Millennial & Gen Z unattainable retirement dreams — Side Hustle gig, the way ahead.

3 min readNov 8, 2019

Every young Nigerian before age 30 should try as much as possible to work at least 2 jobs. After 30, commit to one you can build a lasting next decade of career with then automate the second to get extra income. You won’t die, working 2 jobs wont make you less but you’ll earn.

Let’s start with why you need it?

At Fundall @get_fundall, we recently built a retirement calculator that helps both Entrepreneurs & 9–5ers calculate how much they will need when they retire. We invited several people from the 2 groups to use the tool.

After several tests, we discovered that none will be able to meet up the amount they will need to live at their current monthly expenses if we take into consideration an average annual naira depreciation of <=4 and an inflation rate of <10%.

To achieve retirement you need to either start saving young (in your 20’s or 30’s) and save at least 10% of your income each year, or if you start saving late (in your 40’s and 50’s), you’ll have to save a large portion of your income, as much as 50% a year.

Lets use this scenario;

You’re 25 and want to retire at 50, your monthly expenses is 50,000 and you don’t have anything in Retirement. Your future yearly spending will be 1,599,502 naira when you retire.

To survive your retirement, you have to have saved up 79,975,090 naira before you retire (at an assumption that you will stay at your current monthly expenditure and would live till 100).

You need to save at least 60,275 in a retirement account that will yield at least 10% annual returns. The question is, how many people that spend 50,000 monthly can afford to set aside 60,275 naira monthly?

The best bet for many is to get a side hustle or another job so they can earn more and have enough for the days they will retire. Retiring is when you stop working actively and you start earning passively. To some, it can be 40, 50 or you can choose to retire at 65 years.

I will advise that all young people start thinking about retirement, do not over splurge! Ours is the show-off generation, everything around us says “buy”. You need to discipline yourself. Read this article

At Fundall, one of our biggest vision is to help young Africans earn more so they can live sustainable lifestyles. Hence, the need to develop tools that can enable everyone build wealth and grow business.

At Fundall, we’ve built tools that can help you save and invest, get personal and business loans, a peer to peer marketplace that you can sell and earn and business tools to automate your business finances.




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