covid2019:
I am in a dilemma worsened by this covid19.

I am a graduate male of 29 residing in the East. I still squat with a friend, not because I don't have money for house rent. But principally because I have been unable to figure out what I want to do with my life, hence renting a house feels like a commitment that might get me stuck.

I always feel I might move anytime soon-- to either another state or abroad for masters or just practice of my profession. Note that I didn't study a STEM course.

All these while squatting, I have been saving via my proceeds from hustles.

In the wake of this COVID19, I checked all my banks and found out that money I have in my account has lost so much value given the dollar rate.

I have 11.4 million, inclusive of my working capital, plus a rickety car valued at 350k. Each time, I need just 3-5m as working capital.

It seems that trying to save more is false economy and might be counter productive.

NOW, I AM CONSIDERING buying a plot of land and erecting a small house even if it's 3 rooms. This, I think will serve as investment that will keep appreciating and also serve as residence.

Or just open a domiciliary account to hedge against naira fall and continue saving.
What do you think please?

dukeprince50:
If the house u want to build is ur own residential house, I'll advice u to invest that money into different businesses, u can multiply that money by 5 in the next ten years, but if u want to give it out for rent, I'll say u should build it. Ur first priority should be more money. The house, if not for rent will depreciate but land does not.
Also if u haven't figured out what to do with ur life, I'll say u hold that money till u find urself. Don't just run and invest wen u have no idea what to invest on. U can loose everything.Best thing u can do with ur money is to use it and make more money, but do it wisely
Modified.
To those quoting me that house doesn't depreciate, what do u say about the brick houses 20-30years ago or the mud and thatch house during our great grandma's time? Brick house was a hot cake in the 90's, also in late 90's if u have a block house, u are rich, 20years from now Architecture will bring up a new design and glass houses will be as worthy as what block house is today. Be here thinking houses don't depreciate.

afroxyz:
Building a house is an emotional investment. It's just for bragging rights. Well, unless you want to sell it thereafter. If you are hoping to use rent to recoup your investment, e go tey. Buy lands and flip them. If you want to move it mast you can buy, fence then just start a small structure then you sell. Building a house never made anyone rich, it is biz that would.make you rich. When you have enough money just build.one that you and your family would stay.

N.B I hope you were helping you friend with rent. You can't have that amount and not want to pay rent or have. Place of your own. It's like you are taking advantage of him.

Wickedfact:


Coronavirus kill you and your humor.

mtinfx:


Making a million ain't hard

chukzyfcbb:
you have a hustle that you started while in school.

despite the school distraction you were still able to save 11million and yet you are asking what hustle to engage in.

Tell us the truth, are you a Gee boy?

Nobody will make 11million in 6yrs of hustle and still be asking for direction, why not expand the so called hustle abi you be Yahoo boy.

Just a word of advice building a house is a tie down of cash, Jeje buy land fence it and allow it to grow or rent it out to Farmers/block makers while you use the rest to expand your hustle.

You are still young, now is the time to take on risk coz you have the years to recover.

House of 100m here will return a miserly 5-8m on rent, it's fu--cked up really, just buy land and fence it for safety.

BuTiku2019:



You had people you could SQUAT with, but you chose the path of HONOUR and lived in a 60k place in a suburb.
You are an honourable man.
You did the right thing.
You did not choose to SQUAT at someone else's expense while gathering and saving your own money.

covid2019:




Don't tar everyone with the same brush. IT IS WAY CHEAPER TO STAY ALONE THAN STAY WITH THIS FRIEND.

Without sounding immodest, I am the one helping. And it's not upto years I started staying there.


Squatting is still the word. Maybe I should have said living not squatting, Its 4 rooms and parlor family house.

Only 2 siblings at home.
There is an empty room I use. In fact, I have access to everywhere.
.
.I spend money there too.

I foot many bills there. In fact the last small renovation cost me circa 200k. It's a family house . No rent is paid.
The friend is a post grad student and rarely stays at home.

.It would have been cheaper for me to stay alone. He drives my car. In fact, I taught him how to drive.

I buy gas, foodstuff etc.

Only if you knew how much I hate to beg, let alone letting people feed me

I started this hustle in school.

It took me 6 years.

I was able to save due to frugal nature. I don't show off, I don't brag. I even stated that my car is rickety valued at 350k.

If I was proud person, maybe I would have bought Camry to chase girls.

I suffered so much growing up. I left those details to reduce length of post.


You may not understand.

I feel like crying typing this.

nextlevel2020:
Please bros, I have two advice for you.

1; Move out of this country and have your Masters degree. Doing your masters degree in a country like Canada or UK will land you a better job over there and you will come back to Nigeria to build a house of your choice in the future.

2; I learned you are from Eastern part of this country, that gives you better chance to survive in Business than we westerner, because you guy can squeeze water from stone just to make a business to strive (This is my opinion). On this. I advise you to rent your own apartment and start your business as early as possible. I am telling you from experience, building a house is not longer an achievement these days. Once you have a formidable income, you erect your home in any location of your choice without pressure.

Let me tell you a little about my own predicament. In 2010, I landed a job in one multinational firm and things were moving fine with me, few months later I quickly decided to start building my house and I bought one and half plot of land in Lagos, I made blocks and purchased other building materials. Just for me to start the ground breaking, something serious happen and left the project since 2011 till date. Though, I had acquired another two plots of near where am working and build two bedroom apartment. But the point I want you to know is that, there was one of my friends who used to live with me in my apartment, this guy didn't buy a quarter of land then, all what he did was to save his money and study online course in university of Porthmount. While doing that, people were making jest at him, but as soon as he finished the course, he gained employment with one firm in Australia and that was the beginning of breakthrough for this guy. Now, he is money, in fact last time we talked, he told me to help him make enquiry about how much is the cost of land in Ajah and he is about to start building his own home.

