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With My 450k Salary Am Not Still At Ease. - Career (12) - Nairaland

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Re: With My 450k Salary Am Not Still At Ease. by SSpeter(m): 3:12pm On Jul 10, 2023
004gist:

oh you have JAPA?
Why didn't you start a line of business in Nigeria while take the easy way out
I did not Japa, I have a business in Nigeria, you can have rent as a passive income, you can also use it to diversify your portfolio. Having rent as your major source of income definitely means that you will not play up there, you will only be average. What is 4m a year from an over 60m investment? If I hire you as an analyst/trader and you tell be that you will make me 4m from a 60m pot annually, you are fired!
Re: With My 450k Salary Am Not Still At Ease. by 004gist: 3:26pm On Jul 10, 2023
SSpeter:
I did not Japa, I have a business in Nigeria, you can have rent as a passive income, you can also use it to diversify your portfolio. Having rent as your major source of income definitely means that you will not play up there, you will only be average. What is 4m a year from an over 60m investment? If I hire you as an analyst/trader and you tell be that you will make me 4m from a 60m pot annually, you are fired!

we are not arguing about passive or side income or main income. even at that, 80% to even 90% of those building houses are either working 5 to 9 or running businesses where they get inflows to finance such capital project.

I have issues with that statement that building a house is a liability. do you know what the term liability means. let's not confuse our self please.

Finally I still maintain that having a house is necessary in fact is one of the basic need of man which falls under shelter.
Re: With My 450k Salary Am Not Still At Ease. by SSpeter(m): 4:02pm On Jul 10, 2023
004gist:


we are not arguing about passive or side income or main income. even at that, 80% to even 90% of those building houses are either working 5 to 9 or running businesses where they get inflows to finance such capital project.

I have issues with that statement that building a house is a liability. do you know what the term liability means. let's not confuse our self please.

Finally I still maintain that having a house is necessary in fact is one of the basic need of man which falls under shelter.
I never said a house is a liability, however, your house can be a liability if you borrowed to build the house. For instance if you borrowed 20m to build a 50million house, your equity in the house is 30m and your liability is 20+interest. Asset= liability+equity.
Now back to our previous argument, inflation in Nigeria is about 22% hence if any investment is not giving you a margin above that figure you are just playing around, cos every rate is derived from your inflation rate
Re: With My 450k Salary Am Not Still At Ease. by IbeOkehie: 7:14pm 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 😞

The issue with reeling out all these qualifications and achievements is that Nairaland is anonymous, anybody can claim to be anyone.

If you're serious or passionate about your topic, give us your real name and job. Else you can't be credible.

As to the topic....RISK and POTENTIAL go hand in hand. Risk tolerance differs for various reasons and situations. That you treat this simple fact of financial wisdom with disdain makes me doubt your investing chops.

Have a good day.
Re: With My 450k Salary Am Not Still At Ease. by lionphil(m): 3:37pm On Jul 11, 2023
Intergrated:
lol with the recent hike in fuel price that's slavery.

You have a point though... where i reside, we decide the price we move with.
Re: With My 450k Salary Am Not Still At Ease. by Freshtruth(m): 5:53pm On Jul 11, 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 welcomed aside from online skills. Thank you .
baba help me with 3k abeg am stranded pls
Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 7:23am On Jul 14, 2023
Fromhome:
You mean he should quit a #450k job and japa?
Lol. He, himself wan japa now. Someone who is clearly lacking financial literacy. He thinks money grows on the streets in abroad. And clearly doesn't know that he has to work hard, really hard to make money and bills will eventually chop the chunk of his income. Working 8 hour shift with no rest and doing two, three jobs in a day and night
Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 7:38am On Jul 14, 2023
004gist:

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
If you have enough streams of income, you are free to build a house to live in for yourself. That's not a wrong decision.
If are working with an organisation and having monthly saving and you think you need extra income but you're afraid to go into business, you could easily invest in land acquisition but not houses. Just strictly land. It is the land on which the building stands that appreciates in most cases, not the building itself.
The returns from houses are very low compared to the cost. It is only okay when you have lots of idle funds. So, using 50 million naira naira to get a land is far better than using 50 million naira to build a house or houses for rent.
Re: With My 450k Salary Am Not Still At Ease. by 004gist: 9:09am On Jul 14, 2023
maasoap:

If you have enough streams of income, you are free to build a house to live in for yourself. That's not a wrong decision.
If are working with an organisation and having monthly saving and you think you need extra income but you're afraid to go into business, you could easily invest in land acquisition but not houses. Just strictly land. It is the land on which the building stands that appreciates in most cases, not the building itself.
The returns from houses are very low compared to the cost. It is only okay when you have lots of idle funds. So, using 50 million naira naira to get a land is far better than using 50 million naira to build a house or houses for rent.


maybe you mean building a house for rent in the village is a waste of funds

I mean n the city. like here a one bedroom flat goes for 280k to 300k
a 2 storey building can give you 12 flats single bedroom flats and that translate into 3.6m every year for an investment of let's say 40m

that's not bad... because you have a very secured investment that stands firm for let's say 100 years or a little lower.

