Re: Do I Build A Small House Now Or Keep Saving? by konkonbilo(m): 4:05am On May 02, 2020 |
Mrchippychappy: Invest in business instead.
Come to my covid19 seminar, I would teach you how to make face mask, hand sanitizers and ventilators. Table for 10 = 5 million naira. Naso ![cheesy](https://www.nairaland.com/faces/cheesy.png) |
Re: Do I Build A Small House Now Or Keep Saving? by rafcrown(m): 4:06am On May 02, 2020 |
Land,building, best advice. |
Re: Do I Build A Small House Now Or Keep Saving? by Nextpresident: 4:17am On May 02, 2020 |
agbolahan1991: I will advise you to develop your site..... Am an architect sir... I have good n beautiful 3bedroom design.... Full 2d working drawing n presentation drawing...... 08168400751 |
Re: Do I Build A Small House Now Or Keep Saving? by Nextpresident: 4:17am On May 02, 2020 |
Location |
Re: Do I Build A Small House Now Or Keep Saving? by kevotek1000(m): 4:22am On May 02, 2020 |
Personally I will advice you not to relent go ahead and build a home, years from now you will definitely be glad that you did the right thing. Then have some leftover money for investment. 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by Jarus(m): 4:30am On May 02, 2020 |
I’m a big fan of building houses. That’s my straight advice. I also started building my first house 1 year after my NYSC. I shared that on NL https://www.nairaland.com/784501/jarus-countryhome-journalYou seem to be very good with savings though (unlike me - can’t remember ever having 11m cash in savings) so you may consider other investment options. But never invest in what you don’t understand. But to me, house is very important. 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by yemkoguru(m): 4:31am On May 02, 2020 |
kevotek1000: Personally I will advice you not to relent go ahead and build a home, years from now you will definitely be glad that you did the right thing. Then have some leftover money for investment. thanks. I also hope he put the left over cash to good use after building. "Land property"!!!!! |
Re: Do I Build A Small House Now Or Keep Saving? by Mitocyan: 4:45am On May 02, 2020 |
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?
If you want to buy the house as a long term plan(say 10 years) for the sole purpose of investment and not to live in, I'll encourage you to have a rethink especially if that is where you want to pour all your money due to the volatility of the naira. Investing in real estate is always good but I'm of the opinion that it shouldn't be 100% of your portfolio. You should find ways in which you can make dollar investments even if it is 10% per annum. 1 Like
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Re: Do I Build A Small House Now Or Keep Saving? by cydophobia(m): 4:53am On May 02, 2020 |
OK thanks MA. tot:
Interest rates unfortunately have crashed, last time I heard it was below 3%per annum. You can check with your bank.
A better alternative for now would be savings accounts, GT for example is about 4% pa. 4% on 1m = 40k per annum, divided by 12 is ~3k every month. 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by larryking540: 4:53am On May 02, 2020 |
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?
Let me give u some finicial education , Money saved in your account is worthless ,u better invest it on something that brings back money .. We save money like the china people think or assuming the govt can't produce more ,,,goggle and see how much is been produce daily by the govt and u will be shocked bro ... Invest your money and stop Saving wen the govt can produce more , How much is dangote cement last year and how much is dangote cement dis year think am bro |
Re: Do I Build A Small House Now Or Keep Saving? by carbon1224(m): 4:56am On May 02, 2020 |
Keeping your money is not the major problem but the money keeps losing value which is very bad,the higher the dollar and the bad naira goes and if you buy a block for 100 naira and cement for 1200 as far back as Jonathan regime and buhari regime sells cement at 2700 and block for 230 then do the math to understand that keeping that money won’t help you but investing it would do a lot of work.build a small house now and you would be happy you did.
