Olaide1295:


The sustainability right here is my fear.

I am 23 and i intend to invest 200k monthly (at 20 - 30% returns) and let it compound till i am 43 (Asides my pension fund). To compound faster, i also took a 1M loan from GTB which already invested and i'm already paying back.

The firms claim to be insured by Leadway but i know well not to trust these insurance companies when problems arise.

Hmm...You're compounding Agriculture for 20 years ...A large risk on a startup I must say... I pray it pays...

I have a different view about this...
People relocate to other countries for various reasons... Those that I know migrated to Canada because of the quality of life which can't be compared to what we have here in Nigeria.
Lemme us my family's experience, my wife works with one of the big 4 audit firms and several of her colleagues have relocated to either UK, USA or Canada.. as with all things, when u get to a new location, you need to do certain things to fit into their society. Accountants in Nigeria wanting to migrate to Canada are usually advised to write CPA, CIA or CFA. Our local ICAN is not recognised there..
I have also seen doctors in Nigeria work as medical assistants in UK because they could not pass PLAB and other required medical professional exams.

To the aspect of saving, like it has been said here by pa Emmanuel and ahib... If u don't have a saving culture in Nigeria, it would be very difficult to save abroad because the system there does not encourage saving, rather it encourages credit system and if you are not self disciplined. You won't save a dime..

There's a story/thread of a young man that saved quite a lot of money doing menial jobs in Canada. Cc tundednut

NIGHTLIFE100:
Express entry the biggest ripoff! You’re going to be promised permanent residence which you’ll truly get but how do you maintain your status as a resident if you cannot earn any tangible income? truth is at the time of Canadian immigration, they will accept your home country’s education and experience. But when you immigrate and apply for a job, then you will find that most of employers are looking for Canadian education, experience or professional license. So you need to start from scratch. If you have patience and you are consistent to achieve your goals, ultimately you will get it. It requires a plan to set and achieve your goals. Most of the people unable to do that and ultimately ends up working outside from their profession and experience. If you don’t care about what you are doing to earn money, then it’s a good country and standard of life is better. Very frequently you will find foreign doctors working in Canada as a physician assistant or other healthcare fields. Electrical engineers are working as electricians. Dentists working as dental assistant and so on. More than 50% of immigrants are not even able to save $1500 monthly in the first 5yrs so whoever is migrating because of money or the so call better life is in for a long ride.

You seem not to understand what the guy is saying I am based here in Canada the grass is not always greener on the other side. Making it here is not a walk in the park. Also if u have kids they are expose to all sorts of unethical sexual doctrine. I will also take my kids back to Nigeria for secondary school education, until the university level. Whatever you choose think right. Even investment in Canada e get as e be. 2%. Meanwhile here in Nigeria u can get better investment. Even the yeye Canadian dollars no dey rise against the naira that much compared to US to naira . Guys make we go back to TB bills jor.

seunpinky:
I have a different view about this...
People relocate to other countries for various reasons... Those that I know migrated to Canada because of the quality of life which can't be compared to what we have here in Nigeria.
Lemme us my family's experience, my wife works with one of the big 4 audit firms and several of her colleagues have relocated to either UK, USA or Canada.. as with all things, when u get to a new location, you need to do certain things to fit into their society. Accountants in Nigeria wanting to migrate to Canada are usually advised to write CPA, CIA or CFA. Our local ICAN is not recognised there..
I have also seen doctors in Nigeria work as medical assistants in UK because they could not pass PLAB and other required medical professional exams.

To the aspect of saving, like it has been said here by pa Emmanuel and ahib... If u don't have a saving culture in Nigeria, it would be very difficult to save abroad because the system there does not encourage saving, rather it encourages credit system and if you are not self disciplined. You won't save a dime..

There's a story/thread of a young man that saved quite a lot of money doing menial jobs in Canada. Cc tundednut

You are right

Akin3891:

Kinda hard to buy a plot of land worth 12 mills in lagos mainland and not dwell among the riff raff or poor people. That has been my concern lately , having just acquired a new whip then I started to feel unease, when I drive by, I see people pointing at me or looking at me in a way that make me feel unsafe, my neighbour's also told me how he also feels all eyes are on him because he's got a lovely house n cars too. Note, I've been in this area for 12 years now with my small cars and nobody notice me. Mind you, this my car in question is a toy that people won't look twice in porsh areas. Of course I'm planning to sell off n move. If you live among your likes, you kinda have peace of mind and less worries about jealous neighbours

Olaide1295:


The sustainability right here is my fear.