I am not saying its an investment to give you her return on investment.

There are other businesses you can as well do and they comes with their risks etc.

But my theory is that house for rent is not a liability but a security for the raining day a sure security that could help in times of old age or retirement
Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 9:43am On Jul 14, 2023
004gist:

maybe you mean building a house for rent in the village is a waste of funds

I mean n the city. like here a one bedroom flat goes for 280k to 300k
a 2 storey building can give you 12 flats single bedroom flats and that translate into 3.6m every year for an investment of let's say 40m


that's not bad... because you have a very secured investment that stands firm for let's say 100 years or a little lower.

I am not saying its an investment to give you her return on investment.

There are other businesses you can as well do and they comes with their risks etc.

But my theory is that house for rent is not a liability but a security for the raining day a sure security that could help in times of old age or retirement

In an area where a single bedroom apartment will be rented out at 280k per annum, how much will the land itself cost you?
Do you have the millions of naira that that will cost in addition to your conservative estimation of 40 million naira a storey of 12 flats with single bedrooms?
And lastly, how long will it take the person who is earning 450k per month to save such amount after his own daily spendings?
So, that takes us back to what I said in my post:
It is only okay when you have lots of idle funds.
Re: With My 450k Salary Am Not Still At Ease. by 004gist: 10:51am On Jul 14, 2023
maasoap:


In an area where a single bedroom apartment will be rented out at 280k per annum, how much will the land itself cost you?
Do you have the millions of naira that that will cost in addition to your conservative estimation of 40 million naira a storey of 12 flats with single bedrooms?
And lastly, how long will it take the person who is earning 450k per month to save such amount after his own daily spendings?
So, that takes us back to what I said in my post:

6 to 7m and above.

My brother as I said there are many businesses you can do.. property investment is one sure one although returns might be between 2 to 3 percent per annum but is still the safest.
Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 3:05pm On Jul 14, 2023
004gist:


6 to 7m and above.

My brother as I said there are many businesses you can do.. property investment is one sure one although returns might be between 2 to 3 percent per annum but is still the safest.
This is exactly the crush of the matter, the return is very low. It is meant for the people with idle funds, not for people who are hungry for more money or moderately high return.
Yes, it is saver compared to many other investments but not for majority of the people who are looking for investments. Acquiring more land is a far better decision than building for rents.

I invested 1.8m naira June 30th last year. By June 30th this year, I have made a return of 1.25m naira. Remain 550k to get my capital back. Risky? Yes. But that is the option for me because I'm still hungry. Can't wait for 20 years to recoup my capital just because I'm looking for relatively safe investment.

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Re: With My 450k Salary Am Not Still At Ease. by CapitalBank: 4:05pm On Jul 14, 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 welcomed aside from online skills. Thank you .

Pick one of these...

Cyber security

or Data Analytics.

Go to skill share and pay $25 for one year sub... take the course, use Youtube to support and then add chatgpt. give yourself 1 year and u will be grateful.

$100k annual salary awaits you at the end.

1 Like

Re: With My 450k Salary Am Not Still At Ease. by Intergrated: 5:03pm On Jul 14, 2023
CapitalBank:


Pick one of these...

Cyber security

or Data Analytics.

Go to skill share and pay $25 for one year sub... take the course, use Youtube to support and then add chatgpt. give yourself 1 year and u will be grateful.

$100k annual salary awaits you at the end.
learning online is my greatest challenge. I loose concentration when they start talking and talking.

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Re: With My 450k Salary Am Not Still At Ease. by CapitalBank: 8:00pm On Jul 14, 2023
Intergrated:
learning online is my greatest challenge. I loose concentration when they start talking and talking.
it means you have shot attention span.

I believe you can be attentive for 1 hour and anything beyond that is tiring.

In that case, break your learning to 1 hour. Do not exceed that. Next day, do another 1 hour. Keep doing it. You will learn more that way.

Also do not overwhelm yourself too much. 1 hour consistent learning everyday will see you go far than wanting to do 6 hours learning per day.

It’s consistency that counts. Even if na 30 minutes I fit do, do am. But make sure you are consistent. That’s how l learned graphics design and now learning coding too
Re: With My 450k Salary Am Not Still At Ease. by Intergrated: 8:25pm On Jul 14, 2023
CapitalBank:
it means you have shot attention span.

