| Re: Total Value Of Your Cars Relative To Your Net Worth by ibkayee(f): 1:34pm On Apr 29, 2020 |
samzepaparazi:
I have a question
Why do companies give their employees cars that cost more than their annual income then I don't know anything about all that, and if they do, I don't know why |
| Re: Total Value Of Your Cars Relative To Your Net Worth by kemii8023: 1:35pm On Apr 29, 2020 |
[color=#] 2809547[/color] |
| Re: Total Value Of Your Cars Relative To Your Net Worth by samzepaparazi: 1:35pm On Apr 29, 2020 |
ajl:
0 to 20%? Obviously this poster is a Nigerian. How in heaven could one expect your car to be worth 20% of total value of your asset? Except you use your car for business and generate income from it, it should be less than 10% for a typical every day people.
For most folks, your car is a liability that depreciate in value with time. Imagine you bought a new car few minutes ago and use drive it home but decided to return it following day. Do you think the dealer will take it from you at the price as the sale price? So if you have 5m you must not buy a car then. Good cars start from 1.5 tokunbo That won't give you problems |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Princewill1(m): 1:39pm On Apr 29, 2020 |
The rule is:
Don't buy any luxury you can't afford to buy twice!
Before buying for example a N3million car ask yourself.
Can I afford to buy this car twice without running into financial crisis? If you can afford to buy it twice without any problems.
Then you are qualified to pay for it 5 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by crazycrypto710: 1:39pm On Apr 29, 2020 |
Wigetsolar:
People measure your worth from what they can see. Sadly, in this out time, most especially Naija, some people will only take you seriously unless you're that way. |
| Re: Total Value Of Your Cars Relative To Your Net Worth by grandstar(m): 1:43pm On Apr 29, 2020 |
emmanuelewumi:
Nothing bad with the guy that has a Networth of N100 million using a car of N20 million.
Apart from the car, the guy still has assets worth about N80 million that might be in form of real estate, shares, bonds, Treasury Bill, Eurobonds. It is possible that those assets are generating revenue of about N7million per annum. This is different from the money he makes from his business
The person might be a self employed businessman or self employed professional eg Architect, Lawyer, Doctor, Accountant that needs to appear well and comfortable in order to get bigger jobs and clients Anyone that spends 20m to buy a car out of a 100m deal won't think the way your saying. It's when the money is down to 40m that his eyes will clear. I'm an estate agent and I know what am saying. 1 Like |
| Re: Total Value Of Your Cars Relative To Your Net Worth by EgunMogaji2: 1:43pm On Apr 29, 2020 |
ajl:
0 to 20%? Obviously this poster is a Nigerian. How in heaven could one expect your car to be worth 20% of total value of your asset? Except you use your car for business and generate income from it, it should be less than 10% for a typical every day people.
For most folks, your car is a liability that depreciate in value with time. Imagine you bought a new car few minutes ago and use drive it home but decided to return it following day. Do you think the dealer will take it from you at the price as the sale price? It depends. Is it a limited edition Ferrari or a Trabant?  |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Sagay212: 1:43pm On Apr 29, 2020 |
duality:
Corona? So you won't come out of the car? The late COS didn't have cars ?
So people with cars don't get robbed?
I'm a bit surprised
You can be surprised all you want. If you open your eyes and use your head, you will understand my comment. 5 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by duality(m): 1:44pm On Apr 29, 2020 |
demolagilbert:
and yet a savings/investment culture trumps a credit culture anyday. Someone made a post on LinkedIn about the financial armaggedon in the US and the huge job losses, painting a grim picture of how a COO could end up working at a mall post COVID. 'Anything to stay afloat, till things stabilise, cos the BILLS have to be paid'. And truly it has already begun evident by the comments on the post by high ranking officials who are now jobless submitting that they truly will take any job, even if it rubbishes all efforts that grew their careers in the last 10-15 years. Why that level of desperation? It is cos debts will have to be repaid. Student loans, car loans, mortgage payments, even phones and computers are bought mostly on credit.
I take pride in that my car is mine 100%, and everything I own is mine 100%. I resigned at the height of the recession in 2015/2016, still did my MBA and got married. no shaking. Didnt take up another job till mid-2017. Took up another, and got transferred after 3 mths halfway across Nigeria, and three mths after the transfer I resigned again. Heaven did not fall. Till Jan 2019 when I took this current one. While, not everyone will be wildly crazily optimistic like me with my penchant for dumping jobs that don't make me fulfilled, I could have never had as much CONTROL over my life and life decisions, if I was neck deep in all manner of loans. Like the average American I would swiftly descend into a state of despair, willing to take anything. I believe strongly that we should be in CHARGE of our finances, and by extension lives.
