lebete3000:


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!

Don't mind the nonsense guy Q7 SUV is even small,goggle S8 SUV & u'll see wonders on wheels

HeavenlyBang:


Why stop at five? Why not twenty?

This kain poverty mentality wey una dey get so.

/

It is not a crime to be poor. You concentrate most of your adult life talking about cars (a grossly depreciable item). There goes Einstein.
Look in the mirror.

\

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

Lolz...Audi is a make while Venza is a model of Toyota. I hope you are aware that by all standard Audi and Toyota are not in the same class and an equivalent of Venza as a model in Audi are not in the same class at all. So maybe you should specify the model of Audi you are talking about exactly.

This is not the sort of conversation that will be understandable in a country that elected Buhari as President.

That's a joke. However note that it is extremely difficult to gain and practice "financial logic"
People will always justify spending money no matter how illogical.

By the way 20% is way too high. I would peg it at 5% (which I wouldn't apply myself: more like 2% or keep legging it)

If a car constitutes 20% of your net worth then you are losing as much as 2.5% of your net worth annually at least. Not to speak of further loses to that net worth occassioned by funds which will be used to maintain said vehicle that would have better been applied to something more profitable. So in a few years the car will be worth a lot more of your net worth than 20% probably.

In my opinion this topic is extremely important. But our society has been invaded by a pervasive desire to get rich quick and to enjoy quicker, making this a waste of time.

Newboss:


The worth of a car doesn't depreciate by half once you drive it out of the dealership.

Do some research and save yourself from ignorance. A lot of cars can hold value for a couple of years. Especially luxury cars. If you buy a 2020 luxury model this year and sell it next year, you will be shocked how much you'll get for it. You can't sell it for the same price you bought it since it's considered used, except it's a very rare car.

You are a new boss. That is why you think this way. What you just pointed out is called an exception to the norm.

Let me save a new boss from ignorance. You will learn as you age

OP is not trying to decide for anyone on how to live their lives. His assertion is only a general rule of thumb when purchasing a vehicle. BTW, one's net worth is total asset minus liability.

I totally agree with you.

hairyman:
This is not the sort of conversation that will be understandable in a country that elected Buhari as President.

That's a joke. However note that it is extremely difficult to gain and practice "financial logic"
People will always justify spending money no matter how illogical.

By the way 20% is way too high. I would peg it at 5% (which I wouldn't apply myself: more like 2% or keep legging it)

If a car constitutes 20% of your net worth then you are losing as much as 2.5% of your net worth annually at least. Not to speak of further loses to that net worth occassioned by funds which will be used to maintain said vehicle that would have better been applied to something more profitable. So in a few years the car will be worth a lot more of your net worth than 20% probably.

In my opinion this topic is extremely important. But our society has been invaded by a pervasive desire to get rich quick and to enjoy quicker, making this a waste of time.

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

I used to act that way til I realise that many people use outward appearance to cover up their emptiness. I ways listen to people and keenly scrutinise them before drawing any conclusions.

Deepthoughts:
Do you know you could be arrested for what you just posted here?, don't argue go n ask a lawyer n be careful.

Nigerians!! Lmao

hardbody:


The guy you quoted is kinda right.

Ever since I picked up a prado 2016 (or so because i am not even sure of the year again) (upgraded) and then i personalized the registration number, I have never been stopped by the Police. When they do, it is always about what I have for them, no one talks about papers. Some in the earlier days were so funny that they will only touch the body of the suv and touch themselves and then raise both hands towards heaven.

A whack country this is...

Lol

Customised how?

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

This kind of lifestyle we are forced to live in Nigeria takes its toll mentally


"Pretending" we are broke cos we scared of shadows and stuff

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.

Well said

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.

Balance is key
Debt is good if used well


However
The USA citizens attitude to credit (well many of them) is not good at all

Some are basically drowning in debt
Its crazy

toxtimmy:


Not just cars only... We black people na we buy designers cloths and apparels like say na directives from our slave masters we dey follow to buy them.

I mean look at the blacks in the US, Jamaica, Canada, Europe etc... same mentality regarding cars OP stated above.

The only reason why oyinbo and asians (i.e. chinesse, japanesse etc) people smart pass us is they are always focused on finding the pattern in every fact in life... they now either document it as not good or use it to their advantage.... but fortunately they use it for their advantage as a group while we dudu always never like correcting things but rather dig holes into foolishness.

proud to be black and we need to wise up.

Well said

akinyemire:
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.

You see

Comments like yours and some of u here are the reason why we as s people are where we are.

He stated his opinion

And the point he is trying to make is VERY VALID

Even tho I may not agree with the way he presented it (in today's Nigeria, 20% may be a long shot)

Let us hear dissenting opinions laid down with good points

Not just condemning


At the end of the day

Na you sabi how you wan run life

Prudency045:


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.

