₦airaland Forum

Lithiumite:
I beg to defer,you can never take out privilege from the advancement of many of the so called forbes list A listers......if MBS the current king if Saudi Arabia is staying in his parents crib or Prince Charles,even adenugas children stay in their parents properties then why cant you.......if you are a young man wanting to venture out in life why go splurge millions on renting a house when there is free accommodation in your parents house and they aren't asking you to leave.......my younger brother wants to get married and he was budgeting about 1.2m for rent fir him and his wife,meanwhile he is staying with my mum who has a spare flat in the house that youbare free tobuse and no one is disturbing you over.....I advised him to stay in the house with his wife and dedicate that 1.2m per annum into a special account like he is actually paying rent and see how much he would have saved in 5 years and he could still find a piece of land within lagos suburbs and start his own project or better still enough to start a mortgage.....he is still thanking me for that advice.

Good advice. He can use the money to pay for land over that period. Some Estate Developers allow payment by instalments.

He can also save up as you suggested and use it to pay his 10% personal stake for a mortgage loan. FMBN loan at 6% is the best if he's a contributor to the National Housing Fund.

Lithiumite:
I beg to defer,you can never take out privilege from the advancement of many of the so called forbes list A listers......if MBS the current king if Saudi Arabia is staying in his parents crib or Prince Charles,even adenugas children stay in their parents properties then why cant you.......if you are a young man wanting to venture out in life why go splurge millions on renting a house when there is free accommodation in your parents house and they aren't asking you to leave.......my younger brother wants to get married and he was budgeting about 1.2m for rent fir him and his wife,meanwhile he is staying with my mum who has a spare flat in the house that youbare free tobuse and no one is disturbing you over.....I advised him to stay in the house with his wife and dedicate that 1.2m per annum into a special account like he is actually paying rent and see how much he would have saved in 5 years and he could still find a piece of land within lagos suburbs and start his own project or better still enough to start a mortgage.....he is still thanking me for that advice.

It depends on how much drive you have as a person. "No tree grows bigger under the shadow of another tree". If you want to be a shrub, you can choose to remain in search of free stuff like rent until you marry.

Of a truth, everyone needs a helping hand at certain pointsbin life but what's the cut off point when "Obi must become a man or how long does he need to be a boy? Until marriage? Strong men hustle their way through life and not wait for handouts.

If a man has got a constant source of income. He should desire to be independent and find rent that suits his income. The difference is when you want to live in a location you can't afford.

PHIPEX:
This is one of the advises that make people poor. It's one of the reasons Nigeria has a very high dependency ratio where people who should be independent still get tied to aprons of parents until old age.

Go and get freedom. There is a reason Nwa boy looks forward to his freedom even though his Oga might be a millionaire

So cos some people live in with their parent means they are not enjoying freedom....or cant amount to something

Diff strategy for diff pple

Malagans:
Why are you doing this to me,?

Where's the support coming from 🥲

My dear I don’t have a support even one kobo or fadding but God use someone ( my wife) not related to me to do everything for me to be here in the USA Today .
So there’s nothing God can’t do. Sometimes help comes from where you have no idea 🤷🏾 where it will come from. This woman in question is not even a Nigerian to start with.

delpee:
Good advice. He can use the money to pay for land over that period. Some Estate Developers allow payment by instalments.

He can also save up as you suggested and use it to pay his 10% personal stake for a mortgage loan. FMBN loan at 6% is the best if he's a contributor to the National Housing Fund.

How do you invest in national housing loan?

Will it put us out of the ranking of 10th position in poverty ranking

BrickandLace:
My big brother just turned 45....he's @ home.

Rich as hell...but he's home

What's his hustle?

TempleHouse:
Anyone paying N7 million Naira for a flat in present Nigeria should look himself in the mirror 🪞 ‼️

My colleague's friend paid 14m for 2 years in Surulere this year.

Reference:
Once again, 7 million for a flat in Abuja is the norm in the districts. That is even at the lower end.... less comfortable places.

