b0rn2fuck:
I knew someone who earn and was building his own place while staying with uncle, he now own a place in ikorodu within the space of 3 years . its a case of either working for your landlord or building your dreams at early stage, if you still have no wife, best time to think

Sir,

I am contemplating staying in a room self contain and a two bedroom I earn 70k monthly. The two bedroom is 180k annually. Room self con-70k

I also want to change my car and commence into taxify when I don’t have a job. Limited resources now. What do you advice. My gf wants me to move into the two bedroom and that will mean I should buy more properties inside the house which I don’t have the resources for all of that.

What do you advice

haladadon:
I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

LoL. Most people do things out of peer pressure tbh.

haladadon:
I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

Jesus!!!

Even me with half of your income, i have a family already and i rent in a 250k room and parlor flat. So be wise if you call yourself a man and how to manage your income also to know how to budget yourself. Mind you i live in Surulere, Lagos with that my income. If i can survive with that amount and still carter for my family and also still pay house rent, i believe i can survive anywhere in this world.


So wise up my man!

haladadon:
I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

You are a smart ass

I don't work for anyone but on the average I make about 100k monthly profit.(some months can be significantly higher but when you leave in Abuja you will know most reasonable self contained buildings will be between 300 and 350k. In situations like this there is nothing you can do.

cnonyechi:
funny enough in reality its not seen dat way i earn less dan 70k a month married with 3 kids my husband does bussiness (electronics) my rent in Festac is 400k kids termly fees 124k and den der is feeding, electricity, transport, clothing, travel and other expenses. but they r all met timely. My kids are well infact over fed they have every gadget they need to be happy.
Infact typing this just made me realise dat God has been sustaining i and my Family and i give him the praise. So its not about the mathematics in it becos all dos calculations can fail u its about ur standing with God. phil.4 - 19.
Am not making the money but am living the life through the grace of the Almighty God.
And i still SAVE.
NOTE
I have never spent more than 2000 for treatment and hospital for my kids. From January till date i and my family have never been to d hospital.
ITS ALL GOD THE GREAT PROVIDER AND PROTECTOR

Your husband is stealing money somewhere, stop using the name of God to lie.
No Matter how much you pray 50k will not turn to 200k, and 200k will not buy a Toyota Camry 2017 model

For me it's not too much for me for a house rent. a side hustle that will give you miee money is encouraged, if you can also get a roommate that will split the bill with you, it's all nice

I for one have no issues with leaving with someone but you need to have a mindset of getting a place if you have a source of income. We all know it's really not easy getting a place affordable and comfortable especially in Lagos but it still needs to be done regardless.Getting a place of your own shows responsibility,you get to prepare yourself on how to run your home when you eventually decide to start a family. Not to talk to much me sef,I still dey live with my uncle but if you ask me I rather have a place of my own even if it's a room self contain,nothing beats having your personal space. Abeg I dey find house oo my Budget na btw 150 - 200k not to far from VI. Namaste....

From the moment I decided that I cant stay in an apartment that is higher than my one month rent, things became much easier for me. I'll rather use the money to speed up my building than waste is in rents. Thank God I have an exceptional landlord who compelled me to buy a land and is even forcing me to expedite the project.

ideally your rent annually should not be more than 10percent of your annual income.maximum 15percent in some special cases when putting some factors into consideration such as proximity to work place, security etc

Oliver80:
I live here on the Island, Agungi to be precise. I pay 300k for a Boys Quarter apartment. Very nice, neat and conducive environment. You can look for something similar around here in as much you work on the island. Anyways I don’t the distance between Yaba to the Island but I’m sure you’ll have to face traffic when going home.

This is a very strategic advice; you didn't get value for your money; why spend 25% per annum when you would still face yaba to island stress and transport cost every day.


And bro; is the boys quarters, mini flat or a single room; what is yearly service charge.

marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.

As a rule of thumb in finance, your rent should not exceed 33% of your income. Going by this rule, 33% of N1,200,000 is N396,000 thus your rent is largely within this bracket and in order.

FabulousAutos:
From the moment I decided that I cant stay in an apartment that is higher than my one month rent, things became much easier for me.

Happy for you but some of us still earn less than 80k, so what's your advice for such person ?

cnonyechi:


my brother some months na story. Electronics business is not an everyday thing and d profit is small. dont worry dear wat he and i make does not in any way equate wat we spend or have. Note we dont do yahoo or any shady deal its just as i posted. Its all God. if u allow God into ur life he will take to to heights u never imagined. look no child of God lacjs or beggs dir bread.I am a living teatimony

All God, this sound weird to me, not trying to be rude. But does God send money from heaven down into your apartment?

marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.

