talented321:
Dear nairalanders, Pls i need your opinion and advice. First i am from delta state and i will be 27 by next year. i have small challenge i want to sort out, so i went into farming late last year about 4 acres of land which my uncle give to me to use for like 3years, so after the harvest i made some cash, and i have bought an acre of land though i have not paid the full money like reminder 1.5m because i don't want to put all my eggs in one basket.
Apart from that the main issue here is i have 1.5m i want to use open either bar&restaurant or bet shop betking to precise, so my question is which one should i go between the two, and will the money be enough? Pls i need advice mostly from those who have experience in this two fields,

Never you venture into betshop because you'll definitely regret it because your money will be wasted! It's not as lucrative as it was before, your weekly expenses will be way higher than your commission!

Thanks

Techcrunchng:
Never you venture into betshop because you'll definitely regret it because your money will be wasted! It's not as lucrative as it was before, your weekly expenses will be way higher than your commission!

Nazgul:

The way most of you call this fix deposit, one would think that it yields billions. Unfortunately, you're just raising capital for the bank to enjoy. They profit with your money and give you peanuts.

Let me explain it better for you

Let's say he fixes 1m out of the 1.5m at a rate of 12% per annum for 3months.

This means that for the 3 months his 1m would be fixed in the the bank, he would be paid 3% of the 1m. Meaning he'll get 30k after fixing 1m with the bank for 3 months.

So would you still advise him to fix his money where he'll be making a profit of 1% (10k) per month or to set up a business that can sustain him and his family?

About trusting people...he's into farming. And Farming isn't a time consuming job, meaning he can always be at his new business and keep checking up on his farm from time to time.

It's unfortunate many people dont know how fixed deposits works. That's how one was preaching to me if I invest so so amount I'll get bla bla in just 3 months. Let's say you invest 1M. 12% per annum of 1 million will give you 120k. If you decide to fix for 3 months that'll be 120÷12 × 3. That's 30k for 3 months. It doesn't make sense if you ask me. If you invest 5M that's 150k in 3 months. Fixed deposit na rubbish. Many banks won't even give you up to 12%. The highest is access and its about 8-9% or so. Its the fintechs like fairmoney or renmoney that gives up to 20% .

It is a good idea op but i prefer the bar and restaurant, just add small thing and open am average one plus your farming you will enjoy it.

We learn everyday

KingAzubuike:

It's unfortunate many people dont know how fixed deposits works. That's how one was preaching to me if I invest so so amount I'll get bla bla in just 3 months. Let's say you invest 1M. 12% per annum of 1 million will give you 120k. If you decide to fix for 3 months that'll be 120÷12 × 3. That's 30k for 3 months. It doesn't make sense if you ask me. If you invest 5M that's 150k in 3 months. Fixed deposit na rubbish. Many banks won't even give you up to 12%. The highest is access and its about 8-9% or so. Its the fintechs like fairmoney or renmoney that gives up to 20% .

Nazgul:

The way most of you call this fix deposit, one would think that it yields billions. Unfortunately, you're just raising capital for the bank to enjoy. They profit with your money and give you peanuts.

Let me explain it better for you

Let's say he fixes 1m out of the 1.5m at a rate of 12% per annum for 3months.

This means that for the 3 months his 1m would be fixed in the the bank, he would be paid 3% of the 1m. Meaning he'll get 30k after fixing 1m with the bank for 3 months.

So would you still advise him to fix his money where he'll be making a profit of 1% (10k) per month or to set up a business that can sustain him and his family?

About trusting people...he's into farming. And Farming isn't a time consuming job, meaning he can always be at his new business and keep checking up on his farm from time to time.

Your comment suppose be full post sef to enter front page.

Cos most people don't understand how all this Fixed deposits and interests work.

How much should one budget for a standard bar with the facilities you just listed. I’m interested

Nazgul:

For bar. I would advice you make it standard not all these road side make shift bars, so as to get rid of hungry drunks, and credit mongers, who might turn your bar to their second home and run you down with debts.

A standard bar would attract high earners, (Yahoo boys, business men, traders, office workers...etc) so even if your drinks are slightly above the regular price, they would gladly pay for it because they love the setting.

To set up something like that, the following should be on your budget...

ACs

Deep freezers

Wines and drinks...you should have a reliable supplier for this.

Meat supplier...for pepper soup, Nkwobi, peppered meat, Pomo and gizzard.

Mikano plant.

A barbecue stand.

Bouncers and other staffs

DJ (for weekends)

Interior design cost.

Chairs. (Different types)

Plasma TVs


You can work with this budget and can modify it if need be.


As for restaurant, provided you have a very good location, 1.5m would definitely be enough to set it up.