I am 23 and i intend to invest 200k monthly (at 20 - 30% returns) and let it compound till i am 43 (Asides my pension fund). To compound faster, i also took a 1M loan from GTB which already invested and i'm already paying back.

The firms claim to be insured by Leadway but i know well not to trust these insurance companies when problems arise.

I see you took out a loan in order to invest. That was probably not the wisest decision you could have made. please pay off that loan first before investing.

Secondly ,agric tech is still a very new area. the risk is high. however you are young enough to recover if the untoward happens.

I must commend your interest in investing. if you avoid common mistakes,you will go far.

missjekyll:


I see you took out a loan in order to invest. That was probably not the wisest decision you could have made. please pay off that loan first before investing.

Secondly ,agric tech is still a very new area. the risk is high. however you are young enough to recover if the untoward happens.

I must commend your interest in investing. if you avoid common mistakes,you will go far.

The loan is at about 15%(effective interest is less since i'm paying monthly) while the investment yields 30% in 9 months.
I took the loan in January and have paid back 300k now. The goal is to use debt to finance my investments.

I am not from a wealthy background so when i made my first big money two years ago, i invested the entirety in building a student hostel in Ibogun for OOU students. (I thought real-estate will never let me enter poverty again)

The house is not 100% complete though but it gives me a measly 600K annual instead of the projected 1.2M. I regret the investment as its neither liquid or giving good returns.

Agric tech is insured though. I will risk it for two years and start looking to see if i can hedge/double insure it from the third year.

Please if i invest my 1million in fixed deposit of 5% interest rate, what will be my gain in a month, i had someone saying 50k.

Olaide1295:


The loan is at about 15%(effective interest is less since i'm paying monthly) while the investment yields 30% in 9 months.
I took the loan in January and have paid back 300k now. The goal is to use debt to finance my investments.

I am not from a wealthy background so when i made my first big money two years ago, i invested the entirety in building a student hostel in Ibogun for OOU students. (I thought real-estate will never let me enter poverty again)

The house is not 100% complete though but it gives me a measly 600K annual instead of the projected 1.2M. I regret the investment as its neither liquid or giving good returns.

Agric tech is insured though. I will risk it for two years and start looking to see if i can hedge/double insure it from the third year.

The important thing is that u av been schooled in the arts of investment. This u can not get by reading a book.

Olaide1295:

The kt about 15%(effective interest is less since i'm paying monthly) while the investment yields 30% in 9 months.
I took the loan in January and have paid back 300k now. The goal is to use debt to finance my investments.

I am not from a wealthy background so when i made my first big money two years ago, i invested the entirety in building a student hostel in Ibogun for OOU students. (I thought real-estate will never let me enter poverty again)

The house is not 100% complete though but it gives me a measly 600K annual instead of the projected 1.2M. I regret the investment as its neither liquid or giving good returns.

Agric tech is insured though. I will risk it for two years and start looking to see if i can hedge/double insure it from the third year.

Adefajofashola:
Please if i invest my 1million in fixed deposit of 5% interest rate, what will be my gain in a month, i had someone saying 50k.

5/12*100 of the original investment.

I think your gain = NGN 4166.66667 per month

Adefajofashola:
Please if i invest my 1million in fixed deposit of 5% interest rate, what will be my gain in a month, i had someone saying 50k.

Its annually....
I think you can still get 10% annually...

Thanks for your reply, this is what i know, but the person who said 50k was trying to argue with me.

Looking for a good way to invest and get good income monthly

Olaide1295:


5/12*100 of the original investment.

I think your gain = NGN 4166.66667 per month

You mean 10% of the invested capital which is 100k, if i leave it for 12 month?

handsomebolanle:

Its annually....
I think you can still get 10% annually...

Adefajofashola:
You mean 10% of the invested capital which is 100k, if i leave it for 12 month?

Yes

Is buying dollar at this time advisable to keep one safe against inflation?

Or what other asset one can buy

And is mutual fund for dollar advisable

As someone who have lived abroad for up to 20yrs, i will advise you to stay back in Nigeria and invest that money in your business if you are into business, if you are not into business you can invest it in MMF and continue to do what gave you the 15M, abroad is not always rosy as most people in Nigeria think.

afroxyz:
But is it advisable for one to spend 10 -15m to migrate to Canada to start all over again or just invest here and continue the hustle?

Of course you can keep buying USD but at a reasonable rate, if you find dollar at anything less than N400/$ buy.

One thing this government cannot do is reverse depreciation, even if they pump the whole reserve into the black market, the value of the Naira getting back to usual will not be achieved. The Naira will keep depreciating until CBN intervenes to add some stability.

