Diordaves... you are on the right track... In America further...

Govt workers and Some Companies - Life Retirement at certain age and some minimum years of service
Non Govt Workers - 401k or the equivalent
Social Security - For Everyone at certain age, amount you will receive will be based on what you contribute, if not you receive less.

There are options where anyone working can also contribute to 401k regardless of Govt workers or other type of workers..
your choice for later withdrawal.

But Mr. Diordaves... what type of house can 5 Million get you nowadays... that amount is not reasonable... you need a better life when you retire that is why we all work hard... That 5 Million scenarios is for life in USA, Europe when retired, not Naija o.
You want the neighbors to call you Baba America and Baba London with his retirement house, sarcastically ni o.

Hajji M.

mufutau55:
Diordaves... you are on the right track... In America further...

Govt workers and Some Companies - Life Retirement at certain age and some minimum years of service
Non Govt Workers - 401k or the equivalent
Social Security - For Everyone at certain age, amount you will receive will be based on what you contribute, if not you receive less.

There are options where anyone working can also contribute to 401k regardless of Govt workers or other type of workers..
your choice for later withdrawal.

But Mr. Diordaves... what type of house can 5 Million get you nowadays... that amount is not reasonable... you need a better life when you retire that is why we all work hard... That 5 Million scenarios is for life in USA, Europe when retired, not Naija o.
You want the neighbors to call you Baba America and Baba London with his retirement house, sarcastically ni o.

Hajji M.

Thanks for more information about the retirement options in the US. So it's not all doom and gloom as various business schools will teach about the pension options in the USA.

N5 million bungalow not realistic? This is another problem with us in the diaspora. So we've lived abroad, so when we come home we want to come home in grand style like King Mansa Musa of Mali Empire and the famous pilgrimage to Mecca. We are no Mansa Musa and we cannot live our lives based on what people will say. We can only live our lives as practicable and decent as WE wish. N5 million and a three bedroom bungalow is just right. Please watch out for part 2.

I've continuously resided in the US since 1986, I don't know what they do in Canada or Europe because frankly I don't care. I know that the Brits need better dental health insurance though

I can only speak for myself and won't even guess at Hajjs or QC1 strategy.

I do things based on what makes me happy, I'm a very selfish person, and I really don't care what others think I should be doing or have. I think QC1 might have gone up to N30million due to situations beyond his control as we know.

Now, I am building my retirement house in a village where I bought two 60X120 plots for N500k a piece. The 1,500 square feet structure is roofed and the 4,500 square feet structure is at roofing level. I haven't broken N8million at this stage including the price of land, fence, soakaway, etc but I think I will need twice that to get the level fo finish that will satisfy me. Why do I need something that elaborate? It's what I want. Can something smaller do? Of course but it's not what I want. Reason why I drive used high level German automobiles versus brand new American made shytes.

In my opinion, before I move away from the house issue, I was very prudent on where I bought, what I bought, what I am building and my level of involvement. I can't do real estate as a rental business, I salute those that does but we all have our own capabilities. I would love to develop an estate one day if time and money allows in Ibadan. Buy land, develop, build houses, sell them off and move on. Day to day hand combat with tenants and strategies around that is not my thing.

Also, people that are buying in GRAs, Lekkis, etc spending N10m etc is not my thing.

On income, I have a robust 401k plan that is matched 125% by my employer and I've been working for them since 1997 with no plans of leaving until I pack my suitcase to go to Nigeria. Days old on a promotion with pay increase, allahmdulilai. I bring this up to show two things, pay increases and employer 401k matching. I also have my own IRA that I contribute to.

Additionally, there is social security. My plan is that if all I have is SS income then I'll be living very comfortable in Nigeria. But SS is only about 33% of my retirement income. One has to be critical and diligent when it comes to retirement. I simply prefer to keep my money in USA economy as remove them only as needed and not put it in Nigerias economy. It's a personal choice.

So moral of my story, we all have individual plans and choices that we make. Mine, build a very comfortable and bespoke house pre retirement as time permits. At retirement buy a full flight restored classic SUV, triple out of country visits to Europe for medicals and sight seeing. Set up a technical automotive training school to keep sharp. DONE

Interesting non construction topic by the baba's.
@ diordaves, there is no really assured business in nigeria. No stable government policy.
It's not about diasporans alone, my mum collected her gratuity and she still couldn't decide on a foolproof business.
My late dad too was in that dilemma. He tried so many things.
I'm sure there will be a robust exchange of information and ideas on this topic that will benefit many.

EgunMogaji:
I've continuously resided in the US since 1986, I don't know what they do in Canada or Europe because frankly I don't care. I know that the Brits need better dental health insurance though

I can only speak for myself and won't even guess at Hajjs or QC1 strategy.

