₦airaland Forum

I earn 3200 equivalent and I don't even have passport let alone thinking of relocating to another state or country.

zed7:
This is not the stone age where you can peddle falsehood anyhow.
What is 29m naira? Money that can't buy a luxury car.



https://www.investopedia.com/personal-finance/how-much-income-puts-you-top-1-5-10/

Except you're talking about Nigeria only. If that's the case, then being 1% in Nigeria is still worthless in the bigger scheme of things as $40,000 is about the average income of average workers in the West.

Nigeria and luxurious lifestyles.

Everything una go compare with America or Europe as if we are all earning in dollars.

michlins:
there are about 290ml people in Nigeria,1% is 29ml.


How many people are worth 28ml in Nigeria

Fact.

VeryWickedGoat:
Where will this house located? Sango Ota? Ifo? Mowe? Then, yes it will be less than N28.7m.

But a plot of land at lowly Sangotedo or Egbeda alone will leave nothing of that N28.7m to erect a house yet many Nigerians own there and they are not the 1%.

Your report is flawed sir.

Your location is not everyone's location and can't be final. There is okota,satellite town isolo and many other areas.

Every girl makes mistakes with money at some point in time: not planning adequately, not saving enough, spending recklessly on something frivolous etc.

Unfortunately, some Nigerian girls seem to be eternally stuck in the miry clay of certain money mistakes and are not even aware of how these financial pitfalls are significantly derailing their finances.

Managing money effectively is a key success skill for any sensible Nigerian girl, but to make the decision to become effective with money requires that they first identify what their weakness are and which areas they have been making money mistakes.
Are you a Nigerian girl itching to get your finances right but wondering what money mistakes you are probably making?

Not acting their wage

Nigerian girls are super hard working, they strive to make a living for themselves and that is great. However, a major problem most of them have, especially in Lagos and Abuja, is their tendency to live above their means and not act their wage. They over-spend on the little things – the small amounts that seep out of their pockets here and there and eventually become large, as well as on big things like buying a car or renting a lavish apartment in Lekki Phase 1; when they are earning just about NGN150,000 a month. As a Nigerian girl, if your outflow exceeds your income, then your upkeep will be your downfall. Basically, it’s not about the amount you make, but the amount you spend that is the problem.

Supporting a broke boyfriend

The social situation in Nigeria today seems to be different as girls seem to be much more proactive and earning better, while the men seem to have become a bit lazy and there are more broke guys in their late 20s, 30s, and even 40s than there should be. Unfortunately, Nigerian girls seem to be emotional and these broke guys know how to pull their strings. They leech off these women for sustenance, literally depending on them for everything from daily spending money to toothbrush. For the Nigerian girl, spending money and supporting a lazy and broke boyfriend is a huge money mistake. Pouring money into a feckless boyfriend is like investing in a company you own no part of. It is important that the Nigerian girl ensures she is on the same page, or at least in the same book financially with any boyfriend. That way, her finances are not completely depleted.

Going into debt over a big, fancy wedding

Every Nigerian girl getting married in 2016 wants an ostentatious wedding that will be featured on BellaNaija Wedding. This implies pre-wedding photoshoots, exquisite designer wedding ceremony gown and wedding reception gown, hiring a wedding planner, lavish wedding venue and decorations, premium coverage as well as a fabulous honeymoon. To achieve this desire/goal, a number of these girls drain their groom financially and still go into debt. Nigerian girls need to remember to invest in the marriage rather than the wedding event, as life continues afterward. In fact, a simple rule every single Nigerian should try to live by is this: If you are not in debt, do not get into debt.

Going without a budget

A number of Nigerian girls fail to keep track of how much money they spend per time as they do not have budgets. They are huge on impulse buying and so, tend to make a lot of financial mistakes in that regard. The truth is, no matter how shrewd a Nigerian girl is with her spending, she will still need a budget. A budget helps control spending and reveals where improvements need to be made. With a budget, it is easier for the Nigerian girl to reach her financial goals as she will know where her money is going and plan in advance how to spend it. Budgeting is actually very easy if she follows the 50/20/30 Rule which says that from the take-home pay, 50% should be allocated to essential expenses; which include housing, transportation, utilities and groceries; 20% to financial priorities; which are retirement, savings and debt (in that order) and 30% to lifestyle choices; which are gifts, travel, dining out, shopping and everything else.

