₦airaland Forum

etrange:
I've lived in 4 countries, so let me offer my two cents.

First, if you're looking at it from a financial standpoint, those who live in Nigeria and work for organizations in Europe or the Americas are far more gainfully employed than those living in these places (even though those living abroad are more paid than thier offshore counterparts). Even if you spend mindlessly, you'd still likely be very rich cause of exchange rate. If you're single, you'd probably be spending between 5% to 10% of your salary (depending on your level) and the remaining part (which could be more than a million depending on your level) could go to savings and investment. Meanwhile, your counterparts in the Western world will be spending in the currency of the resident countries. Some of them might even be struggling to save after paying monthly house rent of about $2,300 in NY and bills like electricity, water, gas, internet, phone, cable etc. as well as other expenses like transportation, groceries, wears, haircut and entertainment. There's simply no comparison here.

That said, like someone has already mentioned, living abroad isn't all about money for some people. Other factors like amenities, safety, passport (freedom of movement), exposure to diversity and, most importantly, the future of your offspring all come into play. Now, to your question, it all depends on the individual's field, level, the country where they are and the exchange rare at the time. Some countries pay more than others. Some fields pay more than others and advanced/senior professionals earn more than mid level and entry level professionals. So it's not very practical to give a figure. Moreover, people aren't dumb enough to keep compounding money in the bank like that. That's a poor man's mindset. Buying assets that appreciate with time or investing in financial instruments that counters inflation is the only way to secure the value of your money. Finally, whether you move or not is up to you. You might save less (even though you get paid more when you're there), live in a much smaller apartment and deal with the cold weather and racism, but there are benefits like thes ones I mentioned above. It's an individual thing. So take a moment to understand your priorities. And if you're still not so sure, secure a visitors' visa and go see for yourself first (bearing in mind visiting/vacationing in a place is far more fun than actually living there).

Good luck!

Ajione:
Is not only money that make people japa, some issues are settled, like security good road getting values for your taxes and when children is involved, your children future are secured.
Anybody trying to japa and thinking of becoming a multi millionaire or billionaire Na big mistake. But am sure once you are not lazy you will leave a comfortable life.
With the present situation in this country things are hard, salary Na pie but.
If I come to you now and I said I need 50k will you give me?
I prefer leaving this country than leaving like a prisoner in my own country.

Kenn55:
After you make the first 100m what next? Make another 100m?
@Raydos, this is what I was trying to talk about in your thread. Every talk or argument about Nigerians is about money, more money, more more money and it ends with money.
Nobody seems to give a damn about any other thing apart from the money they make.
This thread will degenerate into an argument on who makes more money, the stage is set. This is all we care about as a people.

Zyxsc:
I'm a software engineer working remotely from Nigeria. I earn a 7-figure monthly salary.
With my salary only (at an average exchange rate of 850/$), it would take me about 6.6 years to save up 100 million, provided I have zero dependents and had to cater only for myself throughout those years. It's quite a naive way to project this though because a lot of things can happen along those years. But it still gives an idealistic comparison base.

So my question goes to Nigerians currently living or have lived abroad. Can you tell us the country, the job title, and how long it would take to save up to NGN100 milliion, assuming you have zero dependents and have to cater for only yourself. Do remember to factor in taxes if any and other living expenses for yourself alone

The reason for my question is not far-fetched. I'm just wondering if it's worth it to sell ones' properties worth milliions just to JAPA and go start over again. Please, refrain from dragging the country's situation into your answer or any other reason to JAPA. Kindly focus on answering the question as best as possible.

Thanks.

etrange:
I've lived in 4 countries, so let me offer my two cents.

First, if you're looking at it from a financial standpoint, those who live in Nigeria and work for organizations in Europe or the Americas are far more gainfully employed than those living in these places (even though those living abroad are more paid than thier offshore counterparts). Even if you spend mindlessly, you'd still likely be very rich cause of exchange rate. If you're single, you'd probably be spending between 5% to 10% of your salary (depending on your level) and the remaining part (which could be more than a million depending on your level) could go to savings and investment. Meanwhile, your counterparts in the Western world will be spending in the currency of the resident countries. Some of them might even be struggling to save after paying monthly house rent of about $2,300 in NY and bills like electricity, water, gas, internet, phone, cable etc. as well as other expenses like transportation, groceries, wears, haircut and entertainment. There's simply no comparison here.

That said, like someone has already mentioned, living abroad isn't all about money for some people. Other factors like amenities, safety, passport (freedom of movement), exposure to diversity and, most importantly, the future of your offspring all come into play. Now, to your question, it all depends on the individual's field, level, the country where they are and the exchange rare at the time. Some countries pay more than others. Some fields pay more than others and advanced/senior professionals earn more than mid level and entry level professionals. So it's not very practical to give a figure. Moreover, people aren't dumb enough to keep compounding money in the bank like that. That's a poor man's mindset. Buying assets that appreciate with time or investing in financial instruments that counters inflation is the only way to secure the value of your money. Finally, whether you move or not is up to you. You might save less (even though you get paid more when you're there), live in a much smaller apartment and deal with the cold weather and racism, but there are benefits like thes ones I mentioned above. It's an individual thing. So take a moment to understand your priorities. And if you're still not so sure, secure a visitors' visa and go see for yourself first (bearing in mind visiting/vacationing in a place is far more fun than actually living there).

Good luck!

