₦airaland Forum

samzepaparazi:
I have a question
Why do companies give their employees cars that cost more than their annual income then

ajl:
0 to 20%? Obviously this poster is a Nigerian. How in heaven could one expect your car to be worth 20% of total value of your asset? Except you use your car for business and generate income from it, it should be less than 10% for a typical every day people.

For most folks, your car is a liability that depreciate in value with time. Imagine you bought a new car few minutes ago and use drive it home but decided to return it following day. Do you think the dealer will take it from you at the price as the sale price?

Wigetsolar:
People measure your worth from what they can see.

emmanuelewumi:
Nothing bad with the guy that has a Networth of N100 million using a car of N20 million.
Apart from the car, the guy still has assets worth about N80 million that might be in form of real estate, shares, bonds, Treasury Bill, Eurobonds. It is possible that those assets are generating revenue of about N7million per annum. This is different from the money he makes from his business

The person might be a self employed businessman or self employed professional eg Architect, Lawyer, Doctor, Accountant that needs to appear well and comfortable in order to get bigger jobs and clients

ajl:
0 to 20%? Obviously this poster is a Nigerian. How in heaven could one expect your car to be worth 20% of total value of your asset? Except you use your car for business and generate income from it, it should be less than 10% for a typical every day people.

For most folks, your car is a liability that depreciate in value with time. Imagine you bought a new car few minutes ago and use drive it home but decided to return it following day. Do you think the dealer will take it from you at the price as the sale price?

duality:
Corona? So you won't come out of the car? The late COS didn't have cars ?

So people with cars don't get robbed?

I'm a bit surprised

demolagilbert:
and yet a savings/investment culture trumps a credit culture anyday. Someone made a post on LinkedIn about the financial armaggedon in the US and the huge job losses, painting a grim picture of how a COO could end up working at a mall post COVID. 'Anything to stay afloat, till things stabilise, cos the BILLS have to be paid'. And truly it has already begun evident by the comments on the post by high ranking officials who are now jobless submitting that they truly will take any job, even if it rubbishes all efforts that grew their careers in the last 10-15 years. Why that level of desperation? It is cos debts will have to be repaid. Student loans, car loans, mortgage payments, even phones and computers are bought mostly on credit.

I take pride in that my car is mine 100%, and everything I own is mine 100%. I resigned at the height of the recession in 2015/2016, still did my MBA and got married. no shaking. Didnt take up another job till mid-2017. Took up another, and got transferred after 3 mths halfway across Nigeria, and three mths after the transfer I resigned again. Heaven did not fall. Till Jan 2019 when I took this current one. While, not everyone will be wildly crazily optimistic like me with my penchant for dumping jobs that don't make me fulfilled, I could have never had as much CONTROL over my life and life decisions, if I was neck deep in all manner of loans. Like the average American I would swiftly descend into a state of despair, willing to take anything. I believe strongly that we should be in CHARGE of our finances, and by extension lives.

A borrower is a SLAVE to the lender. To me, it is bondage. If it isn't for business I will never/pray to not ever have a reason to use debt to get personal tins done, so help me GOD.

MrPaul2:
God go bless you hare
I could remember when I was using one old car, they always stop me, it got to a point that I will stop even before they stop me just to tip them something, last year God change my story and I got a fairly nice ride. Once I'm coming I notice they don't stop me the way they use to, even if they do, I give them my papers as usual they will tell me sorry join without bribe. I couldn't believe my eyes the first week, this days its like most of them know me now on my way to work, they will be shouting oga yellow anything for the boys when I slow down. If anyone tell you there is benefit in driving a jalopy tell him or her to try a beautiful ride.

duality:
� Please what is this net worth. Is it savings?

homeboy205:
Yes true and I also knew someone who made money from illegal businesses. Instead of flaunting the money, he went ahead and get loan of 35M [/b]from the bank with properties belonging to his family.

Dude bought 10M car and use the rest for business, whereas he has the money. [b]He just need to wash it legitly into the economy. Like some Power stunts


Because people do these things don’t confirm they are broke.

People getting loan knows they will payback one way or the other and they have plans.

I WILL SAY THIS AGAIN, IF YOU FORM RICH IN NIGERIA THEY WILL DRAIN YOU



I don’t know if you have came across a video of an Igbo guy counting money still telling someone on the phone that he hasn’t eat since morning. Still asking the person to bring the food he has so they can eat together while he was counting thousand LOL...

Some will tell you they use all their money to buy a car of 2 million, they can’t flex you self. Before you know gossip go don enter town say he buy car he broke.. Whereas dude was Escaping Billings

Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own

grandstar:
Anyone that spends 20m to buy a car out of a 100m deal won't think the way your saying. It's when the money is down to 40m that his eyes will clear. I'm an estate agent and I know what am saying.

grandstar:
Anyone that spends 20m to buy a car out of a 100m deal won't think the way your saying. It's when the money is down to 40m that his eyes will clear. I'm an estate agent and I know what am saying.

Slawormir:
Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract

homeboy205:
I understand, but check a situation out.

Let’s say you have 10m in your bank account today and you REALLY REALLY wish to drive a Benz(I MEAN THOSE MONEY YOU WILL SPEND WITHOUT THINKING TWICE NO MATTER WHAT). You can still opt for 3m Benz just to be safe.