Living paycheck to paycheck

Most Nigerian girls may have a budget and live within their means, but still not have savings. While it is great to know where every naira will go, the reality is that no one can predict everything. For this reason, it is important for Nigerian girls to stop living paycheck to paycheck and instead create a budget that would include a small emergency fund that could cover unexpected expenses or surprise doctor’s bill and provide a cushion that will also prevent them from overdrawing on their checking account and paying unnecessary financial fees.

VeryWickedGoat:
You can't own a decent house with N28.7m so how does that qualify as 1%?

Define a descent house pls.

3 bedroom is enough for a family of 5.

Don’t get me started on my running costs every month. I spend at least ₦1600 on my commute every day: this runs into ₦36k in a month. My laundry takes about ₦7k. Now, there are other expenses — feeding, utilities, subscriptions, and the stipend I send home to my parents. It’s really wild.
The point is, my salary is enough to cover most of my monthly expenses and some needs, but there’s hardly anything left after that, even though I’m not living above my means. I can’t afford to hang out with my friends as much as I’d like to or live in luxury. If I earn up to ₦800k and maintain my current lifestyle, I might be able to live that very secure, comfortable life.
5. Nike, 21, Investment Analyst
Salary: ₦327k
I’m in my second month at my first post-NYSC job, and my current salary is a significant upgrade from the ₦107k I was earning last year, which was my service year. Does it make me comfortable? Yes! Am I living my best life? Absolutely not! Here’s some context: My brother started working 10 years ago and his first job paid him ₦150k. The dollar rate at the time was between ₦160-₦180, now it’s ₦465-₦480. A tin of sardine was like ₦120, but it is now ₦400.
At the moment, most of my earnings go into my savings — ₦150k every month. The other major expenses spread across my rent for next year, feeding and utilities, data, tithe, and the random things that pop up.
I know that I’m earning above the industry average for my experience level, and I’m likely to get a raise up to ₦380k after I get confirmed at work, but I’ll still have to be extremely cautious of how I spend. It’s not enough for that soft life everyone is talking about. The ultimate goal is to leave the country, but if I earn ₦800k – ₦1m per month here, I can definitely live a soft life.
6. Shola, 26, Content writer
Salary: 500k
I earn ₦350k from my main job and an average of ₦150k from side gigs. Last year, I was earning less than half of my current salary, and I remember thinking about how I would live my best life on a ₦300k salary, but here we are. The quality of my life is better, though — about 40% of my earnings goes into my savings and investments, 50% goes into my monthly running expenses, and I leave 10% in my emergency fund. I don’t borrow money from my friends to get through each month anymore, and I help my folks out with stuff.
But I won’t say I’m living a soft life — I still worry about price tags when I go shopping and can’t afford a car or a vacation at the moment. I enjoy spending money and the feeling that comes with it. But right now, I have less than ₦10k in my account. Even my emergency fund is not enough to cover some of these costs sometimes. Random things happen and they come with bills. A sibling could need a laptop to write a school exam or my phone screen could break and I’d need ₦70k to repair it. When I factor in all of these things, my current income is definitely not enough.
I understand that some people have it harder. I’ve been there too. The next milestone for me is getting my place and a car and earning enough to take care of myself and my family, so they can be comfortable as well. If I have to peg that to an amount, ₦700k-₦1m won’t be bad for now.
7. Ope, 40, Communications Lead
Salary: ₦400k
Context matters, and I think it’s missing in many of these conversations. I have a family, and my two kids are in school. And here’s the thing: I earn enough to meet my responsibilities and still save 1/3 of my salary every month. I’ll admit that I live a spartan lifestyle, so it works for me. If I’m one to flex at posh restaurants and clubs, then it definitely wouldn’t be enough.
8. Martins, 27, Banker
Salary: ₦410k
My salary is only enough to make me comfortable, but I’m not quite there yet. As my earnings increases, so do my expenses, including my taste in things and black tax. It’s a cycle. However, I conveniently save ₦200k every month now, which wasn’t possible before I got this raise.

