₦airaland Forum

somehow:
You can't be struggling financially, then delve into Forex trading. You will suffer 10 folds.

Forex trading is not for people with basic financial issues.

FTME4EVA:
u mean rent in PH is 300k, my babe told me i can see a room self con for 200 or 250k cos i plan to relocate there soon

xxmoney15:
I've passed the stage of struggling in forex anyway. It dealt with me now I'm reaping from my patience and diligence

tomtomastom4:
...
The truth is that the economic situation in this country is bad and so cost of leaving is very high. But then one have to survive.
But then in Nigeria now, how many percentage of the population earn above 100k. In fact how many jobs out there pays such as amount.

...

It is also good to note that no condition is permanent, things will definitely get better. A better job might come...

tomtomastom4:
An early advice. You cant make a living out of forex trading. Better stop wasting you little resource and time.

SageOfChelsea:
You dey try. I'm single and I earn 70k and yet I goa borrowing be4 27th of the month. I'm not getting married until I am earning 200k plus. And future wife must be earning 100k plus.

aycorporat:
It's important both couples have another side hustle, with common 80k, they'll survive.

Blupen:
You are a liar my friend "you can do anything you put your mind on"

tomtomastom4:
I created this thread in response to the post on front page about ladies that date men who earn less than 100k. Below is the link.

https://www.nairaland.com/7292274/ladies-relationship-men-earns-100k

Of a truth, its not easy to manage such amount, but when one is already in such situation, you just have to manage and improvise.
Now like the OP of the above thread requested, here is the break down of how we make our expenses.

To start with, I was earning about 130k previously before we got married by March this year, but I changed job and the pay of the new job is 95k. STarted the new job around Feb this year, even though there was a loan I was paying off.. Need I add that my wife was working in a firm where shes paid 45K, but two months after our married, she quit the job due to pregnancy stress. Am sure ladies will understand.

This is our break down.
Monthly salary 95k
I remove 40k first from the salary and transfer it to 3 different acct.
The first acct receives 20k. This acct is not touchable except on extreme emergency. Its our main savings acct.
The second acct gets 10k and its for our rent, also non touchable. Rent is 150k per year. Before u say my rent is high compared to my salary, I like my privacy very well. and the cost of rent isnt friendly in my state.
The third acct also gets 10k. This one is for semi savings. This acct is touchable when cash at hand have been exhausted before the next month salary.

From the remaining 50k,
I send 10k to my family acct. I and my brothers do contribute 10k+ every month and its been used to run expenses WRT our parents and last born.
I gv my wife 10k for her monthly up keep. Its small. But its the sacrifice we all have to make for the good of the family.
I hold 10k myself for logistics and transport. I must confess, is not enough. But One have to strive. My wrk place isnt far. SO transport is N100 to and fro, thats approximately 3k per month. The remaining money i use it for other logistics. 4k out of this money goes for gas wch last for abt 2 weeks. And when we want to refill and there is no other money left, we fall back to the 3rd acct.
The remaining 20k is strictly for food ( On this food issue is where I "duff my hart" cos shes really managing things well and trying.
Sometimes, I really feel for her, cos this her pregnancy makes her to crave for things that is not on our food menu, but then when the money is not there, she just surpress the cravings. At times I feel bad.

The remaining 5k, for now is used to pay back a tailor who sewed multiple pregnancy gowns for my wife.

Its good to add that any small money I make like 1k or 2k on side hustle, I directly buy mudu of rice, beans or flour for swallow.

Its not easy at all. But there are families with kids leaving below that.

My wife is abt 5mnths pregnant, we plan to divert the 20k savings to buying baby things in preparation for child birth.


The truth is that the economic situation in this country is bad and so cost of leaving is very high. But then one have to survive.
But then in Nigeria now, how many percentage of the population earn above 100k. In fact how many jobs out there pays such as amount.

The only advice I have for ladies is that if you are not working and you parent family is the type need financial help from your husband after marriage, or you are the type of lady that is high class and wont settle for less or manage with your man. Plz kindly wait and take your time to look for a man that is RICH or financially capable of taken care of you and maybe your family. Please dont hide under the cover of you want to marry quick and then accept a struggling man only to start putting pressure on his head. Plz wait and marry a rich man.

