Welcome, Guest: Register On Nairaland / LOGIN! / Trending / Recent / New
Stats: 3,208,658 members, 8,003,247 topics. Date: Friday, 15 November 2024 at 10:20 AM

Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? - Jobs/Vacancies (8) - Nairaland

Nairaland Forum / Nairaland / General / Jobs/Vacancies / Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? (50237 Views)

500k Per Month In Nigeria Or 2000pounds Per Month In The Uk / Can He Still Be Considered 26 Years old or not? / Business Idea For A Budget Of 500k (2) (3) (4)

(1) (2) (3) ... (5) (6) (7) (8) (9) (10) (11) ... (20) (Reply) (Go Down)

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by tunapawizzy: 12:55pm On May 26, 2022
LagBlogger:
If your 500k per month salary can enable live comfortably anywhere in Nigeria including Banana Island and Lekki, then you are rich.
Shey na only rent u come pay for this life..because with that income I am not sure how easy it is for you to build a house in Lekki or Banana Island when the whole 10 years income(60m) will not even buy a plot of land in Banana island

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Angelfrost(m): 12:56pm On May 26, 2022
Jeezuzpick:


I earn about that and, seriously, it's not fabulous, especially with the value of the ₦aira.

Plus, we all know how it is with family, and if you got a project taking your cash, which I do.

Not rich, fam.

There are guys earning slightly less than that who save, invest, and top that in less than a year.

Half a million is huge sir! Go ask around!
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by judedwriter(m): 12:56pm On May 26, 2022
Judybash93:


500k per month is huge ma'am!

It depends on your budget and expenses.
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Esales(m): 12:56pm On May 26, 2022
Jeezuzpick:


I earn about that and, seriously, it's not fabulous, especially with the value of the ₦aira.

Plus, we all know how it is with family, and if you got a project taking your cash, which I do.

Not rich, fam.

Thank you, the money sounds big until u earn it. If responsibility chook hand inside, lobatan

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Winneygirl(f): 12:56pm On May 26, 2022
ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).


Cc: seun mynd44 pls help us for more audience and opinions

Your pay is fair, and I will consider you middle class. You can live in a clean accessible apartment with water, fuel your car conveniently and have some savings to plan for your future. You can afford to hang out with your friends weekly if you choose and you will not cry. You can afford to buy a piece of land that is cheap and you will not feel it much in your pocket.
But you are middle class.
To maintain this lifestyle, you have to continually earn that annual 15% increment which I will hope that you save monthly since your lifestyle shouldn't change because of small increment.
If marriage is in your plans, marry someone who works and earns well. At least 50% of what you earn.
This way, you can still afford your current lifestyle while raising a family.
But if you prefer a SAHM for a wife, your 512k will bring you down to lower class. You will cancel hang out with your friends. That your piece of land you bought, you will not build anything on it. You will cry when you realise how much you have to spend on diapers and baby formula and daily running of the house.
Then anger will set in. You will forget love. Anxiety and resentment will set in and you will spend everyday complaining about how this country is bad.

4 Likes 1 Share

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Great0ne1: 12:57pm On May 26, 2022
ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions
Hope he returns such favour, in his own little way
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by wirinet(m): 12:57pm On May 26, 2022
UyaiIncomparabl:


I spend 10k in a week if I am being too frugal. Now, what do I do with your 30k? Buy clothes?
I pay more than N10k per week for electricity for both house and office.

I burn more than N10k per week only on petrol for generator to run home and office respectively.
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by HelipsTech: 12:57pm On May 26, 2022
Truth is if 500k every month, can not make you rich, 1million monthly won't make you rich

6 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Esales(m): 12:57pm On May 26, 2022
Angelfrost:


There are guys earning slightly less than that who save, invest, and top that in less than a year.

Half a million is huge sir! Go ask around!

Invest in what please? Hope u know fixed deposit in Nigeria is less than 5% annually and the dollar inflation rate is about 30-40% annually
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Angelfrost(m): 12:57pm On May 26, 2022
tunapawizzy:

Shey na only rent u come pay for this life..because with that income I am now sure how easy it is for you to build a house in Lekki or Banana Island when the whole 10 years income(60m) will not even buy a plot of land in Banana island

There is more to life than Banana Island oga!

People live large on that amount all over Nigeria.

Don't let social media make you people unnecessarily desperate.

2 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Sirchiboy: 12:58pm On May 26, 2022
UyaiIncomparabl:


This is no argument, so forget it.

As I said before, 500k is an average salary. And what comparison does 50k have to do with 500k? When you are calling monthly stipends? 50k follow?

Na average money, biko.
.
If I ask you to send me 5k to feed my family.
You will not send me.
Rich on social media but in reality opposite

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by PrestigeG(f): 12:58pm On May 26, 2022
Oga, you are rich in Jesus name plus you said you don't have responsibility and you don't find it difficult helping ur guy with his errands. Just dey ur Lane o. People who earns below that and still have other people to feed are calling themselves rich too.

