₦airaland Forum

Given a choice in today's environment, I will buy tbills.

Somebody else has made a good case against land, though I don't fully agree (I develop land to rent, not just buy and hold), so our experiences with this PMB era may be different.

Let me attempt to discourage you from buying a car:

I'm assuming a car of about 3M, a cost that includes paperwork (registration, uber related fees, insurance, tax, etc.).
In tbills, 3M @ 12% annually is 360,000k. No further work needed from you for the rest of your life to get this return annually.

Typically, most drivers I know make around 30k/week. You'll likely work 46 weeks (not 52 because you will take breaks, get sick, travel, car breaks down, days with fewer customers, etc). Fuel will cost you at least 15k/week with all that driving, not to mention wear and tear and more frequent maintenance. After all is said and done, you might be lucky to see 15k/week after all associated costs (tolls, police, vulcanizer, stress). Not counting that the car you have is depreciating in value.

46 weeks X 15k is nearly 700k, with a lot of effort.

Sure 700k is more than 360k, but the latter comes without any effort, and oh, you still get to keep your 3M in cash. You can also use your time (which you're not using to drive) to work elsewhere.

I concur with the comments: this is how a demon is born.

A nice young guy without means is dumped by a girl because he doesn't have. And people are abusing him either for being a mumu, or for not having. He's only 16 for crying out loud. He just needs an uncle or older brother to pat him on the shoulders and comfort him.

OK, so what are we telling him:

- go out and hustle (at the risk of his studies, and perhaps going into crime), so he can have money, which he will just waste
- he should harden his heart, and disrespect women because after all, they are all gold diggers and are all the same
- he should, like many adult men, feel insecure in himself, that he has to use money to impress people.

Son, I remember being 16. My family was comfortable but I didn't have any money to be spending on girls. Nonetheless I found girls who liked me, and I liked them too. This one's not meant for you.

Books are good and important. So is love and affection. I'm not saying they should be getting down, but I'm OK with 16/15 year olds dating.

Pussywar:
You better change that difference in YOUR perception.

Just because men and women cheat doesn't mean cheating is right.

What I was addressing was the comment: "if she was a guy?..." I gave no opinion on cheating; I was saying that the WhatsApp exchange we saw also happens among women - albeit you're right: they'd get castigated, not praised, for having multiple partners.

Pussywar:
His friend is trash. So you're judging someone based on y'all have had sex, if she was a guy, she would be a 'real man' because she has slept with many of them. Women's values are not in their vagina and sex isn't for men to enjoy alone. Many of you are trash. If it pains you, you're trash too.

Plus, the guy is even dating two girls at the same time, they deserve better.

Let's not let idealism cloud reality. Even women slut-shame women; in fact it's an often wielded jab in any argument between women. There is a difference - we may not think it's fair - but there is a difference in our perception, and denying it doesn't remove it.

Apart from that, we all know plenty women who have two or more boyfriends at the same time, and at some point those women also make that choice to settle for: either the provider, the nice one, or the sexy one. She consults her friends for advice, and the same type of discussion ensues about how Jide spends on them in the club, while Wale is the sexy but stingy one, and how Tunde is sweet but is from poor background.

Weedsmoker:
I prefer lavishing #5bn as a billionaire than to donate it to the north for humanitarian cause.

A region that has produced the highest number of rulers in history,whose culture and religion encourages poverty.
They are brainwashed in their early life to enjoy suffering.

In an attempt at correction and fairness: the North East (to which this donation was made) has not produced any Nigerian presidents (if that's what you mean):

Azikiwe - Anambra
Ironsi - Umuahia
Gowon - Plateau
Muritala - Kano
Obasanjo - Ogun
Shagari - Sokoto
Buhari - Katsina
Babangida - Niger
Shonekan - Lagos
Abacha - Kano
Abubakar - Niger
Yaradua - Katsina
Jonathan - Bayelsa

Balewa (Bauchi) and Atiku (Adamawa, though some argue Cameroun) were prime-minister and vice president respectively. Atiku and Indimi (among others from the NE) have been generous with their wealth for years.

I get what you're saying, but imagine the potentials if all regions of Nigeria received assistance from our wealthy. More people removed from poverty, creating businesses and using their minds positively. Both religions bind the minds of many, and it wasn't until the Europeans stopped taking their religion too seriously did they get the Enlightenment that has led to the modern world. I anticipate the same would happen for our country too.

Man... that Sowore guy must be seriously swearing for Nigerians right now... na so di guy go spend Christmas in cell, enjoying beans.

ornicus:
this chick, so you thicccc like dis? or are you doing camera wayo? your alfa male admirers right now

Thegamingorca:
I love her eyes

odigbosky:
Bros no be small ooo. Been looking at this poco yansh and I am like God...she carry oooo

You guys sef... so that's what you could find in all these pictures?