I do things based on what makes me happy, I'm a very selfish person, and I really don't care what others think I should be doing or have. I think QC1 might have gone up to N30million due to situations beyond his control as we know.

Now, I am building my retirement house in a village where I bought two 60X120 plots for N500k a piece. The 1,500 square feet structure is roofed and the 4,500 square feet structure is at roofing level. I haven't broken N8million at this stage including the price of land, fence, soakaway, etc but I think I will need twice that to get the level fo finish that will satisfy me. Why do I need something that elaborate? It's what I want. Can something smaller do? Of course but it's not what I want. Reason why I drive used high level German automobiles versus brand new American made shytes.

You've buttressed by argument to a large extent. The point is if push comes to shove there will be something coming in monthly from the US if you retire back home no matter how grand your build is. The point I'm making is if NOTHING will come in at the end of the day and that all you've got is your hard earned life savings, pouring £85k or $140K into brick and mortar as retirement home and then "shine eye" later does not make any sense from any angle at any level.

diordaves:
The question Qc1 posed is really pertinent and relevant. In fact it's not all about Qc1 alone, the question is for all of us in the diaspora: How do we retire constructively back home. Lets use Qc1 as an insight; if Qc1 doesn't have anything at all, he's got assets of near 30 million going by information here on Nairaland. Now this same guy wants to go back home and we are all on edge; please think well is the mantra. So a diaspora with assets running into N30 million cannot retire back home safely, is that what we are saying? YES! that's the verdict. But is the verdict or fear unfounded?.........No the fear is not unfounded. It's real. The truth is, Qc1 representing almost all of us in the diaspora is a victim of this same folly: investing too much and invariably tying too much saved up capital in non wealth creating asset like retirement homes. Speaking hard core economics, if you are a normal, hard working 9 - 5 office worker or even shift worker with a "normal" pay and the usual bills, spending an average of N27 million on a retirement home is way too much. It does not make any economic sense. How?

So how can we retire back home effectively? To answer this question we need to deconstruct the retirement plans available to us in the diaspora in North America and in Western Europe. In this deconstruction, we will use Hajji M as representing the diaspora in the USA, Qc1 representing Canada and my humble self representing Western Europe.

In the USA, unless you work in Federal or local government, there is no effective life long retirement plan as we know pension in Nigeria. In the US you have what is the 401k plan and if pursued to fruition has a semblance of a pension. The 401k plan in summary is a retirement pot you pay/contribute into and the government matches your contribution. So if you pay in $100 a month, the government matches that but it is highly flexible which means you may withdraw money at any time but with serious tax implications. There are also other companies that may give you stock options; this means your future is tied to the well-being of the company. If the company stock grows, the stocks allocated to you grows and your pension is secured. But if the company stock goes down..............This means that if you are a diaspora in the US who is not into government job, no stock option and no 401K plan, it is safe to say if you retire back home, there is no pension for you. Same if you've been self-employed. Please note this salient point as we will come back to it. I think Canada is about the same but slightly better. Qc1 fill us in.

Western Europe is radically different from America. In countries like Germany, France, Holland, United Kingdom, it is a legal requirement that all MUST retire with a state basic pension. This means you cannot work in any of these countries without a basic pension for life for you or your spouse after you have gone. No matter how small. The debate in Europe is how generous should the state pension be which is a stark contrast with America where it is a clear and present danger that you may go into your twilight years without a pension cover. Lets use my work history to gain insight into the retirement dynamics of Western Europe. I have worked considerably in Germany and built up a half decent "Rente" pension contributions in Germany but I'm now with a University in London. On my current employment with the University I am fortunate to belong to the Final Salary Scheme. This means if I retire with the University I will get a pension close to my final salary. So if for example I am on £45k a year and retire with this salary, I will get same or something close as pension for life and if I'm gone, my spouse/kids. In addition, I will also get hopefully the state pension in the UK and Germany. This means if a diaspora in Western Europe which I to a large extent represent will get a pension "kpata kpata" about £700 a month or more. Though some will get considerably less. £700 at current exchange rate is N350k a month back home. Please note this salient point again as we will come back to it.If Qc1 is in this scenario, with already completed decent retirement home with N350k coming in monthly; go home in peace or is there more?

Now lets bring all these together. For the purpose of this deconstruction, we will rule out other possibilities like income from any mortgage that is fully paid or any properties in Nigeria. All we've got is our honest hard work over the years and our wish to now retire back home. So if Hajj M and Qc1 want to go back home there are four possibilities: they have state pension or stock option, or 401k to be liquidated or NOTHING! Now with this scenario, especially the NOTHING scenario, to invest N30 million of life savings into a non wealth creating retirement home and be left with a further nothing as nothing will come in as pension monthly, is way too much. To put this in a clearer perspective, N30 million at N350 exchange rate before Buhari policy is £85,000. This is a lot to pour ALL into a non wealth yielding retirement brick and mortar. When one retires, one downsizes not expand as we do as diaspora as one has possibly 30 years more to live if God pleases our lives to spare. One needs liquid cash to see the rest of the retirement years through. It is criminal to depend on the children for pension. If Qc1 is in this scenario with nothing coming in securely monthly, a retirement home may not help.