7m doesn't give comfort? The amount is too material to not get good value for money.

Before nko?

Living rent-free is one of the fastest ways to own your home or rent comfortably or build your investment portfolio as a young person who has just started working. I would reel out real life examples:

- One of my female acquaintances who graduated from UNILAG was living with her parents when she started working and only had to leave there to share a room with her friend because of the distance between the family house and VI. I am cock-sure that if her parent's house were to be in Ikeja or Yaba, she would not have shared a room as she was the first child out of two children.

- My classmate lived with his uncle for five years in a part of Lagos mainland before he moved out to rent his apartment in an area closer to his uncle's. The dude saved and invested his would-be rent into his skills and new apartment. He is now able to afford an MBA because of those savings.

- My senior colleague in school kept his clothes and properties in the rent free house I lived in Lagos. This classmate moved to Lagos to commence his MSc and as a result of the distance, he stayed in the school and visited where I lived on weekends. It was rent free for me because of old family connections. When I left Lagos, my classmate continued living there until he completed his MSc program, started working and is now married. Where him for get the money to rent in Lagos and run MSc concurrently immediately after NYSC?

- My brother lives in the family house and drives to work. He saves all his salary instead of paying rent. If not for clinical posting, my sister planned to do the same.

- I have work colleagues who live with their parents even at far distances. When I ask them: How much is your rent? I am told, "I live with my parents". In fact, it is we immigrants who pay rent, but the Japanese don't. One even lives at a station after mine. They begin paying rent when they get married. Their parents even contribute to their mortgages when they plan to buy a property. Since your transport fare is paid by the company, it technically means you could save at least 75% of your net salary. Do you know what it means to save and invest 75% of your net salary for at least five years?

me sef, when I move back, I am taking over one of the houses. No be me and these una rents wey I dey see upandown

Esthered:
7m doesn't give comfort? The amount is too material to not get good value for money.

From what I have been told, Abuja's rents are diabolical. Mind you, this rent is separate from fueling one's car, generator and other necessities of life. How much is one's salary or profits per annum?

ZombieTERROR:
How the mighty have fallen

poverty capital of the world

zero growth... adults should stay in their parents house built during military rule..

we all should be cursing APc and the man that brought Buhari

But fellow Nigerians campaigned vigorously and voted for the same in 2015. If Buhari were alive and contesting today, there is a large proportion of Nigerians who would vote for him regardless of his antecedents. After all, PhD and MBA-credentialed Nigerians did the same in 2015, even with Buhari's antecedents, dating back to 1984.

So, should we curse those Nigerians as well?

simple250:
If your dad is still paying rent do you think you will be comfortable leaving in that house ...for ladies it's fine you can be working and be staying in your parents house depending on the city , for a guy baba go hustle leave that house ..
E nor get when NIgeria take good forget those stories ...when cemet be 1500 people still complain say e too cost, even when fuel be 100 per litre nigerians protest nor be today , just tighting your belt e nor pass like that .

If the house is large enough to accommodate your housing needs, esp in the first two years, then live there. Yes, you contribute to the rent and other living expenses, but it would be way cheaper than moving out instantly. After those years, you can rent comfortably elsewhere. This is crucial if the family house is in a good location within a bustling area. You save and invest more while spending less.

I understand that there are cultural nuances to living with one's parents as a married man, but for bachelors who are starting out their careers and nascent businesses, living with one's parents is a sure hack to properly managing one's finances.

Solseal007:
Not paying rents for some few years into your career in Lagos might help your financial stability!

Rents will put you under financial pressure, the total amount you pay on rents will shock

It is one of the greatest advantages Lagosians have over those who have newly moved to the city for work. And it is actually a global phenomenon - new grads whose parents live in economic hubs have a financial advantage over those who rent.

PHIPEX:
This is one of the advises that make people poor. It's one of the reasons Nigeria has a very high dependency ratio where people who should be independent still get tied to aprons of parents until old age.

