500k per month is a good income. But it will not be enough if u live in a place like Abuja and u try to build your own house

sumboty:
I read some comments and I laff,
500k per Month
6m per annum

Now let's do small analysis
Has a family man of 4 in family husband & wife and 2 kids
For feeding, let's say minimum 50k monthly
= 600k per annum..
School fees, 2 kids @ 150k per term
= 900k per annum,
NHIS family health plan 7,500 per month
= 90k per annum
House rent 600k per annum
NEPA bills on prepare meter 10k card per month
= 120k per annum
Let's say you have a car, or not 25k per month
= 300k per annum
Other expenses 20k per month
= 240k per annum
Miscellaneous per month 10k per month
= 120k per annum

Total = 2.97m let's round it up 3m
Giving additional spending of 500k to the above analysis making 3.5m spending per annum, then you have 2.5m balance as savings x in 5yrs = 12.5m
In 10yrs = 25m

Also take in mind, that 2.5m savings per annum can still increase if other business is involve.....

The above analysis is just an average assumption..

What I've noticed about many of us in Nigeria is that most of us want to get rich in a day or in one single business deal or investment.
Forgetting Rome wasn't built in a Day....

You estimations are not realistic.
50k per month to feed a family of 4? Na only garri and ekpa and ogi dem go eat? Ordinary a bag of rice is over 30k. Bean is very expensive. Gas kno? Even kerosene I here is over N700 per litre. Una no go buy meat, fish or chicken? Na only once a day una plan to eat? Will the children not take food to school?.
Health plan 7500 per month for a family of 4? Na agbo una go de drink? Or na pastor go dey cure your family? Ordinary malaria tablet is over N1000. I bought augmentin last week for my daughter, it was over N4k.

Most of your estimate are unrealistic.

500k is a good pay that can allow you live comfortably

HarlequinLekex:
Pls,what is the meaning of OP

original poster

ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions

what kind of work do you do?

noCAP:
500k is a lot of money to an average Nigerian. But it's not enough to be called rich. However, If you are consistently earning that for about 2 years, going to 3, then you can be considered rich

Even if you save the whole 500k in 3 years, that is 18k mil! That won't buy you a decent house in Lagos. With 500k salary in Lag and without support anywhere or side hustle, you must live a modest life..

Kaycee54321:
Being "rich" is a question of location...

If you reside in Banana Island, Lagos, your living expenses will piss on your monthly 500K...

If you reside in Ikeja, you're a "big boy" and if you don't allow those runs girls at Ikeja City Mall to milk you dry, you may afford to buy a Nigerian used small sedan without Police case...

If you reside in Mowe, Ogun State, you can talk about acquiring a manageable size of land and maybe have an uncompleted building to your name in like a year...

If you decide to live in Baruten, Kwara State (near Benin Republic), with your 500K, you can easily be crowned a King.

Great insight here. Who knows the road to Baruten show me.

bolousadex:
i earn 1.2m and i dont consider it anything...I still cant afford a brand new car even if i save for 2 years

An average tokumbo car nowadays costs a minimum of N3m. A average brand new car costs between 15m and 25m and something thinks 1.2 million considers you rich.

SUPERPACK:
21st century illiterate

No need to insult me brother. I just told you the bitter truth.
You're living a mediocre lifestyle. People who enjoy the better things of life are humans like you. So why shouldn't you aspire to do so?
What's wrong in you owning nice cars, travelling to nice resorts for vacation.... stuff like that...
Why are you comfortable with being "average"?

SUPERPACK:
Speak for those that have zero in economics sha not me. With that pay I will enjoy my life here in Nigeria and never look for more. I will still save 250k per month at the end minimum. I live a minimal lifestyle, no smoking, drinking, clubbing, womanising nor friends and don't fancy social attention.

That is not living. You are just existing.

ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions

You are rich if you decide to stop working and your investments can cater for your needs without stress. If you have to go out in the morning and come back at night for you to provide your needs you are not rich.

500k below average in borno? What is the chief justice of born state's monthly salary? What is the highest paying establishment in borno state? What does the VC of UNIMAID earn monthly?What do commissioners earn as salary in borno? These are spurious claims and should never be taken seriously. Even in Lagoa, 500k is a more than decent salary in 70% of neighbourhoods, let alone Borno.

SamuelAnyawu:


500k is below average for the working class here in Borno state

As far as you're an employee, you cannot be rich. You can be comfortable

U ARE VERY RICH ALAYE

ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions

what you do bro?

Neoteny7:


I felt the same way when I was about to start earning 100k monthly. Then I quickly found out the reality.

I earn about 3 times (or more) what the OP does monthly, but it somehow has normalized into something unremarkable.

Your tastes and responsibilities grow proportionally to your earnings.

that's the road to poverty. Never let your tastes grow as your income increases.

Lol..funny thread...those that are not earning up to 100k monthly are claiming that someone earning 500k monthly cannot be considered to be rich.....At least start earning it first...


Even someone earning 5million naira per month can still be considered poor if their spendings is more than their earnings...that is why you see some yahoo boys who earn millions every month yet they do not even have great savings ....

It depends on how you manage your money...


