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As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? - Family (2) - Nairaland

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Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by unite4real: 6:33pm On Feb 23, 2017
kennydotkom:
Pls house is it a wise decision i have taken never to rent a house of more that #150k per annum when my annual salary is #600k. How financial helpful has this been to me or am just trying to be a miser ?

were you considering renting a house for 500 or 600K? 25% of ur annual salary which is 150k for rent is the best you can do pls.
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Nobody: 6:33pm On Feb 23, 2017
No clear answer.

A cheap location can impact you in other ways - distance from office, safety, class of neighbors.

It is not so cut and dried.

2 Likes

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by akaglue(f): 6:34pm On Feb 23, 2017
Hello OP, as a personal finance coach, I always advice my clients not to do more than 2mths salary on rent. From ur write up, ur monthly salary is 50k. Ideally, ur annual rent should not be more than 100-120k. If you single with no financial responsibility, then 150k is ok.

www.akaglue.com

3 Likes

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Ask4Info: 6:35pm On Feb 23, 2017
Oyind17:
Coming from a family man shocked

Women are in trouble

How much is your Dad's salary? and how much is your house rent anually?
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Ask4Info: 6:39pm On Feb 23, 2017
bukatyne:


100k rent on 600k salary is still high.

How about child care, school fees, feeding, clothing, entertainment, helping relatives, savings, investment etc?

Does your wife work? If no, you both need to strategize.


You for say make e go live inside BASKET or dey sleep inside Danfo.

2 Likes

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Ask4Info: 6:44pm On Feb 23, 2017
Desdola:
Get a loan and build a housr

Build house in Ogun or Abeokuta and spend N300,000 on transportation to work annually bah?

It amases me how every average man thinks owning a house automatically solves your financial burden. Please make una try get financial knowledge biko.

1 Like 1 Share

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by eezeribe(m): 6:46pm On Feb 23, 2017
Oyind17:
The question no make sense. He should pay a house less than 150k

You are trying to cover up.this was not what you implied in your first comment.

1 Like

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Ask4Info: 6:51pm On Feb 23, 2017
akaglue:
Hello OP, as a personal finance coach, I always advice my clients not to do more than 2mths salary on rent. From ur write up, ur monthly salary is 50k. Ideally, ur annual rent should not be more than 100-120k. If you single with no financial responsibility, then 150k is ok.

www.akaglue.com


Financial Coach indeed.

So he should move further inward town for a cheaper house which he will automatically pay more for transport which will shoot his expenses further upward, have a more stressful life, lesser time with family and less secure neighborhood.

Everyone sure has a say on nairaland.


I can just imagine the type of accomodation he is paying for N150,000 then you all want to make things worse for the poor man.

Encourage him to increase his income rather than take steps which will decrease his life span in the name of saving.

5 Likes 1 Share

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by vislabraye(m): 6:59pm On Feb 23, 2017
bukatyne:


100k rent on 600k salary is still high.

How about child care, school fees, feeding, clothing, entertainment, helping relatives, savings, investment etc?

Does your wife work? If no, you both need to strategize.

But wetin person go do nah ? Can one find a cheaper comfortable housing ?
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Erums(m): 7:08pm On Feb 23, 2017
bukatyne:
150k annual rent on 600k annual income??

Are you working for your landlord?

Oga, you need to restructure your life.


Ure wise.... Rich dad poor dad
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by buffalowings: 7:09pm On Feb 23, 2017
the ladies are avoiding this thread grin
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Lazyreporta(m): 7:11pm On Feb 23, 2017
Only if your tfare to-fro is not more than N100 pay day...

If you spend about #300 per day to work, that's 6k monthly without weekends,so annually is 72k..

O boy, Abeg rent 200k close to ur office that you can walk down self...

1 Like

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Erums(m): 7:11pm On Feb 23, 2017
My one month salary shoukd be able to pay my rent of 2bedroom flat and rmaining to keep body and soul dat month.... Bless God
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Nobody: 7:17pm On Feb 23, 2017
eezeribe:


You are trying to cover up.this was not what you implied in your first comment.

Lol same here
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by freecocoa(f): 7:35pm On Feb 23, 2017
Married ontop 50k for this economy, e no go easy o.
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by worlexy(m): 7:40pm On Feb 23, 2017
kennydotkom:
Pls house is it a wise decision i have taken never to rent a house of more that #150k per annum when my annual salary is #600k. How financial helpful has this been to me or am just trying to be a miser ?
if you don't have another source of income apart from that your annual income of 600k, then you shouldnt take such a house. it'll be silly of anyone to use 1/4th of his annual income on house rent alone
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Nobody: 7:44pm On Feb 23, 2017
Ask4Info:


How much is your Dad's salary? and how much is your house rent anually?


O

L

O

D

O

If a grown ass doesn't know how much is okay for his house rent. You expect me to clap for him. Olodonista. No be only my father house rent.
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by worlexy(m): 7:47pm On Feb 23, 2017
Ask4Info:



Financial Coach indeed.

So he should move further inward town for a cheaper house which he will automatically pay more for transport which will shoot his expenses further upward, have a more stressful life, lesser time with family and less secure neighborhood.