Go and get freedom. There is a reason Nwa boy looks forward to his freedom even though his Oga might be a millionaire

Globally, East Asians are the richest set of people after Westerners, and they live with their parents until they get married. From Hong Kong to Tokyo to Taipei to Singapore.

Reference:
Once again, 7 million for a flat in Abuja is the norm in the districts. That is even at the lower end.... less comfortable places.

7m will get you a comfortable apartment in places like Maitama and Guzape. I don't really know your definition of comfort, but 7m annual rent in Abuja is never low-end, at least, not in 2026. I live in a 2-bedroom serviced apartment in Abuja, so I can speak to that.

PHIPEX:
This is one of the advises that make people poor. It's one of the reasons Nigeria has a very high dependency ratio where people who should be independent still get tied to aprons of parents until old age.

Go and get freedom. There is a reason Nwa boy looks forward to his freedom even though his Oga might be a millionaire

Completely different thing! Keep Nwa boy out of this. The rich man's child lives in his father's house, drives his car, even leverages on his father's connections to build up his wealth and generational wealth keeps growing. Poor man's child will be hustling alone cand rejecting parental support claiming he wants to be independent. In the end, the visciius cycle of rent paying cripples him for a long time.

[quote author=Malagans post=138759222]Life hack? 👀
Man advises Nigerians to stay in their parents’ house to avoid paying rent in this economy. Says he even saw a 3-bedroom flat for ₦7M.

Smart move or bad advice? 🤔
[/quote
Rubbish advice

simple250:
If your dad is still paying rent do you think you will be comfortable leaving in that house ...for ladies it's fine you can be working and be staying in your parents house depending on the city , for a guy baba go hustle leave that house ..


E nor get when NIgeria take good forget those stories ...when cemet be 1500 people still complain say e too cost, even when fuel be 100 per litre nigerians protest nor be today , just tighting your belt e nor pass like that .

God bless you

I saw this post and it made me feel like going to meet my dad, prostrate before him, and simply say, “Thank you so much, sir.”

When I graduated during the era of Olusegun Obasanjo, I got a job with a bank and was fortunately posted to a branch close to home. As a young “big boy” working in a bank, my first instinct was to rent my own apartment.

Almost as if he could read my mind, my dad called me one day and advised me to forget about getting an apartment, buying a car, or sponsoring any woman in school for the time being. Instead, he told me to focus on earning legitimately, improving myself, buying a few quality but affordable professional clothes, and allowing my parents to take care of my feeding and accommodation for a while. His idea was simple: save aggressively and channel those savings into investments that would secure my future.

It was a hard pill to swallow, but who was I to have the audacity to query his decision? I simply complied.

During that period, I also passed my professional exams, which later gave me an advantage in my career especially during the banking industry shake-up under Sanusi Lamido Sanusi.

One day, my father called me and told me he had secured several plots of land on my behalf. He borrowed the fund from his office staff cooperative and II should be paying back monthly for 24 months. At the time, it was 'esha money'( little money) that i can repay quickly. I finished the repayment within 7 months and he handed over the documents to me and said that if I could meet that kind of financial commitment quickly, then I clearly had the capacity to build. That was how the journey started. I became a landlord before the age of 30.

There were other investments I was exposed to as a banker which I maximized the opportunities.

Marriage, family responsibilities, job loss, job searches, and setbacks came in my mid-30s to 40s, but my father’s guidance kept me grounded. I was never broke. I am still reaping from those investment till date.

I could have enjoyed the present in the past by paying rent, do some dorime and be broke now.

I am happy to have you as a father Sir.

That’s if the person’s father owns a house

Malagans:
How about some of us that have no parents?
Our parents died early and couldn't even build a house before they died.
And we are still struggling.

What are we going to do now?