Na lie, I been dey think the same thing.


But on a serious note, one needs to go to these places once in a while, and I'm happy to see more of us touring in our own country. Just to stay on the beach for 2 nights would be so relaxing. I'm currently saving up for a 1 week stay in Idanre Hills. I may do this for the Christmas break, away from the hectic celebrations.

pocohantas:
I spent just an 1hr 15mins there. Couldn't access their rooms- however, I plan going back there for my honeymoon. Maybe then, I can give a comprehensive report of the rooms and services.

Wait, what? 6 hours to and fro to spend an hour or so ... are you doing stuff for some tourism company or something?

Heh, fake news. The lady faked the letter, according to the comments.

Enskynelson:
Yeah. But a broken marriage after a modest wedding has less losses to count. LOL

True lol

Enskynelson:
This cannot still stop a broken marriage.

True; but neither will a modest wedding.

Na wah oh... I've never seen anything so lavish in my life. Notin do them sha.

For those complaining that oyinbo no dey show off: manufacturers of these luxury wedding items are in business because there are enough oyinbos, asians, Arabians, Indians, and Nigerians patronizing them. Enough people do this to make it worthwhile.

But if I was to have that kind of money, I honestly think I would rather do this

https://www.youtube.com/channel/UC1of9ELYwB623fWaAMRDVFA
https://www.nairaland.com/4142735/unbelievable-lagos-ngo-gives-free

Cook meals for needy children.

I hope she can continue to diversify the business. Imagine if Dangote got into making solar panels?

These are the slay queens we should be highlighting... not those broke girls without skills talking about: "for a man to approach me he must have three jeeps, 2 houses, and give me 100k per month for upkeep".

Good to see Dangote is training his children to take over.

yemkoguru:
1m for foundation haba! Na on top water you wan lay am?
1m for plastering let pray naija nor worse reach da level
1m to raise to linted
bros person mustn't give you housing project do oo �

Maybe I should have been clear to say the foundation includes DPC (german floor), and beams, at least at the corners. You know how flooded places in Benin can get. I should have also been clearer: not to lintel, but to roofing stage... I prefer to use chain beams to avoid future worries.

Then did you see my total? 10M. I don't think, including fence and gate, you can finish this project for less than 10M. Even other posters with experience are saying 10M or around that.

I like to budget 1M for each major stage because if you save money one place, guaranteed you will spend it elsewhere. If you manage to do it all without cost overruns you can enjoy your savings. In my experience, if you underestimate, you may end up spending more as delays/replanning/inflation will cost more than if you just over budgeted in the first place. You find you may need to pay 5k here, 20k there, next thing you know you have overspent by 200k because you were underestimating.

Even mobilizing workers can cost more if you have to pay for transport and where they will stay. I have a group of 5 great people I use for all my projects, and if I don't have everything in place for one stage it costs me more. I can use local labor but I've been burned too many times and end up spending even more to fix mistakes that should not happen.

But to each his own... I wish OP will come back after the project is finished and give us a cost breakdown.

I'm assuming the kids will get partial ownership of the business (you sold their house to start the biz, so it's only right). Do not codedly sell anything please. Get a lawyer and be legit... your future self will be proud of you.

I say keep the buildings; they are already there, and offer guaranteed income - though you may need some way to tide over until rental payments become regular. Lawyer up, evict existing tenants, then get new one under new terms.

TBH business will not bring money as reliably, nor as soon as rental income. People always talk about turnover - which is not the same as profits. If things costs you 500k, you may sell for 550k (turnover is 550k), but your gross profit is only 50k at best. After expenses you may find your net profit is more like 25k (5%)

There are also sunk costs like rent, gen, or some other things you need to start the business.

Lastly, if you sell the properties to start business, you may find yourself using some of those funds for their upkeep, and won't have enough to sustain the business. Not to talk of all the unforeseen ongoing costs and the stress of running a business.

foreverkind1:
God na rubbish you dey typ , 1m for fencing . Na aso rock ,1m for plastering you don mad I swear , e Dey do me like say make I slap you self

Like I've replied elsewhere: 1M is a good budget for each stage. The money you would save in one place, I guarantee you will spend elsewhere.
OK, say plastering is 500k... add that to the tiling/pop/screeding stage which I slightly underquoted at 1M. I'm not a QS nor professional builder, but I have built three buildings (two duplex and one bungalow) and fenced my own properties, so I have a good feel for what things will cost, including unforeseen.

