Hello i'm a web developer and started working in Lagos December last year with a salary of N40k, I worked so hard that by February my salary was increased to 50k. Last week the salary was increased to 80k (yay!) but all this work has taken its toll on my old Toshiba computer and its time for an upgrade. A friend offered to loan me N650k to payback 40k monthly till payment is complete with no interest what so ever. I've been thinking about this for days and decided to ask if this is a wise move.

What if the MacBook crash after one month. All in all, its not a wise decision. Collect the loan if you must, buy a good Laptop then invest in a side business that will generate N40,000 monthly for payback then you can save more and buy your MacBook if you so prefer.

Open a savings account in a bank then deposit N40k in for 17 months, then you can go buy the lappy. If you cant do it then dont borrow. You r not at that level yet. Stay at your level. Besides,you will b developing bad financial tendencies- instant gratification tendencies. I want it now now. Even,if d dude is patient, you will value the item less-because you had it now now! If u had it after 17 months of painstaking savings you'd value it more.
Personally,if i had lil income, i'd rather buy somethng more valuable like land,shares, training (education) than a laptop except the so called thing proves to b worth far more than the cost.
Personally,this is my philosophy, buy things when it wont make you feel d pinch,except investmnts. E.g, to buy a N1m laptop, i should hav at least N10m cash/networth. Then the N1m just looks like a pinch,not having N2m then splashing half on it. To buy a N5m car i should hav N50m then the N5m looks like a pinch. I could even buy 2 if i'm so addicted.
Not having N7m networth then decimating almost all of it on a non-investmnt. Laptop that will b obsolete in 2yrs etc.
That's my philosophy nd it's a bit idealistic but it's not a hard n fast rule but a general rule.
In d end it's ur money,your choice.

Please do not buy a Macbook Pro yet, you have not reached the level financially.
I advice you buy a smaller system first then cope with it for now.
Eventually your salary will rise to which you can buy a more fancy computer, then a fancier one up till when you have enough to finally buy a Macbook.

As for the loan, if you can comfortably pay back I will say yes.
If you can't kindly decline but thank him for the offer.

beatcoins:
What if the MacBook crash after one month. All in all, its not a wise decision. Collect the loan if you must, buy a good Laptop then invest in a side business that will generate N40,000 monthly for payback then you can save more and buy your MacBook if you so prefer.

Side business that generates 40k monthly? Abeg which side business is that?

40k na beans?

truthsayer009:


Side business that generates 40k monthly? Abeg which side business is that?

40k na beans?

Which state do you reside in?

I'll advice you to take the loan, get the macbook, beef up your portfolio, update your skills and go find another job. YOU ARE BEING GROSSLY UNDERPAID!!

asalimpo:
Open a savings account in a bank then deposit N40k in for 17 months, then you can go buy the lappy. If you cant do it then dont borrow. You r not at that level yet. Stay at your level. Besides,you will b developing bad financial tendencies- instant gratification tendencies. I want it now now. Even,if d dude is patient, you will value the item less-because you had it now now! If u had it after 17 months of painstaking savings you'd value it more.
Personally,if i had lil income, i'd rather buy somethng more valuable like land,shares, training (education) than a laptop except the so called thing proves to b worth far more than the cost.
Personally,this is my philosophy, buy things when it wont make you feel d pinch,except investmnts. E.g, to buy a N1m laptop, i should hav at least N10m cash/networth. Then the N1m just looks like a pinch,not having N2m then splashing half on it. To buy a N5m car i should hav N50m then the N5m looks like a pinch. I could even buy 2 if i'm so addicted.
Not having N7m networth then decimating almost all of it on a non-investmnt. Laptop that will b obsolete in 2yrs etc.
That's my philosophy nd it's a bit idealistic but it's not a hard n fast rule but a general rule.
In d end it's ur money,your choice.

Don't waste your time with explanations: people only hear what they want to hear.

asalimpo:

Personally,this is my philosophy, buy things when it wont make you feel d pinch,except investmnts. E.g, to buy a N1m laptop, i should hav at least N10m cash/networth. Then the N1m just looks like a pinch,not having N2m then splashing half on it. To buy a N5m car i should hav N50m then the N5m looks like a pinch.

This is not correct in all cases, It depends on the importance. a Graphic designer or Video editor would benefit more from buying a Mac Book or Desktop Mac for 1M. He doesn't need to have 10M in his savings. When I bought my Mac of 450K, I had zero in my savings, I had a job though.

Now I have made 10x of from using the laptop & I can still sell it for 350k or higher.

truthsayer009:


This is not correct in all cases, It depends on the importance. a Graphic designer or Video editor would benefit more from buying a Mac Book or Desktop Mac for 1M. He doesn't need to have 10M in his savings. When I bought my Mac of 450K, I had zero in my savings, I had a job though.

Now I have made 10x of from using the laptop & I can still sell it for 350k or higher.

what i said still holds. In your case,your machine was an investmnt. It's benefit outweighed d cost.

beatcoins:
What if the MacBook crash after one month. All in all, its not a wise decision. Collect the loan if you must, buy a good Laptop then invest in a side business that will generate N40,000 monthly for payback then you can save more and buy your MacBook if you so prefer.

40K monthly side hustle
Jeez... I'd love to know

.

truthsayer009:


Side business that generates 40k monthly? Abeg which side business is that?

40k na beans?

Kirchhoff01:


40K monthly side hustle
Jeez... I'd love to know

Meet any company's Area Sales Manager who has a fast selling product (I won't mention names) and discuss on how to market their product via street or door to door sales. Discuss on how to get products from a distributor at a discount. Buy the product you need of about N100k - 150k,and if you start that high, you become credit worthy to carry higher amount next time. They should provide you with necessary branded materials if possible then you recruit street sales guys and send them to sell at shop price. Split the profit for each sales by 50% for you and same for your sales reps. That means they earn when they make sales. E.g If your package of product sells for N1000, your profit in it may be N100. Take N50 & reward your sales reps N50. At the end of day's sales, your profit may be around N2000-N3,000 x 26 days a month = N52k - N78k.

In the end, all you do is monitor sales or commit the business into an experienced hands who can monitor and record account. (Depends on if the product can pay one extra worker after profit)

Its simple really. I've just shared a little sales secret with you, I'll delete this comment at 9pm.

Enjoy.

beatcoins:
Meet any company's Area Sales Manager who has a fast selling product (I won't mention names) and discuss on how to market their product via street or door to door sales. Discuss on how to get products from a distributor at a discount. Buy the product you need of about N100k - 150k,and if you start that high, you become credit worthy to carry higher amount next time. They should provide you with necessary branded materials if possible then you recruit street sales guys and send them to sell at shop price. Split the profit for each sales by 50% for you and same for your sales reps. That means they earn when they make sales. E.g If your package of product sells for N1000, your profit in it may be N100. Take N50 & reward your sales reps N50. At the end of day's sales, your profit may be around N2000-N3,000 x 26 days a month = N52k - N78k.

In the end, all you do is monitor sales or commit the business into an experienced hands who can monitor and record account. (Depends on if the product can pay one extra worker after profit)

Its simple really. I've just shared a little sales secret with you, I'll delete this comment at 9pm.

Enjoy.

Dyu have experience doing this?

paulnewplay:


Dyu have experience doing this?

This is my side income, not a theory.