The last depreciation burnt me hard.

globalresource:
Is buying dollar at this time advisable to keep one safe against inflation?

Or what other asset one can buy

And is mutual fund for dollar advisable

zamirikpo:


yo, but u see, personally I don't see house for rent as a good investment, not because it isn't lucrative but becos of the returns in my area , I have soo much I could do with the same amount. 4flats of 3bedroom could cost 20m to build , cost of land between 10-15m in a standard environment. total 35m. this 35m I can invest to make roughly 500k monthly instead of the usual 2m annually in areas around asaba.

That is the difference between business and investment. We need to strike a balance between both, part of the money from business should go into investment.

You can make 500k or more every month doing business with your N35 million, while if you invest the same amount you will get 300k of less per month.

It is not everyone that has the time and energy for business. Those who have the the time and energy for business today might not have the health to do same in a few years time. This is where Investment comes in

Business is active, it requires our time and continuous energy.

Investment is passive, does not require your and continuous energy. You do it once and continues to generate moderate income.

People who built their houses for N40,000 about 37 years ago and generating rental income of N2,400 per annum. Fast forward to 2020, the same investment is still generating income 37 years after. Depending on the location such investments are generating between N2.4 million and N3.2 million per annum

missjekyll:


I see you took out a loan in order to invest. That was probably not the wisest decision you could have made. please pay off that loan first before investing.

Secondly ,agric tech is still a very new area. the risk is high. however you are young enough to recover if the untoward happens.

I must commend your inter knowest in investing. if you avoid common mistakes,you will go far.

Getting a loan for a business or Investment is not a bad idea, provided you understand the business or Investment and also have a good track record in the venture.

The problem is with the average people who use loans for consumption like house rent, weddings, school fees.

Smart business people and Investors use returns from their business or Investment to fund consumptions, and use their savings and debts to fund their business and investment

Adefajofashola:
Please if i invest my 1million in fixed deposit of 5% interest rate, what will be my gain in a month, i had someone saying 50k.

You will get about N4000 every month

I don't see fixed deposit as an investment. It is savings.

The essence of savings is to help us when emergency arises, when your savings get to a substantial amount eg if the savings can sustain your expenses for about 2 years. It is advisable to move 75% of the fund to a business or Investment

zamirikpo:


yo, but u see, personally I don't see house for rent as a good investment, not because it isn't lucrative but becos of the returns in my area , I have soo much I could do with the same amount. 4flats of 3bedroom could cost 20m to build , cost of land between 10-15m in a standard environment. total 35m. this 35m I can invest to make roughly 500k monthly instead of the usual 2m annually in areas around asaba.

the dont view it like that u can be a house trader too build for 35m collect rent for 5 years 10m then sell for 45m total profit 20m within 5 years 20m/60months = 330k per months with less risk....

ahiboilandgas:
the dont view it like that u can be a house trader too build for 35m collect rent for 5 years 10m then sell for 45m total profit 20m within 5 years 20m/60months = 330k per months with less risk....

True and even @Emma made a clear distinction between investment and business. Am in my mid 30s so now is the time to hussle , by 45-50yrs, I should be winding down by God's gave and shifting into investments with a bit lower yields and less risk. But in Nigeria most investment carry HIGH risk ooh cos anything can happen.

emmanuelewumi:




Getting a loan for a business or Investment is not a bad idea, provided you understand the business or Investment and also have a good track record in the venture.

The problem is with the average people who use loans for consumption like house rent, weddings, school fees.

Smart business people and Investors use returns from their business or Investment to fund consumptions, and use their savings and debts to fund their business and investment

I'm not sure this thing is this straightforward.

Lets look at this hypothetical scenario.

Two people work in the same place that gives car loan payable in five years with monthly deductions from salary. Both of them can afford to buy a vehicle without taking the loan.

One takes a loan to buy, and passively invests the money he would have used to in say Mutual funds.

The other buys from his "savings" or maybe interest from another investment while he keeps collecting his full salary.

Which one would you say has made the best decision.

rationalmind:


I'm not sure this thing is this straightforward.

Lets look at this hypothetical scenario.

Two people work in the same place that gives car loan payable in five years with monthly deductions from salary. Both of them can afford to buy a vehicle without taking the loan.

One takes a loan to buy, and passively invests the money he would have used to in say Mutual funds.

The other buys from his "savings" or maybe interest from another investment while he keeps collecting his full salary.

Which one would you say has made the best decision.

