Last month we took a trip to DC and did a lot of walking and took the metro. But there were times when we called a Lyft. One Lyft driver had very strong thoughts on money and came off as preachy, but I love hearing thoughts on finances, so I listened and kept the conversation going.
My wife began by asking if he had any plans for the weekend. “No, I work like a Hebrew slave.” And then he proceeded to show us his hands which I think he was showing callouses or how the skin was shaped in grasping a steering wheel. Either way, what a start to a conversation.
He told us how he is from Nigeria and loves America. He said how immigrants realize how America is the best nation because you have opportunities to make lots of money. But he said, he just makes the money in America and doesn’t spend any of it because his money goes way further in Nigeria. He said $1 in America is like $450 in Nigeria (not sure if he was exaggerating or misinterpreting the 1:360 exchange rate) and with just a dollar you could buy a plate of rice, 3 water bottles, and a huge piece of meat. He has a son in college in Nigeria and every week he provides him with an allowance of $1.
Expenses
So how does this man cut his expenses to the bone? He said his apartment in DC is $900 a month and he spends $50 a week on groceries. He reprimanded us for staying at the Westin (I used my annual credit card free night) and was saying how a single meal there costs more than his weekly food budget. True. He was telling us how he finds it distasteful how people who grow up in America don’t realize the value and are blowing their money and then he proceeded to do the stacks of money sliding hand motion.
Work
While in America it seems like he does Lyft for most waking hours. However, he was telling us about his side hustles. He said that in America we throw away a lot of good stuff, so he will buy it and take it to Nigeria where it can be repaired very cheaply and sold for more. He does this with broken TVs, crashed cars, and used shoes. When a new TV costs $400, someone is very unlikely to spend $300 to repair it. He said the last time he went back he brought a crashed Range Rover, got it repaired and made a $9,000 profit. I joked with him and said I was surprised he didn’t have a stack of shoes in the passenger seat to repair while he was at red lights. In November he plans to go back to Nigeria for five months where he has invested in homes and built a car wash.
What more can he optimize?
If this driver wanted to save even more could he do it? Yes he could. He could live somewhere with a roommate and save a couple hundred bucks, but it does seem like he has a pretty good rent for the area. I don’t know if he could squeeze his food budget any thinner, so let’s leave that. His travel budget is an opportunity. He was telling us how five minutes before we got in, he messaged his travel agent. Then, he proceeded to pull it up and read us the ALL CAPS message word for word. Using a travel agents means he will have to pay a fee. So I looked up the flight prices to Nigeria and in the driver feedback told him the ticket price was $812. This will certainly take learning to book the ticket online, but if he was willing to go one step further then he could get a credit card a sign up bonus to cover the airfare. Maybe the Barclays AA so he just has to make a single purchase or the Barclays Arrival+ for money to use toward travel.
Conclusion
Everyone uses their money differently. I’m not going to drop everything and move to Nigeria because a dollar goes further. Maybe Taiwan though. I was impressed with his focus to be frugal now so he could be better off in Nigeria. This is a very good mentality if you want to retire in a good place with enough money. However, most Americans are unable to do so. Personally, I am saving a lot, but still enjoying life with frequent vacations (cost reduced due to points) and owning a home. To each their own; thanks for reading.