Hi you didn't state if this was gross or net.
By and By, I read a few years ago on an article (written by an American finance analyst), so it wasn't exactly tailored for Nigeria but there were some points I noted. You should never go above 2 months of your monthly gross income on your annual house rent. Never! No matter how secure you think your job is.

Paentera:


As a rule of thumb in finance, your rent should not exceed 33% of your income. Going by this rule, 33% of N1,200,000 is N396,000 thus your rent is largely within this bracket and in order.

If I spend 33 percent on rent, l doubt if I'll have enough left to attend to other necessities including children's school fees, entertainment, vehicle etc.

Godson213:


Sir,

I am contemplating staying in a room self contain and a two bedroom I earn 70k monthly. The two bedroom is 180k annually. Room self con-70k

I also want to change my car and commence into taxify when I don’t have a job. Limited resources now. What do you advice. My gf wants me to move into the two bedroom and that will mean I should buy more properties inside the house which I don’t have the resources for all of that.

What do you advice

My Opinion:

Stick to the room self-contain apartment. Don't allow anyone push you into making unwise financial decision, not even a so-called GF.

Of what use is 2BR apartment to you when you don't have kids yet? Wisdom is profitable!

BTW 90% Naija GFs aren't the best people to seek such advice from...

haladadon:
I earn 194K and I don't even have a house, I squat with my uncle. I'm afraid of even spending the money. I used to sleep on the streets before with street kids.

Thank God for life upgrade. You are a testimony

now I don't want to leave my old lifestyle. only my dad knows I have a job. no one else knows.


renting a house is not worth it, you'll soon get lonely looking for who to marry and all that stuff.

My brother, renting a house is worth it but the kind of house is a factor. An apartment of 80-150k (depending on your location) is fine.

As a single guy, you may consider a self-contained apartment so as to give yourself the needed comfort. While I agree that entering relationship is a liability and marriage is overrated, I still believe living alone wouldn't make you feel lonely as there are many ways you can live your life to fullest. It will also afford you the privilege of appreciating life the more.

IbrahimDamola:
God no go let me dash up to 3 months of my annual salary give landlord. God forbid.
If I earn just 100k per month, I will stay in self-contain abeg.

Many of you enjoy life so much you find it easy to throw away what you should save for rainy days. What will you tell your kids in future if you can't meet their needs because you wasted money during your youth?

I saved 73% of what I earn for the past 5 years I plan to make more money next year and save 90% of what I earn for the next 10 years after I expand my hustle0

To save money sweet die, once I look my account balance, hunger go disappear and my belle go dey sweet me.

My role model is Warren Buffet, a billionaire who 's been living and working in the same building for over 50 years. Just imagine all the millions he must have saved on transportation over 5 decades.

Man, you have just made me rethink a lot of things and given me inspiration. Thanks for these wise words. I intend to emulate you bit by bit

Godson213:


Sir,

I am contemplating staying in a room self contain and a two bedroom I earn 70k monthly. The two bedroom is 180k annually. Room self con-70k

I also want to change my car and commence into taxify when I don’t have a job. Limited resources now. What do you advice. My gf wants me to move into the two bedroom and that will mean I should buy more properties inside the house which I don’t have the resources for all of that.

What do you advice

are this Houses within lagos or outside lagos?. I will advice you stick with the Room self con. And plan to bulid yours

madame, Enjoy your house... you have rented it already... I started that way too in yaba and I stiill stay in Yaba and pay about 450k a year but with a better salary now... you would grow.. you started with a good mindset.. just keep on working hard and smart.. you would be fine and save too...

marshborn:
Good evening nairalanders, I earn 100k a month which amounts to 1.2 million per annum.
I just secured an apartment in yaba which cost 300k per year. I chose yaba because of its proximity to the island which is where i work.

I want to know if the rent costs too much for someone of my status.

Am I about to start living above my means? Advice needed.

pol23:
Rent in lagos ehn.. What the OP didn't factor... Electricity will cost you -1k monthly... Generator-7k Waste disposal-500 Security-3k Maintenance-2k All the new houses in Lagos were built with substandard material... Where I currently live (for 2 years now) It's on the island,so anything metal here will spoil in months... I've changed the Tanks and the raillings. Change Nepa Pole. Contribute money for roads. Change every toilet fittings. Different sockets Door handles. Power surge. It's just countless.... OP...just open your eyes...this our lagos life is mere scam and trap.

nice food for thought....

