₦airaland Forum

Inflation is currently ridiculous in Nigeria right now with high cost of living not helping.

What's the minimum income you think someone can survive on and build up from. Like single, living in a room and parlour self contain, feeding and all.

What is that magic figure that works?

1 million

As it stands now, you can only survive on what you have at hand....


These days, we don't work on budget anymore.... If you budget for 100k for a month z you might end up spending 300k for a month because of T-Pain and his government.

JASONjnr:
As it stands now, you can only survive on what you have at hand....


These days, we don't work on budget anymore.... If you budget for 100k for a month z you might end up spending 300k for a month because of T-Pain and his government.

Hmmm..... I get your point and it's very valid. But the focus here is more of how much can one be earning to stop being under the pressure of escaping poverty and to self impose the pressure of building wealth.

I know this will vary from family size to location, transportation etc hence the simplification to what a single man/woman can view as a minimum income.

Midlifecrysys74:
Inflation is currently ridiculous in Nigeria right now with high cost of living not helping.

What's the minimum income you think someone can survive on and build up from. Like single, living in a room and parlour self contain, feeding and all.

What is that magic figure that works?

For basic living (nothing extravegant) with lots of resources to be managed and still have spare money as miscellaneous.

A single male - 300k
A single female - 400k

Family of 3 - (A man, wife and kid) 400k- 600k

Family of 4 - (A man, wife and two kids) 500k - 700k

Family of 5 - (A man, wife and three kids) 500k - 850k


These are for basic spending if managed well. Savings and miscellaneous will come out of it.

Midlifecrysys74:
Hmmm..... I get your point and it's very valid. But the focus here is more of how much can one be earning to stop being under the pressure of escaping poverty and to self impose the pressure of building wealth.

I know this will vary from family size to location, transportation etc hence the simplification to what a single man/woman can view as a minimum income.

Escaping poverty depends on how you view poverty.

If you're a money spender, you need lots of it to show for.

If you love spending averagely, earning above 200k might be enough, but if you're a contended person who feels comfortable with what God blessed you with, then you can earn 50k and be okay.

But earning nothing at all and depending on people/begging for survival is the poverty mindset!