seankafor:
whicj camry dem deg buy for 5m

GloriousGbola:


same way we no longer buy credit from recharge card sellers, but via app. i think it is more a sign of a happy evolution.

https://www.nairaland.com/7854247/fixed-deposit-interest-rates-banks

fixed deposit may not even be worth it at those rates

iamoyindamola:

Are there no land in epe, ajah, ikorodu again

There's no land for less than 5 million, my brother

Itsrm:

BlueRayDick:


Take it from me as someone who was actively involved in a residential building project between may to September 2023( It was to complete an already roofed uncomepleted building project o) ; N5m will not do shit for u in Lagos as far as building a 2 bedroom is concerned.

Do u even know how much u will do aluminium window? Sharp sand truck, red sand truck, bags of cement, blocks...etc

Omo, u better go use ur N5m buy camry make u dey enjoy ur life

BlueRayDick:


lolz

House gangan is the luxury. Do u know what it takes to build a house in Nigeria today? If u can afford to pay ur rent as at when due and fuel a car that belongs to u; then u doing well in middle class.

U go need years of serious savings to even think of digging foundation in Nigeria of today, if not make e no be say na yam u go later plant for that ground wey u dig o

BlueRayDick:


Na true na.

It was when we were much younger one would be mouthing stuff like " I will first build house before I buy a car because it makes more sense" ; one knows better now. Building a house is not a bad thing , but building is very very tough now. U go even dey frustrated along the way.

liveLongNprospa:


400-1m?
Interesting.
But what about holidays? Like travelling to another country atleast once a year. Should that be impossible for a middle class family? Is 1m salary capable of paying for that especially if you have kids?

BlueRayDick:


Na true na.

It was when we were much younger one would be mouthing stuff like " I will first build house before I buy a car because it makes more sense" ; one knows better now. Building a house is not a bad thing , but building is very very tough now. U go even dey frustrated along the way.

Theflint1:
Hehehehe, I see the statement laff, nothing screams BIG MAN like building a house in this economy.

Itsrm:


In my opinion, travelling and vacation is not middle class lifestyle. At least, not in this country.

I know people tend to use general definition of middle class families forgetting those abroad can take 50 dollar flights for those vacations.

Our reality here is different. If we can also take 50 dollar flights between African countries then most middle income earners can afford that.

Theflint1:
Travelling for holiday with the kids is not general middle class living (even when the economy was better circa 2013-2015)...was possible on an 800K salary for a family that era (upper middle-class earnings), and for a single person, 200K would have given you that, but today just not possible.

Theflint1:
Travelling for holiday with the kids is not general middle class living (even when the economy was better circa 2013-2015)...was possible on an 800K salary for a family that era (upper middle-class earnings), and for a single person, 200K would have given you that, but today just not possible.

GloriousGbola:


a lot of financial advise people throw around does not make sense.

like people who go and build house in ikorodu so they can avoid paying rent and then leave house 4am every morning to beat traffic.

the car is the most annoying. i think it comes down to the mentality of nigerians - we buy things not for function/purpose but as status symbols. so rather than think of a car as a tool that allows you to move around faster , it is looked at as a status accessory.

Ibunkun1:


As in ehn!

Yoruba go say "omo go, eni ko ma ku, kilo n pani bi ago"

BlueRayDick:


[b]A lot of those financial advise our parents passed down to us are now outdated; [/b]that's just the truth. Anybody that choose to stick by them will end up not enjoying life and still unable to achieve what some of those parents achieved in their time due to the fact that time and tide has changed

BlueRayDick:


A lot of those financial advise our parents passed down to us are now outdated; that's just the truth. Anybody that choose to stick by them will end up not enjoying life and still unable to achieve what some of those parents achieved in their time due to the fact that time and tide has changed

BlueRayDick:


A lot of those financial advise our parents passed down to us are now outdated; that's just the truth. Anybody that choose to stick by them will end up not enjoying life and still unable to achieve what some of those parents achieved in their time due to the fact that time and tide has changed

Itsrm:


The days when bankers were doing real banking. When last did anyone beg you to open an account with them?

Now they just sit back and make easy money.

Itsrm:


At the cost of 50-60 year rent, no way.

I mean, I can't because of privacy even though important spend my rent of 60 years to build a house.

Odunharry:

Rent 50-60 years except we are assuming rent remain unchanged over the years.

Itsrm:


My rent has not changed in 6 years. Unlikely it will change in the next four years except I move out.

Lets even assume my rent doubles, I'm still looking at 25-30 years. Still not worth it.

BlueRayDick:


U are an outlier in that data set. Most landlord will increase rent at least once in 3 years; somebody said that's the provisions of tenancy laws but I don't know how true it is.

Itsrm:


I don't see cars as luxuries. I think it's a necessity.

Secondly, a lot of people including myself belong to a school of thought that it's a waste of money building a residential apartment. It will probably cost me my rent of 50-60 years to build a decent 2 bedroom apartment in PH today. Why will I want to do that?

So one can be a middle class earner and either cannot afford to build his own house or it doesn't just make financial sense to do it.

BlueRayDick:


U are an outlier in that data set. Most landlord will increase rent at least once in 3 years; somebody said that's the provisions of tenancy laws but I don't know how true it is.

Itsrm:


Let's say the rent starts out at 700k and landlord increases it by 20% every three years.

In 30 years, total amount the tenant would have paid for rent is 16.6m

This amount will not even buy a land in most places where 2 bedroom rent goes for 700k.

However, you look at it and however you do the maths, renting always makes more financial sense.

Theflint1:
Exactly, and that increase would be by at least 20% every three years. My last increase was by almost 30%.

There's some economics to building a house, but I think generally, it depends on your unique situation. While in our parents' generation (heck even the good old days of 2013-2015), building a house was a pretty reasonable step (more stable jobs and reduced inflation), it's not the same today with less stable jobs, galloping inflation, and way more people braving entrepreneurship, which requires a decent cash flow ( a house generally ties up capital).

BlueRayDick:


Na true na.

It was when we were much younger one would be mouthing stuff like " I will first build house before I buy a car because it makes more sense" ; one knows better now. Building a house is not a bad thing , but building is very very tough now. U go even dey frustrated along the way.

Theflint1:
In 21 years, it's about 27m, starting at 700k.

BlueRayDick:


A lot of those financial advise our parents passed down to us are now outdated; that's just the truth. Anybody that choose to stick by them will end up not enjoying life and still unable to achieve what some of those parents achieved in their time due to the fact that time and tide has changed

Itsrm:


I've seen the mistake I made. Was only adding three year rent.

So if your rent increases by 20% yearly, you'll still need upwards of 25 year rent to build a house.

Still not worth it for me. I'll rather pay that rent yearly for 25 years and use the money for other things.