My 1 cent to you 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by Wickedfact: 4:56am On May 02, 2020 |
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!! MBA Forex is about to collapse. I won't reply to comments on this. Just a little tip. |
Re: Do I Build A Small House Now Or Keep Saving? by Ballotelle(m): 5:22am On May 02, 2020 |
Life is ironical... U get money problem.. U no get problem..whatever advice u are gibe its for you to now reconsider it. Let me give practical example.. No 1. I have a land I built a school, for now the school is still coming up, for more than a year have not really made a dime (for those that have an idea of school business u know it takes time to break even before make profit).. No 2, I have a land I just built for residential purpose , that is not giving me money but am not using money to maintain it for now.... The point is business is a risk. U can end up losing both capital and profit , but building u can't loss expect in extreme cases of fire or collapse,, SO USE YOUR TONGUE COUNT YOUR TEETH 1 Like |
Re: Do I Build A Small House Now Or Keep Saving? by thinkaxis(m): 5:37am On May 02, 2020 |
adanny01:
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. You are wise |
Re: Do I Build A Small House Now Or Keep Saving? by skfa1: 5:39am On May 02, 2020 |
Invest in rental services. |
Re: Do I Build A Small House Now Or Keep Saving? by Perfumista1(f): 5:52am On May 02, 2020 |
adanny01:
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. Best advice so far. You even blessed my life. God bless you sir. |
Re: Do I Build A Small House Now Or Keep Saving? by luluosas(m): 5:56am On May 02, 2020 |
Please build. Cheers |
Re: Do I Build A Small House Now Or Keep Saving? by luluosas(m): 6:01am On May 02, 2020 |
Rent is a total waste if you can afford to build and shelved it for renting. Nothing compares to owning your own home even if not up to your imaginary taste. Take care adanny01:
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. |
Re: Do I Build A Small House Now Or Keep Saving? by PicLtd: 6:12am On May 02, 2020 |
Sa2ruis: You can hardly build anything of note for that 11.4 million especially, if you don't already own a plot of land and have to include the cost of purchase. I advise you to take advantage of this one in a lifetime opportunity to invest in some fundamentally sound stocks with many at really low prices right now. You do not even have to restrict yourself to the NSE as there are apps that allow you to invest in US and China stocks Which apps can allow one invest in US and china stock and how does it work? |
Re: Do I Build A Small House Now Or Keep Saving? by JayPeeOham: 6:31am On May 02, 2020 |
bikerboy1: I don't know who you are, but my sincere advice to you is to keep on saving.
With time the vision will be clearer Set awon General Overseer! ![grin](https://www.nairaland.com/faces/grin.png) |
Re: Do I Build A Small House Now Or Keep Saving? by Richy4(m): 6:38am On May 02, 2020 |
FILEBE:
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. I am replying because u sound a bit sensible. If not, I would have ignored it just the way I ignored the other guy.
This is about money and investment. You don't just sort the advice of unqualified people to give you ideas on what to do just like that .
Any financial advisor u sort out online for free, check it carefully, he or she must have placed a disclaimer. Meaning that u can't sue him/her for misrepresentation because u did not request for information / advice directly from him.. he/she owe you no duty of care recognized by law, there's no reason for relying on the advice hence, They are not liable for whatever misfortune suffered as a result of relying on their advice. But freeloaders will never understand this..The Medical advise people takes online were at their own risk. go and figure it out..
I am surprised that most of you that types in good English nicely can't do/ make a proper comparisons.. u are equating financial matters with free software.. the other was even comparing an investment with studying English online.. hmm!!! |
Re: Do I Build A Small House Now Or Keep Saving? by Ayanko(m): 6:40am On May 02, 2020 |
Please build a small place for yourself. Nothing lasts forever. |
Re: Do I Build A Small House Now Or Keep Saving? by emtab(m): 6:48am On May 02, 2020 |
gordufispo: ![smiley](https://www.nairaland.com/faces/smiley.png) Don't fall a victim. Once you pay him, he'll block you on WhatsApp. |
Re: Do I Build A Small House Now Or Keep Saving? by Kay25(m): 6:53am On May 02, 2020 |
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 your own but also build a commercial valuable house I tell you years to come u did be glad and you can gradually begin to build the tasteful one for the future |
Re: Do I Build A Small House Now Or Keep Saving? by ofiko123(m): 6:59am On May 02, 2020 |
I came to read comments.. |
Re: Do I Build A Small House Now Or Keep Saving? by rickyephraim(m): 7:00am On May 02, 2020 |
What do u mean by"I didn't study a stem course"? |
Re: Do I Build A Small House Now Or Keep Saving? by Dpharisee: 7:05am On May 02, 2020 |
yanabasee1: Well..... I wish to have friends that will allow me to squat with them and be making this kind of savings to be contemplating about building a house....
