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"Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" - Career (3) - Nairaland

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Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by bxcode(m): 10:03am On Jul 13, 2021
When making money, understand the term called locality and universality. Most of the millionaires in naira are average when crossed over to foreign exchange. A Zimbabwean dollar is also useless when changed to naira in another instance, despite the fact that the person is a billionaire in Zimbabwe.
That's why being wealthy, being rich, and being comfortable are in levels.
Your aim should should be to pass the test of universality when it comes to money.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by omoabike: 10:03am On Jul 13, 2021
50 Million is roughly $100K. That is middle class earnings in most American states. So I am struggling to understand what your point is.

3 Likes 1 Share

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by bigcee(m): 10:03am On Jul 13, 2021
abhosts:
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.
Tell them oh cool
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by FoolishBoy419: 10:03am On Jul 13, 2021
This is one thing many Nigerian bashers don't want to admit. You keep hearing them talking about how Naira is useless against the dollar but let's ask ourselves, can 1 dollar buy a decent meal in US? I don't know about southern states but here in Narayi Kaduna, a #500 plate can buy you a decent food with 4 pieces of meat.

This is of course not an excuse for our useless government but we whine a lot

6 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by seyiojomu(m): 10:04am On Jul 13, 2021
I disagree with you, because the macro economics is not the same in both climes.

All things being equal, that average man in the US will be jealous of the 50M earning man in Nigeria if the situations are sane.

Hence, you are not yet comparing Apple for Apple.

For a good comparison, pick countries with close to or similar economic strenghts and security.

In a different perspective, the average worker in the US at a young age can get a mortgage to own a house and pay over 20 to 30 yrs plus or across his total employment age.
Whereas in Nigeria, despite the fact that you are gainfully employed and earning 10M+ annually , you may still not find a mortgage company willing to finance you for a 10 years mortgage plan.

Why? The level of uncertainty in keeping the job or naira stable is always too "certain"

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by meobizy(f): 10:05am On Jul 13, 2021
Solution; hold on to the longest time before birthing children. Majority of Nigerians pull themselves back by rushing into marriage. A bank manager in his late thirties earning 150k per month can comfortably feed himself daily. The major problem is when he gets pressured into starting a family with the salary.

7 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by okuta007: 10:06am On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.


how did this poo make it to the front page? anytime I see phrases like "you see" in a response or contribution by a nairalander - it shows lacks of knowledge and desperation - rubbish post

For the benefit of those drawn into this foolish post and seeking to know.....N50m = $102k a year in the USA - how many Americans do you think make such and above that in year ? not up to 30% which means about 70% of the population makes less than that - However - people who make $65k a year live a better quality of life than those who make N50m a year in Nigeria. Take care with your childish post

9 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Semaj77(m): 10:06am On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.

It doesn't work like that , you see if I , in Nigeria , earn an equivalent of 1000 dollars and I'm able to afford a lot more than you who earns 1500 dollars in the US then obviously I'm richer than you. Buying power and ability to earn dictates who is richer and not necessarily extapolating earnings across different economies.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by adecz: 10:07am On Jul 13, 2021
50m Naira is $100k.

Very few people anywhere in the
world earn $100k per month. Even
the president of the richest country
on earth, the USA doesn't earn $50k,
talk less of �$100k.

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Nobody: 10:08am On Jul 13, 2021
Shallow-minded OP,

Do you think your so-called developed countries don't have paupers at all

3 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by opobo007: 10:08am On Jul 13, 2021
That's not correct as you cannot base the cost of living in both countries based the superior currency. The standard of life of 50m naira will certainly be higher than someone who earns 50m equivalent which is $100000. The cost per naira is lower than the cost per $
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Shattuck(m): 10:09am On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.
With 59million naira equivalent in the USA you are not considered poor that's way over a 100thousand dollars annual income, if you check high paying jobs in these countries the annual salary is usually from 80k to 100kplus thousand dollars. If you earn the equivalent  of 50million naira in America annually then you have a high paying job.

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by shegzhkn: 10:10am On Jul 13, 2021
abhosts:
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.

Lol, in fact you get to live paycheck to paycheck in uncle sam.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by NaMe4: 10:10am On Jul 13, 2021
100k dollars is not poor in the US.

That's an average annual income of certain fields of specialty (doctors) in the US.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by nedekid: 10:10am On Jul 13, 2021
Anikulhapo:
No, average annual salary in the US is not up to $80,000, #50m is around $100,000
Do you remember that just few years ago, 140k was $1000? That a Nigerian earning 300k was earning 2k usd monthly?
That 1.4m was 10k usd. 14m was $100,000?
Do you know it was easier to get 14m ie $100,000 in Nigeria than in the US?
Each trip then of my truck was 60k ie $429 and in a good day I could do 2 trips.
Now that 1 trip is just over $150 and cost has increased but no purchasing power for people to pay more. Eg Diesel is 290 per liter.
Politics of the past 6 years has impoverished us jare.