So the question remains............how should the diaspora retire effectively back home?

The truth is, to all intent and purposes a N5 million Bungalow will do the job as a N30 million duplex. That's the inconvenient truth. How? Pour N5 million into brick and mortar and use the remaining N25 million as liquid capital to create wealth back home.

TO BE CONT'D

Well said and succinctly put

Interesting discussion guys....diordave is sure hitting the nail on its head.

Egun your retirement portfolio is very attractive o. Can you please adopt me sir?

I promise to be very nice.

Am learning a lot from this discussion tho.

Let the good info keep flowing.

Regards

EgunMogaji:
I've continuously resided in the US since 1986, I don't know what they do in Canada or Europe because frankly I don't care. I know that the Brits need better dental health insurance though

I can only speak for myself and won't even guess at Hajjs or QC1 strategy.

I do things based on what makes me happy, I'm a very selfish person, and I really don't care what others think I should be doing or have. I think QC1 might have gone up to N30million due to situations beyond his control as we know.

Now, I am building my retirement house in a village where I bought two 60X120 plots for N500k a piece. The 1,500 square feet structure is roofed and the 4,500 square feet structure is at roofing level. I haven't broken N8million at this stage including the price of land, fence, soakaway, etc but I think I will need twice that to get the level fo finish that will satisfy me. Why do I need something that elaborate? It's what I want. Can something smaller do? Of course but it's not what I want. Reason why I drive used high level German automobiles versus brand new American made shytes.

In my opinion, before I move away from the house issue, I was very prudent on where I bought, what I bought, what I am building and my level of involvement. I can't do real estate as a rental business, I salute those that does but we all have our own capabilities. I would love to develop an estate one day if time and money allows in Ibadan. Buy land, develop, build houses, sell them off and move on. Day to day hand combat with tenants and strategies around that is not my thing.

Also, people that are buying in GRAs, Lekkis, etc spending N10m etc is not my thing.

On income, I have a robust 401k plan that is matched 125% by my employer and I've been working for them since 1997 with no plans of leaving until I pack my suitcase to go to Nigeria. Days old on a promotion with pay increase, allahmdulilai. I bring this up to show two things, pay increases and employer 401k matching. I also have my own IRA that I contribute to.

Additionally, there is social security. My plan is that if all I have is SS income then I'll be living very comfortable in Nigeria. But SS is only about 33% of my retirement income. One has to be critical and diligent when it comes to retirement. I simply prefer to keep my money in USA economy as remove them only as needed and not put it in Nigerias economy. It's a personal choice.

So moral of my story, we all have individual plans and choices that we make. Mine, build a very comfortable and bespoke house pre retirement as time permits. At retirement buy a full flight restored classic SUV, triple out of country visits to Europe for medicals and sight seeing. Set up a technical automotive training school to keep sharp. DONE

baba U don dey Dis England gain abi ,the queen must hear Dis
In other news I have a bad tooth ache and I dont want to go dentist cos all you will hear is filling so Im using bonjela
Baba 1986 cough cough cough cough cough that year I just wan enter class 1 ni, and like dis I don tire for Europe
In other news retirement is inevitable, waht you do when you retire home is determined by so m any factors and our Economy back home is not helping matters, whats the way 4ward, we have to be innovative.I still believe if you are skilled you are good to go, but if you are retiring and thinking of business in the Nigerian climate hmmmm OYO however if your Biz involves you traveling back and forth abroad and 9ja then yeh. Question waht biz
In my view, I think we should put a great deal of work into managing our xpectations.No matter howmuch you come back with it will be exhausted without receipt if you do not plan well

@Diordaves...

If you put enough years in your work to retire in USA, plus your Social Security, you should be set for retirement life in Nigeria.
Many of us don't have the patience to work until retirement... and thinking that whatever they have saved will be enough to support them, then they need to think twice. Constant income is totally different from variable income.
EgunMpgaji has added more to the discussion... but even him as "Baba Ijebu" will spend more than N5m on his project...
Oga EgunMogaji, wait until you get to finishing, nah there money dey quench and I am sure Diordaves knows this too, this is not about living expensively... But then why should I retire if I cannot live comfortably after my retirement?

Hajji M.

erico2k2:

In my view, I think we should put a great deal of work into managing our xpectations.No matter howmuch you come back with it will be exhausted without receipt if you do not plan well

That you are surely right... When I retire and come home.. nah only to look from the upstairs.. I am not thinking of business or any type of work. I will damn too old to do any of that anyway... Then, where and what is my retirement?
If you are young and retired like EgunMogaji, you can still be MD of your own company instead of chasing the little girls around the street.