Well said

Born2conquer:

Nigerians!! Lmao

mine is just an advice, you/he said,he knew someone that was involved in illegal businesses, think about the implications of that statement.

I would love to exchange my Pontiac vibe 2005(in perfect condition) with a better brand. Pls how do I go about this and which brand should a second time buyer go for?

NaijaFutbol:


You are a new boss. That is why you think this way. What you just pointed out is called an exception to the norm.

Let me save a new boss from ignorance. You will learn as you age

And by your username, I see why you think the way you do.

Look, people save money for specific things. People plan their money. Do you even bother to find out exactly why some people went bankrupt? It has nothing to do with cars or jets or shiny things. It has to do with unhealthy debts. Yes, the kind of debt Nigeria is currently acquiring.

Stop letting poverty control the way you think. It always ends with an unhealthy lifestyle and a fat bank account. That money belongs to you, you should not belong to the money. It's unhealthy.

Have a target and stick to it. Make sure you are not being shortchanged by that your target. Don't be trekking while saving to buy house. It's financially sound to rent. In fact, a house could easily turn to a money pit: property tax, maintenance, insurances, etc. You cannot run away from those. It's okay to rent. Don't let your ego fool you.

Enough talk already

TheTraveler:

It's a smart move bro, you've to be very mindful in selecting your employees.

Hmm, can you elaborate on the being smart in employee selection?

Thanks...

duality:


Bros forget that thing ooo. For my side of Lagos, na people whe dey drive cars when big pass them, na him police dey disturb pass. Especially for evening.

I kid you not!

Tell them my brother...

hustla:


I wan laugh injure

Which interest rate dey ontop am? and which bank give you that kain loan?

Na my salary account with GTB...

hardbody:


Lol i am not a business man bro, well i have a law practise by the side but i am a legit employee. I am also looking at going into the line of business you hinted but it is a retirement plan for me.

Hmmm...okay cool

lebete3000:


Na my salary account with GTB...

OK

Born2conquer:

Lol

Customised how?

Perhaps a better word is "personalized"

Whatever the term used, it simply means you fork out about 250k to request that an inscription of your choice be provided as your vehicle number. (eg. HACKER - 1) instead of EKY 234 GS which they would have ordinarily provided in the course of new numbers generation.

Newboss:

FGN Bond pays at least 10% a year. Put that 80m there you get at least 8m every year while the 80m remains untouched. If you think that's not enough, then you're very greedy.

Inflation rate is more than 11%. That 80 million will be worth less than 70million in a years time.

Newboss:


And by your username, I see why you think the way you do.

Look, people save money for specific things. People plan their money. Do you even bother to find out exactly why some people went bankrupt? It has nothing to do with cars or jets or shiny things. It has to do with unhealthy debts. Yes, the kind of debt Nigeria is currently acquiring.

Stop letting poverty control the way you think. It always ends with an unhealthy lifestyle and a fat bank account. That money belongs to you, you should not belong to the money. It's unhealthy.

Have a target and stick to it. Make sure you are not being shortchanged by that your target. Don't be trekking while saving to buy house. It's financially sound to rent. In fact, a house could easily turn to a money pit: property tax, maintenance, insurances, etc. You cannot run away from those. It's okay to rent. Don't let your ego fool you.

Enough talk already

If you don’t have comprehension issues, go back and read my first write up albeit slowly this time. You will find where I opined that using 50% of your net worth to buy a car could also be a sensible thing to do.

Nobody is here to drag shoulder with your rich self and your wealth mentality.

Like I said NewBoss, you have a lot to learn as you grow.

NaijaFutbol:


If you don’t have comprehension issues, go back and read my first write up albeit slowly this time. You will find where I opined that using 50% of your net worth to buy a car could also be a sensible thing to do.

Nobody is here to drag shoulder with your rich self and your wealth mentality.

Like I said NewBoss, you have a lot to learn as you grow.

Not here to exchange words with you. Las las, you'll be alright

9icetoo:

Inflation rate is more than 11%. That 80 million will be worth less than 70million in a years time.

Well, going by your logic, in 10 years, the 80m will have a value of zero. Does that make any sense to you?

Newboss:


Well, going by your logic, in 10 years, the 80m will have a value of zero. Does that make any sense to you?

Let me make it clearer to you. In the early 80's a brand new Volkswagen car sold for about N4,000.
If someone left 4000, in the bank, from 1985 to 2020, would it still be able to buy a brand new Kia Rio? Assuming the money was fixed with 10% interest yield per year?
I hope it makes sense now. I am not against fixed deposit or any other form of investment. Just pointing out that it has its own shortcomings too.