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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 6:09am On Feb 21, 2022
LOL

It’s Balmain not Belman. As per pics below, authentic Balmain bags are also very much available in the second hand market place for a fraction of the cost.. . . .assuming purchaser is buying an authentic one. I daresay there’s a bigger market for fakes hahaha

Can the real #mazitalkanddo please stand up?

2 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 4:52am On Feb 21, 2022
LOL and where did Mmotimo mention jacuzzi or when did bed frame become bedsheet set? Almost every home in the US has a jacuzzi so what’s so special about that . With that said, bedsheets sef get instalmental payment and are auctioned off in estate sales.

And the games begin, deliberate misrepresentation of clear sentences to create a narrative that they can now focus on attacking so that gullible minds forget how to read and comprehend my original post. Anyone interested in auctions can cop good pieces, I already outlined that, it’s pretending you paid $18k for a carpet or $12k for a love seat for me. Fabu unlimited, awon ti N3xt. No be today, shior! The issue is not having stuff, it’s misrepresenting the acquisition, I’ll re-emphasize that because that’s what you’re trying to mask as you set about a rebuttal that is not even addressing what I wrote. The issue is not having stuff, it’s misrepresenting the acquisition.

Anyway, don’t forget the imaginary motorbikeS you promised N3xt to the hearing of all on this site. Dude’s got plenty of time on his hands to cross-country biking. It’s 2022, let us see #mazitalkanddo not #mazialltalk

7 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 2:55am On Feb 21, 2022
If you think someone that said his household income falls in an average of 100k per year is buying 18k carpets and 12k sofa sets and 8k guest room bed frame - sorry nna/nne but you deserve to be duped. There is a class of people who can afford such without breaking a sweat but they are the class that will not come to Nland to shout it out.

For the ones being peppered, understand that a lot of people will do anything to impress the gullible. Used furniture costs a very small fraction of brand new and a lot of Nigerians patronize the auctions for furniture, just like they do for vehicles. A lot of these furniture auctions have merchandise from the estate of deceased, wealthy Americans whose inheritors are trying to dispose of very high quality house furnishings so you can buy very nice pieces at a small fraction of the cost. It is a fact that some Nigerians only ever buy big ticket items at auctions because they believe that’s the best value for their money.

For those that want things they can’t afford brand new, these auctions are a treasure trove. For things they like but can’t afford, you have instalment payments or the deferred payment arrangements with stores for almost everything in the household, from electronics to furnishings. Heck, even brand new clothing and shoes have layaway arrangements so that you don’t have to pay all at once.

Nothing wrong with auctions or instalment payments if that’s how you roll but the unending deceit? The constant need to pretend to be what you aren’t in the name of pepper them? The outright lies and misrepresentation? The constant need for validation from people who could not care less? #mazialltalk

These braggarts are a dime a dozen, I already gave the 411 about them. Stay woke! Don’t allow anybody pepper you. I get dis, na me do am, na we dey dere, the truth is in the net worth, the credit reports. . . . . . . . But sha, somebody should remind me when he opens his village house because he has promised to dash out the latest iPhone as souvenirs. My phone is already 4 years old, I await the awoof.

18 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 8:03am On Feb 20, 2022
Damn!
Missed all the fun
Family / Re: You Have Reason To Be Happy This Christmas, Please Come In by MMotimo: 12:22am On Feb 20, 2022
anuofGod:

I've gotten it. With an extra sef
Thanks so so much.
I really appreciate. May God surprise you with abundance of blessings.
May God's light forever shine on you. May God meet you at every point of your needs and provide for you. I'm so thankful.
God's faithfulness and love will never depart from you and everyone who has also extended an helping hand to us in one way or the other.
You'll continue to blossom and never wither in Jesus name.
Thanks so so so much. Becca and I are very very grateful.
God bless you ma.

Amen, thank you for the prayers.
I pray that your faith will continue to be strengthened, even if/when it gets stressful. That you will always feel God’s presence close to you and Becca and that God will provide all your needs.
Family / Re: You Have Reason To Be Happy This Christmas, Please Come In by MMotimo: 5:49am On Feb 18, 2022
msld:


You have a good heart. Thanks for being there for her and her kid.