It is their life and it is their debt just telling you how smart business people and Investors reason. And it is quite different from how most of us in the rat race reason.
None of them is right or wrong it is the future that will determine

Worker A got a loan of 18k to build a block of 2, 3 bedroom flat at Maryland Lagos in 1982, his friend worker B got a loan and bought a range rover for 18k.
They both finished paying their loans after 5 years.

Fast forward to 2020 the property worker A built is generating income of N1.6 million and the property is valued at N20 million.
Worker B has a car that is not generating income and currently valued at 200k.
Both of them are right, but who is having a better cash flow at retirement?

A guy in the car section wanted to sell the car he bought on credit late last year because of the liquidity and cash flow constraints caused by the current recession. The person who bought from the returns on his Investment or business won't be under that type of stress.

zamirikpo:


True and even @Emma made a clear distinction between investment and business. Am in my mid 30s so now is the time to hussle , by 45-50yrs, I should be winding down by God's gave and shifting into investments with a bit lower yields and less risk. But in Nigeria most investment carry HIGH risk ooh cos anything can happen.

yes ohh 35m capital suppose to generate 30 percent per anum......

emmanuelewumi:



It is their life and it is their debt just telling you how smart business people and Investors reason. And it is quite different from how most of us in the rat race reason.
None of them is right or wrong it is the future that will determine

Worker A got a loan of 18k to build a block of 2, 3 bedroom flat at Maryland Lagos in 1982, his friend worker B got a loan and bought a range rover for 18k.
They both finished paying their loans after 5 years.

Fast forward to 2020 the property worker A built is generating income of N1.6 million and the property is valued at N20 million.
Worker B has a car that is not generating income and currently valued at 200k.
Both of them are right, but who is having a better cash flow at retirement?

A guy in the car section wanted to sell the car he bought on credit late last year because of the liquidity and cash flow constraints caused by the current recession. The person who bought from the returns on his Investment or business won't be under that type of stress.

Ok, this is an interesting perspective though I think those loans are usually insured against job loss.

Personally, I likely will not use my money (whether from return on investments or savings) for consummables if I have access to an insured loan that can be used for same purpose.

I can only hope the future proves me right

rationalmind:


Ok, this is an interesting perspective though I think those loans are usually insured against job loss.

Personally, I likely will not use my money (whether from return on investments or savings) for consummables if I have access to an insured loan that can be used for same purpose.

I can only hope the future proves me right

That was his reply, when he was asked why he wanted to sell a car he bought about 6 months ago. The person who asked wanted to know if the car was having mechanical faults

Loans are quite easy these days, you can get from microfinance banks and they are very ruthless with their debt recovery.

emmanuelewumi:


Thanks was his reply, when he was asked why he wanted to sell a car he bought about 6 months ago. The person who asked wanted to know if the car was having mechanical faults

Loans are quite easy these days, you can get from microfinance banks and they are very ruthless with their debt recovery.

When dem no swear for me.

Those loans are for desperate people. The interest rate is outrageous. Some banks give car loans to staff at around 5% interest.

rationalmind:


When dem no swear for me.

Those loans are for desperate people. The interest rate is outrageous. Some banks give car loans to staff at around 5% interest.

About 90% of Nigerians working are not working in structured places so they might not be able to qualify for consumer loans from the banks except those who have acceptable collaterals

olujaidi:


The flip side is you might move to an area where you'll feel pressured to keep up with the Joneses. There's peer pressure at all the levels of society

If there is only one thing I can vouch of my self, is not succumbing to peers pressures at least right from my university levels, I'm a kind of eagle that flies alone. I'm so basic economically that you won't pass if you try to study my worth.

Akin3891:



If there is only one thing I can vouch of my self, is not succumbing to peers pressures at least right from my university levels, I'm a kind of eagle that flies alone. I'm so basic economically that you won't pass if you try to study my worth.

If you don't, your spouse might be the weaker link and vice versa. And it won't be easy to resist that pressure. Or you can have peers with the same mindset to help resist it.

Is there madam in the picture? Are the kids in secondary school yet?

Akin3891:



If there is only one thing I can vouch of my self, is not succumbing to peers pressures at least right from my university levels, I'm a kind of eagle that flies alone. I'm so basic economically that you won't pass if you try to study my worth.

9jatriot:
Is there madam in the picture? Are the kids in secondary school yet?

Birds of the same feathers flock together. Frugal and investment conscious people are attracted to people who share their values

Met my wife at an Investors forum, she is a super saver and more frugal than me.

This lockdown affected her business, but promised to pay her workers full pay from the business reserves till the end of June.