For instance, you will spend money to clear the grass on site before you fence. You will buy iron, wood, binding wire, one tankerfull of water, maybe one gpee tank to hold that water; you may also need to buy shovel and or cutlass, or axe for a particularly strong tree root. People seldom take these things into account when estimating, yet evidence shows that they routinely overrun their initial estimates.

If you search the properties section, you'll see that 1M is not too far off for fencing, which includes the gate.

We may quibble at the 1M per stage, but the sum total for this project is going to be around 10M.

tonididdy:
Ok 300 to 400 is achievable too.
Also your 1m for screening, pop and tiles is under - estimated.

Again, major stages I budget 1M. Savings from plastering will go to screeding and pop.

tonididdy:
1m for plastering is over-exagerated

You're right... it's just how I like to budget for each stage, then I can be pleasantly surprised.
One should still have a good idea of what things will cost (talk to people, and read the invaluable Properties section), but based on experience (I'm currently on my third building for rental income), I like to break down in 1M increments for major stages.

Many things are involved.
First, you don buy land? If not, you will buy that same land twice.
Don't forget LGA chairman and local boys will collect like 230k. If it's like my side, Obi will also collect his own 100k. No how no how 330k will commot like tax.

Then just budget like this in stages:
Fencing+Gate - 1M
Foundation - 1M
Raising to lintel - 1M
Roofing + parapet - 1M
Plastering - 1M
Plumbing and Electric (tank, stand, borehole, soakaway, etc) - 2M
Finishing (POP/screeding/tiling,painting) - 1M
Accessories (lights,switches,taps,drains,toilets,sinks,cabinets,doors,windows) - 2M

People will yab me that this is not realistic, but just know this is approximately what you will need at each stage.
If you spent less on foundation, use that to add to plastering (and so on). If plastering is much cheaper than I wrote (it should be), add it to borehole or something).

At the end of the day this will be more or less what you spend: 10M
If you wait till next April, cement will cost more. If you finish foundation today, but don't get to roofing for 9 months, it will cost more. So just start today, and keep going as money reaches.

NaijaOlosho:
If you are in Abuja and looking for curvy Kpekus and you are ready to spend cash

I KNOW this is number 7 for many girls this season.
Carry go! Notin do you.

I've decided not to spend money this Christmas. I can't come and kee myself abeg. Skip the Christmas flexing and pour foundation for house in January.

Donbrig:
After 40yrs of age, plans for retirement becomes a big priority for so many people. My qestion is, how much does one really need to retire comfortably in Nigeria, regardless of your location or state of residence?

Take what you spend in one year, multiply it by 25. That's what you need to be financially independent/retired.

For me, my allocation for all the money I'm saving is:
- 30% real estate (especially rental property, or land, though no payments until you sell)
- 30% stocks (lately I've also been trying some farming cooperatives)
- 30% tbills
- 10% fixed deposits (some of which is also just plain cash balance in current account)

These should fetch you around 15% annually (some as rent, some as interest, some as dividends, while your property appreciates and your stocks grow), which adjusted for inflation (11% or so) gives you about 4% real growth. This allows you to withdraw enough money to live and still keep your principal.

This works for the Nigerian environment. Of course it helps to have your own house so you can remove rent from your expenses. I also advise not to build too big a house because someday your children will all move out and it will be big, expensive, and lonely. This is based on seeing the experience of my father's peers who complain about the large lonely house they're now in.

Note that 1/4% happens to be 25.

I learnt this 4% rule from multiple sources, including bogleheads.org
Try searching for "4% withdrawal rule" on Google.

Tbills and fixed deposits rise and fall with inflation; rent usually increases; and stocks can quadruple in a decade (and also lose), but you shouldn't panic because it will eventually regain lost ground. My grandfather's stocks - bought in 60's 70's 80's - are still paying dividends 2 decades after he died.

AJOBI77:
Laws are meant to be Laws. We should get that in this country

And unreasonable laws are subject to be changed - that's why we have a process of civil disobedience that often leads to amendments.
It's funny that a society that not even 20 years ago was mostly against women wearing trousers is now annoyed that women aren't wearing trousers.

hopefulLandlord:
Scam . If the Jewish god needs money then he should get a job and stop being a leech

Best comment on this issue ever!
Permit me to copy and paste this in the future

The day I see pastors eschewing suits and fancy cars - and instead spend their life giving to the poor from the tithes - that's the day I'll give tithes to a church. One can give, but don't be a sucker to the sharp salesman on the pulpit, who threatens eternal damnation if you don't fund his mistress' apartment.

Na wah oh... after spending money voting for person, they are still using money to donate.

Yet if you ask them to buy exercise book or math set for their village school, they will complain how there's no money.