Thank you, Sir
Family / Re: You Have Reason To Be Happy This Christmas, Please Come In by MMotimo: 5:48am On Feb 18, 2022
anuofGod:

Amen
Yes you can.
May God surprise you with greater blessings.
May God bless you in all your endeavors and favor you.
Thanks so much sir

Amen and I wish you the same. I’m female smiley
Family / Re: You Have Reason To Be Happy This Christmas, Please Come In by MMotimo: 4:21am On Feb 17, 2022
anuofGod:

She's doing good #smiles
Thanks so so much, I really appreciate

Good to hear. May God continue to be with you both. I was told I have about 8k left with the person that forwarded the funds last time. If you’re okay with me sending it to you, may I have it forwarded to the same bank account as last time? 2105162506? Please confirm once received. Thank you
Family / Re: You Have Reason To Be Happy This Christmas, Please Come In by MMotimo: 5:43pm On Feb 16, 2022
anuofGod:

Amen Amen Amen in Jesus name.

How is your daughter doing?
Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 7:01am On Feb 13, 2022
EgunMogaji2:


I’ve cleared my schedule for Monday and will set an appointment with my lawyer to review the existing document.

My situation is a bit peculiar since I’m a single lad.

Thanks for sharing.

I love the sound of that. That reminds me to say that a will can be a once and forever thing but can and should be modified if necessary as our circumstances change. God forbid our sweat to go to those we no longer want it to go to on the technicality that we “forgot” to revise it with a lawyer. That’s enough to resurrect a person!

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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 6:40am On Feb 13, 2022
Another day, another controversial/unpopular (?) post:


This is about estate planning at it’s most basic level - THE WILL. In a thread like this where folks are building real estate assets with the help of our wealthy contractors; chances are, most people need to give some thought to this.

Disclaimer - I am not a lawyer nor a financial planner nor any kind of expert on the subject, just a curious mind who possibly knows a bit more than the average layman because I like to do my research before making decisions. This is a very sensitive topic and I am not expecting that you folks are going to tell us all about your personal will decisions but I’m hoping to stir up something for those who may not have thought about it deeply. It’s a very, very good idea to do your research into this issue and make sure you have one before the end comes. You’ve made sacrifices, you’ve worked hard all your life, it would be a travesty to leave the decision on who gets what to in-fighting or just plain luck on the part of who is able to grab what quicker. I would suggest pay an actual, qualified and competent lawyer to do up the will. Sure, there are cheap, online kits but this is not an area you want to cheap out on!

I think of a will as the opportunity to make sure your sweat and labor go where YOU WISH after you’re gone because ultimately, the labourer deserves to choose who enjoys his/her sweat. The choice of beneficiary(ies) might not be popular in certain quarters but I say to the living “ is it really right to decide what a person does with their sweat?”

Personally, making a will was not an experience I was eager to do because it forces you to face your mortality but we did it eventually because we wanted to make sure our offspring would be taken care of. As said offspring become older and financially independent, the contents of the will might change to allow other parties get a share too and maybe not. Fun fact- we have been assured by our Gen Z that in the very unlikely event we leave a billion dollars, they would give a lot of that money away to charity because “there should be no such thing as billionaires.” So, good to know how your would-be beneficiary(ies) think.

If you live in the west (I do not know the probate laws of individual countries so maybe it’s not all western countries?),a will is imperative if you have assets that you do not want to go to probate. Estate and probate laws differ between countries. For example, in some, if the deceased’s bank accounts are not joint with anyone else, the contents of that account can be subject to probate and estate taxes when the person dies. If the account is joint, the contents pass on to the surviving account holder (s) with no probate requirement. Again, I’m not a lawyer and I can’t speak for every country so, definitely verify what obtains in your jurisdiction. Unfortunately, I know very little about Nigeria’s probate laws but maybe someone in that field can educate us on the basic rules?

There’s this common thing in Naija where men leave their inheritance (with or without a will) to their siblings who then decide whether or not the deceased’s wife and kids get a share. This is very strange to me because there’s no universe in which any of my brothers or sisters would leave their inheritance to me. As an executor or trustee, yes, but not for me to inherit what they have and the feeling is mutual . But, in certain families, the siblings are ranked higher than the wife and kids.

I realize there are scenarios where a person does not trust their spouse to take care of the kids so they entrust their siblings with that responsibility but how about when the kids are grown and knowledgeable already and can directly benefit from the inheritance? This idea of leaving the assets to extended family cuts across all of Nigeria, every group practises it. Maybe because I’m female and I know that women and their kids usually bear the brunt of such decisions, I can’t help but wonder why a man would marry and make babies with a woman he does not trust, leaving her to the mercy of greedy relatives after he’s gone undecided

There is also the issue of if you’re leaving the inheritance to responsible people. I have been working since I graduated and I know I would be hesitant to leave an inheritance to someone I believed would waste it on drugs, gambling, promiscuity, alcohol or any other social vices. Most Nigerians want their kids to benefit wholly or partially from the inheritance so it becomes more important that if you’ve worked to acquire your assets, you want it to go to those that will treat it with prudence. That’s something we have to think of as we raise our kids. God knows I’d sooner give it all to charity than kids that would waste it all. Our days of sacrifice have to count for something.

