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With My 450k Salary Am Not Still At Ease. - Career (9) - Nairaland

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Re: With My 450k Salary Am Not Still At Ease. by nonstan(m): 10:10pm On Jul 08, 2023
Sirmuel1:
450k is huge, especially in this country.

My advice is for you to learn how to save.

Cut down your expenses, don’t spend recklessly, don’t compete with co-workers and don’t try to impress anybody (including women).

Rent an affordable apartment, start up a business.

(Don’t start building any house immediately, because it’s a liability). It will only tie your wealth in one spot.

Imagine building a house with 30-50m in Lagos, only to get at least 2m yearly as a rent. How long will it take to get back the capital

You just said it as it is, If I have 20mill now, its to save 15mill in dollars and the remain in naira

A House is a long term investment + retirement plan.

Start a business first!

Re: With My 450k Salary Am Not Still At Ease. by maasoap(m): 10:30pm On Jul 08, 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.

Mister, I don't know why people keep giving you likes for this reckless and planless spending. That same place where you work/reside, there are people with the same number of family as yours who might be living on salaries less than 100k. You don't have to live like them though but CUT DOWN YOUR FVCKING EXPENSES. You can't grow financially if you continue like that.

Best thing na just to save enough and japa.

What a mentality. Japa is what will make you plan your finances well? Lol. May be you think the only solution to your problem is to earn more. If that's your solution, then you haven't identified your problem.
And let me help you identify your problem: Financial Illiteracy

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by alizma: 10:36pm On Jul 08, 2023
Natural2Heal:
What do you mean you have no skills? Do you think your employer paying you 450k salary is a Father Christmas? Your job description in the company is a skill.
You are definitely not in the system, so you don't understand what he is saying, the guy knows himself and he and some few people understand what he is saying.

1 Like

Re: With My 450k Salary Am Not Still At Ease. by verygudbadguy(m): 10:43pm On Jul 08, 2023
Sirmuel1:
450k is huge, especially in this country.

My advice is for you to learn how to save.

Cut down your expenses, don’t spend recklessly, don’t compete with co-workers and don’t try to impress anybody (including women).

Rent an affordable apartment, start up a business.

(Don’t start building any house immediately, because it’s a liability). It will only tie your wealth in one spot.

Imagine building a house with 30-50m in Lagos, only to get at least 2m yearly as a rent. How long will it take to get back the capital

A House is a long term investment + retirement plan.

Start a business first!


This is not true. You forgot that the house stands as a collateral for business loan? You also forget that land banking is a form of investment that can be liquidated with huge interest by easily selling it off after some years?

Business is good but a risky venture. It can go either ways. One mistake and you are back to square one.

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by alizma: 10:46pm On Jul 08, 2023
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

17 Likes 3 Shares

Re: With My 450k Salary Am Not Still At Ease. by fortunechy(m): 11:15pm On Jul 08, 2023
Save enough and japa out of this country...

1 Like

Re: With My 450k Salary Am Not Still At Ease. by crisubanijunior(m): 11:30pm On Jul 08, 2023
450k a month job in this country? Please wake me up. I dont believe u bro.

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by chukwuma234: 11:31pm On Jul 08, 2023
Sirmuel1:
450k is huge, especially in this country.

My advice is for you to learn how to save.

Cut down your expenses, don’t spend recklessly, don’t compete with co-workers and don’t try to impress anybody (including women).

Rent an affordable apartment, start up a business.

(Don’t start building any house immediately, because it’s a liability). It will only tie your wealth in one spot.

Imagine building a house with 30-50m in Lagos, only to get at least 2m yearly as a rent. How long will it take to get back the capital

A House is a long term investment + retirement plan.

Start a business first!

Unfortunately your advice has lots of loops holes in it. If he earns 450k monthly that approx. #5.5m p.a. Take out these living expense.
1. Rent
2. Feeding
3. Utilities
4. Clothing
5. Transport
6. Miscelleaneous

I don't know how he wants to raise the 30 - 50m to build a house or the kind of business he will do to raise such amount. No matter how prudent he is, he is very far away from building a house.

Now lets assume he can afford a house worth #50m investing in a business is extremely risky in Nigeria with unstable policies. But a house is an asset with which you can obtain value from. Benefits of owning a house.
1. Fixed asset to be used as collateral for loans
2. Income via rent
3. Net worth continuously grows
4. Can sell if in need of cash.

Lets talk about business. Please name one business he can do that will generate #450k a month profit (Not revenue). On the average it take 2 -3yrs to break even. Except your startup cost is low then you can break even in year 1. However, your profit will be low.

