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With My 450k Salary Am Not Still At Ease. - Career (11) - Nairaland

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Re: With My 450k Salary Am Not Still At Ease. by Smartguyboy(m): 11:53am On Jul 09, 2023
pacesetting:
But learning a skill is less risky. Investments or going into business requires a huge capital
Time
Re: With My 450k Salary Am Not Still At Ease. by Sharpsharp00123: 12:28pm On Jul 09, 2023
cremedelacreme:
Those saying 450K is more than enough to buy a land and start building do not really understand how expensive things are in Nigeria today. I earn slightly above what the OP mentioned, but believe you me, it's not been easy. If you live in Lagos, Abuja or PH and you are married with kids, you will understand. A 2 bedroom flat in an average neighborhood is over 700K. Cost of fuel and car maintenance is over 60/70K monthly in recent times. School fees for 2/3 children is over 200K per term (600/800K annually). Feeding takes over 100K monthly. Utilities and other miscellaneous dey ooo. Best thing na just to save enough and japa.
nigerian people even if someone tell u he earns 10 million per day u people will still say it’s not enough

I pity those who take u serious
Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 1:11pm On Jul 09, 2023
alizma:
I am very much ashamed on behalf of Nigerian youths, they are so conscious of money that they don't care to pay attention to what anyone has to say once money is mentioned. Many of you leave behind, the key things op said and just focus your attention on 450k.
For Christ sake, op didn't say he is not ok with his pay neither did he say the amount is small but he clearly stated that the job that pays him that much will not last forever, secondly he said he has no skills outside what he is doing now, rather than guide him, you are all focused on the figure. Shame on you guys

You so much focused on what others are saying and not saying to the extent that you forgot to address what Op posted. See your hypocrisy right there!
Are you now telling me that no one addressed the Op concern up till the moment you dropped your own useless comment?

1 Like

Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 1:20pm On Jul 09, 2023
lokoventurex1:

God bless you sir. I don't mean to diss anyone. 450k salary is not really a biggie. When I lost my job in access bank in 2017, I was earning 90k salary and saw people earning 300k salary and above as big men(maybe they were in 2017).

Fast forward to 2020 immediately after Covid19, I had my breakthrough and started making more than 300k profit from my POS business every month. I've not made less than 260k since then, and am still not okay at all. I'm always afraid just like the OP.

There were months I made more than 400k sef( plenty times) and still have not done many things maybe except my moderate marriage that took 1.7M last year.

I understand the OP very well. If you're not making the money, it looks a big deal, when you start making it, you'll realise you need more stream of income.

I'm also looking out for skill to horn while am doing my POS business sideways and wouldn't mind if anyone can share.

OP, I understand your plight very well. The rate at which Naira has deteriorated is not helping matters too.

In other words, you meant to say that some expenses are eating away your income? If that's the case, you need to sit down redraw your financial plan. As much worse as Nigerian economy and naira is, you shouldn't be saving nothing less than 100k per month. You just have to sacrifice today for better living condition tomorrow. You just have to look to when you were earning far less and others who are still earning far less today.
Anyone doing private business in Nigeria today or earning fat salary should make saving and investments top priority. And that comes with great sacrifice.

3 Likes

Re: With My 450k Salary Am Not Still At Ease. by lokoventurex1(m): 1:42pm On Jul 09, 2023
maasoap:


In other words, you meant to say that some expenses are eating away your income? If that's the case, you need to sit down redraw your financial plan. As much worse as Nigerian economy and naira is, you shouldn't be saving nothing less than 100k per month. You just have to sacrifice today for better living condition tomorrow. You just have to look to when you were earning far less and others who are still earning far less today.
Anyone doing private business in Nigeria today or earning fat salary should make saving and investments top priority. And that comes with great sacrifice.
Thank you so much for your advice. I was saving more than 100k before marriage. I still save even with marriage. My wife was based in Edo State before marriage, she has not brought her business to Lagos and this is affecting our only source of income which is me. There has never been a month I don't save but the savings still goes back to one responsibility or the other.

I will be collecting a 500k contribution this month but it's going to house rent (including agreement and commission). In all honesty, I can feed my self and wife well and even extend to my mother every month, but that only source of income is not a biggie is my point. I even opened another kiosk for my POS business, but have been very unlucky with a good attendant. I had to close that and focus majorly on this one God is helping me.