For a Nigerian to break into the one percent population of the wealthy, it will now take a net worth of $70,000 (N28.7 million), according to the latest Knight Frank Wealth Report.Using the N30,000 minimum wage as a benchmark, it means a working 18-year-old will have to wait 97 years, that is if he plans to save the whole of his salary.
This paints a picture of the rising inequality in the country as many Nigerians continue to battle to survive on daily basis.
Knight Frank report describes wealth as the net assets of a person that includes property, cash, equities, business interests less and liabilities like loans.
But with many Nigerians battling with the soaring price of food items, transportation and other goods and service, hoping to be among the listed few rich can be rightly seen as very ambitious or difficult.
In other parts of Africa, for a Kenyan to join the wealthy it will only take $20,000, while a South African will need as much as $180,000 to join the top one percent in South Africa.
With the threshold of $7.9 million, Monaco is a favorite playground for the super-rich in the world.
Switzerland, famous for its role as a warehouse of the global elite’s wealth, is second with a threshold of $5.1 million. The United States is third with an entry-level of $4.4 million.
The report further showed that there are 231,309 High net worth individuals (HNWI) in Africa with at least $1million (N402 million).
There are also 3,330 Ulta High net worth (UHNW) Individuals with over $30 million a figure that increased from 3,330 in 2015, and 3,127 in 2019. The report expects the figure is expected to grow to 4,361 by 2025.
Out of the HNWI in Africa, Nigeria has 43,571 individuals with $1 million but this represents a drop from 56,444 in 2015 and 53,021 in 2019.
Nigeria also has 867 UHNWI, an increase from 821 in 2015 and 855 in 2020 a figure expected to grow to 992 by 2025.
These richest in Nigeria are almost exclusively entrepreneurs owning multiple companies and assets in the local market and abroad.
Knight Frank says that a growing inequality is a major challenge for the super-rich, countries and governments, with higher taxes on the wealthy seen as a way to reduce the imbalance around the world.
“Wealth inequality has become starker within countries and globally, particularly as a result of the Covid-19 pandemic, and this is likely to become a point of growing contention,” the property consultancy says in the report.
Knight Frank therefore canvases for more wealth taxes to be introduced as governments scramble to cover the huge costs of the pandemic, adding that targeting the wealthy tends to be popular with voters surveyed.

By David Ibemere…

Change your location.

See let me tell u something about money.

If u are making 200k in a place without any obvious risk and the new company offers u more say 300k with so much risk and uncertainties which one would u chose?

Use your tongue to count your teeth.

Wish u the best as u rack your brain.

Single guy keeping a mother of two whose only ambition is her children.

Make God no allow her kill u.

Let me advice u.

At this age u need to work and continue to work until u are financially ready to marry.

The right age to marry is 31 for a man.

Love alone is not enough to run a family. So,u need to have money,enough money.

Leave relationship for now especially if u are not up 29 years. It is full of distraction. I remembered at 29,I had a good job with two cars for taxis then.

And finally,don't date a woman who has no income, I mean a liability.

Good luck to u.

Go and bury your father.

Uncles or villagers can not change anything for the dead.

Would they come and take him to heaven or bring him back to life?

If u have the means while wait for people who have abandoned u guys to cone and decide for u people, except u guys are waiting to be mocked.

Village people na food and anything to eat they are after.

God is good.

APC will lose in Lagos.

Don't argue with me...just mark my words call me or chat me after the election.

This Bivas is not for agbero,it is for sane society.

No amount of intimidation will change the electorates.

The suffering has made them to have sense by force by fire.

TheNiceGuy:
Obi was Anambra Governor, how's Anambra People today?

Are they free of poverty, insecurity, unemployment, bad road and other lacking social amenities?

The question is for who has head to THINK.

They are the richest people in Nigeria.
What else do u want to say.

They have more millionaires in Nigeria than any part of Africa. U can argue with your phone if u are still shocked.

Abizz:
I said the man was a junior colleague, you are including me on the list of people God could answer their prayers with his position.
Epe lofe gba.