Lastly, you can't access a loan facility with a business without physical asset. A house does that for you.

1 Like

Re: With My 450k Salary Am Not Still At Ease. by Smartguyboy(m): 11:39pm On Jul 08, 2023
InvertedHammer:

/
So Oil companies pay N450k/month to employees with no skills?

What do you really mean by skill?
They pay roustabout more like I said direct not contract

/
Re: With My 450k Salary Am Not Still At Ease. by ohlordhavemercy: 11:48pm On Jul 08, 2023
Hello bro.Pls what area of tech can you recommend someone to learn.i really need your advice.Anyone that doesn't require too much time to master for job purpose and very lucrative too.

Grupo:


If data analysis is that marketable, why are you not employed to be practicing it instead of looking for who to teach?
Re: With My 450k Salary Am Not Still At Ease. by benzion72(m): 11:51pm On Jul 08, 2023
author=Sirmuel1 post=124297345]450k is huge, especially in this country.

My advice is for you to learn how to save.

Cut down your expenses, don’t spend recklessly, don’t compete with co-workers and don’t try to impress anybody (including women).

Rent an affordable apartment, start up a business.

(Don’t start building any house immediately, because it’s a liability). It will only tie your wealth in one spot.

Imagine building a house with 30-50m in Lagos, only to get at least 2m yearly as a rent. How long will it take to get back the capital

A House is a long term investment + retirement plan.

Start a business first!

[/quote]

I think the first thing to do for any young man is to build two bedrooms flat. Simple flat to hide your head and to be free from rent. If you have 30 million worth house you have a collateral which one of the C of credit. I beg house is not a liability

1 Like

Re: With My 450k Salary Am Not Still At Ease. by 004gist: 11:55pm On Jul 08, 2023
SSpeter:
let me enlighten you a little, in 1990, Jim Ovia incorporated Zenith bank and started it with 20million naira while Shina peters in that same year acquired properties worth over that amount. They both ventured into business....where is Shina peters houses and how have the buildings appreciated? Zenith bank is the most profitable financial institution in Nigeria today and until the world ends, Shina peters will never be able to lace the shoes of Jim financially

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.

8 Likes 1 Share

Re: With My 450k Salary Am Not Still At Ease. by professore(m): 12:25am On Jul 09, 2023
aboyaji:


They're readily available in the Nigerian markets.

For example, I was speaking with a friend today. He has a job but he just opened a shop for accessories. Most charging cables we buy for 1k in the market to charge with, he sells them for 400. It costs him 150 to buy. Quality Charger head costs him 400 but he sells 660. Market people sell it for 1500.

When you want to venture into such business, go to the market and meet a friendly business man to explain things to you.

Good luck.

Please start with these little things. Don't jump into money consuming ventures.
God bless you brother. I want to venture into car or motorcycle spare part, do you have any idea how to go about it?
Re: With My 450k Salary Am Not Still At Ease. by PeggySandas(f): 12:25am On Jul 09, 2023
GeneralPula:

Oh yeah Sis. Not just money, but everyday money..

My shop - we do remit nothing less than 8-10 customers per day. 1 head is #500. Some days we do remit 15 / 17 customers. Averagely, it's usually between 10-15 in a day..

#500x10=5k
5k x 7days=35k
35k x 4weeks=140k

Aside from the barbing, I do have Play station in my saloon. We also added commercial charging spot... The money I make from these 2 is what I do use to pay my barber salary. Purchase fuel. Pay shot rent. Cater for the shop.

Whatever comes from barbing monthly is being saved! Untouched! Now, imagine how much i do get to save monthly!

Meanwhile, I have 3 diff shops! 4th on the way!

You're a good business man. Does those other 3 shops have Playstation too?
Re: With My 450k Salary Am Not Still At Ease. by professore(m): 12:26am On Jul 09, 2023
Samakus:


Minimum of 2m

Because in business, there are days even months you will incur losses. It may or may not be your fault but it will come. Having a good capital base makes you stay afloat to navigate that phase and stabilise. Then, you boom if you know what you're doing and grace is upon you


Not bad. Do you think this amount or slightly less can start the business of autos spare parts?
Re: With My 450k Salary Am Not Still At Ease. by PeggySandas(f): 12:29am On Jul 09, 2023
crisubanijunior:
450k a month job in this country? Please wake me up. I dont believe u bro.