Everyone sure has a say on nairaland.


I can just imagine the type of accomodation he is paying for N150,000 then you all want to make things worse for the poor man.

Encourage him to increase his income rather than take steps which will decrease his life span in the name of saving.

Op didn't mention anything like distance to work. The last time I checked, houses on the same street don't cost same amount to rent, a newly built house constructed with modern building materials will cost more than a relatively old building on the same street. So he can get a less expensive house in the same vicinity
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by danigbo(m): 7:49pm On Feb 23, 2017
You rent the whole building ?
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Ask4Info: 7:56pm On Feb 23, 2017
worlexy:
Op didn't mention anything like distance to work. The last time I checked, houses on the same street don't cost same amount to rent, a newly built house constructed with modern building materials will cost more than a relatively old building on the same street. So he can get a less expensive house in the same vicinity


....and i believe you know it doesn't cost peanuts to renovate a dilapidated struction. Wiring, plumbing, carpentery, bricklaying and others. Well, we all can believe or take actions as we will.

But most times, pounds wise penny foolish is disasterous in the long run.

Safe.

1 Like

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Nobody: 7:58pm On Feb 23, 2017
eezeribe:


You are trying to cover up.this was not what you implied in your first comment.
O

L

O

D

O
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by eagleeye2: 8:00pm On Feb 23, 2017
Desdola:
Get a loan and build a house
How much loan is he going to get, considering his salary and maybe no collateral?

1 Like

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Nobody: 8:01pm On Feb 23, 2017
pcguru1:


Lol same here
I meant all I said, a married man should be able to take certain and not ask for public opinion.
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by bukatyne(f): 8:01pm On Feb 23, 2017
Ask4Info:



You for say make e go live inside BASKET or dey sleep inside Danfo.


undecided
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by bukatyne(f): 8:08pm On Feb 23, 2017
vislabraye:


But wetin person go do nah ? Can one find a cheaper comfortable housing ?

Depends on his location & proximity to place of work.

E.g. it is better for someone living in Ajah to get a 35k job at Ilaje than 50k job in V/I or 60k job at Ikeja.

We need to know all the indices before giving him a holistic solution.

But I know N100 rent year in year out with same job and growing responsibilities wouldn't leave him with any savings or investment.
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by bukatyne(f): 8:08pm On Feb 23, 2017
Erums:



Ure wise.... Rich dad poor dad

Thanks
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Nobody: 8:39pm On Feb 23, 2017
grin am back again
dingbang:
You aren't being a miser that is if you are still single.. But why don't u double ur hustle to build a house of your own..
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by Ayonbobo(m): 8:40pm On Feb 23, 2017
Spend not more than 15% of your income on housing or increase your income.
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by worlexy(m): 8:41pm On Feb 23, 2017
Ask4Info:



....and i believe you know it doesn't cost peanuts to renovate a dilapidated struction. Wiring, plumbing, carpentery, bricklaying and others. Well, we all can believe or take actions as we will.

But most times, pounds wise penny foolish is disasterous in the long run.

Safe.
I didn't mention anything like renovation. The point I made was that houses in the same vicinity don't cost same amount
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by adellam16(f): 9:01pm On Feb 23, 2017
kennydotkom:
Pls house is it a wise decision i have taken never to rent a house of more that #150k per annum when my annual salary is #600k. How financial helpful has this been to me or am just trying to be a miser ?
y r u asking us abi u just want to show urself? 600k sal. Hmmmmm I hear.

1 Like 1 Share

Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by shumuel(m): 9:02pm On Feb 23, 2017
kennydotkom:
Pls house is it a wise decision i have taken never to rent a house of more that #150k per annum when my annual salary is #600k. How financial helpful has this been to me or am just trying to be a miser ?


You are very wise, N150K is exactly 25% of your annual salary spend more on housing/accomodation alone would had been unwise, i would even advice you reduce it to N120K, there are a lot of good Self-contain that goes for N120K has there are more to spend on like; Transportation, Feeding, Clothing, Power, Savings, Investment, Childrens school fees, e.t.c so my brother carry they do i dey solidly behind you,,, Good decision wink
Re: As A Family Man, Am I A Miser, Greedy Or Trying To Be Financially Smart? by agent01(m): 9:14pm On Feb 23, 2017
kennydotkom:
Pls house is it a wise decision i have taken never to rent a house of more that #150k per annum when my annual salary is #600k. How financial helpful has this been to me or am just trying to be a miser ?
I must tell you the truth, you shouldn't have rented 150K accommodation becos your salary is low. its not wise to be spending 25% of your salary on house rent; what if you are sacked? Its better for you to suffer now than to postpone it. You can still get a room and parlour for 60K per annum in places like Ajegunle, ikorodu, irawo etc in Lag. If you suffer now, the extra 90K remaining can be saved for 5years if you have financial discipline which will amount to abt 500K. You can start a business with it and as well be earning your salary. You have to plan your life with God and be disciple for you to achieve your goal. Don't please anybody becos you are the only one that know what you will achieve. Don't be caught up in the rat race; bros think ahead.

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