Till date, many learned and wealthy Nigerians still die intestate (without a will). With Nigerians, I suppose there is that complacency of “na we-we” after all who would dare take over your assets if not your family but with the way the country is going, I believe spelling out these things is becoming more important than ever.

****modified****

That reminds me to say that a will can be a once and forever thing but can and should be modified IF NECESSARY as our circumstances change. God forbid our sweat to go to those we no longer want it to go to on the technicality that we “forgot” to revise it with a lawyer. That’s enough to resurrect a person from the land of the dead angry

Thank you for reading.

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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 3:18pm On Feb 12, 2022
Happy Valentine’s Day weekend, ladies and gentlemen! It’s still not too late to make it memorable.


I have another controversial, possibly unpopular opinion loading ……….

I’ll be back

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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 6:48pm On Feb 05, 2022
BrickDevo:

MMotimo ma you see what am saying, here is an example of why the middle class will think that interior design is not a big deal.
rotecch77 no pun intented

Last time I was here, I responded to your mention but the spambot hid my post and banned me. Hopefully not this time
Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 3:18am On Feb 01, 2022
Born2conquer:

Actually, your question would have been a way for her to promote herself.

She probably took the question as an attack.

"How would you convince the middle class that hiring interior decorator is not a luxury"

Her response could have convinced other kobo kobo builders to start "factoring" in interior decors to their budget.

Thank you, Sir for restoring my confidence in my spoken English. I bin wan start posting in Yoruba and/or pidgin grin

3 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 3:13am On Feb 01, 2022
EgunMogaji2:


Thank you Ma. It’s a labor of love and it helps because I live right next door.

I use Baba Latis so I’m sure of screw ups as soon as I leave the site for a second.

It’s sad that I’m already looking at corrections on a brand new build but I’m ahead in terms of cost.

There’s an entire niche in the Naija construction industry for “finishing.” The builder produces the carcass and moves on, these finishing companies take over from there. They source for tiles, carpentry, electricals, bathroom wares, everything to turn key. Some do “finishing to furnishing,” supplying furnishings and appliances after finishing. They hire young, teachable graduates and train them to understand, visualize, appreciate, what clean finishing means and have those young people micro-manage the Baba Latis. On top of that, someone still keeps an eye on the project. In the end, their service doesn’t come cheap but it’s the price of not being able to supervise yourself.

I guess what I’m saying is that really clean finishing takes your sweat/saliva (as you already know) and there are people willing to pay a premium for the kind of results you have been able to achieve.

3 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 2:55am On Feb 01, 2022
Valentine’s Day is in 2 weeks, do not say you forgot wink Let’s just say from Friday February 11th till Monday February 14th, so there’s plenty of time in that weekend to celebrate. You can make it a 4 day affair or 1 day affair. If you are out of town, plenty of time to make it home to your partner.

This year, make it extra special, do something different, put some thought to it wey be say your partner sef go know say you tink am deep. Use your imagination or use Google. The good thing is if, like me, you typically do nothing for the celebration, the bar has been set low already so any little effort is bound to dazzle. Biko, shake bodi, plan sumtin! Small reminder sha - no go use tiling moni or Master’s degree moni buy human hair or iPhone pro max abi na max pro for her o! No do pass yasef! You are celebrating love, not buying it. The gift of time, concentrating on her, celebrating her, trumps all.

Naija women too like moni
They are not romantic
They are always demanding
We don hear! Make una no vex! We will do better. Appreciate your woman.

Call out to females:

Do not make 2022 another cheapskate boxers year. You’re already a “whole meal.” Wear something tantalizing, find a babysitter and deck that “whole meal” to the high heavens. Make it a period of special pampering. I take God beg you, no request anything o! It’s not the time to talk about the increase in food prices , generator needs petrol, your brother needs school fees, car needs servicing, etc. Just allow somebody’s son to feel loved and special. Invest in lingerie if necessary, let 2022 be a year to remember. Go big or go home!

