pocohantas:
OP, you have been through a lot and that has made you connect with the empathetic side of you. Humans like your type, they take advantage of your type, they emotionally blackmail your type...

Somehow they don't know you give just because it is who you are. They think you are "mugu" or one with few responsibilities. Been there, done that...not anymore.

You need to learn to say NO and mean it. Before they tell you their problems, start telling them yours. Buhari is still the President abi?

Look around and you might identify a need that can enable you diversify. There is real estate and if you are looking for how to invest your "cash"- look beyond (Tier 1) commercial banks. They don't encourage such. Other financial houses, including MFBs are your best bet.

Also be careful of the kind of woman you let into your life. All these new-generation slaykwins that live for the moment are very bad for a struggling young man.

God bless you for this kind advice to the OP���

pocohantas:
OP, you have been through a lot and that has made you connect with the empathetic side of you. Humans like your type, they take advantage of your type, they emotionally blackmail your type...

Somehow they don't know you give just because it is who you are. They think you are "mugu" or one with few responsibilities. Been there, done that...not anymore.

You need to learn to say NO and mean it. Before they tell you their problems, start telling them yours. Buhari is still the President abi?

Look around and you might identify a need that can enable you diversify. There is real estate and if you are looking for how to invest your "cash"- look beyond (Tier 1) commercial banks. They don't encourage such. Other financial houses, including MFBs are your best bet.

Also be careful of the kind of woman you let into your life. All these new-generation slaykwins that live for the moment are very bad for a struggling young man.

I think by MFBs you microfinance banks. Pls can you educate me more on what kind of investment packages they offer their clients.

BabaIbo:


How can I get them please

Check these threads to ask all your questions and thank me later.
FGN savings bond https://www.nairaland.com/3658395/fgn-savings-bond
Mutual funds https://www.nairaland.com/1912965/mutual-funds
Treasury bills https://www.nairaland.com/878880/treasury-bills-nigeria#10264445

winiry:

Tnx sọ much, dis is really helpful. Wil check their site for more details. Tnx once more.

You're welcome

Op, I learnt the hard way too tho mine was spending unnecessarily on job search...
After NYSC, I spend almost all the money I made(roughly 200k) from NYSC on job search which never yielded the desired result. Yes, you heard that right.



Later, I took up a teaching job and set my targets straight ... in a year I was able to make extraordinary savings from the little salary that I'm earning. You just have to be a hustler bro, take every good opportunity that comes your way.
Check this link for my story...
https://www.nairaland.com/5439138/which-viable-business-start-n150k

It's not about running from women, it's about your decision(determination).
Try to block every channel of unnecessary spending, having a good night understanding gf is an added advantage.
Don't do something that you will regret over later, don't borrow money you know you keep thinking about if it turns to a bad debt, be wise bro

Biritiko:

Check these threads to ask all your questions and thank me later.
FGN savings bond https://www.nairaland.com/3658395/fgn-savings-bond
Mutual funds https://www.nairaland.com/1912965/mutual-funds
Treasury bills https://www.nairaland.com/878880/treasury-bills-nigeria#10264445

Thank you, bro hope the risk involve in this kind of investment is not the one that when you invest money in it everything will just go into thing air...
P.S- I know risk is part of life but bro I faced a lot to raise what I have now, that is why I'm extra careful in going into any biz

BabaIbo:


Thank you, bro hope the risk involve in this kind of investment is not the one that when you invest money in it everything will just go into thing air...
P.S- I know risk is part of life but bro I faced a lot to raise what I have now, that is why I'm extra careful in going into any biz

I understand you bro.
The only way you can lose your money in treasury bills or FGN bonds is if Nigeria cease to exist
Do a little research too.

Akpan107:
Givers never lack

Bullshit!

Biritiko:

I understand you bro.
The only way you can lose your money in treasury bills or FGN bonds is if Nigeria cease to exist
Do a little research too.
I have more than 80% of all my savings in Federal government of Nigeria savings bond.
The rest in stanbic IBTC Money market fund .
I would have put all my money in bonds , but they’re not as liquid as the MMF . So I just had to put some in there cos there might be an emergency need of money, who knows .
Na only the money I go use chop dy my bank account

Smiles, bro na so o... Thanks, is there any opening at the moment?

