Good evening nairalanders. my name is Henry,am a 300l student in one of the tertiary institution in Nigeria.. I also own a boutique /clothes shop in my school town, my question is, I have a savings of about 600,000naira, so I am confused on either buying a car or a land on which I plan to build later on then stay in it or buy a car for ease of movement! like they say a person who ask questions never gets lost... so please all our advisors on nairaland please advice a brother

Buy land and build, sir. Cars depreciate by the year. I have cheap and affordable lands for sale in Lagos, Ogun, Rivers and Abuja

Lukaku12:
Good evening nairalanders. my name is Henry,am a 300l student in one of the tertiary institution in Nigeria.. I also own a boutique /clothes shop in my school town, my question is, I have a savings of about 600,000naira, so I am confused on either buying a car or a land on which I plan to build later on then stay in it or buy a car for ease of movement! like they say a person who ask questions never gets lost... so please all our advisors on nairaland please advice a brother

None of the above .
Go and buy Securities like federal Government of Nigeria Bond . Federal Government of Nigeria Savings Bond. Treasury Bills or even mutual funds .

Buy a land then save towards getting a car then afterwards you start the building.

Once you have the land, you can start developing it gradually.

Pls, Buy a plot of land.

46O1CE:

None of the above .
Go and buy Securities like federal Government of Nigeria Bond . Federal Government of Nigeria Savings Bond. Treasury Bills or even mutual funds .

Tell us the % returns so we know how much to get after tying down cash for one year.

duality:


Tell us the % returns so we know how much to get after tying down cash for one year.

Lol. Are you against it?

Ideally, buy land, buy car, build house.

If you have a fine source of income, it's ok to buy a car first, but only if you know it's helpful for convenience. If you can do without it, buy a land first.

U don't need a car now

The land u will buy will be in an interior area so don't buy one

Create another source of income with your 600k, try Keke hire purchase or other things

Depending on your work, sometimes buying a car would help your business to make more money for other things

As a businessman, you need mobility to meet with prospective clients and move goods. Just get a good fuel efficient, simple to maintain car like Corolla or Hyundai

If you are a 9-5 worker, then the land would be a good choice cos you really don't need a car to increase your salary

ITbomb:
Depending on your work, sometimes buying a car would help your business to make more money for other things

As a businessman, you need mobility to meet with prospective clients and move goods. Just get a good fuel efficient, simple to maintain car like Corolla or Hyundai

If you are a 9-5 worker, then the land would be a good choice cos you really don't need a car to increase your salary

Nice.
Most people miss the bolded. They keep telling you how a car is not an asset. I keep telling them it depends on your perspective of things.
To me, a car is a tool (just like your phone, internet mifi and/or laptop, office etc) to make business easy and boosting financial income.

It is not rice and beans to build a house and since its a structure you plan to live the rest of your life maybe with your family and children, you shouldn't be managing materials to build your house.

OP since you own a boutique, think of logistics like offering to deliver already bought items to their places, charge them for the services. That's another source of income.

LAND YOU WILL BUY, HOUSE YOU WILL BUILD.

selfmadeOLX:


Nice.
Most people miss the bolded. They keep telling you how a car is not an asset. I keep telling them it depends on your perspective of things.
To me, a car is a tool (just like your phone, internet mifi and/or laptop, office etc) to make business easy and boosting financial income.

It is not rice and beans to build a house and since its a structure you plan to live the rest of your life maybe with your family and children, you shouldn't be managing materials to build your house.

OP since you own a boutique, think of logistics like offering to deliver already bought items to their places, charge them for the services. That's another source of income.

LAND YOU WILL BUY, HOUSE YOU WILL BUILD.

God bless you..

Land. One thing is consistent no matter where you are in the world. The richest people always have substantial real estate holdings because property appreciates in value over time. You don't become rich without owning property.

My brother, 600k is nothing for both.

If your goal is to build wealth for yourself and for your future generations, then focus on increasing your means.
Your thought should be, "What do you need to create a new line of income and how can I push this saved fund to facilitating that?".
Lands will always be there. New house patterns will appear as we advance in technology and we will always have better cars as time goes on. Just focus on increasing your means so you can afford even better versions of all these things in the near future without hurting your pocket.

That's my humble opinion.

600k is not enough. I'd advise you to invest the money in a mutual fund (with Axa Mansard or Stanbic). At at least by next year, you should have achieved an average of 11% compound interest while you think of how to add to it to achieve your goals.

Buy a car.
A car will help your hustle.
Deliveries, mobile boutique,etc.
You should be thinking of building when d money is in excess.
You had better even use d money to expand your business than tie it down in a land.