All in all, be prepared... constant income is a better way of protecting yourself. I am serving my time for future...

Hajji M.

diordaves:
The question Qc1 posed is really pertinent and relevant. In fact it's not all about Qc1 alone, the question is for all of us in the diaspora: How do we retire constructively back home. Lets use Qc1 as an insight; if Qc1 doesn't have anything at all, he's got assets of near 30 million going by information here on Nairaland. Now this same guy wants to go back home and we are all on edge; please think well is the mantra. So a diaspora with assets running into N30 million cannot retire back home safely, is that what we are saying? YES! that's the verdict. But is the verdict or fear unfounded?.........No the fear is not unfounded. It's real. The truth is, Qc1 representing almost all of us in the diaspora is a victim of this same folly: investing too much and invariably tying too much saved up capital in non wealth creating asset like retirement homes. Speaking hard core economics, if you are a normal, hard working 9 - 5 office worker or even shift worker with a "normal" pay and the usual bills, spending an average of N27 million on a retirement home is way too much. It does not make any economic sense. How?

So how can we retire back home effectively? To answer this question we need to deconstruct the retirement plans available to us in the diaspora in North America and in Western Europe. In this deconstruction, we will use Hajji M as representing the diaspora in the USA, Qc1 representing Canada and my humble self representing Western Europe.

In the USA, unless you work in Federal or local government, there is no effective life long retirement plan as we know pension in Nigeria. In the US you have what is the 401k plan and if pursued to fruition has a semblance of a pension. The 401k plan in summary is a retirement pot you pay/contribute into and the government matches your contribution. So if you pay in $100 a month, the government matches that but it is highly flexible which means you may withdraw money at any time but with serious tax implications. There are also other companies that may give you stock options; this means your future is tied to the well-being of the company. If the company stock grows, the stocks allocated to you grows and your pension is secured. But if the company stock goes down..............This means that if you are a diaspora in the US who is not into government job, no stock option and no 401K plan, it is safe to say if you retire back home, there is no pension for you. Same if you've been self-employed. Please note this salient point as we will come back to it. I think Canada is about the same but slightly better. Qc1 fill us in.

Western Europe is radically different from America. In countries like Germany, France, Holland, United Kingdom, it is a legal requirement that all MUST retire with a state basic pension. This means you cannot work in any of these countries without a basic pension for life for you or your spouse after you have gone. No matter how small. The debate in Europe is how generous should the state pension be which is a stark contrast with America where it is a clear and present danger that you may go into your twilight years without a pension cover. Lets use my work history to gain insight into the retirement dynamics of Western Europe. I have worked considerably in Germany and built up a half decent "Rente" pension contributions in Germany but I'm now with a University in London. On my current employment with the University I am fortunate to belong to the Final Salary Scheme. This means if I retire with the University I will get a pension close to my final salary. So if for example I am on £45k a year and retire with this salary, I will get same or something close as pension for life and if I'm gone, my spouse/kids. In addition, I will also get hopefully the state pension in the UK and Germany. This means if a diaspora in Western Europe which I to a large extent represent will get a pension "kpata kpata" about £700 a month or more. Though some will get considerably less. £700 at current exchange rate is N350k a month back home. Please note this salient point again as we will come back to it.If Qc1 is in this scenario, with already completed decent retirement home with N350k coming in monthly; go home in peace or is there more?

Now lets bring all these together. For the purpose of this deconstruction, we will rule out other possibilities like income from any mortgage that is fully paid or any properties in Nigeria. All we've got is our honest hard work over the years and our wish to now retire back home. So if Hajj M and Qc1 want to go back home there are four possibilities: they have state pension or stock option, or 401k to be liquidated or NOTHING! Now with this scenario, especially the NOTHING scenario, to invest N30 million of life savings into a non wealth creating retirement home and be left with a further nothing as nothing will come in as pension monthly, is way too much. To put this in a clearer perspective, N30 million at N350 exchange rate before Buhari policy is £85,000. This is a lot to pour ALL into a non wealth yielding retirement brick and mortar. When one retires, one downsizes not expand as we do as diaspora as one has possibly 30 years more to live if God pleases our lives to spare. One needs liquid cash to see the rest of the retirement years through. It is criminal to depend on the children for pension. If Qc1 is in this scenario with nothing coming in securely monthly, a retirement home may not help.

So the question remains............how should the diaspora retire effectively back home?

The truth is, to all intent and purposes a N5 million Bungalow will do the job as a N30 million duplex. That's the inconvenient truth. How? Pour N5 million into brick and mortar and use the remaining N25 million as liquid capital to create wealth back home.

TO BE CONT'D

May God bless you with more wisdom.