A borrower is a SLAVE to the lender. To me, it is bondage. If it isn't for business I will never/pray to not ever have a reason to use debt to get personal tins done, so help me GOD. Amen!!! You are a wise man 3 Likes |
|
| Re: Total Value Of Your Cars Relative To Your Net Worth by Kingpele(m): 1:47pm On Apr 29, 2020 |
MrPaul2:
God go bless you hare
I could remember when I was using one old car, they always stop me, it got to a point that I will stop even before they stop me just to tip them something, last year God change my story and I got a fairly nice ride. Once I'm coming I notice they don't stop me the way they use to, even if they do, I give them my papers as usual they will tell me sorry join without bribe. I couldn't believe my eyes the first week, this days its like most of them know me now on my way to work, they will be shouting oga yellow anything for the boys when I slow down. If anyone tell you there is benefit in driving a jalopy tell him or her to try a beautiful ride. my brother God bless you too u got my vibe, my first ride was a gift but when I realized it was eating up my savings and with the humiliation from our security outfit, I had to dump it and buy clean Benz from abroad, menh everything even when my vehicle papers expired I still travel with it and everywhere and they don't stop me... Good ride is bae 4 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by akinyemire(m): 1:47pm On Apr 29, 2020 |
I dont know why people just run to media forum once they just finished reading one silly book written by an oyinbo man hundred of year ago.
There is a big difference between buying a car for mean of transportation and buying a car to show off. Why do you think you see more of toyota at
every corner of our country than any other brand of vehicle..
This is a country of less than 20k minimum wage and saying u need to have net worth of 5m to own a car of 1m.That does not work in a country like ours.
That is how you people have been misleading young graduates of nowadays with silly assumption of how big a salary should be before you start a family.
The bottom line is there is no law as to how to live.Avoid motivational speakers!
SAIL IN RESONANCE WITH WHATEVER ROCKS YOUR BOAT. 15 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by seanwilliam(m): 1:48pm On Apr 29, 2020 |
duality:
� Please what is this net worth. Is it savings? your net worth is really everything you own of significance (your assets) minus what you owe in debts (your liabilities). Assets include cash and investments, your home and other real estate, cars or anything else of value you own. 1 Like |
| Re: Total Value Of Your Cars Relative To Your Net Worth by hustla(m): 1:49pm On Apr 29, 2020 |
homeboy205:
Yes true and I also knew someone who made money from illegal businesses. Instead of flaunting the money, he went ahead and get loan of 35M [/b]from the bank with properties belonging to his family.
Dude bought 10M car and use the rest for business, whereas he has the money. [b]He just need to wash it legitly into the economy. Like some Power stunts
Because people do these things don’t confirm they are broke.
People getting loan knows they will payback one way or the other and they have plans.
I WILL SAY THIS AGAIN, IF YOU FORM RICH IN NIGERIA THEY WILL DRAIN YOU
I don’t know if you have came across a video of an Igbo guy counting money still telling someone on the phone that he hasn’t eat since morning. Still asking the person to bring the food he has so they can eat together while he was counting thousand LOL...
Some will tell you they use all their money to buy a car of 2 million, they can’t flex you self. Before you know gossip go don enter town say he buy car he broke.. Whereas dude was Escaping Billings This is the dumbest ever way to wash money and your friend is not smart
I am sure the loan rates are at least 15% -
So he bought a car of 10M and then took up a loan -
Assuming the loan is at 15%, that means he will pay interest of 5,250,000. Add that to the 10M naira and he has lost almost 16M just by being extremely mumu
Someone that got a car of 10M also wont want to stay in Ketu Alapere or goto Clubs on the Mainland, you see where I am going with this? Na so people dey take finish money come talk say Satan dey do them 3 Likes 1 Share |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Nobody: 1:50pm On Apr 29, 2020 |
Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own which car did you buy? |
| Re: Total Value Of Your Cars Relative To Your Net Worth by hustla(m): 1:51pm On Apr 29, 2020 |
grandstar:
Anyone that spends 20m to buy a car out of a 100m deal won't think the way your saying. It's when the money is down to 40m that his eyes will clear. I'm an estate agent and I know what am saying. True talk
Freaky freaky sef go come collect their own
 |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Kingpele(m): 1:54pm On Apr 29, 2020 |
[quote author=ajl post=88988027]
Only a Nigerian can use all his savings to buy a car because he has a steady income. I know a businessman wouldn't do that. So, meaning only an employee can do this. This type of person need prayer.