People that are telling you to save aren't giving you the best advice. saving is bullshit as inflation would furk you over fast. investments and businesses is the real way bro. a voice is telling you what if you invest or set up a business and fail? what if you're not cut out for business? First question, you fail and try again. to the second question I'd say if you never try you'd never know

BabaIbo:


Smiles, bro na so o... Thanks, is there any opening at the moment?

You can always open the Stanbic IBTC money market fund anytime any day. Just go to their branch and they’ll help you.
You can also do treasury bill anytime , go to your bank and ask them about it. They’ll tell you.
Federal government savings bond subscription period is every first week of the month, You can follow that thread for update. you’ll need to open a stockbrocking account with a stockbroker for that. I use Stanbic IBTC stockbrokers . But there are a ton of other stock rockers too.

Do not stop charity as it comes with loads of blessings. However, go about it with wisdom.. Fix a % of what you earn monthly,weekly or daily depending on your cash inflow.. As soon as the cash enters your account,it goes to the fixed account and you cant make withdrawals for an agreed period of time. Agree on long tenure fix if possible.at the end of the tenure,invest that cash in real estate,bros,buy land,buy land,sell,re sell,with the way land appreciates these days,it's a good idea to invest in landed properties. Plus,plan to build a house of your own if you dont already have one.

contumely2:
I am a man in late 20's.
I grew up in lack. I suffered so much growing up. In fact, at a point the court had to eject us and threw our properties on the streets for inability to pay rent.

School fees were paid in instalments. Not like the fees were much even. But the funds were never there.


God has blessed me reasonably in the past few years. I made a lot of sacrifices too, denying myself pleasure, delaying gratification etc.

Lately, I noticed that I have been extravagant. Some of the extravagance is masked as charity to people.

I hardly say no requests and I empathise and pity people a lot.

If I lend money to 10 persons, only 3 will pay back.

I also buy some things on impulse; without planning. I regret some of these purchases later.

HOW DO I STAY motivated so as to save more to invest because the future is uncertain. And money is not always there?

I also understand that those we help may abandon us in time of need.

I don't want to learn the hard way.

Kindly share your experiences with grace to grass; or with people you helped in times of plenty.

Or your regrets with finances especially early in life.

Thanks!

Message me

You have run into things too fast.

You have to first calculate a lot of things..

1. Your yearly income
2. Your business strength (can it succeed if you decide start saving).
3. Your connections are they good to keep you going for 10years?
4. Can your type of business still work out for 10years?
5. What are your plans for the future.

If you can answer the above I can show you how to overcome being broke forever.

contumely2:
I am a man in late 20's.
I grew up in lack. I suffered so much growing up. In fact, at a point the court had to eject us and threw our properties on the streets for inability to pay rent.

School fees were paid in instalments. Not like the fees were much even. But the funds were never there.


God has blessed me reasonably in the past few years. I made a lot of sacrifices too, denying myself pleasure, delaying gratification etc.

Lately, I noticed that I have been extravagant. Some of the extravagance is masked as charity to people.

I hardly say no requests and I empathise and pity people a lot.

If I lend money to 10 persons, only 3 will pay back.

I also buy some things on impulse; without planning. I regret some of these purchases later.

HOW DO I STAY motivated so as to save more to invest because the future is uncertain. And money is not always there?

I also understand that those we help may abandon us in time of need.

I don't want to learn the hard way.

Kindly share your experiences with grace to grass; or with people you helped in times of plenty.

Or your regrets with finances especially early in life.

Thanks!

Tyriq:

Bro pls can u teach me elaborately on this issue?
What you mean by Marchant banks etal, I'll glad.. Onmaogbodo@gmail.com

Send your question to fflux7824@gmail.com

BTW, I am not a 'bro'.

As a real Gee

I have a Union korrect account with union bank
Where I deposit 10k monthly
Its a yearly savings account that deducts about 2k or 5k depending on the one you chose
It deducts 2 or 5k monthly from your main account to the Union korrect account
And you cant withdraw the money until after a year
You can only transfer money into the account or check your balance

CanadaOrBust:


My dear u don’t have poverty mentality. YOU ARE POOR. When finally u have money, believe me, spending it won’t be a problem

U aren't getting it at all. You can't see me here, if not perhaps on my way to/from church or Going on a formal outing DT I clad better; u will be so disappointed seeing me casually

Who Should Christians Give Their Money To? By Biblicism Institute
Money is the reward for your hard work, therefore be judicious how you spend it.
It is foremost to satisfy your needs and the needs of your family – today, in bad times, and in your later years – while not forgetting those less fortunate.

