Donbrig:
Rich men still have to work hard to sustain their (cash flow) riches, while wealthy men does very little or nothing to sustain their wealth.

We have so many rich people in Nigeria, but few wealthy men.

hmmmm

emmanuelewumi:


The main difference is sustainability of the money.

A rich man will continue to work or hustle in order to maintain his status and spending, if not his money will be exhausted.

I wonder what Transatlantic Aka Seatrader thinks about this

Lazyyouth4u:


I wonder what Transatlantic Aka Seatrader thinks about this

The wealthy man can afford to use his rental income, coupon or dividends to go on vacation with his money, while the rich man will have to save for it or take loan from the bank

emmanuelewumi:


The wealthy man can afford to use his rental income, coupon or dividends to go on vacation with his money, while the rich man will have to save for it or take loan from the bank

They both will still die and leave all the worldly possessions (riches or wealth) behind

At that point, it wouldn’t matter whether they funded their vacations from passive income or from their savings.

Most people are just trying to survive and preserve their savings to last them for as long as possible while trying to stop inflation from eating their savings. Riches or wealth are the last things on the mind of the common man

Lazyyouth4u:


I wonder what Transatlantic Aka Seatrader thinks about this

We still dey sweat it out to keep the lights on ooo,anything short of it na bankruptcy las las...
Even emmanuelewumi still dey sweat am out I guess.

I love this topic in Nigeria how does one know he is rich or a mid class.

Diyke4rich:
I love this topic in Nigeria how does one know he is rich or a mid class.

Sorry sir, but why does it matter? It’s all in the mind sha. You can have 10k in your account and call yourself a rich man if it makes you happy

You are rich if you have over 50m net worth, and can generate a minimum of 5m anually from this 50m as passive income.

You are wealthy if you have over 250m net worth, and can generate a minimum of 25m anually from this 250m as passive income.

Though this is relative and doesn't have any statistical fact. But our high inflation rate could also be a threat as to how much you really need to be rich or wealthy.

However, there is a very big difference between rich people and wealthy people. If you know you know.

Diyke4rich:
I love this topic in Nigeria how does one know he is rich or a mid class.

Donbrig:
You are rich if you have over 50m net worth, and can generate a minimum of 5m anually from this 50m as passive income.

You are wealthy if you have over 250m net worth, and can generate a minimum of 25m anually from this 250m as passive income.

Though this is relative and doesn't have any statistical fact. But our high inflation rate could also be a threat as to how much you really need to be rich or wealthy.

However, there is a very big difference between rich people and wealthy people. If you know you know.

That is a tough one ooo, although we don't have relevant statistics in Nigeria.

98% of bank customers have less than N500,000 in their bank accounts, I guess they invested their money and left the minimum balance.

Playing devil's advocate

LagosInter:



Please what's your view about buying apartments like a one bedroom in a block of flats?


I saw ones of 17-19m in Ikeja.

I saw it around Airport yesterday, do your due diligence ooo.

I don't think it makes sense to have N20 million and invest N19 million on real estate, you need to be liquid to an extent in order to harness emerging opportunities

That's why poverty is ravaging the country, so many poor Nigerians and many are not willing to be patient and invest in their financial education on long term basis, they all want a quick way out of poverty.

I am an employer of labour, from experience I can tell you that majority of Nigerians finds it very difficult to hold ordinary 100k or 1m for few weeks/months without spending it on irrelevant things that won't add any thing to their financial freedom.

Some will argue that they have lots of bills and responsibilities to handle, no doubt, but same people had been surviving with the little they had before the surplus or increase in their bank accounts.

Our attitude as a people is tantamount to abject poverty and there seem to be nothing anybody can do to ameliorate the situation.

emmanuelewumi:



That is a tough one ooo, although we don't have relevant statistics in Nigeria.

98% of bank customers have less than N500,000 in their bank accounts, I guess they invested their money and left the minimum balance.

Playing devil's advocate

emmanuelewumi:



I saw it around Airport yesterday, do your due diligence ooo.

I don't think it makes sense to have N20 million and invest N19 million on real estate, you need to be liquid to an extent in order to harness emerging opportunities

Not like 20m is the total funds,

I am just skeptical considering that you may be paying service charges, subjected to all sorts of terms and conditions, etc

LagosInter:


Not like 20m is the total funds,

I am just skeptical considering that you may be paying service charges, subjected to all sorts of terms and conditions, etc

I am looking at it from an investment point of view. The tenants or occupants of the property are expected to pay service charges

LagosInter:



Please what's your view about buying apartments like a one bedroom in a block of flats?


I saw ones of 17-19m in Ikeja.

Did you say one bedroom?
How much will 3 or 4 bedroom go for?
The Naira has has become so worthless if a block of 1bdrm is going for approx 20m in Ikeja.
What will now be the rental income, will they now pay 2m per annum for a 1bdrm apartment?