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Deltatoto: 12:58pm On May 26, 2022
ObosiUkwalla:
So I was arguing with a friend who stays in the states and he keeps saying I am a rich guy.

Current salary is about 512k per month (take home), and has an annual increment of 15% of your take home. This is aside perks of perdiem anytime I travel outside work base (15k per night).

Anytime he wants me to have minor something done in NG on his bahalf, he expects me to use my money and whenever I ask, he tells me not to complain that I am rich (he knows what I earn), I don't have a problem doing those things for him.

I don't see myself rich and pls guys, what can someone earn in Nigeria to be termed rich. Your opinions will count alot as I still find it hard getting the usual daily stuffs we all use.
I am not married and do not have responsibilities. My mom is a retired govt worker and other siblings are all working.

Cc: seun mynd44 pls help us for more audience and opinions
for a bachelor yes otherwise it’s not big money o.
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by UyaiIncomparabl(f): 12:59pm On May 26, 2022
Lekan239:
you are damn rich nigga. 500k per month and increase annually by 15%.

His total net earnings in five years time will be (43,825,464.2) 43million 825thousand 464naira note 13 month salary.

Do not confuse being rich as being wealthy.

Rich is another synonym for "wealthy". Please, get your facts right.

So, while saving the whole of that 500k for 5 years, what would he living on? Papers?

43M can not even buy a 5 bedroom duplex at Lekki Phase one. What's wrong with you guys?

5 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Lokomoney: 12:59pm On May 26, 2022
English and poverty is the problem here, how can you say 500k naira which is 1200 us dollars monthly take a home makes you rich.....smh

2 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Originalsly: 12:59pm On May 26, 2022
UyaiIncomparabl:


Of course, I can. But, I just made him to understand that a 500k earner can't be called rich in present-day Nigeria.


How much should one earn to be considered rich?

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by realG101(m): 12:59pm On May 26, 2022
UyaiIncomparabl:


500k Isn't rich, please. Especially if you have a lot of responsibilities/mouths to feed.

Na average salary. Start earning it and you'll know how far.

You people should be realistic abeg..if a person earns 500k in Nigeria and still feels like he's not rich, the person simply has a low financial IQ.

Let's be objective, If in a country where minimum wage is 30k, you don't feel rich earning 512k with extra benefits, you cannot be satisfied o. What you need is contentment and management

4 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Nawteemaxie(m): 1:00pm On May 26, 2022
HarlequinLekex:
Pls,what is the meaning of OP

Original Poster

2 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by nedekid: 1:00pm On May 26, 2022
You are OK by Nigeria standards, but you are not in anyway rich.
If your current earning were 7 years ago before this locust, recessionist, cursed regime came in, spreading poverty through corruption, devaluation, then by all means and by any standard in the world one would have given you thumbs up as one doing ok.
That your 500k would have given you an equivalent of 2000 pounds, or $3500 monthly.
With that 8 years ago you could pick up a brand new corolla from elizade or Honda civic from stallion motors for 3.8 - 4m. Make a deposit and spread the payments over 3 years comfortably paying 60k monthly.
Omo, now that your 500k is less than $900, it is it up to 700 pounds sef?

3 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by wirinet(m): 1:00pm On May 26, 2022
Angelfrost:


There are guys earning slightly less than that who save, invest, and top that in less than a year.

Half a million is huge sir! Go ask around!
In Nigeria of today, half a million will not give an average family of 5 what can be considered a good standard of living.

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Lokomoney: 1:00pm On May 26, 2022
Lokomoney:
English and poverty is the problem here, how can you say 500k naira which is 1200 us dollars monthly take home makes you rich.....smh
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by UyaiIncomparabl(f): 1:00pm On May 26, 2022
wirinet:

I pay more than N10k per week for electricity for both house and office.

I burn more than N10k per week only on petrol for generator to run home and office respectively.

LOL. cheesy
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by youngvito: 1:00pm On May 26, 2022
Lets be clear, the term " RICH" is relative...Generally speaking, 500k is a substantial salary when you consider the fact that only few private companies can pay that every 4 weeks, and you must be highly experienced to earn that in most private establishments. Only select few businesses in Lagos can pay that sort of salary at any rate. There are 35 other states, the average salary in these 35 states combined is probably between 50k-200k. That's a lot less than 500k, meaning u earn between 7-10 times more than most workers in all other 35 states aside from Lagos.

The CBN recently published a statistic that says only 5% of Nigerian Bank accounts have over 500k as bank balance, it says a lot about where Nigerians are economically.

The government accounts for 60% of the Labour force, and the average employees for what its worth, earn peanuts.
500k a month would not make u rich in most big cities, especially in some parts of Lagos, but when u take that to bauchi, Ekiti etc.. thats a whole lot of cash ,and most residents in these locations would consider you at least VERY COMFORTABLE if not rich.

