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How Much Rent Is Too Much For Someone Who Earns 100k A Month - Properties (7) - Nairaland

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Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Zaikon(m): 5:13pm On Nov 22, 2018
ogawisdom:
It's too much, u will work 3 months for your landlord u self think am.

Maximum should have been 200k esp if u are single

Boss u sabi think link well
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Optimist88(m): 5:20pm On Nov 22, 2018
ogawisdom:

try and get sense biko
After you sir!
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by samlake(m): 5:52pm On Nov 22, 2018
OP, but you should have seek for counsel before proceeding...
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by IbrahimDamola: 5:59pm On Nov 22, 2018
Acidosis:


@bold,
If you can't eat your own money, you would still find it very difficult to spend on your children. The same line of thought would make you consider a cheap public school over an expensive private school.


There is a difference between being stingy and frugality/financial discipline.
The difference in the two is based on your values.

There are things you may value that I don't. You may value fast cars while I prioritize nice houses, leisure and travel may be your thing but it may be down on my list below education and health. I think it also start with the family. There are billionaires who loves cars and private jets like Dangote, carlos slim etc but Warrent buffet and Mark zuckerberg are billionaires who are not car enthusiasts.

I come from a businessminded family and right at a tender age, you'll by default understand things you are supposed to value over others with education top on the list. I attended one of best universities and I never lacked material needed for study why should I not do same for my kids?

3 Likes

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Obeenah(m): 7:05pm On Nov 22, 2018
Well basically the mutual fund is like a special savings account but with better features as it earns you interest higher than the regular savings or hybrid savings accounts operated by banks.

Stanbic IBTC and ARM are the 2 institutioms that operate it that I know. I operate mine with stanbic.

You can save via depositing in multiples of N5000 into the account. Currently interest rates are about 11% or 12% pa on mutual funds compared to 4% for normal savings account.

If you have idle cash in your account please move it into this or try other better yielding options. You can make something off the interest earned.


oscaruzie:

bros can you explain more about this mutual fund account?
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by oscaruzie(m): 8:05pm On Nov 22, 2018
Obeenah:
Well basically the mutual fund is like a special savings account but with better features as it earns you interest higher than the regular savings or hybrid savings accounts operated by banks.

Stanbic IBTC and ARM are the 2 institutioms that operate it that I know. I operate mine with stanbic.

You can save via depositing in multiples of N5000 into the account. Currently interest rates are about 11% or 12% pa on mutual funds compared to 4% for normal savings account.

If you have idle cash in your account please move it into this or try other better yielding options. You can make something off the interest earned.



many thanks for the exposé. I'll strongly consider. �

1 Like

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by cnonyechi(f): 8:33pm On Nov 22, 2018
Njeps:



I thought this is a guy.
madam, the guy is referring to guys that work and pay the rent.
You can tell us how much ur husband earns and how he does cope with all.
You are telling us u earn less than 70k, and stay in 400k apaprtment with 124k sch feesfor three kids each.
y
Na wa oo.

I told u wat my husband does. moreover guys or ladies does it matter? abi woman sef no dey work and pay rent. incase u aint aware many women out there come to dis lagos with no relative to live with and no friend or sugar daddy all det av is dat job of 100 or 50k or more.
and dey rent apartments, pay bills and still have to cater for family back home.so dis no be only man jist

1 Like

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by kennydotkom(m): 8:59pm On Nov 22, 2018
Op. I think you are not living beyond your financial capacity... By pay a yearly rent of #300k. Atleast if your 3 month salary can cattery for a year rent. You are good to go.. As i am I earn, #60k salary and my house rent of 2bedroom flat in lambe/akute is #150k per annum. married with 2 kids though my wife is not working yet. Atleast if I use my 3months salary to pay rent, it not to much. Though I no I Wil spend alot to go out to work because of distance but the house really worth it. I no u cant get new house in Dat YABA. Area like my area. We'll tiles, water, light.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by akeensbussy(m): 9:02pm On Nov 22, 2018
ohizzy:


Happy for you but some of us still earn less than 80k, so what's your advice for such person ?
Rent a room with shared facility if u are in lagos. But if u can come down to Alagbado or Ota, rent a room self Btw 60k and 80k yearly.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Nobody: 9:47pm On Nov 22, 2018
Rosville:
madame, Enjoy your house... you have rented it already... I started that way too in yaba and I stiill stay in Yaba and pay about 450k a year but with a better salary now... you would grow.. you started with a good mindset.. just keep on working hard and smart.. you would be fine and save too...