Donbrig:
That's why poverty is ravaging the country, so many poor Nigerians and many are not willing to be patient and invest in their financial education on long term basis, they all want a quick way out of poverty.

I am an employer of labour, from experience I can tell you that majority of Nigerians finds it very difficult to hold ordinary 100k or 1m for few weeks/months without spending it on irrelevant things that won't add any thing to their financial freedom.

Some will argue that they have lots of bills and responsibilities to handle, no doubt, but same people had been surviving with the little they had before the surplus or increase in their bank accounts.

Our attitude as a people is tantamount to abject poverty and there seem to be nothing anybody can do to ameliorate the situation.

In elementary science we were taught the state of matter.

They can be in gaseous form, liquid form and solid form.

Money in your pocket or ATM linked bank account are in gaseous form, money in fixed deposit, Treasury Bill, business and money market are in liquid form, money that are well invested in income generating assets or Investments are in solid form.


Gases evaporates easily, when liquid reaches it boiling point it can also turn to gases or vapour.

It is important to know how to allocate money into the various states, that is gaseous forms, liquid forms and solid forms

DigitalMallam:

Did you say one bedroom?
How much will 3 or 4 bedroom go for?
The Naira has has become so worthless if a block of 1bdrm is going for approx 20m in Ikeja.
What will now be the rental income, will they now pay 2m per annum for a 1bdrm apartment?

I think I saw 3 bedroom

LagosInter:



Please what's your view about buying apartments like a one bedroom in a block of flats?


I saw ones of 17-19m in Ikeja.

look at the annual rents x15 years ....if u stay temporary in Lagos

emmanuelewumi:



In elementary science we were taught the state of matter.

They can be in gaseous form, liquid form and solid form.

Money in your pocket or ATM linked bank account are in gaseous form, money in fixed deposit, Treasury Bill, business and money market are in liquid form, money that are well invested in income generating assets or Investments are in solid form.


Gases evaporates easily, when liquid reaches it boiling point it can also turn to gases or vapour.

It is important to know how to allocate money into the various states, that is gaseous forms, liquid forms and solid forms

If we don't have some of your money in solid forms, we will have to work till we die or need to depend on our children or the society when we are sick, incapacitated or too old to work.

ahiboilandgas:
look at the annual rents x15 years ....if u stay temporary in Lagos

Standard annual rent there for a 1 bedroom is 600k

DigitalMallam:

Did you say one bedroom?
How much will 3 or 4 bedroom go for?
The Naira has has become so worthless if a block of 1bdrm is going for approx 20m in Ikeja.
What will now be the rental income, will they now pay 2m per annum for a 1bdrm apartment?

Yes 1 bedroom o.

LagosInter:


Standard annual rent there for a 1 bedroom is 600k

It varies, you need to include the location

emmanuelewumi:


It varies, you need to include the location

Yes sir, it varies depending on the precise location or how neat the apartment is.

ahiboilandgas:
look at the annual rents x15 years ....if u stay temporary in Lagos

Annual rent x 15 years can't exceed 12-13m

emmanuelewumi:



If we don't have some of your money in solid forms, we will have to work till we die or need to depend on our children or the society when we are sick, incapacitated or too old to work.

My Oga, most people in the country are struggling to survive. Some are lucky if they can save money for tomorrow. How can they now have what you call solid assets?

Sometimes, one has to be a bit sympathetic to the plights of the common man when giving out financial advice. In my opinion, most of the tips you post are tailored to the less than 1% of the population that earn good salaries or run successful businesses and can afford to save or invest some disposable income. This does not apply to the average Nigerian that reads NL (though many of them go dey form billionaire dorobucci but that na story for another day ).

It may be helpful to give financial advice and tips that the common man can relate to

emmanuelewumi:


I am looking at it from an investment point of view. The tenants or occupants of the property are expected to pay service charges

I am just looking for the best way of buying an apartment in a prime location in Lagos with less than 20m, considering high cost of properties in lagos.

LagosInter:


I am just looking for the best way of buying an apartment in a prime location in Lagos with less than 20m, considering high cost of properties in lagos.

You cannot buy a good apartment in a prime location in Lagos with less than 20m. No matter what anyone says to you. It is impossible!

LagosInter:


I am just looking for the best way of buying an apartment in a prime location in Lagos with less than 20m, considering high cost of properties in lagos.

Is it for investment or for your own accommodation

Lazyyouth4u:


You cannot buy a good apartment in a prime location in Lagos with less than 20m. No matter what anyone says to you. It is impossible!

That's why I was thinking about the one bedroom apartment in Ikeja, I saw some advertised at 17-19m.

emmanuelewumi:



Is it for investment or for your own accommodation

I will be staying there like 10 months in a year

LagosInter:


Annual rent x 15 years can't exceed 12-13m

that should be the cost then ....it might be over price by 4m ....is it partly furnished or come with added attraction like estate swimming pool , gardens ,gated community ....i think around Ikejia G.r.a near that police college or Maryland it can get 750 to 1m to 1 bedroom...