I need your valuable pieces of advice at this point. Due to the falling oil prices, I have just been asked to send my resignation letter. I sent the letter a few hours ago.
I have been able to save N5,500,000.00, but I don't know what to do with it.
I created this topic in the family section because I have a wife who is still a student with two kids. We live in our own house in Lagos. I am 35 years old.

I don't even know what to write.

What can I do with 5.5 Million Naira, please?

I have been a guest for years on Nairaland.

Hmmmmmmn..

Settle all ur bills (rent, water, electricity) upfront, pay ur children's school fees, and use to rest to set up ur own business while u continue searching for job.

If u like u can divide the money in any proportion and invest in treasury bills for now.They are risk-averse and liquid too. u can get a somewhat steady flow of income from it. Build on ur investment at least for now;not on high risk securities o,just something u can get around on. Reason why I suggested treasury bills in the first place. Take care justhelpme

Buy USD tomorrow and resell it the following day, u will have #55,000 extra.
Under GEJ people loose job and naira looses value.

U should be thankful to God u were able to save 5.5m, u can invest with some part of it, pending d time u're able to get another job..

One piece of advice - don't rush into anything and don't be quick to throw your savings down any dodgy business
You will probably get people providing advice on all kinds of business ventures that will suck your savings away and leave you destitute
Don't be desperate, this has just happened, now is the time for deep thought not quick moves, hold on to your cash while you think
I repeat, beware of dodgy business ideas, do your research well before you start spending your savings
This too will pass. Where there is life, there is hope

When a door closes, window opens. Is an unfortunate experience but am happy you have good savings. Start your own business or if you a believer in agriculture venture into it. But remember to pay your bills upfront

Use it to process fed skill work to CANADA or travel out to find work. Don't invest in biz now until u hav learn d tricks of d biz. You are likely to loose d initial money u invest cos u don't hav ongoing biz or experience..

If you are an Igbo boy I would've said go to china and bring in one container. You can never loose on that.

For now I think you should minimise your expenditure, get yourself together and trying getting another job.
Don't just venture into any business now, the early stages of every business involve unexpected losses and I don't think you are prepared for that now.

You can try your hand on business later when you already have another job you are doing, no matter the pay.

Business is not a bad idea wt dt moni u can set a vry standard business bt I wll advice to use lik 2m and start for now while leave d rest in d bank. Bt if u dnt lik buyn n selln dt much u can try transportation business, as in buy a sound bus and register it in anoda person's company on agreed percentage, wt less stress u wll b make a cool cash while searchn for anoda job

okenwa:
Buy USD tomorrow and resell it the following day, u will have #55,000 extra.
Under GEJ people loose job and naira looses value.

Wht ar d processes of buyn ds USD? I too wll b interested. Thanks in advance

if i had 5.5m, i will set up a good business and become my own BOSS.

cee001:
If u like u can divide the money in any proportion and invest in treasury bills for now.They are risk-averse and liquid too. u can get a somewhat steady flow of income from it. Build on ur investment at least for now;not on high risk securities o,just something u can get around on. Reason why I suggested treasury bills in the first place. Take care justhelpme

This is the best advice so far. Treasury bills can earn you about 11% which is about enough to cover inflation. If you put in about 2.5 million in Treasury bills for 6 months, you can keep the rest. But we are not the ones to tell you what you will do. You have to tell us what you are good at. What skills do you have that can earn you an income? What were you doing in the company? Were you in HR, Finance or are you an engineer. What other opportunity have you seen in the market to explore. What networks have you built? You have to answer those questions yourself!

But for now, you should just invest in treasury bills because you do not have any appetite for risk! Now you need to go all out and start looking for another job or start a business where you are very knowledgeable. Don't just listen to some friend's idea. It has to be something you are very knowledgeable about and you have built enough competence.

okenwa:
Buy USD tomorrow and resell it the following day, u will have #55,000 extra.
Under GEJ people loose job and naira looses value.

This looks like a good deal for now but has some inherent risk. The dollar has been loosing value against the naira over the last one week. The naira is expected to depreciate further after the election due to very low reserves/oil price, but what if it doesn't? He would even loose the little he has. So I will suggest he doesnt do anything too risky for now. His wife isn't working and he has two kids. He cannot afford to lose any money for now.

Hello justhelpme, I suggest you think hard because you have 3 people depending on you. You are smart, I ll commend you for that. Saving isn't that easy with family expenses. I have sent you a mail. Take heart, it isn't the end.

Ab025:
if i had 5.5m, i will set up a good business and become my own BOSS.

And what is that business you would set up?

The Op needs your advice on it....