3 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 6:03pm On Jan 29, 2022
MulticolourDeco:


I think this has to do with your mentality sir. Just like some set of people believe a pregnant woman walking at night could give birth to a certain kind of child so do alot of people believe in so many things that isn't adequately correct.

I am a budget interior decorator. In our company Clients determines the budget not us speaking for myself. Our job comes with a detailed understanding of what to expect before we even get paid. It's an agreement between both parties and we always exceed the Client's expectations because that's the beauty of it all .
And I can bet it with you, no matter how well you think you know how to shop you can never achieve what I would achieve given any budget in terms of quality, style, design, creativity, ambiance etc. Don't be deceived by what you think you know. How can you beat a professional that doesn't this for a living.

Interior Decorators are meant to give more for the value of any budget because we deal directly with Importers and merchants who definitely gives us more discounts because of our continued patronages. Atleast that's how it's meant to be. Some of us are direct Importers who imports in bulks and that comes at a more affordable values. They help you achieve you dream Interior just as you want it but doing it much more professionally.


If you employ an Interior Decorator and the services render is lesser than the value of the money given then you as a person hasn't done your assignment well in selecting a professional in handling your interior. You know there are many jobless Nigerian posing themselves as different professionals like makeup artist, models, contractors, real estate professionals etc. So we also have alot of jobless people calling themselves Interior decorator who doesn't know the drills or have the necessary skillsets or passion that come with this profession. And also alot of people want to follow names, I think that also happens all over the world. They want to say so so professional designed my home. If you want such professional influences and sentiments it also comes at a price. If you want a genuine passion influenced, talented and skilled Interior designer to handle your interior we have 100s of us in Nigeria even with international trainings. Please do well to identify one and work with them on your next project.

And moreover alot of people just assume all these things. Have you ever engaged the services of an Interior Decorating Professional and they under delivered?. Or it's just something you have stuck in your head as we all do as Nigerians, jump into conclusions because we think we know it all even without taking time to read or study about such things?.

A lot of people too expect magic when they don't give much because they are dealing with a professional. If you fall into such category you will always be disappointed because it's what you give that you get. You don't expect them to use their money to help in decorating your interior, do you?.


1. I am not a “Sir.” I am a female like you who noticed you were offering a service, pinpointed a common barrier/perception and asked you to elaborate on how you would address that barrier I.e. how you would convince a middle class builder who perceives your service as a luxury.
2. The bolded is really the only response needed to what I posted. I will forgive the other parts because I don’t know what your head space was like when you read my post which, by the way, highlighted my appreciation of the kind of work you; thereby making your response even more unreasonable.
3. English is not my first language and apparently not yours either so I have read my post again and you should too to see how your rude response relates to what I wrote. I thought the intent of my post was clear - give you the opportunity to convince a non luxury builder that you offer a service they should consider paying for.

14 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 5:36pm On Jan 29, 2022
BrickDevo:

The Bolded is the problem, is the mentality of i don't need it, and it doesn't really matter or it is expensive, in Nigeria interior decoration is a thing of luxury which only the rich can enjoy and few middle class.
when it comes to luxury i don't think it has to do with why, it has to do with can i afford it, the service usually seems fit for who can afford it cos without it your house will still be habitable.

I agree that it is popularly perceived as a luxury but I also know that is not necessarily true, which is why I asked her to sell it to the middle class builder since this thread she’s advertising in does not necessarily cater to just luxury construction. The thread has middle class builders who may be interested in her service.

1 Like

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 5:27pm On Jan 29, 2022
EgunMogaji2:


Deep.

I saw a construction thread of yours. I can only imagine the amount of sweat saliva equity that went into achieving your results with the clean finishing , sharp lines, etc. People pay a lot of premium for supervision to achieve results like that with their homes and sometimes, those premiums are still not enough. You must have spent a lot of man hours micro managing to get your results.

Bright, airy home, lots of windows and light plus the white paint looks good. Congratulations!

4 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 3:01am On Jan 26, 2022
MulticolourDeco:
The Dos and Don'ts of Decorating a Kids Bedroom

I love Beautiful Kids Room Decorations. I have seen so many themes, colours and designs and I am always amazed even being an Interior Decorator. Some of them just simply takes your breath away.


Let's talk about amazing Bed designs. I have seen so many amazing bed design structures made to work incredibly well with the kids bedroom theme. Some with some fascinating shapes made to look like objects e.g airplanes, baskets, Canoe etc. They all look gorgeous.