DON’T BE LIKE THE UNRIGHTEOUS STEWARD
“In a wise man’s dwelling, precious treasures and oils are stored.” Proverbs 21: 20
“A good man leaves an inheritance to his children’s children.” Proverbs 13:22

You are just a steward of the money you earn, therefore learn to control it before it controls you.
In other words, get in the habit of using and bequeathing it properly:
a. meet your family’s needs (vacation included);
b. don’t waste money on frivolous things;
c. prepare for bad times (savings and insurance);
d. invest in your retirement;
e. lay away for your children’s future;
f. take eternity into account and apply Jesus’s parable of The Unrighteous Steward from Luke 16

https://biblicisminstitute./2014/10/29/who-should-christians-give-their-money-to/

Akpan107:
Givers never lack, but you must give wisely.

For better financial security, buy land and start develop it, possibly, live in a part and rent out the rest.

50% of your problems are solved when you live in your house.

Oga, I like your advice but Is there any demerits in buying Land from all these developers (estates manager) I don't really want to do with this community people directly. Would there be unnecessary charges after building your house in the estate?

Keep helping people where necessary, giving or charity doesn't reduce wealth rather it blesses it. Save for rainy day or emergency, do not refrain from helping. Atimes, it's because such people are benefiting from you that's why God keeps providing and blessing you. the moment you stop, the money keeps coming but no blessing in it or you end up spending it in the devil's way.
The future and it's sustenance is in the hands of God! God loves the doer of good, He Will be sufficient for you.God bless.

BrinaLanbros:
To help you save for the future. Take two passport photographs and a valid means of ID (that has your current address on it - optional though) and proceed to any branch of Stanbic IBTC Bank. Tell them you want to invest in Stanbic IBTC Money Market Fund and they will give you a form to fill. Fill it in details and make sure your email address is well captured (that will be your major means of communication with them).

They will take the form and other documents (passport and valid ID) and proceed to generate an E-account number for you. It will be communicated to you via mail. Transfer to the bank account details they advised you (check your form, it's there, I think page 3 or 4) using your E-account number as your narration (no addition no subtraction). If your transfer was done before noon, you will receive value in your mutual fund's account that day, otherwise, the next day.

Your login details will be sent to you via mail. Lookout for the mail and proceed to change the login password/passcode to your preferred one. Anytime you have any spare money, follow the same transfer process and top up your investment (invest more) by transferring the money to that same Stanbic IBTC money market fund account details on the form (save it as a contact to make it handy to you) using your E-account number only as your narration. Always sit back and watch your investment grow.

Remember to come back and thank me later�

This caught my attention. Can I pm you?

sheniswat:
You have to be very disciplined while doing this .
First of all have a monthly budget for expenses and savings... Save atleast 15% of your earnings every month and 5% emergency savings for unforeseen circumstances.
Secondly look for investments that you can pay monthly premiums (5k and above ) which will yeild you income when the duration expires in the case of Savings Plan and Investment plans or you could open a Mutual fund account with SIBTC, ARM investments etc. That way you can have money when you are old (50yrs and more) similar to a conventional Pension Plan.

Do you know that investing 500k (one time payment) now with a Investment Company will yeild up to #1.5m (based on todays interest rate) in the next 10yrs.

How?

JomoGbomo2:


Good for you to appreciate where you are coming from in terms of paucity of funds and even better that you do not want to return to that state; trust me, I know what you are talking about and i will give you some suggestions or advice to hold on to.

1. Always remember that it is possible to go back to that state of lack of fund you grew up and use this thought as a motivation never to return to such.

2. PAY YOURSELF FIRST: I don't know how much you earn per month/week but whatever it is; pay yourself first. If you earn 100k /month, before anything, remove 50% and save in an investment account (start with this option: STANBIC Money market can help you here) and build up capital there for future business/investment. Now you might ask yourself can 50% of my money take me till the end of the month? my answer to that is "you never had that money before and you survived till now", trust me it will take you. This money is yours for growth alone. When I was growing like you i was saving 90% of my income until i became very comfortable. I still do ~70% till date and I earn big. I can boldly tell you I own couple of companies now in Lagos and still have over 100M cash in account for someone that started with #0 just about 10years ago.