Or you are a victim of Nigeria's "unnatural" circumstances. So, you bought a car on the basis of avoiding police checkpoints. If u understand me u won't comment like u did, I never told u I bought car with all my savings and yes I run business with lots of shops u might never dream in your life but my point is if u feel u can afford a car don't buy nonsense that will be giving trouble often, u better off without car than to buy a car that will keep you at the mechanic all the time, in my caseI need a car for business and to do school runs for my kids, my former car was eating deep inside my pocket then I decided enough is enough and my new ride is like two years I haven't visited mechanic except to change oil, and I have landed property, so stop talking nonsense, some of u are stringy to yourselves in the name of savings yet are still not making it big 6 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by emmanuelewumi(m): 1:57pm On Apr 29, 2020 |
grandstar:
Anyone that spends 20m to buy a car out of a 100m deal won't think the way your saying. It's when the money is down to 40m that his eyes will clear. I'm an estate agent and I know what am saying. I am an investor and a finance person. You Networth does not have to be cash sitting in the bank. Apart from the car valued at N20 million. The person has another N80 million in assets that can be real estate, shares, bonds, money market funds, Eurobonds etc. These are assets and investments that can generate another N7 million per annum in form of passive income which can produce another N20 million in 3 years. This person also have his job or business which produced the Networth of N100 million in the first place 3 Likes 1 Share |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Kingpele(m): 2:00pm On Apr 29, 2020 |
[quote author=Devgod post=88988822]which car did you buy?[ Benz 320 4matic. Why do u ask? U want a ride? |
| Re: Total Value Of Your Cars Relative To Your Net Worth by hopefulLandlord: 2:00pm On Apr 29, 2020 |
Slawormir:
Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract you must be very ignorant if you think Audi that makes performance cars is inferior to venza 9 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by potent5(m): 2:03pm On Apr 29, 2020 |
homeboy205:
I understand, but check a situation out.
Let’s say you have 10m in your bank account today and you REALLY REALLY wish to drive a Benz(I MEAN THOSE MONEY YOU WILL SPEND WITHOUT THINKING TWICE NO MATTER WHAT). You can still opt for 3m Benz just to be safe.
Ok. You are my friend, you just bought Benz of 3m, in this Nigeria economy. I know you don’t have only 3m, I will predict you having 5m(not to exaggerate)...
But after buying the car if you go lowest key and let 1 or 2 people know you are broke. (I mean having people buy fuel in the new Benz)Mehn believe me everybody will believe you are broke..
What OP is trying to say is that those homeboys are broke and they are driving big cars forming big boys. You need to stay under the same roof with anyone before concluding they are broke.
So to answer own questions , IF YOU DONT ACT BROKE IN NIGERIA THEY WILL DRAIN YOU ....
I have first hand experience... I like the concluding paragraph: "if you don't act broke in Nigeria they will drain you". That is the truth about Nigeria. |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Xisnin(m): 2:06pm On Apr 29, 2020 |
samsard:
Most American car purchases are financed, AKA bank loans. The problem is that our mentality is that loans are bad. Developed economies literally run on debt! The issue is that it should be healthy debt Yes. Loans are bad and it is crippling America. The majority of them do not have $1000 in savings and they live from paycheck to paycheck. The day of reckoning is coming. 2 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Nobody: 2:10pm On Apr 29, 2020 |
Kingpele:
Benz 320 4matic. Why do u ask? U want a ride?
lol.. yes sir. I want one |
| Re: Total Value Of Your Cars Relative To Your Net Worth by grandstar(m): 2:11pm On Apr 29, 2020 |
emmanuelewumi:
I am an investor and a finance person.
You Networth does not have to be cash sitting in the bank.
Apart from the car valued at N20 million. The person has another N80 million in assets that can be real estate, shares, bonds, money market funds, Eurobonds etc. These are assets and investments that can generate another N7 million per annum in form of passive income which can produce another N20 million in 3 years.
This person also have his job or business which produced the Networth of N100 million in the first place The 100m is the fee from a property sale. Such fees don't come everyday. |
| Re: Total Value Of Your Cars Relative To Your Net Worth by yemmit90: 2:12pm On Apr 29, 2020 |
20 percent of your total net worth is unrealistic in Nigeria. An average good Tokunbo car will cost you nothing less than 1m, how many of us can boast of 10m naira in our saving accounts before we can think of buying a car.
Having a car is not a pride but neccessity. You cant function very well as an average human being without getting your own ride.
