So, let’s consider this scenario, say, as a junior associate Counsel at a Law firm, you are earning N300, 000 monthly, which is about N3,600,000 per annum, as such, you cruise around town in your own ride, have your apartment, own designer clothes and can also afford some luxurious items. You also hang out at some of the more expensive, coolest spots in town and above all, you have and enjoy the feeling of being stable financially.
This pay would in opinion of many be an awesome one and I agree that it is. But hold on a minute! Have you tried converting your income to dollars or any other foreign currency to determine how much you are worth truly? And after the conversion, are you truly earning as much as your contemporaries in another jurisdiction with similar job descriptions e.g. the United States?
Do you know that a junior associate in the United States earns about $69,592 yearly according to Glassdoor? That is about N25, 000,000 (Twenty-five Million Naira) after conversion, just look at the massive disparity. You can also make this comparison with other professions and you will be amazed at the income gap.
So, you see, you are actually not earning that much, it therefore makes sense to begin to think in terms of Dollars, by this term, I mean try converting your income to dollars to see how much you are actually worth.
- Global Competition: Thinking in this mindset propels you to improve your skill set which sets you up to being more globally competitive. If you are going to be dealing with foreign clients, it only makes sense that you are priced better than Nigeria’s economy. So broaden the scope of your mind and think big.
- Purchasing Power: Thinking in terms of dollars is not just restricted to your career alone, it could equally apply in other respects. For example, if you are the kind of person that purchases lots of goods in dollars it is only reasonable to convert any funds you have to dollars in order to either envisage or measure what you earn in that terms.
- Inflation: There are indicators that the price of the naira may fall drastically, the price of dollar to the naira fluctuates a lot so converting your funds to dollars actually shores up or increases your purchasing power thereby protecting you from inflation. Inflation rate as it currently stands according to National Bureau of statistics stands at 11.25%.
So start your income conversion today. You can walk up to any Access Bank branch and ask for information on how to begin the process or you can just convert it mentally in order to have an idea of the value of your income.
By Seun Adebisi