I personally know someone receiving over 700k in this same nigeria.
Re: With My 450k Salary Am Not Still At Ease. by aboyaji(m): 12:45am On Jul 09, 2023
professore:
God bless you brother. I want to venture into car or motorcycle spare part, do you have any idea how to go about it?

I do not have a grounded knowledge about car parts. The only thing you can do is get dirty.

What I mean is you need to get involved in the spare parts business right in the market and join what other guys are doing there by identifying with some Ogas as a hustler. Don't go at this age to start learning the trade. No!

Just go and become a hustler in the market. Like someone who gets a customer and get his own share when the customer buys an item. Just tell customers that you have everything.
Re: With My 450k Salary Am Not Still At Ease. by crisubanijunior(m): 1:37am On Jul 09, 2023
Swears? That means those lads go don put in alot. Anyways, until i know anyone, then i dare to believe
Re: With My 450k Salary Am Not Still At Ease. by InvertedHammer: 3:36am On Jul 09, 2023
[quote author=Smartguyboy post=124304180][/quote]
/
Go back and read the original post.

I can't help your lack of comprehension.

OP earns N450k/month with no skills by his admission. So what's your take on that? Who cares about those making N450k or more pay month. The difference is that they have the requisite skills.

/
Re: With My 450k Salary Am Not Still At Ease. by Wkaay(m): 3:48am On Jul 09, 2023
Come and join GPEC you will live happily ever after
Re: With My 450k Salary Am Not Still At Ease. by jonsn: 4:25am On Jul 09, 2023
bigfoot79:
Its midlife crisis my brother. It will pass, but regardless of it passing, Follow your guts and acquire new and innovative skillset. I truly feel you

No disrespect but midlife crisis is a superstitious concept. It's not real. Every stage in life, adolescent, teenage-hood, adulthood and even geriatric stages, all have challenges they present. Just scale through.
Re: With My 450k Salary Am Not Still At Ease. by zeeprince(m): 4:55am On Jul 09, 2023
Get a land different from the place you're currently living, eg , kogi state, there's a university here,that just moved to it permanent site, get a land close to it, 400 should be enough, start building lodges, reduce your expenses, at least spend 150-200 on the house per month, should be done in less than a year depending on what you're building tho
Re: With My 450k Salary Am Not Still At Ease. by DarkChocolate2: 6:53am On Jul 09, 2023
wittywriter:


My thought exactly


.
however with this amount you can acquire as many DS as possible with just a little out of a month salary.


DS is short for DIGITAL SKILL(S)!
I mentor on this and also help interested peeps with DS to master how to create revenue with their DS.
wittyness

Please I am interested in the mentorship, please kindly share your contact info.
Thanks
Re: With My 450k Salary Am Not Still At Ease. by Samakus(m): 7:29am On Jul 09, 2023
professore:
Not bad. Do you think this amount or slightly less can start the business of autos spare parts?

Auto Spare Parts is a capital intensive business. I do not think that this amount is good enough unless you want to take a long time before stabilising.

Need I include that that line of business requires expertise. If you want to venture into it, learn the trade for atleast 1 year. Very important

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by dadabashua1(m): 7:38am On Jul 09, 2023
Sirmuel1:
450k is huge, especially in this country.

My advice is for you to learn how to save.

Cut down your expenses, don’t spend recklessly, don’t compete with co-workers and don’t try to impress anybody (including women).

Rent an affordable apartment, start up a business.

(Don’t start building any house immediately, because it’s a liability). It will only tie your wealth in one spot.

Imagine building a house with 30-50m in Lagos, only to get at least 2m yearly as a rent. How long will it take to get back the capital

A House is a long term investment + retirement plan.

Start a business first!

God bless you.
Re: With My 450k Salary Am Not Still At Ease. by lionphil(m): 7:44am 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 welcomed aside from online skills. Thank you .


Buy a car, driving is a skill. Drive for uber and bolt
Re: With My 450k Salary Am Not Still At Ease. by micxwell(m): 7:57am 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.
Broo 🤣🤣; I wasn't expecting your last statement. You no lie sha.

2 Likes

Re: With My 450k Salary Am Not Still At Ease. by highchief1: 8:02am On Jul 09, 2023
atobs4real:

Set your priorities bro if isn't enough
I say it depends on load bros.which priorities.Person when Dey earn 100k fit save money make abk Dey earn 2m no fit save.
Re: With My 450k Salary Am Not Still At Ease. by highchief1: 8:03am On Jul 09, 2023
Samakus:


You can open a good restaurant. Money dey the business

All you need is learn first
e no easy like that

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