Children's Bedrooms Designs has really evolved. Princes and princesses themed are so not the in-thing anymore. It's now more of cartoon character, kids interests and kids wishes. I have seen kids rooms with Space Themes, Alien Themes, Animal kingdom themes even Dinosaurs. Some are like scientist and love their room designed thus. Also seen kids rooms made to look like a gardens, Incredible designs.

Kid's Room shelving is one of the most planned structure in Interior Designing. Designing kids room to follow all safety protocols are paramount. Aside for safety reasons, they are made to serve all required purposes. Studying, playing, sorting, sleeping, resting etc are few of the things to put in mind when designing a kids room. An atmosphere where a kid feels safe is important. Continue reading on https://kemimulticolour..com/2022/01/kids-rooms-decoration-dos-and-donts.html?m=1

I am curious, what would you say to people who say paying an interior designer is an unnecessary expense? How do you convince them? Why should someone spend the extra money if they could just do things themselves? I have an appreciation for interior designers, I’m not trying to discourage you nor knock your hustle. I see how the market has really taken off, especially in high end luxury homes. I’m just trying to get you to explain why your services should be part of a middle class home owner’s budget? Why should this be considered a reasonable expense? smiley Who knows, maybe your explanation could stimulate someone’s interest in the service.

4 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 6:36pm On Jan 22, 2022
Born2conquer:

A quick question Ma, how do you navigate the stock market because it seems that field is not for the faint hearted.

2021 was bad and extremely bad for stock holders with most stocks falling as low as 75% from their ATH, I bought JMIA at around $50 and same Jmia is $9, several other tech/health related stocks, so how do one navigate the stock market to maximize profit and also minimize losses because it's been hell since 2020.

2) I believe in one way or the other, we all have something to contribute to Nigeria development which involves but not limited to REAL ESTATE and good houses to encourage development, if people in diaspora refuse to invest back home by building quality houses in their villages, local governments and states, how will most of these places develop? Reason why SOUTH WEST have been tagged the brown roof region.




Even if we attain other countries citizenship, we will always remain A NIGERIAN.

1) When it comes to the stock market, I watch and listen to those names that have been exceedingly successful at it and I learn from them. I’m not one to give stock tips because I do not consider myself to be an expert plus I would hate to be accused of trying to sell something. I will however, say that greed and fear are 2 of the greatest problems when it comes to the stock market. As I said in my write up, compound growth is one of the big drivers as is time so a short term horizon like a year would be challenging.

2) Oga, you make it sound like people abroad are the ones driving Naija’s construction industry smiley Well, I cannot say for sure but I think it’s mainly those resident in Naija and I would think that the construction business would still survive even without those abroad. I can be quite hard nosed when it comes to personal finance, I leave limited room for sentiments after all, the same polithiefians that raped and still raping the country are the ones pouring money into Dubai real estate. Nigeria needs nothing from me when it comes to real estate development.

As for other people’s posts about real estate being the greatest and all that for wealth creation: First, I don’t argue about how to make money, I consider that to be extremely tacky behaviour so each adult is welcome to embrace what they understand. My write up was specific to Nigerians that think they can’t save money abroad and I gave an example of an everyday couple to show that it can be done, just so happens their vehicle is not real estate. I made several points and I am confident that some people found benefit in some or all. Safe to say that I don’t shy away from controversial view points, I might be back with another one tomorrow LOL. In relation to the real estate issue, I won’t re-hash what I already wrote but I will lay emphasis on certain words in the write-up:

Nigerians abroad
Savings
Exchange rate
Inflation

A reminder that the same USD/Euro/GBP etc exchange rate that floods your account with naira is the same magic that erodes the value of your Naija assets when denominated in the international currencies with which you pay your bills and save in the abroad you live in. If you are a Nigerian living in Nigeria, I don’t think that would be a problem. If you are resident abroad, then the opportunity cost is in full play if those Nigerian assets are not keeping up.

When I wrote a year ago, the USD/NGN rate was about 460. Last I heard in Dec /2021, it was 570. That is a 24% deterioration in less than a year. The current hyper inflation rate in Naija is also significant and not to be compared with the current rates we are seeing in western countries.

In the past, only Naija’s polithiefians and the ultra wealthy saved their money in foreign currency. The middle class just bought as needed for vacations abroad or to pay their children’s school fees. Today, the middle class are converting any idle cash to foreign currency savings because there’s no confidence in the naira. That should tell us something. As someone living abroad, it’s important to me that I create value in a stable currency. I believe in miracles and I know Naija can be good again, I just have no confidence in the timeline. It’s good to make money but perhaps even more important is the preservation and real growth in the value of that money.

