Divsy:
I think the major advantage of living in a rich neighborhood is that you'll be challenged to do more for yourself. you'll be self motivated enough to be in a healthy competition which on the long run will be to your advantage unlike when you're in the village.

kristonium:
Advantages

1. Security - everyone minds his or her business. No one has your time

2. You think and aim higher. You will surely see those who will be challenging you to dare

3. Having your children grow in an environment where they can rob shoulder with other rich children, and start building viable rapport as they grow.

4. Networking. When you attend CDA's meeting, club or religious gathering you can also meet and network with other rich people who can help your business or create platform for investment opportunities.

I think you should stay in the rich neighborhood, as you make more money, you can still comfortably build a house in that your village, and still buy or build in that highbrow area.

What's the essence of leaving in the village and you are the one settling all the fights in the village?

fairfora:
It all depends on what you seek to achieve. I have friends living in Lekki and I've vowed never to join them. Not because I cant afford a befitting house in Lekki. In the estate where I live in Lagos, there's 24 hours power supply daily with perfect road network. We are served by the so-called 33 grid. People find it hard to believe when they visit that a place in Nigeria could enjoy power so constantly. Security isn't a problem and roads leading home are lit in the night.

My friends who built houses in Lekki are always on Generator. They spend hugely on water treatment. Roads are always flooded, etc. Theres a comptroller of customs who wanted to live in Lekki. He moved with his family. Niw he wants to come back traffic gets worse at peak periods in that axis. Most times I'd get to the airport much earlier than those living in Lekki. Most times, I get to VI or any part of Lagos earlier than they do. I always ask myself, what's so special about Lekki sef? You dont want to even near that place now that rain has started.

The government of Nigeria has made city's life so difficult. Overseas, you could live anywhere and still enjoy all the benefits of life...in fact people preferred living on the outskirts where they enjoy the serenity. We have a manufacturer who cited their facility at a remote village in Germany. This is a multibillion euro company. As remotely as they're situated, they've been able to reach the length and breadth of the world courtesy functional rail system. From their facility, they could comment to every part of Europe. From any airport, you easily reach them via train.
The day we have a functional rail system in place in Nigeria( if it would happen in my generation) , it's goodbye to lagos hectic life and I relocate to my town. From my town, I can get to the station early to catch a Lagos-bound train. 5:30pm, I don commot office to join a train that would take me back home. Do you know why longevity in Nigeria is so short? It's due to the hectic lifestyle of working Nigerians. We spend most of our active hours in traffic and accumulate stress in the process. The look of a 40-year old average lagosian isn't same when compared to that of his counterparts in Europe or US.

MrMcJay:


See, let me tell you, in all the properties my clients bought with sitting tenants, none of the tenant has left as at the time promised, not a single one. Even a property where the seller was living with his family, he extended his stay. It was when we withheld his balance payment that he moved out. There was another tenant that reported the seller to the police. This was a tenant that was owing 3 years rent.

What I usually advise is that if one wants to buy a property with sitting tenants, what to do is to ask the seller to eject all tenants and deliver up completely vacant possession. Meanwhile, pay about 60% of the purchase price and prepare a Contract of Sale signed by the seller. The remaining 40% would be paid whenever all the tenants are out.

GeneralPula:


Don’t mind them.

Open your wallet and purchase your coin. Get into selling and buying. You’ll sure make your money. You buy when coin drops and sell when it grows again!

Don’t invest in any platform cuz it won’t end well. I been doing it for years..

rontolo:
A reason many people don’t have much to give abroad can sometimes be traced to a lack of financial education. People tend to ‘spend up’ as wages remuneration increases. It’s a common problem with our consumption mentality

If you haven’t already, please read the book Rich Dad Poor Dad and /or the richest man in Babylon. These are basic /starter books I read a decade ago and has been life transforming

The secret is: Spend less on consumption. Your income should come more from assets and less your job. Invest-Take advantage of historically low cost of capital to grow your asset columns.

Otherwise, the rat race the op projects will be your trap

Kingdollar28:


Oga if you're Nigerian based,cryptocurrency isn't for you...cos most of real traders travels to other countries where electricity is steady!!

If u see anybody that knows anybody that have seen anybody trading bitcoin inside naija,my brother na scam!

I no suppose reason u dis matter...
It's just that e don dy pain me already cos economy hard for a nigger to loose 3M..

Be wise and be safe... those ones u will see are phished sites not real...ones u invest ur money...na instant slap ooh!

Annonymox:
This story is somehow same with mine, but I'm better off.

My wife had an ex before she gain her admission back then. She told me the guy deflowrred her. He was studying medicine while I studied agric acience.

Cut story short, we became closer as the guys never available. 7 months after wedding, I noticed my wife ws smiling one night over chat. I decided to peep into her conversation. The guy is made now bro. Like really made.