Infact to me, if you have upto 10m naira before you can think of buying one useless 500k/20,percent car, that mean you dont love yourself enough. 4 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by OgogoroFreak(m): 2:12pm On Apr 29, 2020 |
It's a personal thing. Afterall, if you die today, you nogo carry one Naira go heaven. 2 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by lebete3000: 2:14pm On Apr 29, 2020 |
Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own The rich get all the respeck. Abeg wetin be the name of the ride jarey. Make me sef belong! |
| Re: Total Value Of Your Cars Relative To Your Net Worth by AMvanquish: 2:15pm On Apr 29, 2020 |
Slawormir:
Damnnnnn niggarrr
Isoright
I understand op very well
But sometimes ehnnn the easiest way to also conquer poverty is to also fake this life and package your life
Even if you don't have much just try and buy that expensive ride. Form big boy for area. That can even attract those people that will even make you to be big
Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract One of my guy does this, he has an 06 DC Honda and Benz 09 CLS 500.. He drives his DC on the regular , but switches to Benz when he goes for important business meetings. He says it's packaging so clients take him more seriously. 3 Likes |
| Re: Total Value Of Your Cars Relative To Your Net Worth by lebete3000: 2:17pm On Apr 29, 2020 |
Slawormir:
Damnnnnn niggarrr
Isoright
I understand op very well
But sometimes ehnnn the easiest way to also conquer poverty is to also fake this life and package your life
Even if you don't have much just try and buy that expensive ride. Form big boy for area. That can even attract those people that will even make you to be big
Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract How you go compare Audi with Venza? You dey mad  So if I cruise my Audi Q7 SUV come, you go still give the contract to person wey carry Venza come? Walahi you dey mad! 14 Likes 2 Shares |
| Re: Total Value Of Your Cars Relative To Your Net Worth by afecgivers: 2:21pm On Apr 29, 2020 |
homeboy205:
Yes true and I also knew someone who made money from illegal businesses. Instead of flaunting the money, he went ahead and get loan of 35M from the bank with properties belonging to his family.
Dude bought 10M car and use the rest for business, whereas he has the money. He just need to wash it legitly into the economy. Like some Power stunts
Because people do these things don’t confirm they are broke.
People getting loan knows they will payback one way or the other and they have plans.
I WILL SAY THIS AGAIN, IF YOU FORM RICH IN NIGERIA THEY WILL DRAIN YOU
I don’t know if you have came across a video of an Igbo guy counting money still telling someone on the phone that he hasn’t eat since morning. Still asking the person to bring the food he has so they can eat together while he was counting thousand LOL...
Some will tell you they use all their money to buy a car of 2 million, they can’t flex you self. Before you know gossip go don enter town say he buy car he broke.. Whereas dude was Escaping Billings You are right man. Some friends plan their budget on your success. More reason one should not show or display means of his lively hood. You should help those in need but not lavishly. 1 Like |
| Re: Total Value Of Your Cars Relative To Your Net Worth by emmanuelewumi(m): 2:21pm On Apr 29, 2020 |
grandstar:
The 100m is the fee from a property sale. Such fees don't come everyday. So he moved from zero Networth to N100 million Networth within a year just like that. He must have sold a property worth N2 billion to make that type of commission. That means he must be very good in what he does. He still has N80 million invested that will give a average monthly cash flow of 600k pending the time he strikes another good deal. |
| Re: Total Value Of Your Cars Relative To Your Net Worth by Prudency045: 2:22pm On Apr 29, 2020 |
demolagilbert:
and yet a savings/investment culture trumps a credit culture anyday. Someone made a post on LinkedIn about the financial armaggedon in the US and the huge job losses, painting a grim picture of how a COO could end up working at a mall post COVID. 'Anything to stay afloat, till things stabilise, cos the BILLS have to be paid'. And truly it has already begun evident by the comments on the post by high ranking officials who are now jobless submitting that they truly will take any job, even if it rubbishes all efforts that grew their careers in the last 10-15 years. Why that level of desperation? It is cos debts will have to be repaid. Student loans, car loans, mortgage payments, even phones and computers are bought mostly on credit.
I take pride in that my car is mine 100%, and everything I own is mine 100%. I resigned at the height of the recession in 2015/2016, still did my MBA and got married. no shaking. Didnt take up another job till mid-2017. Took up another, and got transferred after 3 mths halfway across Nigeria, and three mths after the transfer I resigned again. Heaven did not fall. Till Jan 2019 when I took this current one. While, not everyone will be wildly crazily optimistic like me with my penchant for dumping jobs that don't make me fulfilled, I could have never had as much CONTROL over my life and life decisions, if I was neck deep in all manner of loans. Like the average American I would swiftly descend into a state of despair, willing to take anything. I believe strongly that we should be in CHARGE of our finances, and by extension lives.
A borrower is a SLAVE to the lender. To me, it is bondage. If it isn't for business I will never/pray to not ever have a reason to use debt to get personal tins done, so help me GOD. You are absolutely right. I strongly subscribe to your school of thought. To buttress your point, you see people spend all their savings or take bank loan to buy a car because they have job and can finance such loans with their salary. However, they often forget that you can lose your job at anytime. Imagine the current situation we find ourselves now. How can you finance a loan when you are out of job? How can you earn a living when you didn't save for unexpected times like a job loss period. Like people will say, you can't teach anyone how to spend his/her money. However, you must be prepared for the consequences of your actions. 5 Likes |