Like it or not, we (diaspora ) are all facing this problem. It's only the way we go about the solution that distinguished us.

I will like to hear the rest of opinions before I comment further.

Thanks. Respect!


.

mufutau55:


That you are surely right... When I retire and come home.. nah only to look from the upstairs.. I am not thinking of business or any type of work. I will damn too old to do any of that anyway... Then, where and what is my retirement?
If you are young and retired like EgunMogaji, you can still be MD of your own company instead of chasing the little girls around the street.

All in all, be prepared... constant income is a better way of protecting yourself. I am serving my time for future...

Hajji M.

You just reminded me of a programm I watched last week,I learnt there are young pensioneers and old pensioneers

diordaves:


You've buttressed by argument to a large extent. The point is if push comes to shove there will be something coming in monthly from the US if you retire back home no matter how grand your build is. The point I'm making is if NOTHING will come in at the end of the day and that all you've got is your hard earned life savings, pouring £85k or $140K into brick and mortar as retirement home and then "shine eye" later does not make any sense from any angle at any level.

you're my type of person, brutally utilitarian, factual and clear eyed but all of you are missing one thing, the wide difference between the quality of life in diaspora and Nigeria especially as it regards old age medical care and security, here in Niger state, the Fulani have turned our sweet small educational town to a place of fear while the president looks largely the other way, can you bear to live with the horrors we live with daily? if mrs Qc1 can move up to Canada, is it possible to stay put there, there's nothing exciting about Nigeria of today, only things to fear exists.

mufutau55:


That you are surely right... When I retire and come home.. nah only to look from the upstairs.. I am not thinking of business or any type of work. I will damn too old to do any of that anyway... Then, where and what is my retirement?
If you are young and retired like EgunMogaji, you can still be MD of your own company instead of chasing the little girls around the street.

All in all, be prepared... constant income is a better way of protecting yourself. I am serving my time for future...

Hajji M.

I don't intend to do any work in Nigeria. Nigeria is simply a retirement and vacation spot for me. I like to keep my investments in a stable foreign economy and simply live off of the interest earned.

Opening a technical school is just to give back to the community so they have access to proper tools and instruction from vacationing technical friends.

egunmojagi you've bin there in American since 1986 and you want to start planing your life now ? Who do you bro ? Imagine bin an importer for 30 years ' that cud av paid you more . Noting like bin your own boss . It's not late thou . No paying job can get you more than 20box per hour there .

mufutau55:
@Diordaves...

If you put enough years in your work to retire in USA, plus your Social Security, you should be set for retirement life in Nigeria.
Many of us don't have the patience to work until retirement... and thinking that whatever they have saved will be enough to support them, then they need to think twice. Constant income is totally different from variable income.
EgunMpgaji has added more to the discussion... but even him as "Baba Ijebu" will spend more than N5m on his project...
Oga EgunMogaji, wait until you get to finishing, nah there money dey quench and I am sure Diordaves knows this too, this is not about living expensively... But then why should I retire if I cannot live comfortably after my retirement?

Hajji M.

Yep finishing is pricey and especially the high standard that I'll require.

But I'll excel on that too as I have different plans to get the level of fit and finish I expect at lower cost.

I'm very proud of my build to cost ratio.

erico2k2:

baba U don dey Dis England gain abi ,the queen must hear Dis
In other news I have a bad tooth ache and I dont want to go dentist cos all you will hear is filling so Im using bonjela
Baba 1986 cough cough cough cough cough that year I just wan enter class 1 ni, and like dis I don tire for Europe
In other news retirement is inevitable, waht you do when you retire home is determined by so m any factors and our Economy back home is not helping matters, whats the way 4ward, we have to be innovative.I still believe if you are skilled you are good to go, but if you are retiring and thinking of business in the Nigerian climate hmmmm OYO however if your Biz involves you traveling back and forth abroad and 9ja then yeh. Question waht biz
In my view, I think we should put a great deal of work into managing our xpectations.No matter howmuch you come back with it will be exhausted without receipt if you do not plan well

One of my ex is a Brit so the regular digs at you guys

Again, I should be done with building my house and set up before I retire. I'm not removing my retirement from the US, that's insanity, I'll only transfer the yearly interest income to Nigeria.

It's not how long one has been in oyinbo land, some have been here well before me and they're still driving cabs in LA.

I never let anyone dictate my positioning

I should be nice to Europeans though as I tend to go there for senior healthcare instead of all the way to even Florida.

good evening house I have a 100/50 plot I intend to build on 50/50 a 3 bedroom all ensuite I intend
to build wit bricks but not burnt bricks cement stabilized bricks, I need to know if I can use 6" blocks for my foundation? and filling the holes with concrete. I need urgent attention from the experts. attached is my building plans as done by my architect aiker.

