covid2019:





Don't tar everyone with the same brush.


Squatting is still the word. Maybe I should have said living not squatting, Its 4 rooms and parlor family house.

Only 2 siblings at home.
There is an empty room I use. In fact, I have access to everywhere.
.
.I spend money there too.

I foot many bills there. In fact the last small renovation cost me circa 200k. It's a family house . No rent is paid.
The friend is a post grad student and rarely stays at home.

.It would have been cheaper for me to stay alone. He drives my car. In fact, I taught him how to drive.

I buy gas, foodstuff etc.

Only if you knew how much I hate to beg, let alone letting people feed me

I started this hustle in school.

It took me 6 years.

I was able to save due to frugal nature. I don't show off, I don't brag. I even stated that my car is rickety valued at 350k.

If I was proud person, maybe I would have bought Camry to chase girls.

I suffered so much growing up. I left those details to reduce length of post.


You may not understand.

I feel like crying typing this.

You said it yourself that you are a squatter.

Invest in forex exchange or crytpo currency

topsquino:


My friend and I are just discussing this.

My friend bought a land 4 years ago in lagos for 2 million naira.

Today the land is valued 4 million naira.

Now let's look at the naira value.

When he bought it, $1 was 200, meaning he bought it $10,000 (2 million / 200).

Today, 1 $ is about 430 naira.

This means the value of the land in dollars is $9302 (4 million /430).

As you can see, he is even better off saving his money in dollars than even buying the land in the first place .

If you need more concrete advice, let me know so that I won't be wasting my time typing here.

what if op invests in dollars now and naira later appreciates meaning he looses more when converting to naira right?

covid2019:





Don't tar everyone with the same brush.


Squatting is still the word. Maybe I should have said living not squatting, Its 4 rooms and parlor family house.

Only 2 siblings at home.
There is an empty room I use. In fact, I have access to everywhere.
.
.I spend money there too.

I foot many bills there. In fact the last small renovation cost me circa 200k. It's a family house . No rent is paid.
The friend is a post grad student and rarely stays at home.

.It would have been cheaper for me to stay alone. He drives my car. In fact, I taught him how to drive.

I buy gas, foodstuff etc.

Only if you knew how much I hate to beg, let alone letting people feed me

I started this hustle in school.

It took me 6 years.

I was able to save due to frugal nature. I don't show off, I don't brag. I even stated that my car is rickety valued at 350k.

If I was proud person, maybe I would have bought Camry to chase girls.

I suffered so much growing up. I left those details to reduce length of post.


You may not understand.

I feel like crying typing this.

Guy you dont owe anybody any explanation. No matter what they will still Judge you. I remembered when i was building i was living in a single room of 60k in one of the vilages here in Abj, my colleagues were comfortably paying between 250-850k for rent. When i moved into my apartment at 26 alot of people said i just laundered money, that's only because they know i have a job, if not they would probably say i had "cash out "

In other words just ignore these people and look into my advice above, you will be glad you did

flexyrule:
That should be 10m for the year = 83k monthly.

10m or 1m? Are you referring to the annual interest or the capital amount?

You get this kind money, you dey squat!!

No dey scam us na!!

sheunsheun:


Guy you dont owe anybody any explanation. No matter what they will still Judge you. I remembered when i was building [b]i was living in a single room of 60k in one of the vilages here [/b]in Abj, my colleagues were comfortably paying between 250-850k for rent. When i moved into my apartment at 26 alot of people said i just laundered money, that's only because they know i have a job, if not they would probably say i had "cash out "

In other words just ignore these people and look into my advice above, you will be glad you did

You had people you could SQUAT with, but you chose the path of HONOUR and lived in a 60k place in a suburb.
You are an honourable man.
You did the right thing.
You did not choose to SQUAT at someone else's expense while gathering and saving your own money.

From page 1 to 9, all I see is "build house" "buy land"

obamat:
My own advice for you is to invest in land even if you are not going to build.
I had similar experience when I was growing up I made some hustle back then when I was in the University and I made some money but I really don't know what next to do with my life then so I bought some properties then. 1acre of land for 120k, 2plots of land for 250k , 1.5 plot of land for 150k. all btw 2005 and 2007.
The acre of land is valued at 3m now I sold 1plot out of it for 500k recently.
The 1.5 plot is valued at 2.2m now and the 2 plots is valued at 1.2m because it is water area.
I am no longer in that state but the land keeps appreciating.
I bought a 1/2 plot land in 2018 April for 2m and in August someone offered 3m but I needed the land for my personal use.
So if you invest in genuine land and secure it properly it will appreciate in a short time.
You just keep your working capital.
All the best

How did you secure the land?

covid2019:

Interesting analysis

I need advice please. Kindly help.