5 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 3:35am On Jan 21, 2022
Continued in March, 2021. . . .

- Avoid unnecessary debt, run from it. The only good debts are mortgage, student loans and “affordable vehicle debt.” A lot of financial experts would argue against any form of vehicle debt but I’m partial to it. Credit card debt, credit card cash advances, payday loan debts, should be avoided. These kinds of debts have the worst interest rates. Pay day loans are those you take in advance of your next pay day which means the debtor is constantly behind, always a pa day loan waiting to be paid with the next pay cheque. Every $ going to pay debt is a dollar that cannot be saved or used for better things. Some spend hundreds and even thousands a month on debt, that’s major leakage right there.

- For couples, an inability to work together for unified financial goals. This is where whom you marry comes in, the ability to trust another with yours and your family’s finances. The bible says “two are better than one.” Even if only one person is working, having partners that are in tune with each other’s financial goals is important. Planning together goes further. Usually, one person is better at the financial management than the other. Whichever person is better at it should handle it, husband or wife, doesn’t matter. The non active participant should have a basic understanding of what’s being done so they are carried along. Financial goals includes adequate term life insurance so that the family will not suffer should a partner pass away.

- Fraternize with people that are doing/have done what you aspire to. If you spend all your time associating with people who say it’s impossible to save or get ahead, it’s tougher to have a different mindset. They will draw you into dead end jobs that will prevent you from developing yourself into more skilled, better paying employment.

-With savings, start early because part of investment returns is the advantage of compounding and over time, that compounding can do wonders. Have compartments for savings, long term and short term savings.

- Budget! Budget! Budget! Know what’s coming in and out and when. It doesn’t have to be complicated. The family budget is on a notepad on my phone. I know however much is coming on each payday and I allocate in advance to different areas. At any given time, I’ll have the current month’s budget + at least the next 3 months. A budget does not have to be rigid but it should be adhered to most of the time. Sometimes, you’ll blow the budget and there will be little or no savings. That’s human, it happens but it should not be the norm.

-Unwillingness to change locations. In the US, there are over 50 states. In the UK, between Britain, Scotland and Ireland; there are several cities. Sometimes, all it takes is moving for a better job that can make savings happen. I always say if you could move thousands of miles away from your homeland, what is stopping you from moving to another city when you move abroad? In downtown NY, you’ll find so many of our brothers, Yoruba, Igbo, Bini, wearing polo T-shirt uniforms of sightseeing tour companies. They are there soliciting tourists on the streets to sign up for bus tours. Frankly, it’s an agbero job, more or less. I hear it’s not a high paying job but it’s very physically taxing. I’m not knocking anyone’s hustle, what I’m saying is work smart. Some have been at this employment for decades. The trouble is living in New York is not cheap so a low paying job doesn’t get you far. Same with LA. A low paying job is fine for a little while maybe when you’re new in the country and still trying to settle but you can’t afford to make a career of it. I should add that all these things I’m saying relate to legal immigrants/residents because not having papers and the freedom that comes with papers can condemn a person to a lifetime of menial, dead end jobs. You constantly struggle to make ends meet so saving is not a consideration.

-The owambe lifestyle aka ariya olopin aka party no dey finish. Sure, a person could commit to a life of partying but you can’t turn around to say you can’t save. You buy aso ebi at inflated costs, you pay tailor to sew, you spray celebrant(s) and musician. At the end, one party costs hundreds of dollars. Parties are fine, it’s a lifestyle of it that robs a person of the ability to save.

-Constant “loud” unaffordable trips back home to show you’ve arrived. It’s one thing to go visit family and manage yourself. It’s another thing to borrow money (usually credit cards) at exorbitant rates to go show off and pop champagne in the club so people know you are living the good life. Once you take showing off out of your vocabulary, it’s a lot easier to save because you’re only taking trips you can afford.

- Baby daddy lifestyle. This one can be very very expensive. In general (there are exceptions), if you impregnate a woman and you are not married or common law, you are liable for child support payments. The authorities set the amount and each jurisdiction has their way of forcing you to pay if you are recalcitrant. Depending on the baby daddy’s income, child support payments can be financially crippling. Multiply that by a couple of baby mamas and a Naija man would not “ko ere oko de le” return home with an harvest.

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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 3:35am On Jan 21, 2022
Alhaji, this is the write up I mentioned, Sir. It’s my musings . This post is from February, 2021. I have modified slightly to remove any personal reference to my person.

