My freind is quiting his job this month end for NONE. I tried talking to him about the consequency of his actions but, he persisitantly refused to give it a second thought. Considering the economical situation in Naija, should i say 160k per month is NOT "too low"?.
His Reasons. . . .
1. His rent is about 27k/month

2. He allocate 15/month for his son upkeep

3. He wife take 30k to the market every first week.

4. He spend approximately 30k in expense to work (transport + Lunch)

5. Pays light bill 3k ie 'Unavailable electricity'

6. Buy gas of 10k before the months end. (car + generator)

7. Shayo like 3 to 5k/month(weekends)

8. Buy recharged card, hair cut, toiletries + family wahala.

He told me he prefer 'hustling' than working for 10hrs dailay for like 2 years without anything to show. He is a qualified civil engineer with a lot of experience. Do you think he's making the right moves? My main concern is, if things should go wrong, i will be the one to shoulder his needs and i wouldn't want to be doing that, though as a friend, i can/have help him on a different occassions but i dont know how long before he will be back on his feet. So was i being selfish by discouraging him? or was he making the right moves.

He has written the resignation letter waiting for the day i.e 27th of this month to tender it.

His justification for his planned action is not rational enough in my opinion.

He should take a business perspective on his employment and give justifiable reasons why he prefers 0 to 160k/month.

He should bear in mind that his financial obligations won't go away if he quits. Business wise, it is still preferable to make enough to cover costs, than to begin to run at a loss so he should think well. Even if he's got savings, he wont be earning income till he manages to somewhat replace his current source so he ought to critically consider his plan.

What does he plan to do to earn after quitting? How mature is his 'hustle'? I mean if he's had the hustle going on for a while alongside his formal employment then maybe he won't find it too hard to cope with the loss of his current source because he'll have more time to face it. Even at that, its not easy esp in our Naija where the conditions are hostile. But If he's planning to quit just to start this 'hustle' then he's onto a looong thing.

Let's face it, there are simply too many people looking for too few jobs and I doubt anyone will sympathise with your friend's complaints. The easiest impression to make of his plan is that of a 'foolish' one.

The situation is more delicate because he has people depending on him, or is he planning to depend on his wife?

I for one will never advise anyone especially a family man to leave his job for none, let him know that there are many family men who earn less than that and yet stil enjoy life, he should just cut his cloth according to the quantity of cloth he has, no too much things

Yes, you can quit. there better pay for at Green world while you will be able to go on Holiday and drive the type of car you want.

It is ill advised for a 'family man' to take such a gamble. Even if he intends to start his own business he must make sure he has enough saved to cover living expenses till he breaks even. 160k is small but a lot better than nothing.

He could contact me [i am a professional resume writer/Job Hunter. He could keep his current job whilst i write a hundred specialized resumes and cover letters over a period of six weeks and help him get the job he deserves. Best wishes
email-omotoola@gmail.com

"A bird in hand is worth nine", so they say. Considering 9geria's alarming unemployment rate, a "job" in hand is worth 100. Nice of u to take it upon yourself to ask for people's opinion concerning his matter. I'm sure your friend won't like to see how things will be when in 6months time he's still job-hunting. There's no harm in keeping his 160k paying job while he scouts for another and its likely the odds will favor him considering the fact that he still has a job. He wont want to see his wife appreciating any of his friend(s) who comes and drops some change occasionally because his ego would be hit. I asked a lady a while ago why women are so comfort driven, she answered honestly by saying "Comfort is good business".

I pray GOD helps your friend in whatever decision he makes,

Well from a broader perspective and considering the fact that he has a kid and a wife to take for, and most importantly am likely to inherit his responsibilities, i advice him to hang on.

Is he planning to start a business ? What a WICKED MAN. When his wife starts disrespecting him or starts sleeping with his pastor -- he eyes go con open

Is he planning to start a business ? Does he have savings? What are his future financial projections? What a WICKED MAN if not. When his wife starts disrespecting him or starts sleeping with his pastor -- he eyes go con open

not just hang on. He and/or his wife should start a side business now while he starts applying for better paying jobs.

The right business can take care of the household expenses, so in effect his 160k is no longer linear but exponential if he uses the biz as a multiplier.