But the saving mentality is sure and real, I save everyday. Maybe when my wife start her business in Lagos, I will be able to do something capital intensive.
Re: With My 450k Salary Am Not Still At Ease. by lokoventurex1(m): 1:57pm On Jul 09, 2023
NuCypher:

You are right to think this way. Don't let anybody discourge you from this line of thinking. When I was in Nigeria, I was earning an average of 2.5m per month, but I had the same problem as you. The job offered no long-lasting skill. You should be worried if any job you are doing is offering you no long-lasting skill, regardless of the amount you are making. Pick up a skill in tech. There is no shortage there: cybersecurity, data analytics, software development, etc. Gain yourself something that will last a lifetime. At this stage of your thinking, you are already on the way there.
I am interested to pick up a skill in tech, but can't really leave my POS business because that's the only source of income. What advise do you've for me? I understand there are different parts of tech such as Data Analytics, product management, software development and so on.. I've background in accountancy and finance but never really used it.

How can I do it? Which of the parts of tech I mentioned would you advise me to face? How will I do it that it won't stop my POS business? I will appreciate your take ....
Re: With My 450k Salary Am Not Still At Ease. by adedayo77: 2:01pm On Jul 09, 2023
Also interested. Drop your number let's discuss


[


quote author=Olumaeme post=124298107]Yes you need a skill to earn side income.
And it will be quite easy for you to scale because you have a sure 450k coming at the end of the month and you can take risk.

I earn around the same amount and I do e-commerce and social media marketing on the side banking around $1k a month combined.

[/quote]
Re: With My 450k Salary Am Not Still At Ease. by achimendy(m): 2:57pm On Jul 09, 2023
Intergrated:
Greetings all.

I work in a company and my take home is 450k after tax. My problem is I have been thinking of a skill to learn as this job would not last forever. Aside this job I do not have a skill and as a man I feel one should have a long lasting skill. Please any suggestions would be pwelcomed aside from online skills. Thank you .



It's a good idea, you're really proactive, and that's good. I'll strongly advise you go learn satellite installation (DStv, star times etc. )or solar installation , or even both.


Thank you.

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by ChybuzzDD(m): 3:01pm On Jul 09, 2023
Freshtruth:
this life dey say follow who know road give me 1.8m I will be earning 3m every month trust me I just need just that amount to kick start my joining to be a billionaire am a former record keeper before I lost my job

grin Na so una dey always talk

1 Like

Re: With My 450k Salary Am Not Still At Ease. by achimendy(m): 3:04pm On Jul 09, 2023
atobs4real:
Change your ways.
#450k is much dude.
Amend your ways


Did he tell you his ways has problem?
Re: With My 450k Salary Am Not Still At Ease. by Holav(m): 3:44pm On Jul 09, 2023
😂😂
abobote:

Thief, you don hear 450k
Re: With My 450k Salary Am Not Still At Ease. by damosky12(m): 3:58pm On Jul 09, 2023
GorillaApp:

You guys don't get it. Working for others is a risk. U can get dropped. He wants a skill as back up

I get that. But then, in this Nigeria, no one pays 450k for a job that doesn't have a really sellable skill. That skill that he sells to his current employer can bail him out anytime o. Except the skill is going out of fashion (and that's not the issue here).

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by Samakus(m): 5:12pm On Jul 09, 2023
highchief1:
e no easy like that

Nothing good comes easy. That's why I said that there must be an intensive learning first.

Where there's a will, capital and time, there's a way
Re: With My 450k Salary Am Not Still At Ease. by 77up(m): 5:31pm On Jul 09, 2023
Save up and invest in real estate, buy land and use it to farm, I mean in large scale , do this for like 3 to 5 years and sell your land double or triple amount.

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Re: With My 450k Salary Am Not Still At Ease. by PeggySandas(f): 6:05pm On Jul 09, 2023
GeneralPula:

The 2nd shop has a Ps, but not the 3rd..

Is it PS4 or PS3? does people play it much these day? And how do you charge them for each game?

Sorry it my questions are getting too much.

Nice one. I'm ìmpressed, I love it when young people like myself work and smart. God bless your hand work.🙏

1 Like

Re: With My 450k Salary Am Not Still At Ease. by PeggySandas(f): 6:05pm On Jul 09, 2023
Re: With My 450k Salary Am Not Still At Ease. by GeneralPula: 6:16pm On Jul 09, 2023
PeggySandas:


Is it PS4 or PS3? does people play it much these day? And how do you charge them for each game?

Sorry it my questions are getting too much.