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by crackhouse(m): 10:11am On Jul 13, 2021
Have u travelled to UK or US before?
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Semaj77(m): 10:11am On Jul 13, 2021
opobo007:
That's not correct as you cannot base the cost of living in both countries based the superior currency. The standard of life of 50m naira will certainly be higher than someone who earns 50m equivalent which is $100000. The cost per naira is lower than the cost per $


Exactly!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by West2019(m): 10:11am On Jul 13, 2021
F
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Widall: 10:12am On Jul 13, 2021
OP which kind of conclusion is this.

50million naira is about 121k dollars.

Most people in the US don't earn more than 80k dollars per annum.

So ur assertion is very wrong!
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by jammyneutron007(m): 10:12am On Jul 13, 2021
When you make arguments like this, you judge based on what average nationals earn before you compare with the expenses they incure. 50million annually in the US is about $100k and that's about $8k monthly.

With this take home, you are rich even in that "developed" country you stress. Also, the monthly rent you pay is subject to the area you decide to live in. It is not true that the monthly average rent in the US is about $1k. Maybe for a county and not for the US at large.

As VGC is to Ketu, so is New York to Mississippi/Detroit...even Monaco to the entire US you made a paradise

2 Likes

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by babadee1(m): 10:12am On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.

Can you justify this your analysis? Why does it make sense to you to compare earnings and expenditures in a developing country to earnings and expenditures in a developed country? It makes no sense.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Theunbothered: 10:15am On Jul 13, 2021
50 million a year is not poor anywhere in the world
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by onatisi(m): 10:15am On Jul 13, 2021
you even have time to be educating and replying the guy .
omoyankee3:
50M naira is an above average salary in the US (unless you live in LA, NYC etc). So a person who earns that much in the US is not considered poor.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by Monaco2(m): 10:15am On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.


How are you considered poor in USA when that money in dollars is over 120000, there are people in America that don’t receive that much in a year and they are not considered poor... 50 million is big home and abroad

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by shege315: 10:15am On Jul 13, 2021
the person who posted this lacks intelligence
what a dumb ass post by an Ignoramus
your lack of knowledge about the Economic environment of the USA & Nigeria is so glaring
please go and read
dumb ass
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by tunapawizzy: 10:16am On Jul 13, 2021
Stop listening to people that are earning 100k naira per month and putting you under unnecessary pressure. If you ear 100kUSD pa in the US or Canada, you are not in anyway poor, you may not be WEALTHY but u are going to be super comfortable.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by chiedozie198100: 10:16am On Jul 13, 2021
abhosts:
50 Million Naira is equivalent to $100,000 USD. Nobody earning that annually is considered poor anywhere in the world.

Don't mind the op.
If u earn $100,000 in the US u r considered upper middle class.
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by khalids: 10:18am On Jul 13, 2021
Afam4eva:
That's why the Nigerian dream is earning dollars while living in Nigeria wink

Exactly, taking advantage of the exchange rate. Earn USD and live like a king in Naija.

Earn $2k a month and that's 1million naira monthly
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by mapet: 10:19am On Jul 13, 2021
EzegeNdiigbo:
Let’s start with what the value
of $1000 is in the United
States. Is $1K valuable or
valueless in the US?




Do you know that in the US, some
average people’s monthly rent is
over $1000? We haven’t included
taxes and other monthly fees. Now
in Nigeria, apart from few places in
Lagos and Abuja, I don’t think there is a place in Nigeria where
monthly rent is above $100 for a
bedroom apartment. So you see,
with 50M naira annual income,
you’re a million in Nigeria, but a
poor or rather, an average man in the US, UK, and Canada.



DO YOU AGREE? A Man Who
Earns 50M Naira Annually In
Nigeria Is Considered Poor In UK,
US & Canada? Let’s hear from you.

That's an argument between me and my tight paddy!!!


Drop your comment below.

Very poor low-level analysis...

1 Like

Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by WisdomfromGod: 10:19am On Jul 13, 2021
Why should I go to US if am already making 50m here..dude that's alot of money unless am going there for vacation
Re: "Earning N50M Annually In Nigeria But Considered Poor In Developed Countries" by BusinessDream: 10:20am On Jul 13, 2021
DropsMic:
When my My grandma was alive she lived below $1 a day but she never went to bed hungry because she grew her own product... Back then if you dash her money she go dash the money to her lil grandkids she had no use for it. Following the white man's definition of poverty (one who lives on less than $1 a day), you'd conclude that my grandma was poor, but in reality she was wealthy.
I love your analogy....

1 Like

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