Most responsible men wont really appreciate it if you are always demanding for things you knw fully well that he can not afford.


It is also good to note that no condition is permanent, things will definitely get better. A better job might come or my wife might get a job after her maternity which will increase our income.

The bottom line is, as a couple, but of you will have to work things out to improve your finances.

Chisave:
Oga, someone just promised to support you with 50k. And he is saying he hasn't heard from you. Kindly check the second page of your thread

gunther6:
Oya if you don’t mind dropping your account number, take 50k. Satisfy your wife’s cravings. I salute you and your wife.

I have no words for that girl, 80% of Nigerians have less than 500k in their accounts. 40% of Americans have none at all and half of retirement age people cannot afford to retire.

Life transcends money, so long one’s life is lived with dignity. God bless you man.


I haven’t heard from the poster, @ tomtomastom4 pls reach out. Peace.

Ovaltine:
Indeed, you are brainwashed.

emmeyen:
This is applaudable sir. But your wife shouldn't have just resigned without thinking of a little business that will not stress her because of her condition. Even when the child comes, she may still need extra three months before going back to work. Dont forget the work, na fimd she go find am. Please you should put heads together and come up with an idea for her and at the end she may not need to hurry back into the labour market. Anything may happen to your job tomorrow.

rickleye:
Excellent detailed report
I’ll give you #10k to buy baby stuff.

ibizgirl:
Op, God bless you and your wife. You are on a good path. But this is just the beginning. You and your wife should try to expand your earning. You can't explain to a crying child no money for biscuits or indomine. God will not shame you

Academicwizman:
Oga, I doff my hat for you for the struggle that you are going through. However, I do not see a plan for an escape route from this your analysis. I see you walking tighter rope in the future if this continues (I pray it doesn't/ Therefore, I'll like to ask the type of job that you do, particularly the timing. I am asking to know if a suggestion can be made.

Blupen:
You are a liar my friend "you can do anything you put your mind on"

xxmoney15:
Guy u need to start learning skills or getting a better job.

My salary is 76k as a teacher but my living with 2 kids n my wife isn't working yet is a miracle. Just that as a physics teacher I do get private lessons, waec registration business.

Currently I'm learning forex seriously because I want to be in charge of my future. Rent is pH is not cheap, 300k for that matter.

But na God de run am for us

tomtomastom4:
An early advice. You cant make a living out of forex trading. Better stop wasting you little resource and time.

somehow:
There are successful traders, know this and know peace.

Fx
Stock
Bond
Crypto

These aren't for people not financially stable just like every job or business is not for everyone.

tomtomastom4:
I still stand on my point. Forex trading isnt where a struggling guy need to invest in. The guy I responded too is a sch teacher earning less than 100k. He will only end up burning himself.

Mind you,forex is moved by market sentiment, political news etc. No matter how much you think you have learnt abt forex trading. No matter the strategy and indicators that you are using, if one political news come out, market might change rapidly and you will get burnt.

xxmoney15:
I've passed the stage of struggling in forex anyway. It dealt with me now I'm reaping from my patience and diligence

Mcslize:
Lol! So it's only the rich ones that should delve into such.

All those shouting don't do Forex don't do Forex don't just have access to the right source of info. Knowledge is wealth. Most persons always want fast money. It doesn't work like that. You must learn from the right person and mentor to succeed.

Poor people's lives that have no dime have been changed simply for meeting the right person and having access to the right sources.

When you learn from the right source, and acquire the knowledge with the not get rich quick mindset, you will forever be grateful for getting into it even when others are doubting and always want the fast way out.

Get the knowledge. Forex is one of the most lucrative skills anyone will ever learn, and it will forever remain your source of income for the rest of your life. Most people are just too lazy to learn.

They want fast money. Forex is a skill on its own. Remove the get rich quick mindset and anyone can master the craft with most consistency. It's a life time skill. Most of those people screaming don't do Forex, if you check very well, they didn't go for the knowledge first. They just heard of it and jumped on it without taking time to learn from the right mentor.

Learning from the right mentor will save one lots of the struggles most newbies experience. And another thing again, is greed. They lack proper risk management and end up blowing accounts and once that happens, they will come here and be screaming Forex is a scam. Lol! Lack of knowledge is what is causing all of that.