500k monthly that is well managed , the person can be considered rich in naira....

wirinet:


You estimations are not realistic.
50k per month to feed a family of 4? Na only garri and ekpa and ogi dem go eat? Ordinary a bag of rice is over 30k. Bean is very expensive. Gas kno? Even kerosene I here is over N700 per litre. Una no go buy meat, fish or chicken? Na only once a day una plan to eat? Will the children not take food to school?.
Health plan 7500 per month for a family of 4? Na agbo una go de drink? Or na pastor go dey cure your family? Ordinary malaria tablet is over N1000. I bought augmentin last week for my daughter, it was over N4k.

Most of your estimate are unrealistic.

I would like to agree with you ..

But again na levels

What some people call luxury is just normal to others irrespective of what they earn , orientation differs too ..

Fact is , if you wish to feed a family of say 5 persons , father , mother , 3 children with 3 of the children as teenagers , in a place like Lagos , I bet 100k would not be sufficient ..

A decent 3bedroom apartment in Lagos in a very good place not far off starts like 1m

Before now like say 10yrs ago , I am sure even 40k can do the magic of feeding and 300k to 500k for accommodation. it's quite sad!


To even imagine income does not go up like that at least for majority of legit hustlers .

ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions

Hmmm, nwannem nka na-aza Obosi ukwalla...kedu ukwalla nke ibu? Ibu onye umuota, ire, nmakwum, ugamuma ka obu uruowulu? Ibu abadagu, anamulonye, nweshi, ojiazu, akpaka, onowu, ka obu ationu umu ire? Gwakwam biko....lol. For anyone with that name above, and to have added ukwalla aaah aaah........

ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions

you can never be rich with salary.

735i:

No need to insult me brother. I just told you the bitter truth.
You're living a mediocre lifestyle. People who enjoy the better things of life are humans like you. So why shouldn't you aspire to do so?
What's wrong in you owning nice cars, travelling to nice resorts for vacation.... stuff like that...
Why are you comfortable with being "average"?

Like i said in my post I am not the social type and more so don't like where I will see human gatherings. I am okay with being a loner. Personal joy is not attached to what others do to be happy but rather what makes you happy. I spend majority of my time studying online, making research on electronics and lastly I work remotely.

Even if I am offered a free vacation I will never accept because I am not a fan of travelling. Lastly, I can spend the next six months indoor without coming out and will never feel any different. We find joy in differnt ways. Peace.

UyaiIncomparabl:


Of course, I can. But, I just made him to understand that a 500k earner can't be called rich in present-day Nigeria.

you said something about taste

Okay..ur taste will surely keep demanding more and more..unless u tame it
It simple
Even if u earn 2 billion
U could still spend it and say it's not enough
In nigeria
Based on facts and statistics earning 500k.is a pretty much good salary and far above national average
Compared with millions of others you should make the country rich list ( if riches is classified on the basis of top earners)

Some doctors and dentist in US earn 350k plus dollars in the and says they don't still consider themselves rich
It's normal.....in the real sense they rich

ndidibabe:
Even if you save the whole 500k in 3 years, that is 18k mil! That won't buy you a decent house in Lagos. With 500k salary in Lag and without support anywhere or side hustle, you must live a modest life..

You people should take it easy with exaggerations pls...18million naira can get you a decent house in lagos , it depends on the location...the price of a five bedroom apartment in yaba is not the same as a five bedroom apartment in lekki....

For example a duplex sold for 50million in surulere will be worth 150million at lekki...the location also determines the value itself..


.it depends on the location...but you can get a decent house in lagos for 15million.....FACT!!!!!!!!!!Ask any genuine real estate agent around you.....



That is how someone told me you cannot get a land of 5million in lagos and I was like " who is lying to these people "....

UyaiIncomparabl:


Of course, I can. But, I just made him to understand that a 500k earner can't be called rich in present-day Nigeria.

how much do u earn?...stop all this hypocrisy, being rich is different from being wealthy,and being rich also has degree...a person earning 500k steadily every month is rich in a way, that's if ur take home is 500k...stop all this forming..u yourself how much do u earn, show us prove that u earn up to that amount too.no mind the mumu, I sure say she never even date person wey de earn that amount legitimately before ....mumu girl de form porsh..dangote na boy for where Elon musk de, cos he's worth is not even up to 5% of elon,s networth...but that doesn't mean dangote is not stupidly rich ..naso life be..

500k per month in Nigeria, YOU ARE BORDERLINE POOR!!!

You will live well o... But at the end of the day if you are not extremely prudent, you will be broke.

ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions

This is a good salary by Nigerian standards only the really high paying federal parastatals, NGOs and multinationals pay such. Based on you calling per diem shows you are in the humanitarian sector but even in the humanitarian sector that is a good salary cos those working for french NGOs don't earn anything close to this amount

Oga you fit make person cry o

Emmanuel909090:
Anybody earning 500k in today's Nigeria is a rich man

Totally disagree

SUPERPACK:
Even if you earn 20 million and have bad spending culture you will not be considered rich too, being rich goes down to your ability to save for financial dry seasons. That 500k is what Generals, professors and consultant doctors get monthly. They are rich in their capacity considering they earn 15 times the minimum wage.

But here in nairaland one idiot is telling me that as a starter in CBN they earned 500k because he is mad, and doesn't understand government job, even permanent secretary salary is 700k or so

LINTUNE:
how much do u earn?...stop all this hypocrisy, being rich is different from being wealthy,and being rich also has degree...a person earning 500k steadily every month is rich in a way, that's if ur take home is 500k...stop all this forming..u yourself how much do u earn, show us prove that u earn up to that amount too.

Does she even earn ??