3. Separate emotions from reality and opinions from fact; this is what people around you will use to get money from you. They will say things like if you do not help them they will die. It is a lie!!!. If you are not alive will they die? Learn to separate reality from peoples opinion or emotions especially about your money.

4. Give yourself financial yearly target and try to hit it through savings/investment/business, e.g tell yourself you want 10M in your account by end of the year and do everything to achieve it; you will be amazed how much you will get. Extend this target to your businesses and everything financial around you.

5. Get a financial mentor; someone you want to be like and try to learn from him/her. You may not have one close to you so just get someone you can get books on and read about how the person made his money and try to replicate it.

6. Start reading books on financial and money matters and how to grow them. it will really help you. start with "The Richest Man in Babylon", try and read it more than once. Then start practicing what is inside you will be amazed.

7. Never try to run a business by proxy; not at this stage, you will loose the money. Do businesses that you can be part of. As you grow you will know when to run by proxy. So if any family member tells you to give him/her money to run a business and you will get returns, do not do that.

8. Always go to financial seminars/workshop or just watch them on youtube if they are expensive for you. The idea here is to stay close to people who want same thing as you and work for it like you do. If you have to change friends to do this, never blink an eye.

I hope with this God willing you should never go back to where you came from. Enjoy the financial growth journey my friend.

I absolutely love your advice!

Can we be friends?

RaphaellaDD:
OP, you need to keep detailed records of your expenses. You can download an expense tracker (I use daily expenses 3) and input all income & expenses. This way, you'll be able to see where your money is going more clearly. By the time you see the exact amount you used to do father Christmas, you'll slap yourself and cut down on it .

Also, you should decide on a minimum percentage of your income that you'll save/invest and when you get cash, send it away. You can lock it in an investment like the AXA Mansard MMF or others (I mentioned that because that's what I use).

Finally, with the way our wonderful economy is going, swapping free cash for dollars is a good idea and the chances of you dashing out dollars are lower....I hope

Na wao, and you are a woman ooo... This one be say ur hubby will open company for you and travel, b4 he comes back you don double the money. Wonderful advise from you.

jclassiq:


I think by MFBs you microfinance banks. Pls can you educate me more on what kind of investment packages they offer their clients.

Yea, I mean just that. I don't work in one, so I can't give a run down on all their packages- but if you check the Business section, you will see lots of such threads.

Solomon8144:

Thanks bro.

I was just plainly stupid

Oh oh.
No wonder!

Waste of space and time!

[s]

post=83353835:

Oh oh.
No wonder!

Waste of space and time!

[/s]
trash trash trash

Go get the book "The Richest Man in Babylon " by Gorge Clason. Thank me after reading it.

contumely2:
I am a man in late 20's.
I grew up in lack. I suffered so much growing up. In fact, at a point the court had to eject us and threw our properties on the streets for inability to pay rent.

School fees were paid in instalments. Not like the fees were much even. But the funds were never there.


God has blessed me reasonably in the past few years. I made a lot of sacrifices too, denying myself pleasure, delaying gratification etc.

Lately, I noticed that I have been extravagant. Some of the extravagance is masked as charity to people.

I hardly say no requests and I empathise and pity people a lot.

If I lend money to 10 persons, only 3 will pay back.

I also buy some things on impulse; without planning. I regret some of these purchases later.

HOW DO I STAY motivated so as to save more to invest because the future is uncertain. And money is not always there?

I also understand that those we help may abandon us in time of need.

I don't want to learn the hard way.

Kindly share your experiences with grace to grass; or with people you helped in times of plenty.

Or your regrets with finances especially early in life.

Thanks!

Bros have you heard about money market, walk into any bank and make inquiries, but preferably first bank or stanbic bank, I think the have the best rates sha.

Biritiko:

You can always open the Stanbic IBTC money market fund anytime any day. Just go to their branch and they’ll help you.
You can also do treasury bill anytime , go to your bank and ask them about it. They’ll tell you.
Federal government savings bond subscription period is every first week of the month, You can follow that thread for update. you’ll need to open a stockbrocking account with a stockbroker for that. I use Stanbic IBTC stockbrokers . But there are a ton of other stock rockers too.

Thanks