I believe you can be attentive for 1 hour and anything beyond that is tiring.

In that case, break your learning to 1 hour. Do not exceed that. Next day, do another 1 hour. Keep doing it. You will learn more that way.

Also do not overwhelm yourself too much. 1 hour consistent learning everyday will see you go far than wanting to do 6 hours learning per day.

It’s consistency that counts. Even if na 30 minutes I fit do, do am. But make sure you are consistent. That’s how l learned graphics design and now learning coding too
thanks noticed cyber security you need to get foundation on networking first.
Re: With My 450k Salary Am Not Still At Ease. by 2023Blessed: 7:15am On Jul 17, 2023
tshtsh:

This is not always the case in Nigeria. In my family a larger percentage of people got employed at their current work place because an uncle used his influence to impose them there. And some who lost their job in the past have not been able to secure another one or find something else to do. Nigeria has a major skills shortage problem and a lot of jobs offer no transferable skill
Good morning boss. I trust you are doing great? I have sent you several PM requests but got no response. Please I look forward to your response. It's important and quite urgent too. Thank you
Re: With My 450k Salary Am Not Still At Ease. by CapitalBank: 8:10am On Jul 17, 2023
Intergrated:
thanks noticed cyber security you need to get foundation on networking first.
just start bro. You will be glad you did
Re: With My 450k Salary Am Not Still At Ease. by Jamie1000: 9:31am On Jul 17, 2023
It's not how much you earn but how much you spend. UK STUDENTS EARN ABOUT 1200 POUNDS(1.2M NAIRA) and spend about 1100 pounds on rent, feeding and utilities. So you can see. Your problem is that you live above your means. Which is one of the biggest problems in Nigeria. Someone who earns 450k feels he should rent a house where ppl who earn 10m monthly have thier personal house.
Meanwhile, feeding, utilities, transportation and other expenses might take up to 300k in a month. Then, you're left with little or nothing for your house rent, emergency fund or mortgage.
Re: With My 450k Salary Am Not Still At Ease. by dreamxhaser: 9:05am On Jul 20, 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 welcomed aside from online skills. Thank you .

Ahhh 450k


I bet you live in lagos, Abj or one of those expensive cities.

Boss I swear down with that salary in my state, you be big boy. Like even a family man with 4 kids that earns that much na ballar for where I dey.

Which skill aside tech will fetch you that much in this country? The best a skill can do for you is serve as backup plan.

Come and buy landed properties in Kaduna. There are multiple new areas that are booming with real estate since el rufai took over.
Re: With My 450k Salary Am Not Still At Ease. by Intergrated: 9:45am On Jul 20, 2023
dreamxhaser:


Ahhh 450k


I bet you live in lagos, Abj or one of those expensive cities.

Boss I swear down with that salary in my state, you be big boy. Like even a family man with 4 kids that earns that much na ballar for where I dey.

Which skill aside tech will fetch you that much in this country? The best a skill can do for you is serve as backup plan.

Come and buy landed properties in Kaduna. There are multiple new areas that are booming with real estate since el rufai took over.
kaduna fa. That place that if they blow whistle now every non northerner is is trouble.
Re: With My 450k Salary Am Not Still At Ease. by dreamxhaser: 9:57am On Jul 20, 2023
Intergrated:
Kaduna fa. That place that if they blow the whistle now every non-northerner is in trouble.

Lolz it's not true boss. Na for ghetto all those fight dey sup. And even the Christians are guilty of killing Muslims in their hood. Stay far away from gehtto areas be it Muslim or Christian dominated zones.

Kaduna's capital city is almost 50/50 with btw Muslims and Christians.

If u are a southern Muslim especially Yoruba, you've got no problem staying in Kaduna North. Better areas dey like with good roads and houses.

But if you are a Christian, kaduna south and chikun will suit you. You won't even know you live in the north sef. Better GRAs with you can afford choke. You can build a house in amazing Christian dominated Areas like Ungwan boro and others.

I am a northern Muslim and 50% of my gees are Christians. Na touts and poverty people dey fight so dey can loot shops
Re: With My 450k Salary Am Not Still At Ease. by Intergrated: 9:59am On Jul 20, 2023
dreamxhaser:


Lolz it's not true boss. Na for ghetto all those fight dey sup. And even the Christians are guilty of killing Muslims in their hood. Stay far away from gehtto areas be it Muslim or Christian dominated zones.

Kaduna's capital city is almost 50/50 with btw Muslims and Christians.

If u are a southern Muslim especially Yoruba, you've got no problem staying in Kaduna North. Better areas dey like with good roads and houses.

