So Dangote industries will rent the private jet from Dangote aviation? Meanwhile, Daniel Amokachi went and bought private jet those days. I non know who swear for many Africans, this is not just government failure at all.

ahiboilandgas:
the dangote jet is registered under his aviation firm in London so the jets is been paid for by under hire by dangote industries limited ...it not for pleasure..it generate income , pay it pilots look for customers and make a profit....

emmanuelewumi:




Actually most workers don't have personal savings and investments apart from the compulsory retirement savings account.

Because they have not been investing while working, they try to play catch up with their severance package after retirement or retrenchment by investing in High Yield Investment Schemes but usually end up losing most of their funds to scammers.

They will come to Nairaland and open thread like this

Where can i invest N50 millon and get steady returns

Unfortunately about 99.5% of the investment opportunities marketed on Nairaland are promoted by scammers or will lead to loss of fund.

emmanuelewumi:



Reason why less than 5% of the population is financialy independent, we work till we die at the detriment of our health and relationship with our loved ones.
Some earned big but have nothing to show after working for 30 years.


I listened to Tiwa Savage yesterday about the lockdown, she said most of her shows were cancelled, very few were postponed till after the pandemic.

She said what she learned from what happened in 2020, is the importance of Savings and Investment.

in 2004 when i bought a land to build , i wanted to have 4 units of 3 bedroom on 3 floors with same entrance for tenants while used 1 ..i was doing this style cos my funds where limited and to generate income (incase source dry up) my Neigbour ( local govt accountant) was building a 6 bedroom duplex with palm trees ....12 years after he was removed from the postion ( no more pay table ) while i having collected around 10m in rents in a decade...we became close and he told me he could have built 8 units of 2 bedroom in 2004 instead of marbled mansions (he cant manage)

ahiboilandgas:
in 2004 when i bought a land to build , i wanted to have 4 units of 3 bedroom on 3 floors with same entrance for tenants while used 1 ..i was doing this style cos my funds where limited and to generate income (incase source dry up) my Neigbour ( local govt accountant) was building a 6 bedroom duplex with palm trees ....12 years after he was removed from the postion ( no more pay table ) while i having collected around 10m in rents in a decade...we became close and he told me he could have built 8 units of 2 bedroom in 2004 instead of marbled mansions (he cant manage)

he told me that i didnt observe the carpet grass and palm trees are all dead and paints peeling off cos he was now on this 100k govt salary...so he sold he house for 38m after 10 years of zero renovating but another land for 8m and build 2 floors of 3 bedrooms ..at 16m now collecting 1.5 as rent and staying in one ....he bought a shop for the wife and some tipper .....he now enterprising and living well

ojesymsym:
So Dangote industries will rent the private jet from Dangote aviation? Meanwhile, Daniel Amokachi went and bought private jet those days. I non know who swear for many Africans, this is not just government failure at all.

yes the private jet has an managment if dangote cement ceo need the jets he books and dangote cements pay the airline subsidiary for use ....it run profitability...if dangote foundations want to do a program in kano they will be invoiced....like wise alheri insurance own by aliko ....dangote group pay them their insurance prenuims

ojesymsym:
I don't understand the confrontation at all, you and Emma are saying the exact same thing. No difference at all. Abi I non Sabi read again?

I am surprised too.

ahiboilandgas:
he told me that i didnt observe the carpet grass and palm trees are all dead and paints peeling off cos he was now on this 100k govt salary...so he sold he house for 38m after 10 years of zero renovating but another land for 8m and build 2 floors of 3 bedrooms ..at 16m now collecting 1.5 as rent and staying in one ....he bought a shop for the wife and some tipper .....he now enterprising and living well

Most real estate Investors make emotional Investments, the few who make rational investments are usually the winners.

Can N16 million build a block of 4, 3 bedroom flats?

From my calculations I have N20 million as the minimum to spend on such

Ah he got a second chance, not everyone gets that. Plus he had the courage to step back and take a bold decision not minding what people will say.
Some of them go just enter depression. He tried. You also tried for him by opening his eyes.

I don't know if it is just me, but I struggle to see the real rationale behind duplexes. Before you know it your children have left the house to uni or boarding house in secondary school and then the house looks empty. People do not realize the stay time of kids with their parents is an average of 19yrs per child, a very short time.

ahiboilandgas:
he told me that i didnt observe the carpet grass and palm trees are all dead and paints peeling off cos he was now on this 100k govt salary...so he sold he house for 38m after 10 years of zero renovating but another land for 8m and build 2 floors of 3 bedrooms ..at 16m now collecting 1.5 as rent and staying in one ....he bought a shop for the wife and some tipper .....he now enterprising and living well

ojesymsym:
Ah he got a second chance, not everyone gets that. Plus he had the courage to step back and take a bold decision not minding what people will say.
Some of them go just enter depression. He tried. You also tried for him by opening his eyes.