EgunMogaji:

Yep finishing is pricey and especially the high standard that I'll require.
But I'll excel on that too as I have different plans to get the level of fit and finish I expect at lower cost.
I'm very proud of my build to cost ratio.

True, we all like to save.. but frankly you haven't said anything about the 5m limit on retirement home in Nigeria.
You think you gonna maintain that limit? Because even now, my BQ cost more than that o.
The best thing is to for people to do according to their pocket... even retiree get levels o.

Everything Diordaves said is right except the 5m retirement house. But not to go buy N100m house for Lekki o.
To build a good standard house in Nigeria now with moderate finishing... we are looking at about N20m.

Hajji M.

EgunMogaji:


One of my ex is a Brit so the regular digs at you guys

Again, I should be done with building my house and set up before I retire. I'm not removing my retirement from the US, that's insanity, I'll only transfer the yearly interest income to Nigeria.

It's not how long one has been in oyinbo land, some have been here well before me and they're still driving cabs in LA.

I never let anyone dictate my positioning

I should be nice to Europeans though as I tend to go there for senior healthcare instead of all the way to even Florida.

baba U lie, we dont want maskurade here, where we go Inject arm or leg
on a serious note you are right,planning is the key, me Im not going back cos of retirement in my case,Im stil a young person, and by the special grace of God the youngest lanlord on this page .
U know for me the major achievement of being here is learning a better way of adapting to life and and self realization.These goes beyond money.I told my Dad that I am only going to spend 10 years abroad then come back,16 years later Im still here lol
But its all good, at least i can bring my Range |Rover to your office together with non alcoholic heny for servicing and we can sip fru the pages of NL and laugh back

erico2k2:

baba U lie, we dont want maskurade here, where we go Inject arm or leg
on a serious note you are right,planning is the key, me Im not going back cos of retirement in my case,Im stil a young person, and by the special grace of God the youngest lanlord on this page .
U know for me the major achievement of being here is learning a better way of adapting to life and and self realization.These goes beyond money.I told my Dad that I am only going to spend 10 years abroad then come back,16 years later Im still here lol
But its all good, at least i can bring my Range |Rover to your office together with non alcoholic heny for servicing and we can sip fru the pages of NL and laugh back

I was supposed to get my Pilots License and return home

Destiny things.

The free technical school is a thing I want to do to promote car culture in Nigeria. For example teach local artisans that a caliper gauge or a torque wrench are not luxury items but required tools to use on a daily basis.

And take on stuff like buying Innoson vehicle as a kit and tossing out half od the junk and doing it up properly and selling it to high earners.

I pray for good healthy and long life for all of us young and old so we reap the rewards of all of our efforts. Even for the insolent twerps on here, after all they need to be alive to see first hand my accomplishments

EgunMogaji:


One of my ex is a Brit so the regular digs at you guys

Again, I should be done with building my house and set up before I retire. I'm not removing my retirement from the US, that's insanity, I'll only transfer the yearly interest income to Nigeria.

It's not how long one has been in oyinbo land, some have been here well before me and they're still driving cabs in LA.

I never let anyone dictate my positioning

I should be nice to Europeans though as I tend to go there for senior healthcare instead of all the way to even Florida.

Correct! One thing a lot of young people living abroad should know.

There are so many people with properties in Nigeria acquired by borrowing money from overseas banks and lliving seriously in debt, others that have everything overseas but nothing to show in Nigeria, others spending their money chasing small small oyinbo girls and others enjoying life and have concluded on living the rest of their Life's abroad no thought of coming back home. allowing the actions of others and life to dictate our life style is the beginning failure.

I for one I have made a lot of mistakes but I bless God for helping me retrace my step at a very early age. I can't really say anything about retirement because I still have decades to go but one thing I am sure of doing when I retire is farming. Just because farming is something I love doing.

@QC1
As regards to going back to Nigeria, the first thing will be to do a test run; stay in Nigeria for 2 months, that should give an estimate of what it would cost to live there and then decide if your saved funds or retirement will sustain you. Health care is free in Alberta, so every now and then is always and option. Since you still have to dress up your kids for school (based on your comment) that tells me your kids are still very young and that is another aspect to consider greatly before making any move. But who knows, you might have secured a very good paying job in Nigeria and if that be the case, my Oga pack your load and goal to Nigeria!

erico2k2:

baba U lie, we dont want maskurade here, where we go Inject arm or leg
on a serious note you are right,planning is the key, me Im not going back cos of retirement in my case,Im stil a young person, and by the special grace of God the youngest lanlord on this page .
U know for me the major achievement of being here is learning a better way of adapting to life and and self realization.These goes beyond money.I told my Dad that I am only going to spend 10 years abroad then come back,16 years later Im still here lol
But its all good, at least i can bring my Range |Rover to your office together with non alcoholic heny for servicing and we can sip fru the pages of NL and laugh back

Make una no forget me o

mufutau55:


True, we all like to save.. but frankly you haven't said anything about the 5m limit on retirement home in Nigeria.
You think you gonna maintain that limit? Because even now, my BQ cost more than that o.
The best thing is to for people to do according to their pocket... even retiree get levels o.