The only diff is my wife kept congratulating him, asking when he'll marry even though the guy ws trying to make her feel bad that she choose wrong. They fantasized about moments they had a bit too.

On the other hand, I am comfortable, we have a daughter, self employed now, I after that scenerio decided to set her up and started developing my site at ifo- ogun state.

It's a year later, I didn't confront her till date, but I'm working on proving to her that she made the best choice ever. Especially knowing that she gve me a beautiful daughter

sultaan:
The video implies that most of the big shots are converting their assets to dollar.
It you take a bank account with N1bn and your account shows you just bought $2.2m .
A month from now you still have $2.2m but if it was in naira it would have lost value
When all the billionaires are doing it at the same time the CBN panics it will be a trigger for a downward spiral of the naira.

Look at the situation where most of his audience are not Nigerians, it means wealth will be moved overseas while the economy is haemorrhaging . When you neglect the local investors and depend of foreigners, a time will come when they have to take their profit home.
It is extremely wrong for the Governor to have access to their banking information and use it against them when making policies.

Poorboy:


I like men wey get sense, who you owe are your parents, I doubt if he has a wife like that he can remember to buy anything for his parents.

I repeat young guys try and secure your future even though you are married, investing in a woman is bad business

Some will ask how is it bad business?

If you try all you could to satisfy a greedy woman when it's time to leave, she will leave you to your fate and by that time you won't have anything left with you again, because all your money was been consumed by her.

I was given a marriage list of about 1.5 million just the list only, that's what is delaying me from getting married, what did I do, I paused the marriage.

Now I am building a 5 self-contained rooms for rent, I will finish that before I continue the marriage because I come to realize that for marriage to be successful it's money that drives love now.

deenee:



Definition of fixed asset:-assets which are purchased for long-term use and are not likely to be converted quickly into cash, such as land, buildings, and equipment.

That said any fixed asset that is not generating income to match its depreciation through wear and tear or its been obsolete is a liability.

Please we shouldn't allow class room accounting to confuse us. Even land that is said to appreciate in theory can be a liability in retrospect esp if one cannot easily convert the land to cash in time of urgent need.

Also there is a huge difference between been asset rich and cash rich.

Even from a asset perspective only-there are still wide gaps. E.g

Mr A who is worth 100m and lives in a owner occupied house of 25m with the rest of his networth in cash generating investments is way richer than Mr B who is worth 150m but lives in a 120m owner occupied residence with the rest of his networth in the saame class of investments.

The only way Mr B will termed to be richer than Mr A is if he can convert the residence to cash or a cash generating asset. Overall cash is king!


Otherwise we can all just walk into a bank and simply exchange our title documents for cash irrespective of where the property or fixed asset is located.

I think people need to look at his investment options from an economic profit point of view-comparing all the options against the opportunity cost of other investments

Finally, as i said in my earlier post 11m is and is not small money, depending on how we look at it.
And rushing to build a house or buy land will not be a top of mind investment option for me if i was in the poster's predicament.

Sunshineg5:
With the anticipated devaluation of our National currency as requested by IMF before giving us the loan.

Naira should sell for like N500 to a dollar by the end of next month.

Petrol should sell for N250 to N300 per litre by end of the year.

This would also be accompanied by high prices due to anticipated inflated prices of imported goods

Translating to Lower purchasing power from households and lower production


So in spite of a recession due to lost of revenue, Nigeria's economic growth after the pandemic will be extremely low for a few years.

A very bad future for Nigerians.

gfullmoon:


Because squatting involves so many things o. Sometimes you sweep the room or flat against your wish, take a walk against your wish, even wake up against your wish etc. Hence, a guy with about #12M in his account can hardly be comfortable squatting except the person is an extreme melancholic and mean saver (that is those can even allow their loved ones in pain or to die just because they have mapped out saved money for a specific investment, project or Programme). This type of savers can even be sponging the guy who had not seen million to be footing their bills.

veave:
This one is not just a miser but also a user. You mean you have over 10m in your account but still choose to squat with your friend? That way you're barely responsible for anything. Ehen!!!??!!!!!!

Nothing I will not hear on nairaland.

BuTiku2019:



You had people you could SQUAT with, but you chose the path of HONOUR and lived in a 60k place in a suburb.
You are an honourable man.
You did the right thing.
You did not choose to SQUAT at someone else's expense while gathering and saving your own money.

topsquino:


My friend and I are just discussing this.

My friend bought a land 4 years ago in lagos for 2 million naira.

Today the land is valued 4 million naira.

Now let's look at the naira value.

When he bought it, $1 was 200, meaning he bought it $10,000 (2 million / 200).

Today, 1 $ is about 430 naira.

This means the value of the land in dollars is $9302 (4 million /430).

As you can see, he is even better off saving his money in dollars than even buying the land in the first place .

If you need more concrete advice, let me know so that I won't be wasting my time typing here.