TonyeBarcanista:

My Opinion:

Stick to the room self-contain apartment. Don't allow anyone push you into making unwise financial decision, not even a so-called GF.

Of what use is 2BR apartment to you when you don't have kids yet? Wisdom is profitable!

BTW 90% Naija GFs aren't the best people to seek such advice from...

Yes sir they are not the one to seek advice from. Do you remember me from Abule egba when you came to see my gf sister at sweet sensation 2014.

Already bought a land which is outside Lagos and want to develop it quickly. Need to cut down cash

kellyo321:
i earn 30,000 and psy 46,000 pay month which is less than two months salary. go for less than two months salary

Are you saying you paid 46k yearly for your house rent?

Please which area did you gt that from?

Mercurypanther:
are this Houses within lagos or outside lagos?. I will advice you stick with the Room self con. And plan to bulid yours

Outside Lagos sir. Ibadan

Will stick to the room con but security wise it’s not adviceable to stay in the room con but security wise it’s okay at the two bedroom. That is my only challenge

Offpoint:
My opinion doesn't matter, whatever I said you'll end up with your personal decision. 300k for rent is not much since you can afford it. you worked for your money enjoy it while you can... we might wake up dead one morning, tomorrow is never promised.

Now how da hell you wake up dead?

vivaciousvivi:

Hi you didn't state if this was gross or net.
By and By, I read a few years ago on an article (written by an American finance analyst), so it wasn't exactly tailored for Nigeria but there were some points I noted. You should never go above 2 months of your monthly gross income on your annual house rent. Never! No matter how secure you think your job is.

It depends on what you earn, where you work and the kind of apartment.

You work in VI, you earn 100k and you think getting an apartment of 300k in Yaba is insane. You decide to buy a plot of land Ikorodu because you don't want to dash your landlord money or you get a "cheaper" apartment of 150-200k in Ikorodu as a "sharp guy".

You wake up 4am daily to go to work that you resume 9am in VI just to beat traffic. You spend approximately 3-4hours on the road travelling (that's like Abuja to Kano BTW )

You return home 8-9PM daily after spending 2-3hours on the road. You repeat this cycle every Monday to Friday of your life and you expect to live long

You spend approximately #1000 as daily fare (meaning 22k monthly and 244k annually) and you think you are smart.

Meanwhile, the man living in Yaba spend approximately #500 as his daily fare (#11k monthly and 122k annually), he wakes up 6am daily and set out to work @6:30-7am, he usually return home 6-6:30PM daily after close of work and has time to do side hustle for 2 hours or enjoy time resting.

And you think you are smarter than him abi? You are doing yourself


CAVEAT: This is just an illustration

Godson213:


Sir,

I am contemplating staying in a room self contain and a two bedroom I earn 70k monthly. The two bedroom is 180k annually. Room self con-70k

I also want to change my car and commence into taxify when I don’t have a job. Limited resources now. What do you advice. My gf wants me to move into the two bedroom and that will mean I should buy more properties inside the house which I don’t have the resources for all of that.

What do you advice

The room self contain is located at where?

absolute true, you are worried about your rent, not worried about service charge, your clothing, entertainment, sbrother sister friend calls for money, your girl friends bills, transport hike, the oga of them all your health that alone can ruin all you ever own

pol23:
Rent in lagos ehn..
What the OP didn't factor...
Electricity will cost you -1k monthly...
Generator-7k
Waste disposal-500
Security-3k
Maintenance-2k
All the new houses in Lagos were built with substandard material...
Where I currently live (for 2 years now)
It's on the island,so anything metal here will spoil in months...
I've changed the Tanks and the raillings.
Change Nepa Pole.
Contribute money for roads.
Change every toilet fittings.
Different sockets
Door handles.
Power surge.
It's just countless....
OP...just open your eyes...this our lagos life is mere scam and trap.

Godson213:


Yes sir they are not the one to seek advice from. Do you remember me from Abule egba when you came to see my gf sister at sweet sensation 2014.

Already bought a land which is outside Lagos and want to develop it quickly. Need to cut down cash

Hahaha that girl that thought she was wise

Anyway, I hope you don't expect to be living outside Lagos and be working in Lagos? Better you develop the place and place it on rent. please, read my earlier reply to vivaciousvivi.

However, if you are self-hustling, it is fine but PLEASE, don't yield ground to your gf for the kind of apartment.

BanevsJoker:
Now how da hell you wake up dead?

lol, when we get to that bridge you'll understand better.