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by marshborn(m): 10:07pm On Nov 22, 2018
kennydotkom:
Op. I think you are not living beyond your financial capacity... By pay a yearly rent of #300k. Atleast if your 3 month salary can cattery for a year rent. You are good to go.. As i am I earn, #60k salary and my house rent of 2bedroom flat in lambe/akute is #150k per annum. married with 2 kids though my wife is not working yet. Atleast if I use my 3months salary to pay rent, it not to much. Though I no I Wil spend alot to go out to work because of distance but the house really worth it. I no u cant get new house in Dat YABA. Area like my area. We'll tiles, water, light.
Thanks bro
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by gykes(m): 8:41am On Nov 23, 2018
aAK1:
I don't work for anyone but on the average I make about 100k monthly profit.(some months can be significantly higher but when you leave in Abuja you will know most reasonable self contained buildings will be between 300 and 350k. In situations like this there is nothing you can do.


I'm just laughing at people talking about 20%, 30%blah blah blah... they obviously have not stayed in or visited Abuja where a decent one-room self contained apartment around Lifecamp or Jabi goes for as high as 350 - 500..
And thats not even Gwarimpa, wuse, or CBA (garki and the likes)..

My advice is, seek comfort after saving, and triple your hustle while at it.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by larrypourl(m): 8:44am On Nov 23, 2018
kellyo321:
i earn 30,000 and psy 46,000 pay month which is less than two months salary. go for less than two months salary

I earn 85k after deduction and my rent is 45k annually. A room self contained, and I furnished it to taste. Location matters thou, mine is Oyo town.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by larrypourl(m): 9:06am On Nov 23, 2018
Godson213:


Sir,

I am contemplating staying in a room self contain and a two bedroom I earn 70k monthly. The two bedroom is 180k annually. Room self con-70k

I also want to change my car and commence into taxify when I don’t have a job. Limited resources now. What do you advice. My gf wants me to move into the two bedroom and that will mean I should buy more properties inside the house which I don’t have the resources for all of that.

What do you advice

Bro let her see reasons why you have to get a room self contain for now and when your finances are better, you can move to your choice place but make sure the one room is spacious so you can furnish it nicely, tiled bathroom/toilet, kitchen, etc. but if you're considering marriage soon, go for the 2 bed so you could start buying properties gradually but if marriage isn't in the picture yet go for d one room please. I earn 85k after deduction and my rent is just 45k, a room self contain like yours, saving to buy a car next year.
What people don't understand is that you have to deny yourself some comfort to achieve set goals in life.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Godson213: 9:22am On Nov 23, 2018
larrypourl:


Bro let her see reasons why you have to get a room self contain for now and when your finances are better, you can move to your choice place but make sure the one room is spacious so you can furnish it nicely, tiled bathroom/toilet, kitchen, etc. but if you're considering marriage soon, go for the 2 bed so you could start buying properties gradually but if marriage isn't in the picture yet go for d one room please. I earn 85k after deduction and my rent is just 45k, a room self contain like yours, saving to buy a car next year.
What people don't understand is that you have to deny yourself some comfort to achieve set goals in life.