That is why I hate your tribe always ready to abuse people.

If i curse u,u will not remain the same.

So, be careful how u talk to people online. I admit I read and misunderstood it but be careful.

I don't pity any body.

What happened to his tongue?...I guess he didn't use it to count his teeth.

Someone will surely occupy his seat and remember,his downfall is also the prayers of another person.

In all,God has answered someone's prayer and it could be u the writer or another person closed to u.

I am sure now,he will jettison the idea of marrying another woman.

This is cult related.

Rest in peace to them all.

If u have a friend that is a cultist,dissociate from them,in fact run away from them.

Liars.

Do not click the rubbish above it has nothing related to what he wrote.

okrikaboi:
Take your mediocrity and shove it down your urethra. I have a plan for all your shortsightedness I asked a simple question if your frustrated brain can't help then lick your itchy fingers. You are henceforth ignored.

Over fed man.
Very soon buyers are waiting to buy it up because of your lack of right thoughts towards real estate management.

Your question is absolutely meaningless. How can u be running after a corporate body when the bank is supposed to be the one looking for u.

U need to grow up seriously.

HolyMan12:
My 7 year old son is already doing his master's degree at Harvard..


I don't know why parents are hesitating to send their children to school early

Read what u just posted and correct it yourself.

However,we are not in a haste to send our children to school nor are we happy to do that but as a working class family,we are ok with creche than paid nannies who may end up drugging your children.

Do not worry when u are opportune to be in our shoes,u will understand better.

I remembered the very day my daughter started creche at that very tender age,my wife cried uncontrollably but we had no option and no one to help then.

U inherited this property yet u don't know that people make demands for this not u searching for them.

U had better reset your brain since the man above isn't making sense,then u should try and make sense.

For me,I think u need to read what u wrote on and on again to know if u are making sense.

ednut1:
his fellow African is responsible not Saudi. They pay over 4k usd per month as at 2020. People will still go there.

Not true.

Say what u know.
Two Nigerians that I know there, one of them is my best man's younger brother and the other is my friend's brother and they don't earn anything close to that amount.

Except u are a consultant.

Obisbetter:
Igbos are the only ones that call off the bluff of their leaders and hold them accountable.

Igbos will criticise their leaders for any slightest misdemeanor .

Look at how they threw Ekweremadu under the bus.

But that can't be said about Yorubas who are even riding Tinubu to become the president despite the atrocities he has committed

And the only tribe that can vote for any tribe without recourse to religion or tribalism.

The records are there for all to see.

Skyview01:
You hit the nail on the head. I cut people out of because they will turn you to ATM machine.

The day Ibechris will have sickness that is not typhoid or malaria is when will know he is in a wrong country.
He should first ask why the president of his country is always japaing for medical treatments abroad.

I am not in a wrong country man,rather the country has been in wrong hands since 1960. We are about correcting that.

Timekeeper452:
I won’t lie, at first I thought maybe Peter Obi wouldn’t be winning this election, but with the way things are going, I can say he stands a very good chance of winning. Everyone I see both offline and online is Peter Obi. I have met a few Atiku voters too. Well let’s see how it goes but really this man is blessed.

U see this election,it will change this country for good but with APC more wahala.

OkpaNsukkaisBae:
It is now obvious that marrying/dating a Nigerian lady is among the 100 ways to leave the earth...


Tufiakwa!

Same with ur sisters.

Two things is sure to destroy our youths in this country e.g gambling and online loan.

lexylaw40:
this is not about religion it's pure ethnic fobia they fear the north. Almost all Igbos still have their gods they pray to in their backyard. Just go to their villages and you'll see. Igbos love luxury life style which they can only find in Yoruba land

U are out if tune...this madness would not last long.
It is borne by deep hatred for the igbos.

Ayodele951:
I'm currently having a quarrel with my wife she wants our 1year and 3month baby to start day care. I insists she starts when she's old enough like 2years.

She's really a smart girl at here age.

What year is appropriate for a baby to start day care?

My first daughter went creche at six months,my second daughter went to creche at 9months while my son went to creche for only one month and at one year and 9months he started school.

All was due to the nature of our work.