Ok. You are my friend, you just bought Benz of 3m, in this Nigeria economy. I know you don’t have only 3m, I will predict you having 5m(not to exaggerate)...

But after buying the car if you go lowest key and let 1 or 2 people know you are broke. (I mean having people buy fuel in the new Benz)Mehn believe me everybody will believe you are broke..

What OP is trying to say is that those homeboys are broke and they are driving big cars forming big boys. You need to stay under the same roof with anyone before concluding they are broke.


So to answer own questions , IF YOU DONT ACT BROKE IN NIGERIA THEY WILL DRAIN YOU ....

I have first hand experience...

samsard:
Most American car purchases are financed, AKA bank loans. The problem is that our mentality is that loans are bad. Developed economies literally run on debt! The issue is that it should be healthy debt

Kingpele:
Benz 320 4matic. Why do u ask? U want a ride?

emmanuelewumi:
I am an investor and a finance person.


You Networth does not have to be cash sitting in the bank.

Apart from the car valued at N20 million. The person has another N80 million in assets that can be real estate, shares, bonds, money market funds, Eurobonds etc. These are assets and investments that can generate another N7 million per annum in form of passive income which can produce another N20 million in 3 years.

This person also have his job or business which produced the Networth of N100 million in the first place

Kingpele:
; hi am still thinking how this rubbish made frontpage, people taste differ, someone that have a sure steady income can use all his savings to buy a car, provided he can maintain it, I can't come and buy beetle just cos I want to save money. after all petrol is the same price for every one, i remember when I was driving one car then everyone on check point will stop me including boyscout and they will demand bribe, still
continued until God saved me from my village people and I got a clean ride... Just yesterday I was coming from where i went to buy something for this lockdown... Menh I saw police check point with keke and cars parked right and left... Police was just looking at me unable to makeup their mind whether to stop me. I just zoomed pass, if na that my former ride I know they will flogged me join... Please hustle well so that u won't go and buy nonsense car in the name of cutting cost.... I don talk my own

Slawormir:
Damnnnnn niggarrr
Isoright

I understand op very well

But sometimes ehnnn the easiest way to also conquer poverty is to also fake this life and package your life


Even if you don't have much just try and buy that expensive ride. Form big boy for area. That can even attract those people that will even make you to be big

Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract

Slawormir:
Damnnnnn niggarrr
Isoright

I understand op very well

But sometimes ehnnn the easiest way to also conquer poverty is to also fake this life and package your life


Even if you don't have much just try and buy that expensive ride. Form big boy for area. That can even attract those people that will even make you to be big

Take for example: you want award contract give two people. One drive Audi car come and the other person drive venza come. Instantly your mind go first tell you say na this venza guy deserve the contract

homeboy205:
Yes true and I also knew someone who made money from illegal businesses. Instead of flaunting the money, he went ahead and get loan of 35M from the bank with properties belonging to his family.

Dude bought 10M car and use the rest for business, whereas he has the money. He just need to wash it legitly into the economy. Like some Power stunts


Because people do these things don’t confirm they are broke.

People getting loan knows they will payback one way or the other and they have plans.

I WILL SAY THIS AGAIN, IF YOU FORM RICH IN NIGERIA THEY WILL DRAIN YOU



I don’t know if you have came across a video of an Igbo guy counting money still telling someone on the phone that he hasn’t eat since morning. Still asking the person to bring the food he has so they can eat together while he was counting thousand LOL...

Some will tell you they use all their money to buy a car of 2 million, they can’t flex you self. Before you know gossip go don enter town say he buy car he broke.. Whereas dude was Escaping Billings

grandstar:
The 100m is the fee from a property sale. Such fees don't come everyday.

demolagilbert:
and yet a savings/investment culture trumps a credit culture anyday. Someone made a post on LinkedIn about the financial armaggedon in the US and the huge job losses, painting a grim picture of how a COO could end up working at a mall post COVID. 'Anything to stay afloat, till things stabilise, cos the BILLS have to be paid'. And truly it has already begun evident by the comments on the post by high ranking officials who are now jobless submitting that they truly will take any job, even if it rubbishes all efforts that grew their careers in the last 10-15 years. Why that level of desperation? It is cos debts will have to be repaid. Student loans, car loans, mortgage payments, even phones and computers are bought mostly on credit.

I take pride in that my car is mine 100%, and everything I own is mine 100%. I resigned at the height of the recession in 2015/2016, still did my MBA and got married. no shaking. Didnt take up another job till mid-2017. Took up another, and got transferred after 3 mths halfway across Nigeria, and three mths after the transfer I resigned again. Heaven did not fall. Till Jan 2019 when I took this current one. While, not everyone will be wildly crazily optimistic like me with my penchant for dumping jobs that don't make me fulfilled, I could have never had as much CONTROL over my life and life decisions, if I was neck deep in all manner of loans. Like the average American I would swiftly descend into a state of despair, willing to take anything. I believe strongly that we should be in CHARGE of our finances, and by extension lives.

A borrower is a SLAVE to the lender. To me, it is bondage. If it isn't for business I will never/pray to not ever have a reason to use debt to get personal tins done, so help me GOD.