₦airaland Forum

Dear Nairalanders,


I got a full-time job not too long ago at a bank and my observations are explained below.



The other day, my line manager was showing me something on her phone and a message from Fairmoney loan overdue payment reminder popped up on her screen. Another colleague as well would at times request that I borrow her as little as N10k till month end. Infact, there was a time another colleague who earns close to 800k was telling me that purchasing a land next year was her biggest plan meaning that that she currently has no land, meanwhile, I bought my first land at Ikorodu while I was a contract staff earning N140k in early 2023. While I was also a contract staff, my Team Lead then was a BET9ja addict and would most times borrow N500 from we contract staff that he was supervising to transport him home. There was also a colleague who we were both contract staff back then. She would always tell me stories of how kind and loving her late father was and how he sent she and her brothers to private universities all through and even at a point got a car and driver to move them around. The lady in question is still a contact staff and age is now totally against her for the conversion hence she is contemplating learning tailoring sideways and getting a loan from the bank to rent a shop.



After careful observations, i realized that these afformentioned people live in 3 to 2 bedroom flat apartment and their children attend expensive schools (except my contract staff colleague who is sinlge). They are also fond of ordering food from fast food.


For me personally, before I became a full-time staff, I was married with a child and stayed in a single room apartment and when I got converted last year, I didn't move out and still stay in same room till date. I earn around N350k and my two year old child attends a school down my street of N20k per term. With me keeping bills at minimum level, it avails me funds to use for other project like buying more land and building and also renting shop for wifey and all sorts.. But at times I wonder if I am the one doing something wrong, I wonder if my colleagues are the ones leaving a better life while I am over here starving myself and family.

Please share your though on the following.

1) People earning 150k- 250k, 300k-450k, 500k-700k, 800k upwards, what kind of apartment should they live in and what kind of school should they enrol their children in?

2) Am I the one with the problem regarding my lifestyle.

First of all, ₦350,000 is six digits, not "less than six digits". You would have been the one doing the wrong thing if you weren't working towards a goal. Rather, let your present discomfort strengthen your resolve to finish building your house asap. There's a quote I learnt from someone on Twitter today that suits you well. Let me see if I can fetch it.

IamWilliams:
I earn around N350k and my two year old child attends a school down my street of N20k per term.

Poor people never change no matter what you give them and where you take them.

VeryWickedBro:
Poor people never change no matter what you give them and where you take them.

I think it's rather you who are plagued by poverty mindset for thinking that 350k salary is much in this Tinubu time and for thinking someone shouldn't be careful with managing money.

IamWilliams:
Dear Nairalanders,


I got a full-time job not too long ago at a bank and my observations are explained below.



The other day, my line manager was showing me something on her phone and a message from Fairmoney loan overdue payment reminder popped up on her screen. Another colleague as well would at times request that I borrow her as little as N10k till month end. Infact, there was a time another colleague who earns close to 800k was telling me that purchasing a land next year was her biggest plan meaning that that she currently has no land, meanwhile, I bought my first land at Ikorodu while I was a contract staff earning N140k in early 2023. While I was also a contract staff, my Team Lead then was a BET9ja addict and would most times borrow N500 from we contract staff that he was supervising to transport him home. There was also a colleague who we were both contract staff back then. She would always tell me stories of how kind and loving her late father was and how he sent she and her brothers to private universities all through and even at a point got a car and driver to move them around. The lady in question is still a contact staff and age is now totally against her for the conversion hence she is contemplating learning tailoring sideways and getting a loan from the bank to rent a shop.



After careful observations, i realized that these afformentioned people live in 3 to 2 bedroom flat apartment and their children attend expensive schools (except my contract staff colleague who is sinlge). They are also fond of ordering food from fast food.


For me personally, before I became a full-time staff, I was married with a child and stayed in a single room apartment and when I got converted last year, I didn't move out and still stay in same room till date. I earn around N350k and my two year old child attends a school down my street of N20k per term. With me keeping bills at minimum level, it avails me funds to use for other project like buying more land and building and also renting shop for wifey and all sorts.. But at times I wonder if I am the one doing something wrong, I wonder if my colleagues are the ones leaving a better life while I am over here starving myself and family.

Please share your though on the following.

1) People earning 150k- 250k, 300k-450k, 500k-700k, 800k upwards, what kind of apartment should they live in and what kind of school should they enrol their children in?

2) Am I the one with the problem regarding my lifestyle.

Your lifestyle is frugal but filled with wisdom... You're not living to impress anyone and the future is all that matters

Sharingiscaring:
First of all, ₦350,000 is six digits, not "less than six digits". You would have been the one doing the wrong thing if you weren't working towards a goal. Rather, let your present discomfort strengthen your resolve to finish building your house asap. There's a quote I learnt from someone on Twitter today that suits you well. Let me see if I can fetch it.

I totally understand your point.. Please don't forget to return with the quote when you get it

VeryWickedBro:
Poor people never change no matter what you give them and where you take them.

The joke is on you. Imagine my colleagues gets sacked today for whatever reason, what will they fall back on?

https://olamideoyetayolegal.com/contract-staff-effective-strategy-for-reducing-employer-staffing-costs-or-just-a-misconception/
Your lifestyle is frugal but filled with wisdom... You're not living to impress anyone and the future is all that matters[/quote]

Congrats on your conversion. You aren't doing anything wrong as you're a frugal person with a spouse that shares that vision with you so enjoy it and maximize it.
To answer your question, personal finance gurus say that rent shouldn't be more than your 3 months salary. If you're building your place then you're justified to maintain that room till you complete your building but if you're not building yet I believe your wife is really UNDERSTANDING.

I started that way but ensured that I got a bigger space courtesy my oga as I needed a maid for my son.

A family in a single room is too FRUGAL based on your income but if your wife is fine with it especially with the current state of the economy. How do you guy mikpo with a child in the room (dont mind me biko)

The difference between your ego and your income is your savings
Don’t be @ big hat with no cattle

All your points are noted and appreciated and infact, I will see to it that we move to a spacious apartment next month... Thanks

Esthered:
Congrats on your conversion. You aren't doing anything wrong as you're a frugal person with a spouse that shares that vision with you so enjoy it and maximize it.
To answer your question, personal finance gurus say that rent shouldn't be more than your 3 months salary. If you're building your place then you're justified to maintain that room till you complete your building but if you're not building yet I believe your wife is really UNDERSTANDING.

I started that way but ensured that I got a bigger space courtesy my oga as I needed a maid for my son.

A family in a single room is too FRUGAL based on your income but if your wife is fine with it especially with the current state of the economy. How do you guy mikpo with a child in the room (dont mind me biko)