5 Likes 1 Share

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by tunapawizzy: 1:01pm On May 26, 2022
Angelfrost:


There is more to life than Banana Island oga!

People live large on that amount all over Nigeria.

Don't let social media make you people unnecessarily desperate.
I think u should read the post I replied to understand why I mentioned banana island n Lekki....whats my business with overrated locations. Understand the build up to my post first.
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Angelfrost(m): 1:01pm On May 26, 2022
Esales:


Invest in what please? Hope u know fixed deposit in Nigeria is less than 5% annually and the dollar inflation rate is about 30-40% annually

Oga, ask around abeg!

Let's not argue!

Half a million even in today's inflation and pathetic Naira is not change. It is HUGE!

Y'all need to keep your heads down and stay in the moment! If 500k is too small for any Nigerian living in modest locations in Nigeria, then that person has serious problems. cool

5 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by EM123: 1:01pm On May 26, 2022
SUPERPACK:
Speak for those that have zero in economics sha not me. With that pay I will enjoy my life here in Nigeria and never look for more. I will still save 250k per month at the end minimum. I live a minimal lifestyle, no smoking, drinking, clubbing, womanising nor friends and don't fancy social attention.
Bros if you can keep to this your livestyle , you will get very rich soon ,and people will envy you .
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Ayinke93(f): 1:01pm On May 26, 2022
DroppingLiquid:


you are not earning up to hundred thousand a month. You are just a runs girl taht doesn't know how to manage money. Look at this twenty four year old talking so sternly. They'll think you've seen life because you're fvcking other supposedly high earners that use their money to chase women like you.

People with good money management know that 500k is more than enough with a family of three kids. No be to marry slay rubbish put for house call am wife.

So because she said 500k isn’t a lot of money made her a runs girl. Some of you are so stupid, it hurts my eyes. The fact that you’ve never earned up to that still doesn’t change the fact that someone earning 500k is just an average earner in Nigeria.

3 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by UyaiIncomparabl(f): 1:01pm On May 26, 2022
Originalsly:


How much should one earn to be considered rich?

5M per month. cheesy

1 Like

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Jackanda1(m): 1:02pm On May 26, 2022
UyaiIncomparabl:


500k Isn't rich, please. Especially if you have a lot of responsibilities/mouths to feed.

Na average salary. Start earning it and you'll know how far.
500k per month is an average salary in Nigeria? With this bold statement, do we assume you earn ten times that amount?
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by uuzba(m): 1:03pm On May 26, 2022
meobizy:
It’s average salary in a working system. Nigeria is not a properly working system hence OP is seen as wealthy. If OP japa he’ll find out he’s only one level above high school graduates.
Compare Nigerian salary with Nigerian living only.
Never compare with Western nations O.
--
After my studies in UK, I remained and worked fulltime in a call centre (8hrs x 5 days).
Salary was about £950 per month.
Then GPB to NGN was about N250 to £1.
So I earned N237,500 a month by Nigerian money.
That was big boy money abi? But over there, ordinary transport, electricity and food (bread!!! BREAD OOOOO, Not Shawama, BREAD)....
.... the money still finished before month end.
To even remain one careless £50 for account was wahala.
Today 2022, people doing that same work might be earning £1500 monthly (inflation).
And at N522 to £1 exchange, that gives N783,000 PER MONTH.
But just like me, they too will end up with £0 at the end of the month eating BREAD O!!!! and entering public transport.

Each couthy has VERY VERY DIFFERENT LEVELS of living standard.

5 Likes

Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by LARRYOBRAIN(m): 1:03pm On May 26, 2022
UyaiIncomparabl:


Start earning it and you will know.

As your income increases, your taste increases. Those that know, know.
It is not true, only if you want to
Re: Is A Nigerian Salary Earner Of 500k Per Month Considered Rich? by Enumerator(m): 1:03pm On May 26, 2022
I tell you
MrBrownJay1:
@OP
as much as your friend is just a greedy person who expects you to dash him money left right center, he is righ to say that you aint poor.... but just because you aint, that doesnt mean you should also be foolish in throwing your money away like that.



lots of responsibilities/mouth to feed??!!?! do the people who earn 50K monthly NOT have these same responsibilities/mouth to feed?!?!?
i think it is dangerous to claim that earning 500K monthly in Nigeria is anything but being rich....lets forget anywhere else in the world, in NIGERIA, 500K monthly is a LOOOOOOOOT!

(1) (2) (3) ... (5) (6) (7) (8) (9) (10) (11) ... (20) (Reply)

NLNG Experienced Hire Result Is Out!! / Unilever Future Leaders Program For Graduates (full Time Role) / Apply For 2017 Msc And Phd Commonwealth Scholarship In The Uk

Viewing this topic: 4 guest(s)

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2024 Oluwaseun Osewa. All rights reserved. See How To Advertise. 53
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.