My g answer this one.

blujoi:
How much should one budget for a standard bar with the facilities you just listed. I’m interested

Puss360:
Oga REST......
Did I say that he should "Invest" on Fix Deposit
I said, since the money is an "extra" for now, he should put it in Fix Deposit, till when he needs it....
We always like investing without saving....
If he invest everything, what happens when there is an emergency either business emergency or health emergency?
Dropping it in Fix Deposit is better because of lesser access to the money....


Thanks

He said he wants to invest the money on a side Hussle, at least that's what I read. If someone comes to you for advice on what kind of business he should set up with 1.5m would you tell him to keep it as extra cos of emergency?

He already has a farm and is looking for an alternate source of income, the best we can do direct him on how to get one.

KingAzubuike:

It's unfortunate many people dont know how fixed deposits works. That's how one was preaching to me if I invest so so amount I'll get bla bla in just 3 months. Let's say you invest 1M. 12% per annum of 1 million will give you 120k. If you decide to fix for 3 months that'll be 120÷12 × 3. That's 30k for 3 months. It doesn't make sense if you ask me. If you invest 5M that's 150k in 3 months. Fixed deposit na rubbish. Many banks won't even give you up to 12%. The highest is access and its about 8-9% or so. Its the fintechs like fairmoney or renmoney that gives up to 20% .

Thank God you understand what I'm trying to say.

The truth is you can never make any reasonable profit from the bank. It's literally impossible. Their fixed deposit is just a means to get high profile people to make huge deposits for them to trade with, and you're even right no bank would give you an interest rate of 12%.

As for the fintechs, I can't even advice anyone to fix 5m there regardless of how high their rate is, reason being that CBN can easily withdraw their license, or bring up a new policy that can permanently restrict them from operations, or a corrupt manager can defraud them and abscond with the money.

If you happen to have fixed your money there, and any of the following happens, what then, most of them don't even have a physical address, so how do you recover back your money?

What I use most of them for is to pay bills...I don't keep huge sums of money there cos it's not safe.

Nazgul:

Thank God you understand what I'm trying to say.

The truth is you can never make any reasonable profit from the bank. It's literally impossible. Their fixed deposit is just a means to get high profile people to make huge deposits for them to trade with, and you're even right no bank would give you an interest rate of 12%.

As for the fintechs, I can't even advice anyone to fix 5m there regardless of how high their rate is, reason being that CBN can easily withdraw their license, or bring up a new policy that can permanently restrict them from operations, or a corrupt manager can defraud them and abscond with the money.

If you happen to have fixed your money there, and of the following happens, what next, most of them don't even have a physical address, how do you recover back your money?

What I use most of them for is to pay bills...I don't keep huge sums of money there cos it's not safe.

thanks for this information

blujoi:
How much should one budget for a standard bar with the facilities you just listed. I’m interested

Depending on you location. If it's somewhere like Lagos, you should have at least 5m.

But i believe 4m fit work for bayelsa here.

Nazgul:

Depending on you location. If it's somewhere like Lagos, you should have at least 5m.

izonborn098:
But i believe 4m fit work for bayelsa here.

Possibly...cos labour would definitely be cheaper than Lagos.

Nazgul:
Possibly...cos labour would definitely be cheaper than Lagos.

kk

Alright. Thank you. I’ll keep in touch when I’m ready to set up.

Nazgul:

Depending on you location. If it's somewhere like Lagos, you should have at least 5m.

izonborn098:
kk

izonborna how far na

Phone is cheap does not mean you should come to social media and type nonsense.

talented321:
Thanks for this

I didn't know it was you who posted this earlier o...
If the money still dey, bring come lemme take you to where u will enjoy life😜😜😜

Where is that?[quote author=Puss360 post=124719977] I didn't know it was you who posted this earlier o... If the money still dey, bring come lemme take you to where u will enjoy life

talented321:
Where is that?

Check the original post

Your comment get 8likes U are walking in bank right?

Puss360:
Check the original post

talented321:
Your comment get 8likes
U are walking in bank right?

Lol...

I didn't know u are the one by then'' u have a kind gesture sha. Pls are u working in bank'' i want to know something from u biko

Puss360:

Lol...

talented321:
I didn't know u are the one by then'' u have a kind gesture sha. Pls are u working in bank'' i want to know something from u biko

No.. but if you have any questions about banking, call your bank customer care... Any information I give you, it might not be up to date with CBN policies...

Madam this is not about customer care issue'' anyways no wahala.
With My Handsome Weed'' While zino keep the vibe going.

Puss360:

No.. but if you have any questions about banking, call your bank customer care... Any information I give you, it might not be up to date with CBN policies...

talented321:
Madam this is not about customer care issue'' anyways no wahala.
With My Handsome Weed'' While zino keep the vibe going.

Okay.. lol