₦airaland Forum

The bolded is correct, however as the Nigerian economy is unpredictable i still think someone need to have atleast 10 billion Niara worth in assets, investments e.t.c to be able to stand all weather in the Nigerian economy

emmanuelewumi:
N10 billion is huge by Nigerian standard

A person with assets and Investments that is worth N2 billion and get a minimum residual income of N120 million from the Investments and assets every year is wealthy. He must also be able to save and reinvest a minimum of 20% of the income generated.

XiaoLi:
The bolded is correct, however as the Nigerian economy is unpredictable i still think someone need to have atleast 10 billion Niara worth in assets, investments e.t.c to be able to stand all weather in the Nigerian economy

Less than 100,000 Nigerians have N10 billion. That is less than 0.05% of the population. A report from CBN has it that less than 2% of Nigerian bank customers have 500k in their accounts

If this is true then i think most of them have the embezzlement mentality,always thinking they will steal from somewhere to continue their lavish lifestyle, i see no reason why someone who earn 300 million naira per annum will not save atleast halve of it.

emmanuelewumi:
Most are not wealthy, four years after they are out of office they are usually broke

It is one of the reason Nigeria is regarded as poverty capital of the world, in the country i live someone who is worth 4million usd is still seen as a beginner.

emmanuelewumi:
Less than 100,000 Nigerians have N10 billion. That is less than 0.05% of the population. A report from CBN has it that less than 2% of Nigerian bank customers have 500k in their accounts

XiaoLi:
If this is true then i think most of them have the embezzlement mentality,always thinking they will steal from somewhere to continue their lavish lifestyle, i see no reason why someone who earn 300 million naira per annum will not save atleast half of it.

They actually earned the money for 4 years, working an average of 20 hours per week, for less than 30 weeks in a year. They have vacation of about 22 weeks in a year

XiaoLi:
It is one of the reason Nigeria is regarded as poverty capital of the world, in the country i live someone who is worth 4million usd is still seen as a beginner.

That is debatable will you rather have your $4 million there or your N1.4billion here

I will rather have my N1.4 billion here sha

It is a total jamboree, i think this is one of the reasons they go broke within a short period of time.
Blood money, easy come..easy go!

emmanuelewumi:
They actually earned the money for 4 years, working an average of 20 hours per week, for less than 30 weeks in a year. They have vacation of about 22 weeks in a year

I am sure most people will prefer to have 10billion Naira in Nigeria, what i was actually trying to say is that 10billion Naira in countries with good economy and a better living standard is not actually a big deal. My Singaporean friend has an apartment worth 350k usd,still active and working,can afford simple things to sustain life and still sees himself as poor. Most people who are worth 350k usd in Nigeria will see themselves as either rich or wealthy.

emmanuelewumi:
That is debatable will you rather have your $4 million there or your N10 billion here

I will rather have my N10 billion here sha

XiaoLi:
I am sure most people will prefer to have 10billion Naira in Nigeria, what i was actually trying to say is that 10billion Naira in countries with good economy and a better living standard is not actually a big deal. My Singaporean friend has an apartment worth 350k usd,still active and working,can afford simple things to sustain life and still sees himself as poor. Most people who are worth 350k usd in Nigeria will see themselves as either rich or wealthy.

Cost of living varies, the amount needed to be rich or wealthy will vary in different countries.


With N360 million or $1 million you should be comfortable in Nigeria, but that can't be the case in the US


If you earn $1000 in India you are a big man,

A farmer with a Networth of N100 million in the village at Ekiti state, can't be compared with someone with a Networth of N150 million in Lafos.

Diyke4rich:
Good morning everyone in the house, out of curiosity what will one might have achieved to be classified as rich person or a millionaire in nigeria note i am talking about billion, example house, business, car and save's, how much?

For me being rich or wealthy is relative and not dependent on a specific sum of money.

If you can maintain a comfortable lifestyle with your current income, then you are as wealthy as the number of years you can maintain that lifestyle without any need to work for money.

That's why one must have assets that provide cashflow not just assets that count as networth.

So, considering your desired standard of living, how long can your finances last. That is how wealthy you are.

emmanuelewumi:
A farmer with a Networth of N100 million in the village at Ekiti state, can't be compared with someone with a Networth of N150 million in Lafos.

Good morning Mr Emmanuel.

Please I need to discuss something confidential with you. Sent a pm this morning. Kindly respond.

Thanks

4tunebest:
Good morning Mr Emmanuel.

Please I need to discuss something confidential with you. Sent a pm this morning. Kindly respond.

Thanks

Saw your PM, unfortunately I don't respond to PMs.


You can ask whatever you want on a dead thread and edit it after I have answered you

So we cannot buy tbills again, no anyway we can just hustle it? Topics here has drifted from the main reason for ds thread, how can we Av daily updates on happenings around tbills bk...
I need business to survive, ds salary isn't enuf n my wife doesn't Av anything to support me 4 now... Pls tbills happenings

Hallenjay:
So we cannot buy tbills again, no anyway we can just hustle it? Topics here has drifted from the main reason for ds thread, how can we Av daily updates on happenings around tbills bk...
I need business to survive, ds salary may stop n my wife doesn't Av anything to support me 4 now... Pls tbills happenings

TB is on recess, rates range from 2.5 - 3.8%/anum our oga's have advices us to wait for things to improve.

So for now we are getting general life lessons.

Call it freebies

emmanuelewumi:
Saw your PM, unfortunately I don't respond to PMs.


You can ask whatever you want on a dead thread and edit it after I have answered you

Alright. This is well noted.