In 2018, he wanted me to do the program he did then and when I made enquiry about how much it will cost me, I was told that I would need minimum of 10 million naira and during his own time dollar was 200 hundred to naira and the program cost him about 5 million naira then, whereas I had spent more than 6 million naira on building and buying land.

adanny01:


My own.

If you die today, na bankers go chop your money.

There are 2 things you must not do;

1. You must not waste or lose this money you already have

2. You must not miss the important thing about life, which is living a good and comfortable life (You have earned it)

How will you achieve that;

1. Keep on with the legitimate business that gave you that money. If at 29 you amassed 11m, at 39 you should have 10times what you have. If what you did for the money was illegal, hmmm, that is difficult because most illegal money ends up bad. But try a legitimate business and hope for the best.

2. I think having such money and living with someone who may not have such money is unfair. Get your place. You don't have to build. Don't ever look at rent as a waste.

3. Pls upgrade your car. Don't go expensive but get what is portable, functional, trendy and reliable.

4. Don't put money on any single thing (business or otherwise that is up to 25% of you net Worth and don't make a budget that is up to 50% of you net worth. You must always have something to fall back to.

5. Take time to analyze any spending and never rush in buying anything.

In summary, I am saying you must enjoy your money at the same time do not eat all of it.

There are alot of Igbos in my area who have suddenly realized that building a duplex in the village is just being foolish when they live in slums in the city.

Get yourself even a room and palour, put AC and nice things. Continue your hustle.

When you eventually marry and have kids remember you only owe them food, shelter, education and training till they graduate. You are not responsible for their inheritance so don't bother. If you bother about leaving inheritance, you will never enjoy your life and you would have missed very important things about life. Money is not everything but money makes life good. There no essence of making money if you cant spend it on yourself.

mtinfx:


Making a million ain't hard

ketu4:
Hope your friend knows you have all this money in your account while you are squatting with him

covid2019:
I am in a dilemma worsened by this covid19.

I am a graduate male of 29 residing in the East. I still squat with a friend, not because I don't have money for house rent. But principally because I have been unable to figure out what I want to do with my life, hence renting a house feels like a commitment that might get me stuck.

I always feel I might move anytime soon-- to either another state or abroad for masters or just practice of my profession. Note that I didn't study a STEM course.

All these while squatting, I have been saving via my proceeds from hustles.

In the wake of this COVID19, I checked all my banks and found out that money I have in my account has lost so much value given the dollar rate.

I have 11.4 million, inclusive of my working capital, plus a rickety car valued at 350k. Each time, I need just 3-5m as working capital.

It seems that trying to save more is false economy and might be counter productive.

NOW, I AM CONSIDERING buying a plot of land and erecting a small house even if it's 3 rooms. This, I think will serve as investment that will keep appreciating and also serve as residence.

Or just open a domiciliary account to hedge against naira fall and continue saving.
What do you think please?

cole01:

The friends complain give you.... U don't even know the kind of relationship they have but u just concluded

bolaji3071:
I won't mind to learn from you how I can make mine sir, so far it is legit.

dukeprince50:

Modified.
To those quoting me that house doesn't depreciate, what do u say about the brick houses 20-30years ago or the mud and thatch house during our great grandma's time? Brick house was a hot cake in the 90's, also in late 90's if u have a block house, u are rich, 20years from now Architecture will bring up a new design and glass houses will be as worthy as what block house is today. Be here thinking houses don't depreciate.

pocohantas:


When people say houses don’t depreciate, they are not talking of the physical structure/design. They are talking of the land.

Yes, it most times appreciates. Even when it depreciates, it isn’t because it was built with bricks- but other reasons (e.g) security issues in its geographical location, flooding...etc.

Just like Apapa was once a cool spot, now landlords are begging tenants to rent. Nobody depreciates the value of a house (after years) because it was built with bricks.

If I built a bungalow on Ademola Tokunbo, Victoria Island, years ago, I will still sell it hundreds of millions to a bank or the HQ of any company today. They will buy the land and its premium location- NOT MY BUNGALOW!!

Please don’t get it twisted.

mtinfx:


In my field which is the financial markets
You can make that through trading
The following

Fractional shares
Margin trading
Indices

By also investing in
Staking, arbitrage etc.

dukeprince50:
madam, with time the house will depreciate and new designs will come, people will demolish their old houses and build new ones on same land, try build a bungalow in lekki phase1 and after forty years, sell it as same value u built it with. House is always a liability not an asset, except the house brings ur money.
A residential house doesn't provide money, infact u spend money for maintenance. fifty years ago, we have mud houses and they cost quite a fortune but today nobody will dare sell a mud house, it has depreciate it has no value anymore

dukeprince50:
madam, with time the house will depreciate and new designs will come, people will demolish their old houses and build new ones on same land, try build a bungalow in lekki phase1 and after forty years, sell it as same value u built it with. House is always a liability not an asset, except the house brings ur money.
A residential house doesn't provide money, infact u spend money for maintenance. fifty years ago, we have mud houses and they cost quite a fortune but today nobody will dare sell a mud house, it has depreciate it has no value anymore

Wickedfact:


You definitely don't understand what depreciation in real estate means.

Between a new Duplex on half plot in Ikoyi and 2 plots in Ikoyi, which would cost more?