emmanuelewumi:


Some get up to N200 million ooo, bank workers are smarter with money compared to them.

If you have not been investing while working, N80 million won't do much as severance package when you retire. Such a person will lose the N80 million to scammers and Ponzi schemes

Very true. The figure i gave was a very moderate one.

90% of the so called billionaire enterpreneurs in Nigeria made their wealth through their connections with people in government or by laundering money for people in government. Anyone that thinks otherwise doesn’t know what’s up.

The others are the guys that made their money from trading and import/export which will be like 5% and then the 419, drugs, scammers, Ponzi guys, pastors, kidnappers, terrorists, militants, criminals and other organized crime syndicates which will be around 5%

There are a few guys here and there that make genuine billions but them no reach 1%.

https://www.nairaland.com/6495715/themapng-scam-proof-failed-country

Another lamentation thread again...All these scammers are heartless. Thank God he is now with EFCC maybe they might help investors recover their money.


I was reading somewhere last night where the MBA guy said the default in his payment was as a result of loss incurred from Forex trading. Beging for restrictions on his account to be lifted. Somebody that was giving guarantee rates ooo.

Lazyyouth4u:
90% of the so called billionaire enterpreneurs in Nigeria made their wealth through their connections with people in government or by laundering money for people in government. Anyone that thinks otherwise doesn’t know what’s up. The others are the guys that made their money from trading and import/export which will be like 5% and then the 419, drugs, pastors, kidnappers, terrorists, militants, criminals and other organized crime syndicates which will be around 5%

There are a few guys here and there that make genuine billions but them no reach 1%.

Paystack made many people billionaires already. It was sold for over $200 million (₦76.6 billion), and if by chance you owned just 1.3% you be billionaire in naira.

For that to have happened, you must have invested about $100k in them 5 years ago though. So a risk worth taking.

Tobex4realTobex234:


Paystack made many people billionaires already. It was sold for over $200 million (₦76.6 billion), and if by chance you owned just 1.3% you be billionaire in naira.

For that to have happened, you must have invested about $100k in them 5 years ago though. So a risk worth taking.

Sorry o but what has this got to do with my post?

The truth is to be a billionaire in Naira in the next 3 decades would be easier, especially for people that earn USD or invest in USD

In 2015, you needed $5m to be a billionaire in naira.
In 2021, you need only $2m.

Now wey them wan put Tinubu for there
In 2030 you would need just $1m and in
In 2040 you would need just $500k.

So if you have $100k today, by 2040 you would have $670k, compunded at 10%. If you con sabi NYSE wella, you would make $1.6m.

Lazyyouth4u:


Sorry o but what has this got to do with my post?

I'm highlighting one important sector you missed out Sir/Ma that is birthing billionaires .

Tobex4realTobex234:


I'm highlighting one important sector you missed out Sir/Ma that is birthing billionaires .

Did you see where I wrote that there are some guys genuinely making billions?

Lazyyouth4u:


Did you see where I wrote that there are some guys genuinely making billions that are less than 1%?

Yes but if a 14 year old read that your post, it is clueless on what he needs to focus on. You have claimed that 99% made it via fraudulent ways and you highlighted those ways. You did not give any example of the 1%.

What I have done is give a concrete example of some of the 1%. So if a teenager sees the post, s/he can be motivated about the genuine ways (which for me is tech ).

Tobex4realTobex234:


Yes but if a 14 year old read that your post, it is clueless on what he needs to focus on. You have claimed that 99% made it via fraudulent ways and you highlighted those ways. You did not give any example of the 1%.

What I have done is give a concrete example of some of the 1%. So if a teenager sees the post, s/he can be motivated about the genuine ways (which for me is tech ).

Read again please. I didn’t say 99% made it through fraudulent means. I said 90% made it through government connections and by laundering money. Government connections doesn’t have to be fraudulent na. If I am lucky to have an uncle who knows Osinbajo and they give me one allocation of one thing or the other, it’s not fraudulent o. It’s using your network to get things done.

I also said 5% are making it from trading and import and export. This isn’t fraudulent o.

If you read well to comprehend, you will understand that I only said 5% make it through fraudulent means.

Just say you want to revive the fintech debate

freeman67:
https://www.nairaland.com/6495715/themapng-scam-proof-failed-country

Another lamentation thread again...All these scammers are heartless. Thank God he is now with EFCC maybe they might help investors recover their money.


I was reading somewhere last night where the MBA guy said the default in his payment was as a result of loss incurred from Forex trading. Beging for restrictions on his account to be lifted. Somebody that was giving guarantee rates ooo.