Nice one. I'm ìmpressed, I love it when young people like myself work and smart. God bless your hand work.🙏
🙏. Thanks..

It’s Ps4 with 10 different games! Including FIFA, PES, Mortal Combat, Call of duty, Car race, etc..

For FIFA & PES, 6mins is #200. If you play 3 on a roll, it’s #500. So most of them always play that 3 on a roll grin..

The rest are being charged based on how much time you spent cuz, for example, mortal combat is a game that requires much time before you’ll reach the final stage to right the BOSS..

Are you planning on running the Biz?

1 Like

Re: With My 450k Salary Am Not Still At Ease. by gassbee: 6:18pm On Jul 09, 2023
ahmedio:



If he is single, 300k is more than enough to make ends meet and make savings. Sometimes people don’t tell the whole story. With a moderate lifestyle 400k with 2/3 children is not bad. Not many people earn that much in this country
dats is jus d problems with some Nigerians, their lifestyles , they want to stay in expensive accomodation, want to drive big cars, send their kids to expensive schools way beyond their reach
Re: With My 450k Salary Am Not Still At Ease. by GorillaApp(m): 6:24pm On Jul 09, 2023
damosky12:


I get that. But then, in this Nigeria, no one pays 450k for a job that doesn't have a really sellable skill. That skill that he sells to his current employer can bail him out anytime o. Except the skill is going out of fashion (and that's not the issue here).
My bro, I have folks who work in banks and earn between 350k to 500k. Are you saying was they re dropped they immediately transit to another job?
This man is looking for a back up skill
Re: With My 450k Salary Am Not Still At Ease. by PeggySandas(f): 6:29pm On Jul 09, 2023
GeneralPula:

🙏. Thanks..

It’s Ps4 with 10 different games! Including FIFA, PES, Mortal Combat, Call of duty, Car race, etc..

For FIFA & PES, 6mins is #200. If you play 3 on a roll, it’s #500. So most of them always play that 3 on a roll grin..

The rest are being charged based on how much time you spent cuz, for example, mortal combat is a game that requires much time before you’ll reach the final stage to right the BOSS..

Are you planning on running the Biz?

Yes, I have plan to run it. How much should I budget for the barbing and PS stuff?
Re: With My 450k Salary Am Not Still At Ease. by Bluearrow: 6:31pm On Jul 09, 2023
Freshtruth:
this life dey say follow who know road give me 1.8m I will be earning 3m every month trust me I just need just that amount to kick start my joining to be a billionaire am a former record keeper before I lost my job
1.8m to be earning 3m every month? Lol
You are just making mouth...
Re: With My 450k Salary Am Not Still At Ease. by GeneralPula: 6:45pm On Jul 09, 2023
PeggySandas:


Yes, I have plan to run it. How much should I budget for the barbing and PS stuff?
Budget for saloon depends on:
Location that will decide cost of shop rent..
Things you plan to put into the shop..

Play station depends on if you’re buying new or UK used. I bought mine new and back then, it was sold for 125k. It usually comes with a single Pad. I don’t know how much they’re selling Ps4 now but you can check on Jiji to have a clue..

Just budget 1m, including rent. It could be less or more than. You don’t also have to start too big. When I started with my first shop, I started low. Then Behind it up after we’ve started remitting customers. It was the shop the coughed out the money I used to do the tushing.

I been into this going to 3years now and you know things have changed since then! The present market value also matters!

1 Like

Re: With My 450k Salary Am Not Still At Ease. by EmmymTr(m): 6:56pm On Jul 09, 2023
You can Start Buying Properties Paying Monthly and It will help you in the future no matter the skill you will learn now First invest somewhere that you will cash back later even your children also. call or chat me +2348130478003

Re: With My 450k Salary Am Not Still At Ease. by PeggySandas(f): 7:37pm On Jul 09, 2023
GeneralPula:

Budget for saloon depends on:
Location that will decide cost of shop rent..
Things you plan to put into the shop..

Play station depends on if you’re buying new or UK used. I bought mine new and back then, it was sold for 125k. It usually comes with a single Pad. I don’t know how much they’re selling Ps4 now but you can check on Jiji to have a clue..

Just budget 1m, including rent. It could be less or more than. You don’t also have to start too big. When I started with my first shop, I started low. Then Behind it up after we’ve started remitting customers. It was the shop the coughed out the money I used to do the tushing.

I been into this going to 3years now and you know things have changed since then! The present market value also matters!