God give me these type of friends mbok!! He never told you he is squatting for free, he is contributing to the running of the house, that's how it works, it's even possible he spends more than renting his own apartment, but due to reasons of yet to decide what to do with his life he is squatting 3 Likes |
Re: Do I Build A Small House Now Or Keep Saving? by Ikjosh04: 7:06am On May 02, 2020 |
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!! It will end in tears, pls don't do these. I repeat don't do these. Investing in a forex scheme that you have no control of... I wanted to enlighten you more but my brother my strength vanished. |
Re: Do I Build A Small House Now Or Keep Saving? by Realtizzy(m): 7:08am On May 02, 2020 |
From how you sound, u are good with saving; as in very economical nd seem not be business oriented or ready to take risk In my own opinion, i will advice you Invest like 5-6 million in landed property, in a developing places that you can get a plot of land for lessthan a million naira or highest 1.5 and secure it by procuring all the needed documents from the ministry of lands of the given state(Enugu, Ebonyi nd owerri is best buy as it stands now nd i can help you) After this whole pandemic thing, process for masters in a developing economy country like vietnam that also have good relationship with Top European countries and Asia(singapore nd China) it will be cheap and there are job oppurtunities for legal occupants and students. By God's grace with 2, 3 to 4 years adventure over there hopefully things most have taken a different shape in eastern Nigeria nd you must have gotten a quality education , the needed foreign contacts nd network nd landed property that already apreciated plus bonus cool life |
Re: Do I Build A Small House Now Or Keep Saving? by Nobody: 7:13am On May 02, 2020 |
I beg to differ bro.Building a hux is gud investment and it's a head start b4 d hux loses its value he must av figured sth out wif his life |
Re: Do I Build A Small House Now Or Keep Saving? by Nobody: 7:23am On May 02, 2020 |
bolaji3071: Invest in landed property.
Lowkey money dey some people hand o. Patiently waiting for when I will make my first million too.
Making a million ain't hard |
Re: Do I Build A Small House Now Or Keep Saving? by cray91(m): 7:33am On May 02, 2020 |
No Sensible person will quote you Wrong On The Facts You just laid out Kudos to you! You Just Gave the Best Advice In my Opinion Too House Depreciates But Only Land Otherwise And Truly Besides him Building a house To Lease Or Rent for More money no point Building a House To Live In As It amount To Nothing But Him Spending More On Maintenance Sef dukeprince50: If the house u want to build is ur own residential house, I'll advice u to invest that money into different businesses, u can multiply that money by 5 in the next ten years, but if u want to give it out for rent, I'll say u should build it. Ur first priority should be more money. The house, if not for rent will depreciate but land does not. Also if u haven't figured out what to do with ur life, I'll say u hold that money till u find urself. Don't just run and invest wen u have no idea what to invest on. U can loose everything.Best thing u can do with ur money is to use it and make more money, but do it wisely Modified. To those quoting me that house doesn't depreciate, what do u say about the brick houses 20-30years ago or the mud and thatch house during our great grandma's time? Brick house was a hot cake in the 90's, also in late 90's if u have a block house, u are rich, 20years from now Architecture will bring up a new design and glass houses will be as worthy as what block house is today. Be here thinking houses don't depreciate.
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