything under control at the moment, however, I would like to close off my credit card bills (debt). So even though it's largely under control, I'll say debt.

What has been your most expensive purchase recently?

I moved last year, so I have had to spend a lot on furniture for my apartment.

Have you made a financial mistake this year?

No, I haven't.

Generally, do you think you manage your money well?

Yes, I do. I work with what I have so I'll say I manage my money well.

What do you think your money personality is - are you a saver, big spender, avoider, investor, or debtor?

I consider myself to be an investor.

What does money mean to you?

Money is a resource, it is a means to an end. It’s something you need in order to achieve your objective in life.

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