Everything Diordaves said is right except the 5m retirement house. But not to go buy N100m house for Lekki o.
To build a good standard house in Nigeria now with moderate finishing... we are looking at about N20m.

Hajji M.

A N5 million bungalow is very achievable on table flat and dry land:

Foundation (back filling, German floor): 400,000

Walling ( drop lintel, no columns, no all round chaining): 700,000

Roofing ( no parapet,): 700,000

Casement window with Burglary Proof: 300,000

Plastering: 150,000

Doors:250,000 (can be potentially cheaper)



Total so far N2,500,000

The big budget items are over so theoretically N2.5 million x 2 will bring it to decent, airy, light and well presented finish. Yes I admit we do not know the plan and the size but it is safe to say it's not all en-suit,no Roman column, just creative window designs, POP in living room and Master bedroom only, kitchen not tiled from ceiling to floor all round and so on.

So Hajji M fault and critique the above plan and we will take it from there.............

mufutau55:


True, we all like to save.. but frankly you haven't said anything about the 5m limit on retirement home in Nigeria.
You think you gonna maintain that limit? Because even now, my BQ cost more than that o.
The best thing is to for people to do according to their pocket... even retiree get levels o.

Everything Diordaves said is right except the 5m retirement house. But not to go buy N100m house for Lekki o.
To build a good standard house in Nigeria now with moderate finishing... we are looking at about N20m.

Hajji M.

You know Hajj, my apartment garage is sitting at N1.7m roofed shell.

It'll cost me another N3m maybe to fully outfit it (I'm just guessing because I don't budget but just do what's necessary but I write down the expenses fastidiously). I don't like stress and I get easily disappointed if things "kamilaya". This is one reason why a QS is mostly useless to me.

So, can a hardy person buy land (the N1.7m doesn't include land, fence and gate as I apportioned that to the main building itself since this is just an accessory building), build a 3 bedroom house? I think it's possible. You and I maybe would never live and entertain family in such. Not because we're proud and aloof, but because we've developed standards and taste that we toil hard so that we can afford them.

You know as we've been educated by allCopacetic recently, there are N300 (I think) switches and N900 ones. The N300 one will turn the light on and off but damn the N900 will feel and look so godamn good on the edge of your fingers as you slide it across the firm but sleek ivory surface and respond with an assertive and obedient click that would never leave you in doubt that it accepted your command. Egun would never buy the N300 switch but will search to the end of the world until he can get the N900 switch at near N300 as possible.

mufutau55:


True, we all like to save.. but frankly you haven't said anything about the 5m limit on retirement home in Nigeria.
You think you gonna maintain that limit? Because even now, my BQ cost more than that o.
The best thing is to for people to do according to their pocket... even retiree get levels o.

Everything Diordaves said is right except the 5m retirement house. But not to go buy N100m house for Lekki o.
To build a good standard house in Nigeria now with moderate finishing... we are looking at about N20m.

Hajji M.

baba, i wanted to answer you on this 20 million naira claim but i decided to chill for a few minutes before responding, you said sometime ago that your boys quarters which is a twin bedrooms flat cost you a bit over five million to build so what makes you think that a three bedroom bungalow which is a smaller project would cost #20m to build to the same standard?

I Don late join party again.

oga, it will be hard small for hat 5m bungalow. Very possible but someone living abroad might not like the level of finishing etc. And for lagos people like us, no chance with 5m. Some foundations dey cos pass twice that self.

diordaves:


A N5 million bungalow is very achievable on table flat and dry land:

Foundation (back filling, German floor): 400,000

Walling ( drop lintel, no columns, no all round chaining): 700,000

Roofing ( no parapet,): 700,000

Casement window with Burglary Proof: 300,000

Plastering: 150,000

Doors:250,000 (can be potentially cheaper)



Total so far N2,500,000

The big budget items are over so theoretically N2.5 million x 2 will bring it to decent, airy, light and well presented finish. Yes I admit we do not know the plan and the size but it is safe to say it's not all en-suit,no Roman column, just creative window designs, POP in living room and Master bedroom only, kitchen not tiled from ceiling to floor all round and so on.