I understand that I have to deny my self a comfort. Silly me wanted to break my financial neck because of a woman. Will renew the rent on the self con

2 Likes

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Nobody: 3:38pm On Nov 23, 2018
cnonyechi:


I told u wat my husband does. moreover guys or ladies does it matter? abi woman sef no dey work and pay rent. incase u aint aware many women out there come to dis lagos with no relative to live with and no friend or sugar daddy all det av is dat job of 100 or 50k or more.
and dey rent apartments, pay bills and still have to cater for family back home.so dis no be only man jist

Madam, say whatu earn and what u do with your money or the billsu pay with your money.
Dont say u earn 70,000, and my husband pays for house rent of N400k.

abi u no understand the trend of wetin dem dey discuss for here.??
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by obekediamondfuto(m): 1:06pm On Nov 24, 2018
Don't over-save and don't over-spend....it doesn't get any simpler than that!

the extremes of both sides have severe consequences....ok you want to over-save at the expense of your sanity.... by squatting with someone? no Privacy, little or no jurisdiction over decisions, no autonomy etc... #endless list

or you want to over save by getting that 40k PA apartment deep inside ikorodu, when you work @ VI.....? transportation exposes you to the first and foremost risk... way laying - accident - cost - unforeseen circumstances - time/ resource loss - and most of all....... sanity.
that's transport alone, coordination, health, economic / social responsibilities....etc.

don't also also go overboard with expenditures, you will need to expand and grow... both in rank/ status, responsibilities, assets, expenses, inflation, futuristic planning .... etc

now to the very beginning, the concept of spending; whether over or under, is relative..... someone working @ silverbird galleria for 1.2m annually that secures an apartment beside the galleria for 400(+/-) full annual package (water, light, security, maintenance, etc - the slight increments or decrements in the cost should cater for these) is actually living well within his means to me.

if not for anything but for the sanity of sleeping on time, waking up feeling refreshed and being more creative and productive.....also with an extended life span!!

someone staying @ iyana ipaja or ota, paying 100k would actually be spending more psychologically! the traffic alone can deduct 500k from the persons health balance! then we bring in the transport fare deductibles, then the health risk, then productivity..... etc

it's all about finding a balance! I call it MODERATION

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Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Nobody: 12:21pm On Nov 25, 2018
vivaciousvivi:

First of all, I take offence to your last statement.
And no where did I state I was smarter than anyone...as a matter of fact, I gave the credit to whom I read it from and I do think it isnt dumb.
Case in point, my first job was in VI and I lived in my first rental in Unity Estate Egbeda. I thought things would ease up after I bought my first car back in 07. It didnt, I just ended up waking earlier and getting tireder since now I had to drive home. The cycle was killing me. My rent was N70k and it was a BQ. So I had to move to 'lere where my rent was N250k for a one bedroom apartment (own bath, living room, bedroom, kitchen). Cut my commute more than half and made me happier. But the rent was killing me until I got a better paying job in 2010. By then, my surulere rent had also increased from N250k to N300k till it ended at N315k (before I moved out). It all begins and ends with the income at the end of the day. Cheers Tonye

U done really suffer o
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Nobody: 1:01pm On Nov 25, 2018
TonyeBarcanista:

No pls, don't personalise it... it was mere illustration na.

I know you are a smarty na, no be Vivi again? Meanwhile, you made a nice decision to move out of the 315k apartment, seriously, I would even move when it was increased to 300k. Income matters truly but please, don't stay faàaaaar in the name of cutting cost. It isn't worth it.

Don't take every word literal pls... You know say you be my love na


Be very careful. She is now married.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by TonyeBarcanista(m): 3:37pm On Nov 25, 2018
DrDauda:


Be very careful. She is now married.
Married to you?
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Oliver80(m): 7:51am On Nov 26, 2018
temmy59:

This is a very strategic advice; you didn't get value for your money; why spend 25% per annum when you would still face yaba to island stress and transport cost every day.


And bro; is the boys quarters, mini flat or a single room; what is yearly service charge.

It’s a single room with bathroom, there used to be service charge but not anymore, everyone run their generators from the power house.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by temmy59: 8:32am On Nov 26, 2018
Oliver80:


It’s a single room with bathroom, there used to be service charge but not anymore, everyone run their generators from the power house.
How many people use the kitchen.