But if you are a Christian, kaduna south and chikun will suit you. You won't even know you live in the north sef. Better GRAs with you can afford choke. You can build a house in amazing Christian dominated Areas like Ungwan boro and others.
lol bro you can't tell me nothing about KD . Even refinary road that chicken side people where kidnap. Last year
Re: With My 450k Salary Am Not Still At Ease. by dreamxhaser: 10:01am On Jul 20, 2023
Intergrated:
lol bro you can't tell me nothing about KD . Even refinary road that chicken side people where kidnap. Last year

Anyhow sha

There are other states in the south too that are cheap and worth investing in.
Re: With My 450k Salary Am Not Still At Ease. by SSpeter(m): 4:26pm On Jul 21, 2023
IbeOkehie:


The issue with reeling out all these qualifications and achievements is that Nairaland is anonymous, anybody can claim to be anyone.

If you're serious or passionate about your topic, give us your real name and job. Else you can't be credible.

As to the topic....RISK and POTENTIAL go hand in hand. Risk tolerance differs for various reasons and situations. That you treat this simple fact of financial wisdom with disdain makes me doubt your investing chops.

Have a good day.


The PWC thread when I got in is still on this platform
Re: With My 450k Salary Am Not Still At Ease. by Tekbro(m): 5:21pm On Jul 21, 2023
At the point we are in this country where there's economic crisis... You need to have multiple source of income and most importantly earn in foreign currencies... You're right that you're not at ease cos If you have a lot to spend on, then your salary can't be enough cos of high cost of living...
Re: With My 450k Salary Am Not Still At Ease. by seanwilliam(m): 5:07am On Jul 27, 2023
Prechgold1180:
I really wish I had seen this advice before. Starting my hus project

Mumu me stupidly started two project in two different cities

8 flat of 2 bedroom. Just land alone is 7m both lands


Invested almost 50 million if not more than in the 8 flats

Building don Dey go 2 years now house nva complete
Thou at the finishing stage
Money nur Dey come like e Dey come before again

Like this now two projects just Dey pending.




Omo building is not for the weak.

Naija economy go humble u

I made same mistake,
Funnily enough , to people( family ) around me, they see it as achievement doing that at my young age. .. it was earlier this year my eyes opened to something and I started regretting ever doing it. Don’t get me wrong, it’s not that I’m not happy achieving that at this age but I could have used the money for something MORE profitable. The house is in habitable stage now but i refused to move into it. I wish I fhucking pump the money into my biz, I would have been x1000 richer .


.


.


To guys out there, if you start making money at early age, first thing u should do is to expand and multiple your source of income , when you have stable income, forget it, you’ll build your dream house in your choicest location ..

4 Likes

Re: With My 450k Salary Am Not Still At Ease. by wittywriter: 3:11am On Aug 16, 2023
Iluvmycontr3:


Witty, please i would like to get in touch and sign up for a class. Thanks.

Just seeing this it was an oversight sorry....kindly drop your digits you'll be reached or quote me with it on a dead thread.

Wittyness
Re: With My 450k Salary Am Not Still At Ease. by waveman2: 3:03pm On Aug 17, 2023
For quick investments building a house for rent is a no go area only if you need it as a long term investment (retirement fund) or just to boost your finances if you have other businesses or you,re working.I once told someone I would rather build a building with rentable shops than a residential.The return on investment is much quicker and safer.
maasoap:

This is exactly the crush of the matter, the return is very low. It is meant for the people with idle funds, not for people who are hungry for more money or moderately high return.
Yes, it is saver compared to many other investments but not for majority of the people who are looking for investments. Acquiring more land is a far better decision than building for rents.

I invested 1.8m naira June 30th last year. By June 30th this year, I have made a return of 1.25m naira. Remain 550k to get my capital back. Risky? Yes. But that is the option for me because I'm still hungry. Can't wait for 20 years to recoup my capital just because I'm looking for relatively safe investment.
Re: With My 450k Salary Am Not Still At Ease. by goldencomets: 3:27pm On Aug 19, 2023
waveman2:
For quick investments building a house for rent is a no go area only if you need it as a long term investment (retirement fund) or just to boost your finances if you have other businesses or you,re working.I once told someone I would rather build a building with rentable shops than a residential.The return on investment is much quicker and safer.

Please how are stores a better investment than residential building/flats for rent?
Re: With My 450k Salary Am Not Still At Ease. by waveman2: 9:20pm On Aug 19, 2023
It all depends on location and you get more return on investment for stores compare to residential.Stores take less space,less finishing, and quite has high rents as residential.But I said it all depends on location.
goldencomets:


Please how are stores a better investment than residential building/flats for rent?

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