Cc Mufutau55
Abolarin91




There are Naija born USD-millionaire, first generation immigrant families. Not physicians, just regular people, professionals who live below their means, pay themselves first, and don’t jump to get rich quick schemes. Rome was not built in a day and don’t I know it but you get to a point and you really start seeing the possibilities. Every little 10% growth is suddenly a big deal. Of course, stock markets fluctuate so it’s not all rosy but if you’re invested for the long term in securities that have time-tested proven returns, the sky is the limit.

Automatic payroll deductions, whether pre tax or after tax, have given the world an excellent resource when it comes to saving money. If your employer matches your contribution, make sure you are contributing enough to at least get that match. That 50% or 100% match is a freeee return on your contribution. I think it was Rockefeller that said he tithed 10% then saved 10% and that contributed to his wealth. 10% savings is great, more is even better if possible.

People in the diaspora get a bad rap, all you hear about is living pay cheque to pay cheque and nothing in the bank. Ogbeni, speak for yasef! Because you see people not making mouth, you assume they don’t have. One of our Naija family friends have over a million dollars in readily accessible, stock market assets with zero leverage and they have no debt. Fun fact - they are renters, no mortgage. They have 2 cars, one luxury SUV and the other is an entry level sedan. Simple, nice people who rent nice homes. No airs, dress well, eat well, exercise regularly. Both are professionals but it’s not like they are making a million dollars a year. Very, very savvy stock market investors. The wife once gave me an investment tip that’s really not rocket science so I know they’re not invested in fly by night fads or anything funky. The tip made sense and it’s obviously worked for them but I got with Suze and Warren in my 20s so I’m not about to change what I’ve been doing.

Some of the factors that prevent wealth accumulation for Naijans living abroad:

- Laziness, free stuff, whether it be subsidized housing, plenty government money for children, etc. Most of these awoof are tied to income level. It’s literally more beneficial for some people not to work at all or work little so that they can get all these benefits. So, instead of going back to school or re-training, they stop at “soft work” that pay the minimum. It’s tougher to save when you’re not earning at your optimum potential.

-Unwillingness to integrate/adapt to their new environment. This comes in different forms. The common one is “business” back in Naija. The biggest problem I have with this is the unreliability of the naira. The exchange rate is unpredictable so it turns into a gambling game. You make #xxxx and you know how much it’s going to be in USD when you convert it. What you don’t foresee is an upheaval that causes USD to go from #365 to #460. If it’s money that does not need to be repatriated abroad, not so bad and we have such an investment for Naija outlays but it’s tougher to plan on that to build wealth in the US. Now, if you could bill and collect in foreign currency, that’s a different ball game.

- Get rich quick schemes. Awoof must run belle, no be lie. Contentment is a major character strength here. There’s no free money anywhere. Even if it looks free and you grab onto it, greed sets in and eventually, all is lost. Majority of wealthy people didn’t get rich instantly, it’s a process. I’m not talking about here today, gone tomorrow wealth like yahoo yahoo money. Most of these quick schemes have elements of fraud because someone, somewhere is going to lose or suffer. The bible says we reap what we sow. Within this segment is jumping to fads. Today it’s MMM, tomorrow it’s another fad scheme, wasting and losing money as the years go by.

- Living above your means, keeping up with the Joneses as if everyone’s script is the same. Every person has their own path but sometimes we are derailed because we are trying to impress others. You don’t go and buy a Chanel bag because someone else has it. You wait till you can comfortably afford it. You don’t go pick up a Range Rover because that person in church drives one. You don’t put your kids in schools you can’t afford just to feel among. How about having your wife not work because Chukwudi’s wife does not work as per big man wife; forgetting that Chukwudi is earning more than enough to pay his family’s bills but you and your wife’s incomes combined can’t keep up with your bills.

- Over-dependence on real estate assets, especially in Nigeria. The 2008 recession showed us that real estate does lose value after all and since that period, we’ve seen re-occurrences. Maybe not in Naija but with the rate of inflation in that country, you have to use a calculator to check if there are actual gains or you are just trying to keep up with inflation. From experience, I know that owning real estate in a place like Nigeria only makes sense if you are making correct money from that building. Not the one that you’ll spend millions building a home and be collecting 250k rent, mbanu!