Story. The real reason was that he was paying off old investors with new investors money. Classic ponzi

afroxyz:

The link is though you are an employee it is always good to have investing/entrepreneurship acumen. A good percentage of Shell workers could not maintain their living standard within 2-5 years after collecting pay off because they did not develop these skills when working. The priviledges they enjoyed while working did not allow them plan for life after work. Many took consultancy jobs to survive. Only very few opened service companies after they left.

This is not what the discussion is about. The discussion is that people should not be employee but be employers. Financial education is still very low in the country. I have seen some shell retires that went broke after retirement because they decided to be entrepreneurs which they are not equipped for. Some of them end up being scammed. It is not everybody that is an entrepreneur. Those not cut out to be entrepreneurs can simply buy an annuity and continue to live their lives.

Tobex4realTobex234:


Yes but if a 14 year old read that your post, it is clueless on what he needs to focus on. You have claimed that 99% made it via fraudulent ways and you highlighted those ways. You did not give any example of the 1%.

What I have done is give a concrete example of some of the 1%. So if a teenager sees the post, s/he can be motivated about the genuine ways (which for me is tech ).

By the way, for every Paystack founder that will make money from selling their business, I will tell you 10 very brilliant fintech entrepreneurs that are in the wilderness.

Also, If tech was the surest way to make billions, then veterans like Sim Shagaya, Tunde Kehinde, The Wakanow guy, Tayo Oviosu, Akin Jones, Mark Essien and Seun will be swimming in billions now

Tobex4realTobex234:


Paystack made many people billionaires already. It was sold for over $200 million (₦76.6 billion), and if by chance you owned just 1.3% you be billionaire in naira.

For that to have happened, you must have invested about $100k in them 5 years ago though. So a risk worth taking.

Valuation is one thing, having cash in another thing.

Valuation can be subjective, nfluenced by optimism and pessimism. When influenced by optimism, the asset can be given a very high earning multiple.

Elon Musk can be valued at over $100 billion, but might not have $1 billion in cash.


When businesses are valued in the capital market, the valuation fluctuates depending on the mood of the market and market participants. At the end of the day what matters is the revenue, earnings, earning growth, profit margin and efficiency of the business.

emmanuelewumi:




Valuation is one thing, having cash in another thing.

Valuation can be subject, influenced by optimism and pessimism. When influenced by optimism, the asset can be given a very high earning multiple.

Elon Musk can be valued at over $100 billion, but might not have $1 billion in cash.


When businesses are valued in the capital market, the valuation fluctuates depending on the mood of the market and market participants. At the end of the day what matters is the revenue, earnings, earning growth, profit margin and efficiency of the business.

Always on point!

EarlyCareer:


Everything legal.

TBs, stocks, crypto, MMF, Bonds....sometimes, I think I overdo it. Almost 90% of my monthly income.

Abeg make you flex small o. Na only this life we get o.

EarlyCareer:


Not yet. Hopefully soon. God willing.

Yes, financial independence is very important to me. I have strong respect for entrepreneurs, it is not for the faint hearted. So let us be investing for now...

When the kids start coming, ensure that you immediately open an account for them the next day after birth and transfer a fixed amount to it on a monthly basis.

NL1960:


When the kids start coming, ensure that you immediately open an account for them the next day after birth and transfer a fixed amount to it on a monthly basis.

My egbon. I too like your wisdom. Wehdone sir!

rationalmind:


Story. The real reason was that he was paying off old investors with new investors money. Classic ponzi

Another will soon open shop and the cycle continues.

Lazyyouth4u:


By the way, for every Paystack founder that will make money from selling their business, I will tell you 10 very brilliant fintech entrepreneurs that are in the wilderness.

Also, If tech was the surest way to make billions, then veterans like Sim Shagaya, Tunde Kehinde, The Wakanow guy, Tayo Oviosu, Akin Jones, Mark Essien and Seun will be swimming in billions now

The way Fintechs are just springing up all over the place, the space will soon be over saturated which will lead to low margins and profits with several struggling to survive.

Lazyyouth4u:


My egbon. I too like your wisdom. Wehdone sir!

Na practical experience i just dey give am as i have successfully used it. It helps to keep unnecessary and frivolous expenses in check.

NL1960:


Another will soon open shop and the cycle continues.

Many shops are opened already

If you live in PHC and you listen to 94.1 for just one day, you will hear numerous forex companies offering mouth watering returns on investments. When they are not doing that, they are organising seminars to teach us how to make money so we can have alternative streams of income and sack our employers

Sometimes I just wonder why these guys are so interested in teaching people how to make money. What is in it for them?