Let me quickly condense what you should do.


Rule 1: Do you know that most people working in the CBN and top executives in banks in Nigeria don't save their money in naira? That's the truth.

Never ever save your money again in naira if you don't want it to devalue. Politicians and key stakeholders don't keep their money in naira, so why should keep your money in naira.

Rule 2. You are already late to the party. Meaning don't convert your money to dollars now until the exchange rate becomes stable. Perhaps you must have noticed. Our money usually becomes unstable every four years. The last time was in 2016.

Rule 3. You need an asset now. But which asset should you buy? This is the best time to buy stocks as prices are relatively low now. But remember, investing in stock is risky. But if you know a reliable stock broker, you can invest like 1 million naira in it.

I will also advise you to buy land. But remember, buying land will not make you rich or give you profits as you can see from my analysis.

However, buying it will insulate your money a little bit from inflation. Besides, it's one of the best back up you have if your business runs south.

So, I think you should invest 5 million in land. Make sure you buy a very good land that you can easily sell. You should see the land as a form of liquid cash.

Don't build now. Invest the rest in your business.

Pls dont listen to any of the get rich quick schemes suggested here and disregard spam mails because am sure you must have gotten like a million spam mails by now.

Nigeria is heading towards a recession. Infact i would say that we are already in one-just that Uncle Covid-1.9 is trying to take the shine of the recession and this is a double whammy for us.

From your original post and responses it appears that you still need to bit of exposure with regard to financial literacy. Yes, you have 11m which is and is not alot of money in Nigeria today-depending on the context. However, you are not wealthy because you are yet to discover how to make your money work for you.

My advice.....read books on wealth creation from warren buffet, napoleon hill etc....there are a few other classic books from not too popular authors that will also be insightful.


Now back to your question. Pls diversify by converting some portion of the 11m (like 30%) to USD to store value-make sure the USD is in a fixed deposit account. Make sure that your working capital is still intact and create a little buffer zone of cash around it so you can continue to do your business unhindered. It will be painful to have your savings tied down in iliquid assets when there is opportunity to use same for business.

In this period, cash is king because when recession hits full blown people with cash are the first to benefit because there will be alot of investmets (including houses) that will be on offer at ridiculous prices.

I personally wont advise you to build at this point
because the opportunity cost and economic profit of building will be negative considering the amount you have.

All tbe best!

I want to believe this thread was opened for people to Learn and not a true story but fiction. How can one hustle from scratch as OP claimed to have done and still asking people for what to do with money? There's something hidden here. Maybe OP na yahoo guy or just hit this sum unexpectedly. A business minded person as claimed by OP should know what to do with that huge sum. 11m. Good business may don't have such in account rather a working capital in other side hustles. Any business many having this sum in account worth at least 70m because they do invest their money to generate father residual income monthly or annually.

covid2019:
I am in a dilemma worsened by this covid19.

I am a graduate male of 29 residing in the East. I still squat with a friend, not because I don't have money for house rent. But principally because I have been unable to figure out what I want to do with my life, hence renting a house feels like a commitment that might get me stuck.

I always feel I might move anytime soon-- to either another state or abroad for masters or just practice of my profession. Note that I didn't study a STEM course.

All these while squatting, I have been saving via my proceeds from hustles.

In the wake of this COVID19, I checked all my banks and found out that money I have in my account has lost so much value given the dollar rate.

I have 11.4 million, inclusive of my working capital, plus a rickety car valued at 350k. Each time, I need just 3-5m as working capital.

It seems that trying to save more is false economy and might be counter productive.

NOW, I AM CONSIDERING buying a plot of land and erecting a small house even if it's 3 rooms. This, I think will serve as investment that will keep appreciating and also serve as residence.

Or just open a domiciliary account to hedge against naira fall and continue saving.
What do you think please?

My own.

If you die today, na bankers go chop your money.

There are 2 things you must not do;

1. You must not waste or lose this money you already have

2. You must not miss the important thing about life, which is living a good and comfortable life (You have earned it)

How will you achieve that;

1. Keep on with the legitimate business that gave you that money. If at 29 you amassed 11m, at 39 you should have 10times what you have. If what you did for the money was illegal, hmmm, that is difficult because most illegal money ends up bad. But try a legitimate business and hope for the best.

