If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

Yeah he can, with savings of at least 20-25k monthly, he'd break forth, but sincerely, he'd have to get a side income, considering the aspect of transportation, feeding, and utility bills etc

Why not, your 3 months salary don cover up the rent

Am still consulting the gods on how a human being earning 20k as 2months salary be able to afford an iPhone x series??

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

I don't think it is okay, especially if you live in Lagos.

Look for a house of maximum 100k.

If someone tells u that your 3 months' salaries will pay your rent, it simply means that the person hasn't worked before.

The reason is that no man can save all his salary, unless you steal from your company.

You may pay the rent the first time because you saved up for it, but subsequent occasions will not be funny.

Remember you will feed, tithe, send money home, transport to work, and booze

A word, for the wise, is enough

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

Wise one.

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

guy thanks so much, i have learnt alot from this little post of yours. Kudos!

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

I stand with you on this.
I'm currently working but my one year rent is less than my one month Salary. I don't have plans of getting another bigger or finer house if not my personal house. Anybody that will not visit me should lodge in a hotel.

Bro, if you are earning 80k don't go for a house of 200k. You will be under pressure to pay rent.
100k should be your Max. no matter how not too fine the house is.
We are not hustling to keep paying rent. We too want to be landlords.

fireback:

Any one year rent that cost more than my two month salary is not worth it... Presently my one year rent is less than my salary in one month. All you need do is save up to half you monthly salary for a year especially if you're still single, use it to buy land, no matter how small the land is and start building your own house. If you re buying a land in a developed place, the land might be smaller but if you're buying from a developing area, you might get a bigger space. All depends on the area you want. Am not just talking but speaking from experience.

Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

2 years later unfortunately lost his job and and had to sell that house.

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

The rule says: your rent must not be more than your 2 months Salary

80*2= 160k

No

femi4:
The rule says: your rent must not be more than your 2 months Salary

80*2= 160k

No

This one can't work in Abuja o....one just have to look for multiple streams of income ni or better still live in slums.

Gentlewarrior1:

Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

2 years later unfortunately lost his job and and had to sell that house.

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

Bros, no offense but i don't like this your theory o

Gentlewarrior1:

Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

[b] 2 years later unfortunately lost his job and and had to sell that house. [\b]

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

Despite the fact that he still had to sell the house sure he will still be better off than spending relatively higher amount on rent.

He will still have more money in the end though he lost his job.

Freethought:


Bros, no offense but i don't like this your theory o

Lol

Me self no like the theory bro. But e dey happen.

For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.

OrestesDante:





Despite the fact that he still had to sell the house sure he will still be better off than spending relatively higher amount on rent.

He will still have more money in the end though he lost his job.

Spending high amount on rent is bad

But what i am saying is that if you havent arrived yet and have steady amd reasonable cash flow. Sometimes its not good to be saving up just so you could build your own house and be a personal landlord, unless maybe you want to build a house that includes you and tenants or probably have more than enough money for the house


In a nutshell saving money to build just your own a personal house is a nice idea but not a smart idea.
Atleast an income that will provide for the house not using your savings. Your savings is better invested in something that will yield more money


Well sha this life no get handbook. All man go do wetin him feel na the best move for am

Op 200k rent a year is very much okay.


All you need is find a way to get a side hustle or work harder to advance and get higher

The rules are simple.
1) Never spend more than 10% of your income on house rent.
2) Save atleast 10% of your salary.
3) The remaining percentage can be used at your discretion.
4) Rule 1 and 2 are extremely important.

Gentlewarrior1:

Haba bros

One month salary bigger than your 1year rent

Hmm. U dey mean o. And you have a smart move but have it in mind that sometimes getting a personal house might be a liability. Its always an asset no doubt but without the right setup and money e fit no favour u o.

I am saying this because i know someone who suffered himself did this same method just like you just because he was fantasicing a getting a beautiful house. He went through all that stress and got the house.

2 years later unfortunately lost his job and and had to sell that house.

@princeking2
Sometimes rent is not such a bad thing. No be must to be landlord attimes. Having cash and a steady source of income is the shit. So that even when you finally get a house you have nothing to worry about

If you like doubt me, but God is my witness. As am talking to you right now, I have not even finish building my house but am happily building my 2 bedroom flat little by little. Infact let me make it clear to you that when I wanted to buy land, the area was a bit developed and land there was also expensive to my status. A plot of land was N1.2million, I could only afford qauter plot. I knw its too small, not that I was desperate to become a landlord, but all I wanted is to have my own house and stop paying rent. Am currently at the roofing level and as am talking to you now, the cost of a plot in that area now is N7million.
As for the point you made, that your friend had to sell his house when he lost his job.... My question to that is. what if he did not build the house, will that make him not to loose his job??. And what would he had relied on at that point in time??. The house served its purpose when he needed it. at least he lived in it while working and he sold it when he needed the money, though I don't know the situation that led to that decision.

Florblu:
For people saying his rent shouldn't exceed an 100k, can you please show me where to rent a comfortable room for 100k in LAGOS. If you mention Ipaja, Ayobo, Mowe, Ibafo, etc I will stone you because he will end up spending his money on transport fare and even drugs to maintain his health.

When people ask for questions, let's be realistic. Op can rent a room of 200k as long as he is ready to safe heavily. He will need to cut out lots of irrelevant expenses and double his effort in getting a better job or at least start s side hustle.

Your comment made me come into the show, i keep wondering the kind of huz people want Op to live in...100k?? That must be in one of those swamp ... paying 200k is not too much for one who earns 80k a month....The place you live or work determines the kind of people you meet in life... Op should remember the place we live has a potential role in our life

It's not bad . All you have to do is open a separate account for rent, then each month you get paid just transfer 17k to that account. After 12 months you should have the complete amount

X

No mind those kids telling you no, for this Lagos accommodation is everything. Don't all in the name of saving go to a useless environment with so many bad belle plus no progress and rent one yeye house in the name of saving, get a nice apartment in a good neighborhood with educated neighbors and help your life o.those neighbors can even help u out of this 80k job into a better one.

Goodplace:
If Someone is in a work of 80k per month can he afford a place of 200k with no side income yet?

Location?

Not a wise decision.

You can have a flatmate with whom you can split the expenses with or else, cut your coat according to your cloth .

Offpoint1:
Why not, your 3 months salary don cover up the rent

3 months salary to cover rent. And you see nothing wrong with that. Will he transport, Save up to get a car and still have contingency savings.

Its does not fly that way.

Yes, it is wise... Comfort over anything.

I can't go to work since morning and come back to an uncomfortable apartment.