And point of correction, Forex is not for only the rich. Forex has lifted many out of the trenches brother.

Just get the knowledge. Seek first the knowledge!!!

cc:

freddie009

yungz

adeiza4u

honour7

MrBroke

xxmoney15

imadiyi

Mcslize:
Lol! So it's only the rich ones that should delve into such.

All those shouting don't do Forex don't do Forex don't just have access to the right source of info. Knowledge is wealth. Most persons always want fast money. It doesn't work like that. You must learn from the right person and mentor to succeed.

Poor people's lives that have no dime have been changed simply for meeting the right person and having access to the right sources.

When you learn from the right source, and acquire the knowledge with the not get rich quick mindset, you will forever be grateful for getting into it even when others are doubting and always want the fast way out.

Get the knowledge. Forex is one of the most lucrative skills anyone will ever learn, and it will forever remain your source of income for the rest of your life. Most people are just too lazy to learn.

They want fast money. Forex is a skill on its own. Remove the get rich quick mindset and anyone can master the craft with most consistency. It's a life time skill. Most of those people screaming don't do Forex, if you check very well, they didn't go for the knowledge first. They just heard of it and jumped on it without taking time to learn from the right mentor.

Learning from the right mentor will save one lots of the struggles most newbies experience. And another thing again, is greed. They lack proper risk management and end up blowing accounts and once that happens, they will come here and be screaming Forex is a scam. Lol! Lack of knowledge is what is causing all of that.

And point of correction, Forex is not for only the rich. Forex has lifted many out of the trenches brother.

Just get the knowledge. Seek first the knowledge!!!

cc:

freddie009

yungz

adeiza4u

honour7

MrBroke

xxmoney15

imadiyi

ITbomb:
With 100k

I give 40k to my wife
(((20 for food (5k per week) so no need to ask for market money every week. And she knows how to manage it.
10k for provisions (My wife contributes also from her small salary)
10k for "touchable" savings (I trust her more than myself)))

20k for my own run around for the month
10k for savings
10k for gas
10k for the kids

That's 90k. I always plan below my fixed salary

Mind you, I have a car but the car runs itself. Hustling money is not included here

freddie009:
The reason people indulge in crypto, forex and betting is because they see it as a get-rich-quick scheme. They want to buy into that coin or NFT, hoping the next day the price skyrockets and they become an instant billionaire, they want to win N50,000,000 using N100. Nobody wants to build wealth gradually anymore. It was said when a particular scheme becomes the talk of the town just have it at the back of your mind that it wouldn't make as much money anymore as it used to.

The fastest way to become wealthy is to sell dreams to people that they can become wealthy as soon as possible. That's why owners of platforms like Binance, betting sites, Forex platforms are billionaires.

Like they said in the era of the gold rush, the richest aren't the ones digging the gold but those selling the shovels. That's why you see self-acclaimed gurus always selling ebooks on forex, crypto etc. They actually don't make their wealth from trading but from those ebooks, youtube views etc

somehow:
Read for understanding sir.
To be financially stable, you have to be able to handle your needs, this doesn't equate you being rich.

A rich person is someone who can handle both his or her needs and wants without sweating.

Now, a financially struggling person that doesn't have a stable source of income that can handle his needs won't do well trading the Forex market. (There are few exceptions but majority take the front seat).



At least, in my 15 years of trading and training people in Forex trading, I know a thing or two.

His salary alone is what some people pay to learn.

If you do not want to struggle for the rest of your life, make sure you have other sources of income that can take care of your needs before venturing into Forex trading.

I am not here to argue baselessly, just sharing my opinion based on years of experience.


Years of experienc and you think I ain't talking from about 8 years of experience from the financial market I have studied and observed.
CFDs are not something you learn to beat Mr.
You are just collecting money from them explaining an interface and how the market works but one thing you can never do is teach them the next direction of the market. It's same as betting, teaching someone what under 3.5 means, how to stake, how to cash out but you can never give them correct scores of matches. You think this things are programmed to favour you, bro this are other people's business, you probably won't understand.
Sincerely from your heart how much have you made from trading forex and not teaching forex as you guys call it. Its actually called CFDs and forex is just a derivatives in CFDs




A word is enough.