You've been very helpful. I'm not a professional barber yet, but I know basic stuffs about barbing through YouTube and IG. I sometimes barb my neighbors kids and for the past 6 months I've been barbing my own hair myself. How long do you think it will take to be a good barber and how much will it cost me to be an apprentice to learn barbing professionally?

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by Bluearrow: 7:45pm On Jul 09, 2023
lokoventurex1:

There has never been a month I don't save but the savings still goes back to one responsibility or the other.
My brother, don't bother explaining yourself
It is not easy to save as a family man oh, unless the income is huge. Too many responsibilities with family that one must collect that savings from u. At times u will even be happy u have savings to sort it. There is a huge difference between a bachelor life & family life. The responsibilities that come with a family is enormous & must weigh down your source of income

1 Like

Re: With My 450k Salary Am Not Still At Ease. by Fantasytoch: 8:00pm On Jul 09, 2023
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Re: With My 450k Salary Am Not Still At Ease. by SSpeter(m): 1:50pm On Jul 10, 2023
004gist:


You don't draw your conclusions from just one person you don't know his inner details. please leave motivational speaker.

am an economist and we are thought houses are fixed assets.

do you know how many business has collapse?
for an example. there is this uncle of mine who trades and import from China. he import over 5 containers from china at a goal. he was big.

Do you know what? he failed to buy properties and only had few shops about 3 in the plaza .
there was a time someone travelling brought landed property that is located in the heart of the city to buy at a give away price... few million... either 2 million or thereabout and the house has a foundation of a storey building. but he refused. that he can buy n build any time he likes . this was in the early 19190s when money has value.

today where is the business? all gone. Obasanjo came and blocked everything and importing became expensive and little gain was earned and there was a point they sized his goods n released them but when released... the seasons for the product had passed. he auctioned.

right now he is struggling to pay for his rent in Lagos, he told me that his total debt owned to home by his customers from East, West are running into 60 million naira. this debt are not what collapsed him because then it was a chicken change.


now his children are all blaming him for not investing in a building that could help the family.



House is not only an asset but a security. do you know how many houses the Jim you mentioned about had in the 19190s before venturing into banks?

successful business men I have seen in the East started acquisition of properties... name it... land, shops in plazas, filling stations, hostels building n buying of shops n plaza etc... they banked their money there knowing that a rainy day is coming.


if you own a 3 storey building now with which 60 million you can build it can yield you over 4,000,000 per year which is over 6.5% plus and thus business never dies and it remains for over 100 years because a house according to my engineer should last nothing less than 100 years.




I am a financial analyst, and as an authority in finance, I will tell you that building a house is the laziest form of Investment. With your 60million as at today, you will not be able to tasteful furnish 6 semi detached block of flats on a single storey building. That is excluding the cost of land. Now let me enlighten you again, getting your rent may also come with litigation because there Will be risk of default in rent. There are risks everywhere. But if someone gives you 60million today and your thought is to build a house with it to collect rent, then you are not smart. Rent is a passive income and the big boys in the real estate sector don't build to rent, you build to sell. Let me not bore you much have a nice day
Re: With My 450k Salary Am Not Still At Ease. by 004gist: 2:37pm On Jul 10, 2023
SSpeter:
I am a financial analyst, and as an authority in finance, I will tell you that building a house is the laziest form of Investment. With your 60million as at today, you will not be able to tasteful furnish 6 semi detached block of flats on a single storey building. That is excluding the cost of land. Now let me enlighten you again, getting your rent may also come with litigation because there Will be risk of default in rent. There are risks everywhere. But if someone gives you 60million today and your thought is to build a house with it to collect rent, then you are not smart. Rent is a passive income and the big boys in the real estate sector don't build to rent, you build to sell. Let me not bore you much have a nice day

I will like to see the book you have authored and also where did you school undecided
your teacher must have done a poor job by making you believe that owning a house is a liability.


if this is all you could put up there in defence that house is a liability then I will say I doubt if you studied any course related finance let alone being financial analyst.

investing in a house, lands remains one of the safest form of investment that appreciate over time.
we have seen stocks fail, we have seen businesses crumbled due to bad economic policies or upward or downward movement of an economics cycle (business cycle) but houses, land remain will remain strong in value and its even regarded as one of the first three factors of production in economics... if you ever taken any courses in economics.

most successful businesses you see today even banks are finance through debt financing.. even the dangote refinery.

that you get a 6% annual profit from an investment of 60m with 99.9% security is no bad thing...
for an example if you could own a house in a student dominated area like in owerri you could rent a self con with 200k to 250k and a 2 storey building can give you 24 rooms and you could walk home with 5 to 6m yearly.. excluding other minor fees like that could run into million.