Depending on the kind of business, a relative (biz centre?) or even the housegirl (kerosene?) can tend it if they are both working.

He should look for ways of multiplying his income, not 'incrementing' it.

yamakuza:

not just hang on. He and/or his wife should start a side business now while he starts applying for better paying jobs.

The right business can take care of the household expenses, so in effect his 160k is no longer linear but exponential if he uses the biz as a multiplier.

Depending on the kind of business, a relative (biz centre?) or even the housegirl (kerosene?) can tend it if they are both working.

He should look for ways of multiplying his income, not 'incrementing' it.

How do one multiply income instaed of incrementing, This caught my attention

If i earn 160k and move to a 200k job, i have increased my income linearly. The effects of such an increase are usually short term as economic forces soon catch up.

If i channel all or part of that 160k into a process that yields say 80k, 160k or even 320k (50% to 200% ROI), i have multiplied it cos i still have my 160k (liquid or not).

No matter how much he makes (promotion, better job, etc), needs will always increase to meet the new income. Once the 160k finishes, needs cannot be met till he gets another paycheck.

If however, he channels it into a multiplier, then more needs can be met and by applying feedback, a self sustaining system independent of salary income can be created.

There are different multipliers. He just has to find his. Take for instance you setup shop and the shop covers electricity, fuel, drink money and other what nots. A good 100k biz out of that his 160k can take care of half or more of his current budget.

One only appreciates the value of what he or she has when he or she loses it. The problem with your friend is not his salary structure but rather his management approach to his finances. if im to suggest. he should work with his wife to see how they can further cut their expenses temporarily and at the same time seek alternative means of generating revenue no matter how small. Areas like consultancy, clothes recharge cards even water can help alleviate his worries in the long run.

Hey, my guy try your very best to discourage your friend from that action; for two reasons:
1. His wife.
2. His Son.
As you said, it seems to be out of frustration that this your friend is considering doing that, but anyone that knows how this country works will tell you that you can't get a better "anything" without having "it" in the hand. He should rather struggle and look for a better job while still holding on to this one, or else im name na "sorry O!".

Is his wife not working? Then she should start a business that will also bring in income. God dey.

For real he needs deliverance, it could be a family, ancesseral or a generational curse, because i ve seen it happened b4 to a friend and it was later discovered dat it was generational curse and he was later delivered at d peak of his resignation b4 he got back his sences and drop d programmed idea. So u can help him by taking him to a geniue church for deliverance, i know it is an heculeaun task,

Well said guz,we definitely cant break his head 2 insert sense.let hm do his buz parallel to hs job if he's saved enough and make wife d c.o.o. but havng no savng wt a salary of 160k means recklessnes nd bn aloof,a simple indication of sheer disconektion frm present day reality,suffice 2 say the guy cant succesfuly run a buz.A terrible dream it was,someone shud wake hm up.

Why cant people just cut their coats according to their sizes?
1stly let that your friend pack outta that 27k a month apartment, thats just too exorbitant.

Hey sweetie!

Odunnu:

Why cant people just cut their coats according to their sizes?
1stly let that your friend pack outta that 27k a month apartment, thats just too exorbitant.

Am planning to email this thread with all the comments to him and his wife.

He has a large and bogus heart but he should put his family into consideration the decision is not his alone. He likes hustling hope he has set out his damage control measures already. It 's all about risk and i wish him the best.

How much is the wife earning per month?

What are his projections for this new "hustling" venture he's quitting his job for?

short-term advice:

1. Look for a higher paying job.

2. Cut down on some of the expenses and have at least 8months of your current monthly income/expenses in savings before you think about experimenting with hustling (especially when you have dependants)

..

Odunnu:

Why cant people just cut their coats according to their sizes?
1stly let that your friend pack outta that 27k a month apartment, thats just too exorbitant.

N324,000 per annum rented house is too exorbitant for a qualified engineer with a family?

his lifestyle is inversly proportional to his earnings. Dat is ur friend's problem.

What your friend needs is 'financial discipline', have you heard of Parkinson's law?(not to be confused with Parkinson's disease)
Simply put, the law states that "as the supply of a resource increases, so does the demand of that same resource". I’m going to change that a little and add just a few more words to come up with my own definition-As income rises, expenses rise in greater proportion.