2. I think having such money and living with someone who may not have such money is unfair. Get your place. You don't have to build. Don't ever look at rent as a waste.

3. Pls upgrade your car. Don't go expensive but get what is portable, functional, trendy and reliable.

4. Don't put money on any single thing (business or otherwise that is up to 25% of you net Worth and don't make a budget that is up to 50% of you net worth. You must always have something to fall back to.

5. Take time to analyze any spending and never rush in buying anything.

In summary, I am saying you must enjoy your money at the same time do not eat all of it.

There are alot of Igbos in my area who have suddenly realized that building a duplex in the village is just being foolish when they live in slums in the city.

Get yourself even a room and palour, put AC and nice things. Continue your hustle.

When you eventually marry and have kids remember you only owe them food, shelter, education and training till they graduate. You are not responsible for their inheritance so don't bother. If you bother about leaving inheritance, you will never enjoy your life and you would have missed very important things about life. Money is not everything but money makes life good. There no essence of making money if you cant spend it on yourself.

Enyimbamercedes:
Or you can make the money work for you and build the house for “free”

I am in the same dilemma; my house will cost about 18-22m and I’ve got 10m set aside

I’m going to invest this in an fx trading platform that I know that will net me 20% monthly. Note that I know at least 5 people who have been on this platform for months.

With the initial 6month interest, I will net 12m, withdraw the 10m and finish up OR leave the 10m for a year and let my investment complete the house...

There are risks but no risk no reward!!

Put 5M , keep your 5m

Someone works hard. Hustles hard. lives a frugal life. squats with a friend. Hustles really well.

Yet does not know what to do with 11,000,000:00 Naira.

And is asking for financial advice from complete strangers on Nairaland over 90% of whom does not know what to eat on Monday if Lockdown is not lifted.

Guy, na who do you this thing?

Keep hold of the money till you figure out what you want to do with the money. You must be convenient with your own decisions, so you don’t feel uneasy whilst the money is being spent. Take the best decision for yourself by taking into consideration your goals, peculiarities and other necessary parameters pertaining to you.
P.S: you are good saver and don’t invest in business if you think you can’t handle it. Business is the way to go, but not meant for everyone. You Can use part of the money to open a business venture if you have the nous

Richy4:
My People and free stuffs.. People pay for this kind of advice you know? ... how do u think financial planners will survive if u cut corners like this....

Bros, we need to stop having these mentality. Did you pay for for all the software packages you have on your laptop? The windows Os on it. Even if you are using a mac, you will still be looking for sites to download free software packages. Not saying the practice is okay. I am just saying you shouldn't throw stones if you live in a glass house.

Nigerians too like to ask for payment for everything even something wey dem learn for free. Open Source communities are scarce to find in Nigeria.

Are you saving in dollars or in naira? If it’s in the latter. Then na OYO you dey. You better start building before you lose too much value out of your saving to inflation.

topsquino:


Let me quickly condense what you should do.


Rule 1: Do you know that most people working in the CBN and top executives in banks in Nigeria don't save their money in naira? That's the truth.

Never ever save your money again in naira if you don't want it to devalue. Politicians and key stakeholders don't keep their money in naira, so why should keep your money in naira.

Rule 2. You are already late to the party. Meaning don't convert your money to dollars now until the exchange rate becomes stable. Perhaps you must have noticed. Our money usually becomes unstable every four years. The last time was in 2016.

Rule 3. You need an asset now. But which asset should you buy? This is the best time to buy stocks as prices are relatively low now. But remember, investing in stock is risky. But if you know a reliable stock broker, you can invest like 1 million naira in it.

I will also advise you to buy land. But remember, buying land will not make you rich or give you profits as you can see from my analysis.

However, buying it will insulate your money a little bit from inflation. Besides, it's one of the best back up you have if your business runs south.

So, I think you should invest 5 million in land. Make sure you buy a very good land that you can easily sell. You should see the land as a form of liquid cash.

Don't build now. Invest the rest in your business.