As for the handling you get a sound law firm to handle everything for you.

I know youth of today are so lazy and want to make quick money.

there is a thread I opened up few weeks ago about a land I want to sell... its price is 7m but just two years ago I got it for less than 4m and there are many at my disposal like that.


Please don't look at things with a bet9ja reasoning... life is slow and steady else you crash out.

even there was a time i had this same reasoning of urs when I was awarded some millions by Goodluck Jonathan regime and use all funds into my business without following strict instructions to get a land first.

where is the business today.. it grew up and fail at some point...
in case you don't know.. about 60 to 70 percent of startup fails in Nigeria due to government poor policies...

business that easily thrive are those that have difficulty entry point.


there is a man in my street... he detailed me on how he went to China to buy machinery to print wedding cards of some sort. expensive machines worth millions and he started production to the point that he work day and night. that is he employed workers for day time and another for night shift just to meet demand.

then all of a Sudden some people went to China to meet this Chinese to get them the cards produced in China and import it directly to Nigeria and at the end it was cheaper to import from China than produced in Nigeria.

The business failed and he sold all the machines at give away price... I mean as scrap cos no one will buy it.

used the money to complete the house he started.

why do you think dangote use government means to ensure that competition, ban on importation of goods he produces are strictly banned?

the Nigeria you see ur self today is not easy to go into production. all my friends that got 10m in 2011 to open pure water factory are almost out of Business. any business that has competitors making profit is not really easy

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by SSpeter(m): 2:59pm On Jul 10, 2023
004gist:


I will like to see the book you have authored and also where did you school undecided
your teacher must have done a poor job by making you believe that owning a house is a liability.


if this is all you could put up there in defence that house is a liability then I will say I doubt if you studied any course related finance let alone being financial analyst.

investing in a house, lands remains one of the safest form of investment that appreciate over time.
we have seen stocks fail, we have seen businesses crumbled due to bad economic policies or upward or downward movement of an economics cycle (business cycle) but houses, land remain will remain strong in value and its even regarded as one of the first three factors of production in economics... if you ever taken any courses in economics.

most successful businesses you see today even banks are finance through debt financing.. even the dangote refinery.

that you get a 6% annual profit from an investment of 60m with 99.9% security is no bad thing...

I know youth of today are so lazy and want to make quick money.

there is a thread I opened up few weeks ago about a land I want to sell... its price is 7m but just two years ago I got it for less than 4m and there are many at my disposal like that.


Please don't look at things with a bet9ja reasoning... life is slow and steady else you crash out.

even there was a time i had this same reasoning of urs when I was awarded some millions by Goodluck Jonathan regime and use all funds into my business without following strict instructions to get a land first.

where is the business today.. it grew up and fail at some point...



there is a man in my street... he detailed me on how he went to China to buy machinery to print wedding cards of some sort. expensive machines worth millions and he started production to the point that he work day and night. that is he employed workers for day time and another for night shift just to meet demand.

then all of a Sudden some people went to China to meet this Chinese to get them the cards produced in China and import it directly to Nigeria and at the end it was cheaper to import from China than produced in Nigeria.

The business failed and he sold all the machines at give away price... I mean as scrap cos no one will buy it.

used the money to complete the house he started.

why do you think dangote use government means to ensure that competition, ban on importation of goods he produces are strictly banned?


You are still not getting the point, Firstly I started my career in banking, switched to PWC, left there for P&G, and then Airtel before leaving Nigeria for consulting. I have my MBA in Finance and I have passed both the CFA level I &II, I am a chartered accountant (both ACA and ACCA). If you have 60million and your thought is to build a house and start getting rent...you are still not smart 😞
Re: With My 450k Salary Am Not Still At Ease. by 004gist: 3:06pm On Jul 10, 2023
SSpeter:
You are still not getting the point, Firstly I started my career in banking, switched to PWC, left there for P&G, and then Airtel before leaving Nigeria for consulting. I have my MBA in Finance and I have passed both the CFA level I &II, I am a chartered accountant (both ACA and ACCA). If you have 60million and your thought is to build a house and start getting rent...you are still not smart 😞
oh you have JAPA?
Why didn't you start a line of business in Nigeria while take the easy way out

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