Keyword: "If"

delugadou:
He said that his parents almost killed him at home. Not everyone has good parents

Ok I understand

You are right for those that live nearby to them...... My own increase house rent ×2 of what am paying before

Malagans:
Life hack? 👀
Man advises Nigerians to stay in their parents’ house to avoid paying rent in this economy. Says he even saw a 3-bedroom flat for ₦7M.

Smart move or bad advice? 🤔

ZaddyJ:
My dear I don’t have a support even one kobo or fadding but God use someone ( my wife) not related to me to do everything for me to be here in the USA Today .
So there’s nothing God can’t do. Sometimes help comes from where you have no idea 🤷🏾 where it will come from. This woman in question is not even a Nigerian to start with.

I sent you a PM, you're yet to respond Sir .

You could be my own destiny projector

Melonsmasher:
What's his hustle?

Tech

Hungrychicken:
No go waste all your savings on rent. Stay in your parents house and save. Move out when you've saved enough money to cover multiple rents, and you have a stable income. Don't follow dem and do big boy when your leg never strong for ground. The pressure of paying rent no easy o

no mind them,pride no go allow them.

No you're wrong bro.
You can't compare the current Nigeria economy to that of those places you want to compare.
Things are hard out there and opportunities are few.
Let's make use of our resources now, so we can build our future. I pity my parents tenants anytime they got called to pay their rent.

PHIPEX:
This is one of the advises that make people poor. It's one of the reasons Nigeria has a very high dependency ratio where people who should be independent still get tied to aprons of parents until old age.

Go and get freedom. There is a reason Nwa boy looks forward to his freedom even though his Oga might be a millionaire

ZaddyJ:
My dear I don’t have a support even one kobo or fadding but God use someone ( my wife) not related to me to do everything for me to be here in the USA Today .
So there’s nothing God can’t do. Sometimes help comes from where you have no idea 🤷🏾 where it will come from. This woman in question is not even a Nigerian to start with.

I'm wondering why you're not responding

Judolisco:
What dis guy is saying no be joke.... 4 yrs ago After I lost my first job in Abuja, I started uber and my parents told me it was time I left my uncle's house....my uncle's wife said, I should not leave oh, that things are difficult, that at least I won't pay house rent and I'm eating twice per day...

I thought it was a joke until I left..walai, all d money I saved up from uber I used it to pay house rent.... After paying I was like shey na life be dis I didn't even buy a single cloth.... Omo... Thank God Sha, me sef don hustle

. Your uncle wife na better person

Gerrard59:
From what I have been told, Abuja's rents are diabolical. Mind you, this rent is separate from fueling one's car, generator and other necessities of life. How much is one's salary or profits per annum?

Likewise Lagos.

The target market wouldn't be for people that earn their living honestly.

Like you asked, how much is their salary plus other living expenses to afford a rent that is subject to increase in the shortest time frame.

PHIPEX:
This is one of the advises that make people poor. It's one of the reasons Nigeria has a very high dependency ratio where people who should be independent still get tied to aprons of parents until old age.

Go and get freedom. There is a reason Nwa boy looks forward to his freedom even though his Oga might be a millionaire

God bless u my brother.. Sometimes I wonder d kind of people we love with in dis country.. How can someone spew dis trash from his mouth, instead of speaking against those dat destroyed d economy m made it so bad dat matured men can't even start lives on their own, he is here spewing mediocrity.

I wonder if this is wat d western world did n how dey limited themselves because of challenges den dat we have cars today, internet today, bridges n sky scrappers today, electricity, dams, planes, mobile phones and all...

These are d kind of people dat makes d white man to look down on is blacks..

So a young man from Edo state who got a hustling job in Lagos shouldn't start from anywhere, because his father doesn't have a hux in Lagos... So if everyone stays where dia parents have a hux, he thinks d world will b wat it is today

This guy has nothing upstairs, just an empty vessel dat just wanna feel important.

Or he thinks it's everyone's parents dat has a house or alive. He even ain't aware datost people dat left home hustling elsewhere r even d ones paying dia parents rent...

Empty barrel everywhere in Nigeria