Why are they spending so much paying for adverts on radio and organising seminars just to liberate me from poverty

Does this make any sense?

Lazyyouth4u:


My egbon. I too like your wisdom. Wehdone sir!

I have thought about that thing and will like to pick your brain.

Knowing what we know about money especially this our useless currency, does it make any sense to tie money down in one children's account?

rationalmind:


I have thought about that thing and will like to pick your brain.

Knowing what we know about money especially this our useless currency, does it make any sense to tie money down in one children's account?

Wetin man go do na? We won’t say because our currency is useless that one should not save or invest for his kids na. The money doesn’t have to be in a bank account. It can be in a solid mutual fund where it is growing with compound interest.

Better still, if you can find a good dollar based mutual fund or if you are able to open a mutual fund account outside the country, good for you. It may just be the money that will pay your children’s school fees in an American or UK university when the time comes.

rationalmind:


I have thought about that thing and will like to pick your brain.

Knowing what we know about money especially this our useless currency, does it make any sense to tie money down in one children's account?

You do not need to tie it down. Depending on the amount you put in on a monthly basis, when it is a bit substantial, you can move it to dividend paying stocks, TBs, MMF.

NL1960:


This is not what the discussion is about. The discussion is that people should not be employee but be employers. Financial education is still very low in the country. I have seen some shell retires that went broke after retirement because they decided to be entrepreneurs which they are not equipped for. Some of them end up being scammed. It is not everybody that is an entrepreneur. Those not cut out to be entrepreneurs can simply buy an annuity and continue to live their lives.

Annuity keh, inflation will eat the fund.

I have friends who opted for early retirements at the age of 50. Both of them used Leadway Pensure, some chose programmed withdrawal of their retirement fund other bought annuity.

Those who chose programmed withdrawal now have about 60% increase in their monthly pension due to the increase in the value of the funds, those who bought annuity are still collecting the same amount from 2014 till date

. Although initially in 2014, those will bought annuity earned 15% than those who chose programmed withdrawal

Lazyyouth4u:


Sorry o but what has this got to do with my post?

Good question

emmanuelewumi:



Annuity keh, inflation will eat the fund.

I have friends who opted for early retirements at the age of 50. Both of them used Leadway Pensure, some chose programmed withdrawal of their retirement fund other bought annuity.

Those who chose programmed withdrawal now have about 60% increase in their monthly pension due to the increase in the value of the funds, those who bought annuity are still collecting the same amount from 2014 till date

. Although initially in 2014, those will bought annuity earned 15% than those who chose programmed withdrawal

Iam talking of the amount the retiree was paid off with when he/she retired and not the amount in the RSA.

If somebody retires and he/she is paid N100m for instance, can the person give that to a PFA and opt for a programmed withdrawal?.

Does Anyone has idea of yesterday rates?

NL1960:


Iam talking of the amount the retiree was paid off with when he/she retired and not the amount in the RSA.

If somebody retires and he/she is paid N100m for instance, can the person give that to a PFA and opt for a programmed withdrawal?.

Buy a 30 year bond at 10%, that will give you N10 million per annum for 30 years and you have your N100 million at the end of the 30th year. You can sell your bond at a premium.

I don't trust Insurance companies. Get a calculator, buying N100 million annuity will give you 846k per month or N10.2 million for 30 years. And you don't have a N100 million to claim in 30 years

People marketing annuity won't tell you this

emmanuelewumi:



Buy a 30 year bond at 10%, that will give you N10 million per annum for 30 years and you have your N100 million at the end of the 30th year. You can sell your bond at a premium.

I don't trust Insurance companies. Get a calculator, buying N100 million annuity will give you 846k per month or N10.2 million for 30 years. And you don't have a N100 million to claim in 30 years

People marketing annuity won't tell you this

Nice one.

emmanuelewumi:



Buy a 30 year bond at 10%, that will give you N10 million per annum for 30 years and you have your N100 million at the end of the 30th year. You can sell your bond at a premium.

I don't trust Insurance companies. Get a calculator, buying N100 million annuity will give you 846k per month or N10.2 million for 30 years. And you don't have a N100 million to claim in 30 years

People marketing annuity won't tell you this

Calculation of annuity payments is much more complex than what your calculator can do . They take a whole lot into consideration to arrive at the monthly amount.

They (annuities and bonds) both have their pros and cons and what will work for Mr A may not work for Mr B. Different people with different circumstances and needs.