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Nairaland Forum / Entertainment / Sports / European Football (EPL, UEFA, La Liga) / EPL Chatroom - All Discussions (1829238 Views)
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Re: EPL Chatroom - All Discussions by BlueRayDick: 10:08am On Mar 14 |
seankafor: U go still Nigerian used Camry (muscle )for N5m, na if u wan buy toks u go tie ur shokoto well well |
Re: EPL Chatroom - All Discussions by BlueRayDick: 10:08am On Mar 14 |
GloriousGbola: Exactly! They moved with times |
Re: EPL Chatroom - All Discussions by izzou(m): 10:12am On Mar 14 |
iamoyindamola: There's no land for less than 5 million, my brother ![]() |
Re: EPL Chatroom - All Discussions by BlueRayDick: 10:12am On Mar 14 |
Itsrm: 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. 3 Likes 1 Share |
Re: EPL Chatroom - All Discussions by izzou(m): 10:14am On Mar 14 |
BlueRayDick: ![]() ![]() ![]() |
Re: EPL Chatroom - All Discussions by Theflint1(m): 10:15am On Mar 14 |
BlueRayDick:Hehehehe, I see the statement laff, nothing screams BIG MAN like building a house in this economy. |
Re: EPL Chatroom - All Discussions by Itsrm(m): 10:20am On Mar 14 |
BlueRayDick: That was the mentality then. It felt like a taboo parking a car in a rented house. Times have changed. |
Re: EPL Chatroom - All Discussions by Theflint1(m): 10:25am On Mar 14 |
liveLongNprospa: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. |
Re: EPL Chatroom - All Discussions by GloriousGbola: 10:26am On Mar 14 |
BlueRayDick: 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. 5 Likes |
Re: EPL Chatroom - All Discussions by BlueRayDick: 10:26am On Mar 14 |
Theflint1: Na big man dey build now my brother. A lot of building projects are hanging in the balance due to the general rise in prices of items in the market now. Imagine having to pay extra 3k on each bag of cement u had budgeted for earlier. Which book u wan write that one? |
Re: EPL Chatroom - All Discussions by liveLongNprospa(m): 10:27am On Mar 14 |
Itsrm: But pre apc, people earning even lower than 1m were doing it? And they were middle class proper. So is it that the amount needed to be middle class is higher or we have to drop the requirements now because of our reduced purchasing power 1 Like |
Re: EPL Chatroom - All Discussions by GloriousGbola: 10:29am On Mar 14 |
Theflint1: travelling on holiday with kids is for upstream oil workers /corporate ceos. disposable income of the nigerian middle class is usually only enough for one member of the family to travel abroad on vacation 1 Like |
Re: EPL Chatroom - All Discussions by izzou(m): 10:32am On Mar 14 |
Theflint1: Unless the travelling is to go and enter Ekene Dili Chukwu motors with the children, that kind vacation no near Middle Class 1 Like |
Re: EPL Chatroom - All Discussions by BlueRayDick: 10:33am On Mar 14 |
GloriousGbola: 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 2 Likes 1 Share |
Re: EPL Chatroom - All Discussions by izzou(m): 10:33am On Mar 14 |
Ibunkun1: I really hope his gragra adds more twist. If not, that boy is stupid |
Re: EPL Chatroom - All Discussions by GloriousGbola: 10:35am On Mar 14 |
BlueRayDick: This is the summary. We need to understand what works and what doesn't in our own time. 1 Like 1 Share |
Re: EPL Chatroom - All Discussions by Theflint1(m): 10:36am On Mar 14 |
BlueRayDick:True, times have changed. |
Re: EPL Chatroom - All Discussions by ouzo1(m): 10:39am On Mar 14 |
BlueRayDick: Gbam. |
Re: EPL Chatroom - All Discussions by Odunharry(m): 10:45am On Mar 14 |
Itsrm:The days before ussd, online account opening, opening account with app and Atm etc Who needs people to storm streets and schools like they do in the past to open account when tech has made much more easier |
Re: EPL Chatroom - All Discussions by Odunharry(m): 10:50am On Mar 14 |
Itsrm:Rent 50-60 years except we are assuming rent remain unchanged over the years. |
Re: EPL Chatroom - All Discussions by Itsrm(m): 10:55am On Mar 14 |
Odunharry: 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. |
Re: EPL Chatroom - All Discussions by BlueRayDick: 11:03am On Mar 14 |
Itsrm: 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. 3 Likes 1 Share |
Re: EPL Chatroom - All Discussions by Theflint1(m): 11:15am On Mar 14 |
BlueRayDick: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). |
Re: EPL Chatroom - All Discussions by Sportsweb: 11:17am On Mar 14 |
Itsrm:Car is necessity. It becomes luxury when you want to buy the biggest or expensive brand. 2 Likes 1 Share |
Re: EPL Chatroom - All Discussions by Itsrm(m): 11:17am On Mar 14 |
BlueRayDick: 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. |
Re: EPL Chatroom - All Discussions by Theflint1(m): 11:22am On Mar 14 |
Itsrm:In 21 years, it's about 27m, starting at 700k. |
Re: EPL Chatroom - All Discussions by BlueRayDick: 11:24am On Mar 14 |
Theflint1: The bold is what our parents' generation didn't really factor into consideration. Nowadays if u come by 40m and u just use all 40m to buy a decent house and go back to normal day job ; u may end up drinking garri for years inside that decent building. A person who invests that N40m but continues to live in a rented apartment will live a far more satisfying and comfortable life than u. He might end up living a business/investment for his children when he is old, while u will leave behind an old house which ur children may even struggle to pay Land use charge and other government levies on |
Re: EPL Chatroom - All Discussions by Itsrm(m): 11:27am On Mar 14 |
Re: EPL Chatroom - All Discussions by seankafor(m): 11:29am On Mar 14 |
BlueRayDick:lol,worse still, land ..buy land people ![]() |
Re: EPL Chatroom - All Discussions by Itsrm(m): 11:33am On Mar 14 |
Theflint1: 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. |
Re: EPL Chatroom - All Discussions by seankafor(m): 11:36am On Mar 14 |
BlueRayDick: ![]() ![]() me i belief when person wake up na em own morning oo, all these societal pressure and unwritten rules are not for me personally |
Re: EPL Chatroom - All Discussions by Theflint1(m): 11:42am On Mar 14 |
Itsrm:Yea, increasing at 20% every 3 years, go dey inch those 40m dem, and that's about what would build you a 3 bedroom in a decent vicinity. The numbers favour renting, but not everybody has that mind and knowhow to navigate entrepreneurship, so getting a property would work for a lot of persons too. You can stretch that 40m budget to 60m and it'd build you 6 bedrooms in a lot of places in Nigeria, and you'd earn rent on your investment (using that same 20% increase in rent every three years for your tenant, in 25 years you'd have a property worth probably 120m, and rent collected in that time period about 40m)...say removing maintenance, you'd get 100m + 30m. |
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