Isaiah Adetoro
I grew up in Nigeria, where paying only for what you can afford was not just a principle but a necessity. Primarily, it's because we didn’t have access to credit cards. It was no surprise that I didn’t get my first credit card until after college. During this time, Nigeria faced record-breaking inflation—the exchange rate surged from $1 to 158 Naira to over $1 to 1,500 Naira.
Confronted with such economic instability at home, I had to quickly learn to manage my finances effectively.
Isaiah Adetoro
My journey began with watching YouTube videos and reading financial books, including The White Coat Investor. I discovered that credit cards, if used correctly, aren’t inherently bad as long as I used them on what I could afford and paid on time. After thorough research, I acquired a credit card, read the fine print, and learned about benefits like purchase protection and extended warranties, which helped me avoid additional costs.
As my financial knowledge and passion grew, I became eager to share what I had learned. From this experience, I identified five key principles of personal finance: the power of asking, DIY, budgeting, being intentional, and giving back.
First, I learned the power of asking. When I needed a mattress, I found one that was out of my budget. I decided to ask the store clerk if she could offer a discount within my price range. To my surprise, her manager approved the discount, saving me over $350. This experience taught me not to shy away from asking for discounts, upgrades, or opportunities. I have since applied this lesson to various areas of my life—negotiating rent, reaching out to 50 researchers for a research internship, getting airplane seat upgrades, and applying to over 500 jobs during the pandemic. The savings and opportunities I’ve gained by asking have been substantial, and this practice has significantly enhanced my financial and professional growth.
Second, the power of DIY has saved me thousands of dollars. Cooking is a prime example. During my first summer research internship, I lacked access to a school cafeteria or my mother’s home-cooked meals. Initially, I relied on fast food, but I soon realized that buying groceries and cooking was more economical. I turned to YouTube tutorials and video-called my mother—who was six hours ahead in Nigeria—despite the steam from cooking obstructing her view. Looking back, I laugh at some of the memories of my culinary mishaps. Not only have I saved money by cooking, but I also discovered a new hobby and enjoy my healthy meals. My friends keep requesting my “special dishes,” which has fostered a deeper appreciation for homemade food.
Third, budgeting is incredibly powerful. Creating simple, clear, and accessible budgets is often underestimated. I recall a summer when a friend invited me on a trip. Thanks to my budget, I knew I couldn’t afford it, so I suggested an alternative plan I could afford. This approach allowed me to maintain my financial priorities while still enjoying social activities, demonstrating how effective budgeting can help manage finances without sacrificing experiences.
Fourth, being intentional has become one of my favorite principles. While being intentional can sometimes seem tedious, it pays off. For instance, reading the fine print and registering warranties might appear like a chore, but it has saved me some money. When my water bottle became defective, I used my warranty to get a replacement instead of buying a new one after submitting the necessary documents. Additionally, as a medical student, I am intentional about investing in my education, such as purchasing board prep materials to guarantee my success in school. By waiting for sales or group discounts, like a July 4 promotion, I saved up to 50% on one of my board materials. This significantly reduced my expenses and ensured that I could afford a quality medical education, ultimately benefiting my future patients.
Fifth, giving back has been incredibly rewarding. My passion for helping others influenced my decision to pursue a career in medicine. In terms of financial literacy, I created a PowerPoint presentation for my classmates, highlighting the principles I’ve learned. I also shared this presentation with two company executives I met on separate flights. One of them mentioned she would work on her budget and apply other insights from the presentation. Also, a friend used some of the principles to negotiate a car repair and secure a free oil change. Seeing the positive impact of financial education on my family, peers, and community brings me immense joy. Witnessing others achieve financial freedom and stability reaffirms my commitment to this cause and motivates me to continue sharing knowledge.
The principles of asking, DIY, budgeting, being intentional, and giving back have made financial education immensely valuable. I have reaped the rewards and found learning about finance both beneficial and enjoyable. As I advance in my medical career, the financial skills I’ve developed will significantly impact my life, my career in medicine, and my ability to help others. I am passionate about continuing to empower my community with financial literacy, as it not only enhances individual lives but also fosters a sense of collective well-being and shared prosperity.