- Building a house in the village. You’ll see someone living in a tight apartment abroad, building mansion in the village. A house he can’t retire to for decades to come and which would generate zero rent in that location. To me, it doesn’t make sense. Growing up, you travel to the hometown a few times a year. The first 2 days of arrival, all you do is clean up the family house and battle dust just so you can spend 5 days and then back to Lagos again. Next time, you repeat the same thing so I knew early on that there was no sense to that. I realize that for some, it’s a tribal sentiment of wanting a home in the village, I’m just doing me. I’m willing to sleep at a hotel and my waka no dey too far from Lagos. Even if I were to spend a month in the hometown, building would still be a bad financial move. I only support builds in locations that give you good rental income.

- Unnecessary sentimental attachment to personal finance planning. I use my head when it comes to money. I don’t jump into something because one relative or close friend says it’s a great idea and it’s working for them. Not all things work for all people. I have a particular dislike of ponzi schemes and I’m averse to anything involving sales pitches. I’m a salary earner and happy with that. Some people allow themselves to be led into schemes that run them into trouble, using the little money they have to “buy products” they can’t sell. I don’t mix money and friendship and I don’t do personal loans, I’m not a bank. Instead of loaning, I prefer to give what I do not need back.

- If you want you help someone, teach them to fish. Putting an adult back home that is not a parent on a regular allowance is not the best. Occasional support is fine but when it turns into a regular thing, not so good. Better to save up those regular allowances and see if the person has any acumen to set up a long term venture to supply their needs. Of course, the problem is most people do not have what it takes to run a business so if you just dash somebody money for business, they end up just spending it on recurrent expenses. A person funding a household in Naija concurrent with their own family expenses abroad is likely to run into trouble. Sure, the forex rate creates a windfall in naira but that money could be invested here for the future and grow in USD. Plus, you earn USD but your expenses are also in USD. It’s not like you pay bills in naira here.

- Apathy towards structures like a tax system that makes you contribute what you earn towards the development of society and others. Paying tax is not a bad thing. It’s what makes it possible to enjoy a lot of the things we enjoy. A lot of people prefer under the table, lower paying work so they can hide their actual earnings and save the pittance they would have paid in taxes. Some just plain under report their earnings but they are doing themselves. Even the bible says give Ceaser what belongs to Ceaser.

-Apathy towards charitable contributions in Oyinbo society. I have heard of people who pay tithes to their Naija pastors back home but won’t contribute a penny to the coffers of their regular Sunday church here. Even to give used stuff or money in Oyinbo society is strange to them. I say, do both. If you are living a comfortable life courtesy of this society, try to give back. Donate to food banks, poverty alleviation organizations, youth organizations, research programs, etc. It doesn’t have to be a million dollars. Don’t forget to give back to the land where God has blessed you.

- Disrespecting money, a popular pastime for a lot of people because it’s “posing.” Even people that work for their money want to spend it like yahoo boys. “I get am before “ no be moni. Respect the money you earn, think before spending. No shame in thinking before you spend, no shame in making sure the expense is affordable first. Always do you. . . . . . to be continued.
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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 1:17am On Jan 19, 2022
EgunMogaji2:


My first born. Full ride at Stanford.

Definitely didn’t get the brains from me but like you said I slaved to provide the enabling environment.

So doings full dis thread like dis grin

These posts give me great joy. We immigrants sacrifice when we leave the known, the familiar, to another land. So, if a person has children, the greatest gift is to see those kids do well and make us proud. That is when it all truly comes together.

You should hear me cheering loudly anytime I’m at a convocation/graduation. Irrespective of the education level and whether or not I know the child; when I hear a Naija name, I am screaming because I know what it takes to raise these kids right.

Well done, Sir!

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Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 12:44am On Jan 19, 2022
kopell:
2 Graduate from Columbia 4 years, 2 more to go @ NYU. Not easy Alhamdulilahi we thank God so far for the journey.

Se NYU wa keere ni? I get excited when I hear/see kids of Nigerian immigrants doing well because that is proof of what our people can achieve, given the right environment. Plus you know you will never have to chase or beg anyone to give your child admission or a job or any other advantage.

America rewards talent and all we need to do is set them on the right path to eat the good of the land.

7 Likes

Properties / Re: General Topic Thread-To Discuss Anything And Everything in Building Construction by MMotimo: 12:39am On Jan 19, 2022
sonnie10:

Daddy’s girl got this in the mail last week.
All I said was, “you are truly dads girl,. No noise just “show your work.”
MSc. Computer Engineering loading.
Doings!

LOUD IT!!!!!!!
Awon omo ire bi custard

#Naijagirlskillingit cool

1 Like

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