HeavenlyBang:
Lol, mind your business and let people do what they want with their money.

I can save up 3 months of income and buy a car with it. Is it smart? Maybe no. But a car means a lot more to me than just a means of transportation. Everybody with their poison.

thebigkendo:
Escuz me sir op, you are thinking in the rubbish,
did you help them think how they made the money? So what now concern your thinking with how they spend their money??


Mainwhile "the buy land/build house" crew will soon arrive, telling us how we should not buy car because it is a liability, all our money should be used to buy waterlogged land at ibeju lekki or 1 bed room self contain at Moye

homeboy205:




That is why you have to keep them guessing... Avoid see finish at all cost lol


Make dem feel you are broke while your bank account is pretty huge, before you know the whole people will accept you are broke...

aguiyi2:
One of the ills of our society.Living above one's income to impress imaginary fans.

lexy2014:


That's how MC hammer and Nicholas Cage became broke

grandstar:


You may be right and wrong.

It all depends on your networth. If you bought an 800,000 car as a young white collar worker, it might seem very prudent.

If however, if you're worth 100m and you're drinking a 20m Toyota jeep, then you're reckless.

I heard of a guy who made 100m in a property transaction and spent 20m on a Lexus jeep. An 8m car would have done.

DexterousOne:


Are u sure you understand the topic at hand?

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...

HeavenlyBang:
Lol, mind your business and let people do what they want with their money.

I can save up 3 months of income and buy a car with it. Is it smart? Maybe no. But a car means a lot more to me than just a means of transportation. Everybody with their poison.

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 N70 million per annum.

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

Techydude:



If you're a salary earner who saved up to buy an expensive car just to show off. Then you're way in over your head already. Business owners in some sectors of the economy need to look the part so they can have access to the people who matter. Perception is very important. If you don't look the part you often won't get the role. There's a lot to consider. The 20% rule makes a lot of sense but their are exceptions and several people can attest their success to the image they project. The key to generating wealth is to spend way less than what you earn. Often, you'll need to take a leap of faith and extend yourself to get to the next level.

yusufu16:


On point.

In this country if you are wise, just always pretend you are broke even if you are rich.

I have a car but sometimes I trek and use okada. If you want to form big these days, armed robber, thief's will show you pepper

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

IkpuNnegiEwu44:
How do u calculate networth of a civil servant.

In 2016, I saved and used all my savings to buy car. Next month I got paid and managed for some months and started saving again. In 2018 I bought 2 plots of land, completed d fencing in 2019, now saving for d house.

So how did using my whole saving to buy car an unwise decision?

AreaFada2:
It all depends on the purpose. If appearing in a nice car helps secure contracts from wealthy clients, then that's fine. If you also have multiple and growing income streams and a car or cars with reasonable second hand value, then also fine.

But buying cars that will further drain your funds yet have no added value to your life or business, you need to think twice.

Sagay212:


Some of these people don't know how important a car is until they have one. Imagine you having to be struggling for bus in this Corona period all because you are forming saving and smart. At the end of the day, corona will kill you and someone else will chop your money. Aside from corona, you stand the risk of one chance if you don't have a car, you'll be scared not to get robbed late in the night when trekking home from your bus stop because no okada or napep.

The same people forming smart and saving will be the ones complaining that car owners are wicked for driving alone and not helping people standing at bus stops under hot sun or heavy rain. Shebi you dey form smart wan save money and invest, no wahala suffer your suffer and let me enjoy my AC in my car.

There is absolutely nothing wrong if you take a loan to buy a car and pay back monthly convinently. Things should be done one step at a time. Get that car, then you can get the land or do whatever business you want to do. Do not subject yourself to unnecessary hardship. Some people will tell you to build a house before buying a car as if you can use 1.5 or 2m to buy house and build a reasonable house.

IkpuNnegiEwu44:
How do u calculate networth of a civil servant.

In 2016, I saved and used all my savings to buy car. Next month I got paid and managed for some months and started saving again. In 2018 I bought 2 plots of land, completed d fencing in 2019, now saving for d house.

So how did using my whole saving to buy car an unwise decision?

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...

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

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

Sagay212:


Very good....take it one step at a time. If one is focused , you will achieve want you want. You don't have to suffer yourself because you want to build house or invest. Some certain things make life very easy and comfortable and one should get them if you can.

Don't listen to all these stu.pid people with their oversabi motivational nonsense.