It is quite funny that you friend has not 'paid himself first' and seems to be working for others.I am also still in 'awe' that all he has, are liabilities on his balance sheet and no assets

No matter the amount of money he makes, if he does not have the clout to discipline himself financially then he will be akin to someone running on 'tread mill'-moving but going nowhere.

Looking at his monthly expenses, there is no  provision for investments of any sort. If he has  investments that bring in extra cash for him, he can live his life without fear of uncertainty.

One particular thing that I like about Nigeria is the diverse opportunities for investment. I can give you examples of several low budget investments that can serve as additional sources of income for him.

He can set up viewing center and bar where people can come a watch football matches and drink-extra income and free shayo since na [b][b]shayo master[/b][/b]!
He can open a hair salon-extra income(free haircuts there too)
He can have a shop to sell recharge cards in bulk-extra income- and to think that I am not even in Naija!

On a personal note, I have some questions I want to ask-

Must his wife spend 30k on food every month? Thought he has only one child?
Must he drink every weekend?
Why spend 30k on lunch at work when your wife can cook for you (abi e dey shame to carry food for 'flask' go work?)

Well if your friend thinks 'hustling' will help him solve his financial problems, then I WISH HIM THE BEST OF LUCK!

P.S-those who have heads have no cap, those that have cap have no heads-irony of life!

27,000K for an apartment , I need to move back to Nigeria ASAP , i pay $960/month for a 2 bedroom condo.

Rhino.5dm:

My freind is quiting his job this month end for NONE. I tried talking to him about the consequency of his actions but, he persisitantly refused to give it a second thought. Considering the economical situation in Naija, should i say 160k per month is NOT "too low"?.
His Reasons. . . .

1. His rent is about 27k/month - Move to a cheaper house and pay 13.5k/month

2. He allocate 15/month for his son upkeep - What does his wife do? engage your wife more and reduce the upkeep to 7.5k/month

3. [s]He wife take 30k to the market every first week[/s]. - She can N15k every first week or buy food in bulk and save. Elimate transport cost to the market

4. [s]He spend approximately 30k in expense to work (transport + Lunch)[/s] - Reduce this to N18k/month but going brown (take lunch from home to work)

5. [s]Pays light bill 3k ie 'Unavailable electricity'[/s] - Reduce this to N2k by changing to energy saving bulbs. Also turn of lights where you are not in that space

6. [s]Buy gas of 10k before the months end. (car + generator)[/s] - Look for a church close to your house to reduce gas and reduce your generator run time by 2 hours a day and save N4K

7. Shayo like 3 to 5k/month(weekends) - You can still shayo with N2.5K by reducing the quantity

8. [s]Buy recharged card, hair cut, toiletries + family wahala.[/s] - Call less on the phone, buy your own clipper, use water to clean your ass instead of tissue paper. Give when it is necessary to families.

He told me he prefer 'hustling' than working for 10hrs dailay for like 2 years without anything to show. He is a qualified civil engineer with a lot of experience. Do you think he's making the right moves? My main concern is, if things should go wrong, i will be the one to shoulder his needs and i wouldn't want to be doing that, though as a friend, i can/have help him on a different occassions but i dont know how long before he will be back on his feet. So was i being selfish by discouraging him?  or was he making the right moves.

He has written the resignation letter waiting for the day i.e 27th of this month to tender it.

Tell him to cut his coat according his size!!!! These are my advise my humble friend. Pass this on to him. He can still put some money in his savings to retire early and pursue whatever he wants to.

1. His rent is about 27k/month - Move to a cheaper house and pay 13.5k/month

2. He allocate 15/month for his son upkeep - What does his wife do? engage your wife more and reduce the upkeep to 7.5k/month

3. [s]He wife take 30k to the market every first week[/s]. - She can N15k every first week or buy food in bulk and save. Elimate transport cost to the market

4. [s]He spend approximately 30k in expense to work (transport + Lunch)[/s] - Reduce this to N18k/month but going brown (take lunch from home to work)

5. [s]Pays light bill 3k ie 'Unavailable electricity'[/s] - Reduce this to N2k by changing to energy saving bulbs. Also turn of lights where you are not in that space

6. [s]Buy gas of 10k before the months end. (car + generator)[/s] - Look for a church close to your house to reduce gas and reduce your generator run time by 2 hours a day and save N4K

7. Shayo like 3 to 5k/month(weekends) - You can still shayo with N2.5K by reducing the quantity

8. [s]Buy recharged card, hair cut, toiletries + family wahala.[/s] - Call less on the phone, buy your own clipper, use water to clean your ass instead of tissue paper. Give when it is necessary to families.