I don't know if it is just me, but I struggle to see the real rationale behind duplexes. Before you know it your children have left the house to uni or boarding house in secondary school and then the house looks empty. People do not realize the stay time of kids with their parents is an average of 19yrs per child, a very short time.

You can sell when the children are out of home, buy smaller accommodation and invest the leftover fund

ahiboilandgas:
in 2004 when i bought a land to build , i wanted to have 4 units of 3 bedroom on 3 floors with same entrance for tenants while used 1 ..i was doing this style cos my funds where limited and to generate income (incase source dry up) my Neigbour ( local govt accountant) was building a 6 bedroom duplex with palm trees ....12 years after he was removed from the postion ( no more pay table ) while i having collected around 10m in rents in a decade...we became close and he told me he could have built 8 units of 2 bedroom in 2004 instead of marbled mansions (he cant manage)

True talk.many workers tends to live above their means

This same our people? They will rather stay there and be miserable.

emmanuelewumi:



You can sell when the children are out of home, buy smaller accommodation and invest the leftover fund

ojesymsym:
This same away people? They will rather stay there and be miserable.

Because of our culture. Going to a smaller apartment will be taken as retrogression.

ojesymsym:
So Dangote industries will rent the private jet from Dangote aviation? Meanwhile, Daniel Amokachi went and bought private jet those days. I non know who swear for many Africans, this is not just government failure at all.

U mean am

Na the same Amokachi that slept in SCOAN for weeks because he went to seek for a miracle to revive his dead career...

The truth is that every man is given his own share of opportunity, usually not told but can be felt or perceived, to better his future but some see it as opportunity to crave attention, some to feel among some don't even believe it's yet their time. But all come to realisation one way other weather one likes it or not. They also have opportunity sometimes to realise and realign from there mistake. But it's still goes well or sour

Half way into the book titled "The Millionaire Next Door" and the recent really eye-opening posts on this thread has prompted me to make this post and I do hope it get the much needed engagement.

Wealth Accumulation in Nigeria
In the book, I learnt that the majority of the American Millionaires who were interviewed made their fortune not only by being frugal but also remained frugal after building their NetWorth.
They spend little on consumptions but save and invest a huge percentage of their income.
I can say, they literally save and invest to the point that their NetWorth can last them decades without working.Financial independence


On the contrary, what I have noticed in Nigeria is that people spend fortune on luxuries to appear rich, I mean if I were to choose btw someone who own a latest Mercedes Benz and someone using an old model, without thinking twice I would choose the guy with the latest model as the richest.(well, that was prior to reading the book).

I feel, high status, appearing rich, the extravagant lifestyle protraying people as truely rich is the norm in Nigeria.
Little or no attention is paid to NetWorth but the material things.

From the Undergraduate student using the latest iPhone (he/she will snap in front of mirror to show the brand of the phone)
The Banker using the latest model of vehicles
The ones who go on vacations (e.g Nigerian celebrities)
The ones with luxurious wristwatches et clothings, are most of the time on one mission; appearing rich.

I learnt from the book that nothing has been done wrong owning these properties only if they cost a very little percentage of your NetWorth.
But sadly, that's not the case in Nigeria. I feel people own luxurious properties with low NetWorth.

One of the Millionaires interviewed in the book, said the pride of owning a new car compared to used car is not worth paying additional $20,000.

In Nigeria once the high income stop coming, some might find it hard to maintain the expensive lifestyle.


One can also assume the principle of being frugal, Saving and investment might not be applicable in Nigeria to build wealth.


It lead me to my question how do one accumulate wealth in Nigeria?

You are reading a very good book. Nice one. It also takes about the family life of the people interviewed.
The people that I find funny the most are those who shout poverty mentality, my preliminary findings on them is that they are usually wanabe rick folks with large amount of dream money in their account.

Ajet001:
Half way into the book titled "The Millionaire Next Door" and the recent really eye-opening posts on this thread has prompted me to make this post and I do hope it get the much needed engagement.

Wealth Accumulation in Nigeria
In the book, I learnt that the majority of the American Millionaires who were interviewed made their fortune not only by being frugal but also remained frugal after building their NetWorth.
They spend little on consumptions but save and invest a huge percentage of their income.
I can say, they literally save and invest to the point that their NetWorth can last them decades without working.Financial independence


On the contrary, what I have noticed in Nigeria is that people spend fortune on luxuries to appear rich, I mean if I were to choose btw someone who own a latest Mercedes Benz and someone using an old model, without thinking twice I would choose the guy with the latest model as the richest.(well, that was prior to reading the book).

I feel, high status, appearing rich, the extravagant lifestyle protraying people as truely rich is the norm in Nigeria.
Little or no attention is paid to NetWorth but the material things.