How do we save in dollars and buy stocks?

obamat:
My own advice for you is to invest in land even if you are not going to build.
I had similar experience when I was growing up I made some hustle back then when I was in the University and I made some money but I really don't know what next to do with my life then so I bought some properties then. 1acre of land for 120k, 2plots of land for 250k , 1.5 plot of land for 150k. all btw 2005 and 2007.
The acre of land is valued at 3m now I sold 1plot out of it for 500k recently.
The 1.5 plot is valued at 2.2m now and the 2 plots is valued at 1.2m because it is water area.
I am no longer in that state but the land keeps appreciating.
I bought a 1/2 plot land in 2018 April for 2m and in August someone offered 3m but I needed the land for my personal use.
So if you invest in genuine land and secure it properly it will appreciate in a short time.
You just keep your working capital.
All the best

Investing in anything carries risk.
If you can manage the risk fine.
Land is a good investment but also carries it's own peculiar risk in Nigeria.
Land is not liquid which means that you can not always sell it at your own price if you need cash at short notice apart from the other omo onile type of risk. Also the value of land does not always go up when you need it to. Land does not appreciate for no reason there has to be demand. In fact at times like this land is depreciating in value in real terms When the economy is bad demand will be weak Bear in mind that the exchange rate of the naira is likely to continue falling

E.g if you bought land for 10 million in 2014 and sell it now for 20million and you were investing from a dollar base e.g Nigerian living in the US you would have made zero profit or even a small loss. 10 million in 2014 was £40000 and today it is £20000

For me in Nigeria I strongly recommend opening q domiciliary account and save your money in dollars.
You can get your cash whenever you need it.

[font=Lucida Sans Unicode][/font]

deenee:
Pls dont listen to any of the get rich quick schemes suggested here and disregard spam mails because am sure you must have gotten like a million spam mails by now.

Nigeria is heading towards a recession. Infact i would say that we are already in one-just that Uncle Covid-1.9 is trying to take the shine of the recession and this is a double whammy for us.

From your original post and responses it appears that you still need to bit of exposure with regard to financial literacy. Yes, you have 11m which is and is not alot of money in Nigeria today-depending on the context. However, you are not wealthy because you are yet to discover how to make your money work for you.

My advice.....read books on wealth creation from warren buffet, napoleon hill etc....there are a few other classic books from not too popular authors that will also be insightful.


Now back to your question. Pls diversify by converting some portion of the 11m (like 30%) to USD to store value-make sure the USD is in a fixed deposit account. Make sure that your working capital is still intact and create a little buffer zone of cash around it so you can continue to do your business unhindered. It will be painful to have your savings tied down in iliquid assets when there is opportunity to use same for business.

In this period, cash is king because when recession hits full blown people with cash are the first to benefit because there will be alot of investmets (including houses) that will be on offer at ridiculous prices.

I personally wont advise you to build at this point
because the opportunity cost and economic profit of building will be negative considering the amount you have.

All tbe best!

Choi... people wey Dey reason still Dey this forum ... Nice one , OP better heed to this !

Build. Like one of the earliest responders said, build some self contains, rooms and rent them out while you stay in one. God bless you.

well I think buying a land will help in monetizing your savings. however plan it well so you don't loose your money.

you have a hustle that you started while in school.

despite the school distraction you were still able to save 11million and yet you are asking what hustle to engage in.

Tell us the truth, are you a Gee boy?

Nobody will make 11million in 6yrs of hustle and still be asking for direction, why not expand the so called hustle abi you be Yahoo boy.

Just a word of advice building a house is a tie down of cash, Jeje buy land fence it and allow it to grow or rent it out to Farmers/block makers while you use the rest to expand your hustle.

You are still young, now is the time to take on risk coz you have the years to recover.

House of 100m here will return a miserly 5-8m on rent, it's fu--cked up really, just buy land and fence it for safety.

southniyikaye:
build rooms you can let out on the land if it is a commercial or semi commercial area.
You can build some room self contain and put it out for rent.
Money to travel out will still surfice in your estimated money

Look for a good middle class area.. Buy small properties....

Richy4:
My People and free stuffs.. People pay for this kind of advice you know? ... how do u think financial planners will survive if u cut corners like this....

loool.
For me if I have 11.4m I'll be renting a small place for privacy even if its one room. Its not too much abeg

covid2019:
I am in a dilemma worsened by this covid19.

I am a graduate male of 29 residing in the East. I still squat with a friend, not because I don't have money for house rent. But principally because I have been unable to figure out what I want to do with my life, hence renting a house feels like a commitment that might get me stuck.

I always feel I might move anytime soon-- to either another state or abroad for masters or just practice of my profession. Note that I didn't study a STEM course.

All these while squatting, I have been saving via my proceeds from hustles.

In the wake of this COVID19, I checked all my banks and found out that money I have in my account has lost so much value given the dollar rate.

I have 11.4 million, inclusive of my working capital, plus a rickety car valued at 350k. Each time, I need just 3-5m as working capital.

It seems that trying to save more is false economy and might be counter productive.