Parkinson’s Law, (not to be confused with Parkinson’s disease), is a law that states "as the supply of a resource increases, so does the demand of that same resource". I’m going to change that a little and add just a few more words to come up the definition we will be using throughout this article. Parkinson’s Law (as it pertains to this article): As income rises, expenses rise in greater proportion.

What does that mean in plain English? The more dough you get, the more you’ll spend, and the worse off you will be. You’ll probably end up poorer than before. If you’ve got more cash coming in, how can I be poorer you ask?
Let’s say Joe Blow made $35,000 a year. Due to his hard work, he is now earning $50,000 a year. A substantial increase in cash flow. What does he do?

He sells his Honda Civic and buys a brand new Acura. Now he has monthly payments. His insurance is probably higher now that he has a nicer car. He also probably has to put premium gas in his car instead of unleaded in his Civic. He goes out more often, upping his gas bill even higher. His lifestyle starts to change. He eats at trendy restaurants, goes to trendy bars, drops wads of cash on tips and alcohol.

Whips out his credit card to buy that laptop he always wanted and that big screen TV as well.
Then he goes to his ATM and checks the balance on his account. It seems low. He’s confused. He just got a pay raise. How can it be that low? He gets his credit card statement in the mail. It has increased by 50%. He always seems to be short on cash. What's going on?


Joe Blow succumbed to Parkinson’s law.
And without any statistics to back me up, I can safely say that a vast majority succumb to Parkinson’s law everyday. I’m sure every reader here knows somebody who is a perfect example of Joe Blow. And the sad thing is that people who succumb to Parkinson’s law are worse off, not only financially, but mentally and emotionally as well.
It’s time to violate Parkinson’s law. How can we do that? Here are a couple of ways in no particular order.

Pay Yourself First
Frankly speaking, you should be doing this regardless of whether you have had an increase in income or not. Let’s say you earn $3,000 a month. The rule of thumb is to pay yourself 10% first, which comes out to $300. If your income rises to $4,000 a month, try paying yourself more than the 10%. Why? Because chances are, your expenses will rise proportionality greater than your income, so try to save a little more to offset that. Try saving (15%) $600 a month.

What this will do is build you a nice cushion in your savings account and it will force you to only deal with what you have left in your checking account. When you have only X amount of dollars to work with, you WILL figure out a way to work with it. In order to do this, I suggest you sign up for a bank that will automatically deduct a certain amount from your checking account each month. That way, you set it and forget it. You won’t even know it’s gone. Then one day, you can log in to your savings account and pat yourself on the back for all the money you’ve saved.

Be Thankful
Another way to violate Parkinson’s law is to be thankful for what you have. By being thankful for what you have, you’ll feel abundant and won’t be so eager to spend because you already have what you want. By doing so, you won’t fall into the trap of “I’ll be happy when I get that ________(fill in the blank: car, computer, clothes, gadget, etc).
Yes, it’s cliché, but have you really sat down and realized how much you have? You have the eyes to read this article, a computer with Internet access to get to it, schooling to read and understand it, etc. You’re better off than you give yourself credit for.

Think of ALL the Hidden Costs Associated With Your Future Purchases
Like the example of the new car, try to think of ALL the hidden costs associated with any purchase you may make with your newfound income. You may not think of any at first, but just stay with the question a little longer and you will realize that it will cost you more than you thought.
Remind Yourself of Your Toys
Remember when you were young and you were begging your parents for that hot new toy on the market and that if they bought it for you, you wouldn’t ask for anything else? You nagged and nagged and nagged until they finally caved and bought you the toy. What happened? You were overjoyed and played with it for a week. After the week, you tossed it in the back of your closet with your other previous "must have" toys.
The point I want to make is that you may want to buy something you really want with your increased income, but have the foresight that it may and probably will, only bring you momentary pleasure.
Cash Out Your Spending Money for the Month
I’m assuming you track all your expenses for the month. If not, then please set up a simple budget in Excel. List all your expenses for the month. Then go to the ATM and cash out all you will need for the month to cover lunch, dinner, weekend, entertainment expenses, etc. Then, only use the cash you have to pay those expenses. Don’t cash out money for bills. Keep that separate, and if possible automate the payment of your bills online to make it easier on yourself.