Posted

Dera25:

Wht ar d processes of buyn ds USD? I too wll b interested. Thanks in advance

uy black market and sell black market. unless you already earn income in USD

Thanks for the responses.
I don't have any rent to pay for as we live in our own house.
I worked as a Chief Operating Officer in an IT/facility managing company.
I have a Masters degree in Geology and some IT Certifications.
We equally have a piece of land (2 plots) that we bought 2 Million Naira late last year - we are thinking of putting it up for sale.

I have never done any business before. God help me..
I am just confused seriously.

I'm assuming you are not a troll.

Relax, don't respond to the numerous PM's and mails you would have gotten by now.

Relax, don't jump into any business idea now, no matter how tempting, easy or profitable it sounds.

Relax, this is not the end of the world. You are a husband and daddy. Please put yourself together.

Take one week off to eat, sleep, reflect ( what would you honestly like to do,what are your strenghts,weakness etc) and relax. Do just that.

Involve your wife. Put heads together. What can you do. Business, float your own company? THINK but don't put pressures on yourselves.

Don't sell your land. Don't!

Talk to friends. Trusted ones(if any). Seek their opinion and advisory but don't rush into whatever they suggest. Think it through.

Don't touch that money yet. No T.bills or trading of currency. It's not your forte, don't jump into it. YOUR money is safe at the bank.

DUST up your Cv And send it out. Network. JUST do it. EVEN if u want to be your own boss in future, still send out your cv. YOU need to get yourself together.

Get yourself together and relax.

OP, take to the advice written above ^^^.


I am talking as a person who walked in that shoe before.

ifyalways:
I'm assuming you are not a troll.

Relax, don't respond to the numerous PM's and mails you would have gotten by now.

Relax, don't jump into any business idea now, no matter how tempting, easy or profitable it sounds.

Relax, this is not the end of the world. You are a husband and daddy. Please put yourself together.

Take one week off to eat, sleep, reflect ( what would you honestly like to do,what are your strenghts,weakness etc) and relax. Do just that.

Involve your wife. Put heads together. What can you do. Business, float your own company? THINK but don't put pressures on yourselves.

Don't sell your land. Don't!

Talk to friends. Trusted ones(if any). Seek their opinion and advisory but don't rush into whatever they suggest. Think it through.

Don't touch that money yet. No T.bills or trading of currency. It's not your forte, don't jump into it. YOUR money is safe at the bank.

DUST up your Cv And send it out. Network. JUST do it. EVEN if u want to be your own boss in future, still send out your cv. YOU need to get yourself together.

Get yourself together and relax.

Do the above first


Go to stellas blog. Someone dropped a job vacancy yesterday that looks like your cv. Apply.
Me sef dey find job but i know sey my qualifications no reach am.
Don't jump into anything yet. Restrict your movements too because the more you move around, the more you spend. Cut down on all those unnecessary calls. They eat money. Don't start calling your enemies yet to tell them you've been let off. And please, take any good one that comes along even tho the pay might not be upto what you are used to. Improvise, Improvise, improvise!!!





Now you will know your true friends.. Good luck!

ifyalways:
I'm assuming you are not a troll.

Relax, don't respond to the numerous PM's and mails you would have gotten by now.

Relax, don't jump into any business idea now, no matter how tempting, easy or profitable it sounds.

Relax, this is not the end of the world. You are a husband and daddy. Please put yourself together.

Take one week off to eat, sleep, reflect ( what would you honestly like to do,what are your strenghts,weakness etc) and relax. Do just that.

Involve your wife. Put heads together. What can you do. Business, float your own company? THINK but don't put pressures on yourselves.

Don't sell your land. Don't!

Talk to friends. Trusted ones(if any). Seek their opinion and advisory but don't rush into whatever they suggest. Think it through.

Don't touch that money yet. No T.bills or trading of currency. It's not your forte, don't jump into it. YOUR money is safe at the bank.

DUST up your Cv And send it out. Network. JUST do it. EVEN if u want to be your own boss in future, still send out your cv. YOU need to get yourself together.

Get yourself together and relax.

Best advice so far. Even your CV speaks volume. You can get another job with the qualifications you mentioned earlier. It's time to connect with those friends that matters to fix you up. All the best.




....buy 1GB MTN Data plan for N1,200 only. 30 days duration. Works in all devices (Andriod/iPhone, Phone or Modem). Also Convert Airtime to Cash (20% Processing Fee). Call: 08107873795. Thanks & God bless.

veave:

Now you will know your true friends.. Good luck!

This is where your heart would be broken......... Your eyes will be opened to dynamics of human relationship.

bellong:


This is where your heart would be broken......... Your eyes will be opened to dynamics of human relationship.

He will not feel bad that he lost his job, its how people around him handles it that will make him stronger(if you understand what i mean)