So Hajji M fault and critique the above plan and we will take it from there.............

diordaves:

A N5 million bungalow is very achievable on table flat and dry land:
Foundation (back filling, German floor): 400,000
Walling ( drop lintel, no columns, no all round chaining): 700,000
Roofing ( no parapet,): 700,000
Casement window with Burglary Proof: 300,000
Plastering: 150,000
Doors:250,000 (can be potentially cheaper)
Total so far N2,500,000

The big budget items are over so theoretically N2.5 million x 2 will bring it to decent, airy, light and well presented finish. Yes I admit we do not know the plan and the size but it is safe to say it's not all en-suit,no Roman column, just creative window designs, POP in living room and Master bedroom only, kitchen not tiled from ceiling to floor all round and so on.

So Hajji M fault and critique the above plan and we will take it from there.............

Its nice to put down the way you had it above... but when the actuality set in.. you know those cost are not going anywhere.
I am not really and argumentative person... but living abroad and building a house with all amenities needed, N5m will not cut it.
And you know even after the building... you get other stuffs like fence, water treatments, standby generator etc...
No need to take it any further... that is your believe and my believe will never sway. So we leave it at that.

Please don't be long to bring the Part 2 as I am enjoying your write-up. There is a lot of common sense in all this.
And we continue to learn in life... so this is good for the mind.

Hajji M.

emmyz09:
good evening house I have a 100/50 plot I intend to build on 50/50 a 3 bedroom all ensuite I intend
to build wit bricks but not burnt bricks cement stabilized bricks, I need to know if I can use 6" blocks for my foundation? and filling the holes with concrete. I need urgent attention from the experts. attached is my building plans as done by my architect aiker.

1) there's no building plan attached 2) why not ask the brick manufacturer 3) you can use normal concrete blocks for the foundation and continue with your bricks after the German floor

Well said.
I still always say that if one has the means, for those abroad I'm your twilight years try to hold down a property in Nija, no matter how small or big.

at least it's yours, personally I'm a very independent guy and I hate feeling like a prisoner in someone else's house no matter how close we are. The feeling of not being free.

Someone I know likes sending cars to nija, I think it's going to be 3 soon, goes there like 3 times a year and on ever visit spends like 3 days, how does that make sense. I have always told him to put something down no matter how small and forget all those car stuff, for nija I don't like show off oo, it's like looking for trouble.

ice4u999:


Correct! One thing a lot of young people living abroad should know.

There are so many people with properties in Nigeria acquired by borrowing money from overseas banks and lliving seriously in debt, others that have everything overseas but nothing to show in Nigeria, others spending their money chasing small small oyinbo girls and others enjoying life and have concluded on living the rest of their Life's abroad no thought of coming back home. allowing the actions of others and life to dictate our life style is the beginning failure.

I for one I have made a lot of mistakes but I bless God for helping me retrace my step at a very early age. I can't really say anything about retirement because I still have decades to go but one thing I am sure of doing when I retire is farming. Just because farming is something I love doing.

@QC1
As regards to going back to Nigeria, the first thing will be to do a test run; stay in Nigeria for 2 months, that should give an estimate of what it would cost to live there and then decide if your saved funds or retirement will sustain you. Health care is free in Alberta, so every now and then is always and option. Since you still have to dress up your kids for school (based on your comment) that tells me your kids are still very young and that is another aspect to consider greatly before making any move. But who knows, you might have secured a very good paying job in Nigeria and if that be the case, my Oga pack your load and goal to Nigeria!

abouzaid:
baba, i wanted to answer you on this 20 million naira claim but i decided to chill for a few minutes before responding, you said sometime ago that your boys quarters which is a twin bedrooms flat cost you a bit over five million to build so what makes you think that a three bedroom bungalow which is a smaller project would cost #20m to build to the same standard?

No you got it wrong... I am not talking a N20m for 3 Bedrooms... NO. Personally 3 Bedrooms is not standard to me.. to others, may be.
So I said a standard house... not naming the three bedrooms... My argument is that even a 3 Bedrooms with all the required needed amenities will go pass N5m. But then our standard varies... so finishing also get levels and that is where money goes. By the time you finish the house and started with fence/gates, water treatments and all the other goodies.. N5m is gone and beyond.
Frankly, I have no budget for my present build... I see good stuff that I can afford.. I implement it...

Hajji M.

mavverick:

I Don late join party again.

oga, it will be hard small for hat 5m bungalow. Very possible but someone living abroad might not like the level of finishing etc. And for lagos people like us, no chance with 5m. Some foundations dey cos pass twice that self.

Your foundation may be more than that due to the nature of your soil. So it's the soil that is expensive not the foundation as you are "fighting" the soil.

Now "finish" is workmanship, so you may buy a gold plated WC, if finished badly it is what it is: a bad finish. No amount of gold will make it feel better. What presents a house is the kitchen and the floor tiles in the living room. ALL other features do not add any aesthetic advantage to the presentation. So save up massively on all round chaining, parapet, stone coated roofing, non functional roman columns and plough these savings in a high end kitchen finish and a quality living room tiles and you will get a N5 million bungalow you will be proud to entertain the queen of England.