NOW, I AM CONSIDERING buying a plot of land and erecting a small house even if it's 3 rooms. This, I think will serve as investment that will keep appreciating and also serve as residence.

Or just open a domiciliary account to hedge against naira fall and continue saving.
What do you think please?

Build.

Get together with a good architect to design two flats for you. A 1 and 2 bedrooms joined together.

Rent out the 2 bedroom and leave in the 1 bedroom. Fast track the finishing of the 1 bedroom.

In the future you can combine both together to make a 3 bedroom. A good architect can design a good flow.

Good luck.

PS: I’m extremely proud of you for being able to get things done in this same Nigeria that others gripe about.

I hope you get to read this.

29, single, a graduate, prudent, smart, with over 11m in savings.

Bruv, I envy you and would do this if I were you.

Start the Australian or Canadian PR program now that age is still on your side. Thankfully, money won't be an issue as you have the financial power to process it. Give or take, you will need 4 to 4.5m for the entire process including PoF.

And you don't have to pay anyone to do it for you, there's enough DIY resources here on Nairaland to start with.

By the time you get there, it becomes easier for you to do your Masters at a far cheaper cost and in a good school because of your PR status. And of cos, more investment and career opportunities are laid bare to you simply because you'd be more exposed, live and work legally in a country that works.

From the remaining money, retain your business capital. You can also get a plot of land in a good location. Perfect the C of O and continue with your hustling. When you start making more over there, you can come back to build your house.

I wish someone pointed me to this when I was your age. Now, I am in my late 30s, self-employed, newly married, a landlord in Lagos but guess what, I have started with the PR route.

Nothing is certain here in Nigeria. The value of your 11m now is not the same about this time last year and I doubt if it would get better by December.

So make a move now. I wish you the very best.

You are doing well!

I don't know where you live, if in Lagos that money may not go very far. If that money can go far in the city where you live, consider building like 4 2-br or 6 2-br or 3 3br terraces. Just build something that occupies you and also brings rental income. Remember, this is not your last house and you still have many years ahead of you. So, you don't need a lot of comfort for now.

You can never go wrong if you buy original verifiable land in a good place. Also, building project will make you more responsible in spending. You already know where your income is going before it comes. Please, don't rest on your laurel. You are not there until you have passive income.

covid2019:
I am in a dilemma worsened by this covid19.

I am a graduate male of 29 residing in the East. I still squat with a friend, not because I don't have money for house rent. But principally because I have been unable to figure out what I want to do with my life, hence renting a house feels like a commitment that might get me stuck.

I always feel I might move anytime soon-- to either another state or abroad for masters or just practice of my profession. Note that I didn't study a STEM course.

All these while squatting, I have been saving via my proceeds from hustles.

In the wake of this COVID19, I checked all my banks and found out that money I have in my account has lost so much value given the dollar rate.

I have 11.4 million, inclusive of my working capital, plus a rickety car valued at 350k. Each time, I need just 3-5m as working capital.

It seems that trying to save more is false economy and might be counter productive.

NOW, I AM CONSIDERING buying a plot of land and erecting a small house even if it's 3 rooms. This, I think will serve as investment that will keep appreciating and also serve as residence.

Or just open a domiciliary account to hedge against naira fall and continue saving.
What do you think please?

/
Build a small house and move in. You will never worry about landlord wahala again even if hardluck hits you. It will give you the peace of mind to try some investment opportunities.

Don't put the money in a residential real estate. You will regret if you do. Only invest in real estate if you get other basic areas covered. Whip out a calculator and figure out your receivable in a year from rent. Sounds good? Well...goodluck collecting.

\

Dirpetaner:
Invest in the building.

Brotherly

You still to want advice from this cursed country called Nigeria on how you should invest on buying a land to build yourself a home!!! may God kill all your village enemies confusing you not to go ahead pls go ahead ooo, with the kind of situation in Nigeria ,now any slight delay in tskr a life decsion a will a doom day with the kind of saving you have at the bank trust me you are better off, than some people, building for one self or buying in properties is a big investment with lot of benefits, those who had the first sight to buy into properties in lekki, phase 1 and phase 2, and extension where once called fools cause most of tha land was swamps area today nko?? despites the floods?? mention one Nigeria celebrity without a house in Lekki or Lekki extension. Building your self a house is the best you can do as a young man to fulfill your life time dreams even, if you relocate abroad you can still put it up the house for a rent i come against every wishes and wizard stopping after this post to fulfill your dreams in Jesus name can i hear a Amen!!!

All the best Bro!!

D.A