Firefyta:
Bro with your 1 year savings you can come up with more than 100 million in way less than 6 years
Think the business way

Kenn55:
After you make the first 100m what next? Make another 100m?
@Raydos, this is what I was trying to talk about in your thread. Every talk or argument about Nigerians is about money, more money, more more money and it ends with money.
Nobody seems to give a damn about any other thing apart from the money they make.
This thread will degenerate into an argument on who makes more money, the stage is set. This is all we care about as a people.

Ajione:
Is not only money that make people japa, s[b]ome issues are settled, like security good road getting values for your taxes and when children is involved, your children future are secured. [/b]
Anybody trying to japa and thinking of becoming a multi millionaire or billionaire Na big mistake. But am sure once you are not lazy you will leave a comfortable life.
With the present situation in this country things are hard, salary Na pie but.
If I come to you now and I said I need 50k will you give me?
I prefer leaving this country than leaving like a prisoner in my own country.

Ajione:
Is not only money that make people japa, some issues are settled, like security good road getting values for your taxes and when children is involved, your children future are secured.
Anybody trying to japa and thinking of becoming a multi millionaire or billionaire Na big mistake. But am sure once you are not lazy you will leave a comfortable life.
With the present situation in this country things are hard, salary Na pie but.
If I come to you now and I said I need 50k will you give me?
I prefer leaving this country than leaving like a prisoner in my own country.

Zyxsc:
I'm a software engineer working remotely from Nigeria. I earn a 7-figure monthly salary.
With my salary only (at an average exchange rate of 850/$), it would take me about 6.6 years to save up 100 million, provided I have zero dependents and had to cater only for myself throughout those years. It's quite a naive way to project this though because a lot of things can happen along those years. But it still gives an idealistic comparison base.
Keel deceiving yourself..you don't have anyone you are spending money on, but you had a baba with you girlfriend like 3 years ago, you baba na driver and you no they give am money.. No be only 7 digits you they earn, na 8 digits self...Someone earning 8 digits but na 2007 car or 2.5m he they find
So my question goes to Nigerians currently living or have lived abroad. Can you tell us the country, the job title, and how long it would take to save up to NGN100 milliion, assuming you have zero dependents and have to cater for only yourself. Do remember to factor in taxes if any and other living expenses for yourself alone

The reason for my question is not far-fetched. I'm just wondering if it's worth it to sell ones' properties worth milliions just to JAPA and go start over again. Please, refrain from dragging the country's situation into your answer or any other reason to JAPA. Kindly focus on answering the question as best as possible.

Thanks.

Zyxsc:
I'm a software engineer working remotely from Nigeria. I earn a 7-figure monthly salary.
With my salary only (at an average exchange rate of 850/$), it would take me about 6.6 years to save up 100 million

Thanks.

Ajione:
Is not only money that make people japa, some issues are settled, like security good road getting values for your taxes and when children is involved, your children future are secured.
Anybody trying to japa and thinking of becoming a multi millionaire or billionaire Na big mistake. But am sure once you are not lazy you will leave a comfortable life.
With the present situation in this country things are hard, salary Na pie but.
If I come to you now and I said I need 50k will you give me?
I prefer leaving this country than leaving like a prisoner in my own country.

Zyxsc:
I'm a software engineer working remotely from Nigeria. I earn a 7-figure monthly salary.
With my salary only (at an average exchange rate of 850/$), it would take me about 6.6 years to save up 100 million, provided I have zero dependents and had to cater only for myself throughout those years. It's quite a naive way to project this though because a lot of things can happen along those years. But it still gives an idealistic comparison base.

So my question goes to Nigerians currently living or have lived abroad. Can you tell us the country, the job title, and how long it would take to save up to NGN100 milliion, assuming you have zero dependents and have to cater for only yourself. Do remember to factor in taxes if any and other living expenses for yourself alone

The reason for my question is not far-fetched. I'm just wondering if it's worth it to sell ones' properties worth milliions just to JAPA and go start over again. Please, refrain from dragging the country's situation into your answer or any other reason to JAPA. Kindly focus on answering the question as best as possible.

Thanks.

TheFacelessMan:
A friend of mine just said " Going to USA briefly....be back soon" in December 2016. He never returned.

He showed me credit cards that had over NGN 100 million by January 2022.

He has very well off folks home and away with NO dependents. Just gifts his mum from time to time. He has at least 3 other successful siblings in the US.

For those who want to go - US, Australia, Canada .... in descending order. Most UK folks I know are really struggling.

Zyxsc:
I'm a software engineer working remotely from Nigeria. I earn a 7-figure monthly salary.
With my salary only (at an average exchange rate of 850/$), it would take me about 6.6 years to save up 100 million, provided I have zero dependents and had to cater only for myself throughout those years. It's quite a naive way to project this though because a lot of things can happen along those years. But it still gives an idealistic comparison base.

So my question goes to Nigerians currently living or have lived abroad. Can you tell us the country, the job title, and how long it would take to save up to NGN100 milliion, assuming you have zero dependents and have to cater for only yourself. Do remember to factor in taxes if any and other living expenses for yourself alone

The reason for my question is not far-fetched. I'm just wondering if it's worth it to sell ones' properties worth milliions just to JAPA and go start over again. Please, refrain from dragging the country's situation into your answer or any other reason to JAPA. Kindly focus on answering the question as best as possible.

Thanks.

phemmyfour:
100million naira is around 100k pounds. That should take me 100000/12000
That's 8yrs

Treadway:
Smh.

Simple question was asked. He specified the question and asked/pleaded that answers be limited to that specific question, but trust nlanders not to read simple instructions.

Smh.