Here’s another quick budgeting tip. When you list your expenses in Column A, list in the next column whether the expense is a Necessity or Want. You can further violate Parkinson’s law by reducing or eliminating any expenses that are categorized as “Want”.

Ask Yourself: Do I Really Need This?
Before your purchase something, ask yourself: “Do I Really Need This?” If so, then why? If you can list 7 solid reasons why, then wait one week and then if you still decide you need it, then go ahead and buy it.
We often want things, but the results will most likely be just like the toys we always wanted when we were young.

Don’t Compare Yourself With Others
This is also known as “Don’t try to keep up with the neighbors”. You may feel the urge to go buy that new car or computer, or a new wardrobe to keep up with your friends who do the same and appear financially successful, but keep in mind that those friends you are trying to “keep up” with are most likely succumbing to Parkinson’s law. You, however are smarter than that.
It’s OK to Splurge (a little)
I don’t want to give off the impression that you absolutely cannot buy the things you want when you get more cash. By all means, reward yourself but be aware of Parkinson’s law, pay yourself first, and apply the tips listed here before you do so.
Self Control and Discipline
By violating Parkinson’s law, you automatically build self control and discipline, which are two very valuable investments on your part. Not many people have the self control and discipline to violate Parkinson’s law.

i think the guy needs to cut down on his expenses for now. If he doesn't have anything else by the side, he can also put heads with his wife and start something. Instead of quitting altogether cos it wont be easy just hustling with nothing to fall back on. I know people who have survived with less. Ultimately, its not a bad idea for him to start his own business but he should have a plan and take things easy for now

jerryben12:

Tell him to cut his coat according his size!!!! These are my advise my humble friend. Pass this on to him. He can still put some money in his savings to retire early and pursue whatever he wants to.

1. His rent is about 27k/month - Move to a cheaper house and pay 13.5k/month

2. He allocate 15/month for his son upkeep - What does his wife do? engage your wife more and reduce the upkeep to 7.5k/month

3. [s]He wife take 30k to the market every first week[/s]. - She can N15k every first week or buy food in bulk and save. Elimate transport cost to the market

4. [s]He spend approximately 30k in expense to work (transport + Lunch)[/s] - Reduce this to N18k/month but going brown (take lunch from home to work)

5. [s]Pays light bill 3k ie 'Unavailable electricity'[/s] - Reduce this to N2k by changing to energy saving bulbs. Also turn of lights where you are not in that space

6. [s]Buy gas of 10k before the months end. (car + generator)[/s] - Look for a church close to your house to reduce gas and reduce your generator run time by 2 hours a day and save N4K

7. Shayo like 3 to 5k/month(weekends) - You can still shayo with N2.5K by reducing the quantity

8. [s]Buy recharged card, hair cut, toiletries + family wahala.[/s] - Call less on the phone, buy your own clipper, use water to clean your Bottom instead of tissue paper. Give when it is necessary to families.

Guy you harsh small, but nice and sincere comment.Let's just hope this will serve as a rude awakening call for him

P.S you just remind me of how Popsie dey 'cross out 'my list when I am returning to boarding school, eye go dey RED! 

Wonderful contributions. Sometimes one gets enough lessons on financial discipline on a forum.

tell your friend to cut his coat according to his size. if that doesnt work tell him to look before he jumps! no 160k every other month means he cant make does monthly payments due.I bet your friend is either a spoilt brat or keeps looking over the fence at the apparently greener grass or maybe he jus spilt his future ambition of joining the labour market over a couple of beers from his budget outgos to you which if I may say here earns lower than 160k or nothing at all. Your friendis jus trolling you. Dont worry he probly isnt even worth the 160k his employers pay him because why else would he be so silly!