Thank you

zamirikpo:
TB is on recess, rates range from 2.5 - 3.8%/anum our oga's have advices us to wait for things to improve.

So for now we are getting general life lessons.

Call it freebies

chai, e be like say I'll do POS business wt ds cash... Who get idea about d bis, cost n Co and which bank pos is d best.
Am banking with Access, Gtb, fcmb, firstbank ,uba and eco bank.

otomatic:
For me being rich or wealthy is relative and not dependent on a specific sum of money.

If you can maintain a comfortable lifestyle with your current income, then you are as wealthy as the number of years you can maintain that lifestyle without any need to work for money.

That's why one must have assets that provide cashflow not just assets that count as networth.

So, considering your desired standard of living, how long can your finances last. That is how wealthy you are.

I think ur have given a more comprehensive answer.

CONSISTENCY is key.......in whatever economy good or bad as long as u keep making money , u are green....

I'll prefer a viable business of a lifetime(gas plant, filling station,transport company, real estate etc) over a cash gift of 500million.

Walahi...

Hallenjay:
So we cannot buy tbills again, no anyway we can just hustle it? Topics here has drifted from the main reason for ds thread, how can we Av daily updates on happenings around tbills bk...
I need business to survive, ds salary may stop n my wife doesn't Av anything to support me 4 now... Pls tbills happenings

Your savings account interest rate, presently 4.05% is better than tbills. Just make sure you don't withdraw more than 3 times a month so as to earn it.

Hallenjay:
So we cannot buy tbills again, no anyway we can just hustle it? Topics here has drifted from the main reason for ds thread, how can we Av daily updates on happenings around tbills bk...
I need business to survive, ds salary may stop n my wife doesn't Av anything to support me 4 now... Pls tbills happenings

Just use this period gather more savings, so that once rates are fair... You buy

Yes, A Phone you will get here in 120000 Naira you will get in India in less then 70000 naira (Equivalent)
The same medicine you will get here in 8000 Naira you will get in less then 1500 Naira,
Same Motorcycle (Bajaj Pulser fro example) you will get here in 800k you will get in India in less then 350k

Thus A person in India getting 1000 USD can enjoy the lifestyle what we in this continent can not even dream in 4000 USD.

emmanuelewumi:
Cost of living varies, the amount needed to be rich or wealthy will vary in different countries.


With N360 million or $1 million you should be comfortable in Nigeria, but that can't be the case in the US


If you earn $1000 in India you are a big man,

otomatic:
Your savings account interest rate, presently 4.05% is better than tbills. Just make sure you don't withdraw more than 3 times a month so as to earn it.

which of d bank ia giving ds... Accesse gave 600 naira for 200k savings, I didn't even transfer once not to talk of withdraw and gtb gave me 200naira for 70k no withdraw of any type... Are des up to d 4.05%.

Barrytone:
Am working and very certain of salary every month. If you are in business and its fetching money, I will advise you grow your business except the business doesn't need further expansion the you can now diversify

Can we please talk offline? I'd really appreciate that.

[quote author=rationalhuman post=89527032]Yes, A Phone you will get here in 120000 Naira you will get in India in less then 70000 naira (Equivalent)
The same medicine you will get here in 8000 Naira you will get in less then 1500 Naira,
Same Motorcycle (Bajaj Pulser fro example) you will get here in 800k you will get in India in less then 350k

Thus A person in India getting 1000 USD can enjoy the lifestyle what we in this continent can not even dream in 4000 USD.

[/quote


Thats why they are taking over jobs globally especially in the Middle East. The indians will always work for peanuts.....Same way they pay employees
very low in inidan run companies.

emmanuelewumi:
Less than 100,000 Nigerians have N10 billion. That is less than 0.05% of the population. A report from CBN has it that less than 2% of Nigerian bank customers have 500k in their accounts

Please how recent is this?

AnthonyAnderson:
Please how recent is this?

Very recent, about 2019.

I want to give you an assignment, can you list 2000 Nigerians which you think will have a minimum of N10 billion Networth, don't include there over priced real estate in your calculations.

[quote author=AnthonyAnderson post=89527453][/quote]I can't explain why a lot of Fortune 500 companies are opting for Indian CEOs

emmanuelewumi:
Very recent, about 2019.

I want to give you an assignment, can you list 2000 Nigerians which you think will have a minimum of N10 billion Networth, don't include there over priced real estate in your calculations.

I meant the 2% statistics....Is this as recent as 2019?

Hallenjay:
which of d bank ia giving ds... Accesse gave 600 naira for 200k savings, I didn't even transfer once not to talk of withdraw and gtb gave me 200naira for 70k no withdraw of any type... Are des up to d 4.05%.

All banks. The rates are uniform as stipulated by the CBN's guide to bank charges. However, some may have specialized savings products, like the former Diamond bank' high interest deposit account, that will give slightly higher rates. But the rate I quoted is for a normal savings account.

AnthonyAnderson:
I meant the 2% statistics....Is this as recent as 2019?

Yes


Less than 2%

emmanuelewumi:
Very recent, about 2019.

I want to give you an assignment, can you list 2000 Nigerians which you think will have a minimum of N10 billion Networth, don't include there over priced real estate in your calculations.

it an Ndic reports that 500k insurance covers 90 percent of bank deposits...a report says that their are about 10000 millionaire in nigeria (1 million dollars above)....80 percent reside in Lagos....dont know how true

ahiboilandgas:
it an Ndic reports that 500k insurance covers 90 percent of bank deposits...a report says that their are about 10000 millionaire in nigeria (1 million dollars above)....80 percent reside in Lagos....dont know how true

Millionaires in dollars, I don't think the 10k figure from a foreign magazine is correct