marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I choose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.

kushthecreator:


Its the same thing i would do. Do you have a family, asin married or single... if single i would suggest looking for a smaller place so you can save more and buy your own land and build your own house unless u want to stay there forever.

marshborn:
Pls I need more comments and perspectives

3Dee:


You will get diverse views here. Aside the 100k, do you get some other benefits? Since you've paid for the apartment already, there's no point leaving.

crazygod:
Since u're single, y not get a flat mate to share the cost with

marshborn:

Haven't paid yet...was planning on doing so next week

3Dee:


It's better you look for a room self con on the Island and pay same amount. you'll reduce transport cost and experience less stress

marshborn:

Okay nice idea...but wanted to know if the financial burden of the house rent is too much for now.

3Dee:


I experienced same, people castigated me for it, but I can't inconvenience myself to please people.
If you don't have any "responsibilities" the house is ok for you. Ensure you start contributing 50k every month. In a year you'll have 600k.

Geofavor:
in my own opinion, it's too much. You shouldn't spend more than 15% of your income on house rent alone. so, for now, 150 or at most 200 a year is okay.

OriginalKogiboy:
the law of income-livelehood espences states that: ABOUT YOUR ONE MONTH SALARY SHOULD PAY FOR YOUR ONE YEAR ACCOMMODATION. meaning your accommodation is expected to range from 80k to 120k else, u are working for landlord by brother. stay your level. dont compete with coleage or mate. maintein your standard. life is in stages...

FunnyDude:
I don't usually comments on topic like this but I'll do.

This is what I'll told my brother as well.


Sir! it's good to live in a nice apartment. But don't you think we need to save for the raining days as you're still single?

Unless you want settle down in a year time from now. If not please get a flat mate and save that money for some business opportunities coming your way.

Assuming you told us, you have like other TWO sources of additional income then problem. But having depending on 1.2m per annum as a young guy is not ideal.

If it's me, I'll rent a room and manage so far I'm not married yet, just to keep saving. Be wise bro!

Remember, a single source of income is not healthy at all. Start saving heavily and investing in side business.

marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.