Firstly to start life, and if am working on the island, I would opt-in for this; maybe one year or two.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Nobody: 12:11pm On Nov 26, 2018
Obeenah:
Well basically the mutual fund is like a special savings account but with better features as it earns you interest higher than the regular savings or hybrid savings accounts operated by banks.

Stanbic IBTC and ARM are the 2 institutioms that operate it that I know. I operate mine with stanbic.

You can save via depositing in multiples of N5000 into the account. Currently interest rates are about 11% or 12% pa on mutual funds compared to 4% for normal savings account.

If you have idle cash in your account please move it into this or try other better yielding options. You can make something off the interest earned.


Sir, what's the difference between Mutual funds (as you explained above) and Treasury bills?

1 Like

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Obeenah(m): 1:19pm On Nov 27, 2018
For mutual funds, it is a flexible contribution scheme which earns you interest on a daily basis. Currently at 11% P.A. you can keep adding to your funds as you please anytime. Also it operates via the principle of compound interest.


For Tbills. You buy them usually from the secondary market through your bank. Unlike the mutual fund which is flexible. The Tbill is not.

It however comes with the advantage of paying you your interest immediately.

EG: say you have 100k to invest in Tbills. @10% p.a. if you invest for 1 year. You will get paid 10k immediately and at the end of 1 year you will get your 100k back.

With mutual funds. You will earn slightly higher but would have to wait till maturity or pull out your funds anytime you please.


Omoluabi9:
Sir, what's the difference between Mutual funds (as you explained above) and Treasury bills?
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by oyedepo1(m): 3:04pm On Nov 27, 2018
pol23:
Rent in lagos ehn..
What the OP didn't factor...
Electricity will cost you -1k monthly...
Generator-7k
Waste disposal-500
Security-3k
Maintenance-2k
All the new houses in Lagos were built with substandard material...
Where I currently live (for 2 years now)
It's on the island,so anything metal here will spoil in months...
I've changed the Tanks and the raillings.
Change Nepa Pole.
Contribute money for roads.
Change every toilet fittings.
Different sockets
Door handles.
Power surge.
It's just countless....
OP...just open your eyes...this our lagos life is mere scam and trap.

Very true.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by oyedepo1(m): 3:06pm On Nov 27, 2018
marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.

IMO, 25% of your income going into rent is not a good idea at all.

Remember you still other expenses like electricity, water, generator, security, PSP, etc to cover.

Paying that kind of amount for rent is just like living for the landlord.
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by sylvez(m): 5:20pm On Dec 10, 2018
Offpoint:

Don't do it, you'll regret it.

I'm seriously interested in whatever your reason is....

can you please buttress
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Offpoint: 6:09pm On Dec 10, 2018
sylvez:


I'm seriously interested in whatever your reason is....

can you please buttress
It's a human thing bro, there comes a time he'll start seeing you as a burden, that's when he'll complain about un-necessary things. I'll need his space and star feeling uncomfortable.
It's a human thing bro...
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by YoungOldGee: 6:58pm On Dec 10, 2018
There is nothing like 2 much for ones comfort. You just need to find a balance between saving and living in the moment. I work in VI with a salary of 1m per annum and my rent in Shomolu for a mini flat is 350/annum. I value my comfort to anything else. Some people will save all their money to buy car while they are living in a not so good condition. It all depends on what makes one tick.

2 Likes

Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by sylvez(m): 10:35pm On Dec 10, 2018
Offpoint:

It's a human thing bro, there comes a time he'll start seeing you as a burden, that's when he'll complain about un-necessary things. I'll need his space and star feeling uncomfortable.
It's a human thing bro...

Ok thanks bro

By that time I'll just pack out na
Re: How Much Rent Is Too Much For Someone Who Earns 100k A Month by Offpoint: 8:43am On Dec 11, 2018
sylvez:

Ok thanks bro
By that time I'll just pack out na
lol, make God bless our hustles so that we fit afford our needs

1 Like

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