Jaqenhghar:
Abeg make we hear word. Even those when spend the money how dem treat them finish? Is it not here that the governor of Borno visited a hospital and not a doctor in sight? Dont get me started on the shít we've all been through. Truth is even if you pay them One million an hour you will still get this BS

I'm not sure why the governor of Borno is surprised: does he pay the staff well, and provide them with all the equipment and training they need? Why should a not-on-seat governor expect on-seat doctors?

But anyway, we can argue about if the doctors are evil or not: all I know is that in this Nigeria, you'd better have cash to sort any issues, be they medical, police, rent, transport, or even relationships. Instead of blaming different parties, well, we just take care of our own selves and immediate families.

alBHAGDADI:
Who told Daddy Freeze that Satan can't kill? Satan can only kill those whom God is not protecting. Had it been God didn't tell Satan not to touch Jobs life, Satan would have killed him.

The only giver and taker of life is God. It's His choice to allow people to be "killed"; in other words, he empowers people or other beings to "kill".

I don't really believe what I just wrote - I just want to find people's mouth - because it's like arguing about Obatala vs Esu; Zeus vs Poseidon; Osiris and Set: ALL imaginary. There's just a lot of schizophrenia as people struggle to understand and rationalize the behavior of non-existent beings (to wit the argument about free-will vs predetermination in Judas).

Nice one. An endorsement for an organization that actually does some good.

Why should doctors and nurses work for free? Initially many of them do treat the patient out of pocket, including labor, supplies, and other consumables; but when it came time to collect, the patient will start giving excuses or want to do "monthly payment". After several years you get a bit disheartened. If people really cared that much - including the person taking the pictures - they would donate money for the patient to give to the doctor. Is it after treating 6 patients who don't pay that the doctors will feed their own families?

Why don't people verify news before printing it? Eh? All these quick to blog bloggers. Continued long life, make people dash her something the way they are dashing Tacha and Mercy.

fergie001:
Lizzy Evoeme plays the submissive wife of Chief Zebrudaya played by Chika Okpala in the sitcom that also has several characters.

Actually if you watch and understood the show, you will see that Ovuleria was specifically NOT submissive. She was a woman with her own opinions and was never afraid to exercise them, and her home was her castle. Sure she showed deference to ZB, but was not afraid to challenge him when he was being unreasonable. In that way she was a typical Nigerian woman.

festacman:
Davido knows how to browbeat people into submission as a big boss. Obviously, Davido's inherent 'Big Boss mentality' is down to some factors such as: Background, Success, Personality.

Illustratively, seeing the hitherto sad-looking, handcuffed and humiliated 'audio pregnancy' sisters swimming happily in a pool "la vida loca" says a lot about the power of money, which Davido knows how use. Moreover, his rude reference to his wealth status in his reply to Kayode Ogundamisi critical tweet said it all.

The bottomline is that Davido's wealth-conscious attitude and Big Boss mentality is a 'heavy burden' put on him by his privileged background, strengthened by early success and coloured by his alpha male personality. Interestingly, it is a burden which many people today would be very willing and more than happy to carry.

You've just described most human beings in the world, from Trump, to OBJ, to Davido. Fair enough.

However, this is clearly a case of "trouble sleep, yanga go wake am"... somebody and fianceé are celebrating the arrival of a new child, and these girls came to play an expensive joke. I would have done the same as he, even though I'm normally quiet and not a "big boss".

madridsta007:
There is a Vice-President. Isn’t he an active Vice President? The President is away on a “Private Visit”. Your understanding of democracy is terrible— have you seen Trump’s Chief of Staff run off to meet Trump anywhere he is in the world when Pence, the VP is at the White House? Of course you know that Nigeria’s democracy is being destroyed by these ones. Why are you so numb to the real consequences?

I’m ashamed of you lots defending this spit on democracy. MKO didn’t die for this.

Normally, I'm not a fan of PMB, but I want to clarify a few things:
1. Democracy allows the electorate to choose who leads them. It doesn't really prescribe how they should lead, except in cases of misconduct.
2. Nigeria is not USA. I dislike those equations because every country should run itself according to its unique history and background.
3. PMB did not hand over to Osinbajo because there is no requirement to do so if he's away less than or equal to 21 days.
4. In effect the VP is not the acting-president at this time. The bill requires the president (or acting) to sign.

I understand that the appearance of what's being done is irksome and wasteful, and that a more prudent government would be keen to be seen doing the right thing (e.g. waiting until PMB is back in the country). It's not illegal, however.

At any rate, Pence is not qualified to sign bills (he is not President)... and one would be hard pressed to imagine Trump delegating that power to anybody, no matter where in the world he is.