From the Undergraduate student using the latest iPhone (he/she will snap in front of mirror to show the brand of the phone)
The Banker using the latest model of vehicles
The ones who go on vacations (e.g Nigerian celebrities)
The ones with luxurious wristwatches et clothings, are most of the time on one mission; appearing rich.

I learnt from the book that nothing has been done wrong owning these properties only if they cost a very little percentage of your NetWorth.
But sadly, that's not the case in Nigeria. I feel people own luxurious properties with low NetWorth.

One of the Millionaires interviewed in the book, said the pride of owning a new car compared to used car is not worth paying additional $20,000.

In Nigeria once the high income stop coming, some might find it hard to maintain the expensive lifestyle.


One can also assume the principle of being frugal, Saving and investment might not be applicable in Nigeria to build wealth.


It lead me to my question how do one accumulate wealth in Nigeria?

emmanuelewumi:



Most real estate Investors make emotional Investments, the few who make rational investments are usually the winners.

Can N16 million build a block of 4, 3 bedroom flats?

From my calculations I have N20 million as the minimum to spend on such

depends on the state outside Lagos,rubber ceilings ,china tile and direct Labour

I have also have business failures like my attempts to be a car dealer...i couldnt just make enough sales ...my friends moved from cotonu to travelling to Germany to owning car sale slots...but i hardly sale 4 cars in a year.....so i ran away from the business in 2003 ...i tried again in 2013 ...village people no agree ...

Very good book @ Ajet001.

One of the important books in my library.

It is not a Nigerian problem but a global problem. When the book was written about 3.5% of the American population are financialy independent

The current crisis will show that a lot of people who we think are rich are not .

Teci:
Good day Bosses,

With all the uncertainty caused by this pandemic, I realize the need to be careful of committing funds to any long term investments; however I can't just leave my $ funds lying in the bank (due to bank charges; I'm a freelancer), please I need suggestions on any safe $ investments I can leave my funds for the time being pending further improvements. My goal here is preservation of my capital.

CC.
Oga Ahiboilandgas
Emmanuelewumi

Good day Bosses,
Please I need guidance on this.

ojesymsym:
You are reading a very good book. Nice one. It also takes about the family life of the people interviewed.
The people that I find funny the most are those who shout poverty mentality, my preliminary findings on them is that they are usually wanabe rick folks with large amount of dream money in their account.

The ones whose dream is to buy a Roll Royce.

There's this phrase I find very offensive "Olowo majaye eyin le mo, awon to jaye lana da won ti ku won ti lo" It's directed to people who are frugal by the extravagants, reminding them that people who spent yesterday are dead.

emmanuelewumi:
Very good book @ Ajet001.

One of the important books in my library.

It is not a Nigerian problem but a global problem. When the book was written about 3.5% of the American population are financialy independent

The current crisis will show that a lot of people who we think are rich are not .

You're right.

I felt 'wow' when I read that you invested the equivalent amount of your house rent when given free accommodation.

Ajet001:

The ones whose dream is to buy a Roll Royce.

There's this phrase I find very offensive "Olowo majaye eyin le mo, awon to jaye lana da won ti ku won ti lo" It's directed to people who are frugal by the extravagants, reminding them that people who spent yesterday are dead.

There is nothing wrong with that phrase. In my infantile knowledge, it means we should find time to at least give ourselves some treats as we are making money. Some are just making money without paying attention to eating healthy. It is not just about making money but enjoying the money too; that doesn't mean we should be wasteful.

IamR:

There is nothing wrong with that phrase. In my infantile knowledge, it means we should find time to at least give ourselves some treats as we are making money. Some are just making money without paying attention to eating healthy. It is not just about making money but enjoying the money too; that doesn't mean we should be wasteful.

You are right.

Ajet001:
Half way into the book titled "The Millionaire Next Door" and the recent really eye-opening posts on this thread has prompted me to make this post and I do hope it get the much needed engagement.

Wealth Accumulation in Nigeria
In the book, I learnt that the majority of the American Millionaires who were interviewed made their fortune not only by being frugal but also remained frugal after building their NetWorth.
They spend little on consumptions but save and invest a huge percentage of their income.
I can say, they literally save and invest to the point that their NetWorth can last them decades without working.Financial independence


On the contrary, what I have noticed in Nigeria is that people spend fortune on luxuries to appear rich, I mean if I were to choose btw someone who own a latest Mercedes Benz and someone using an old model, without thinking twice I would choose the guy with the latest model as the richest.(well, that was prior to reading the book).

I feel, high status, appearing rich, the extravagant lifestyle protraying people as truely rich is the norm in Nigeria.
Little or no attention is paid to NetWorth but the material things.

From the Undergraduate student using the latest iPhone (he/she will snap in front of mirror to show the brand of the phone)
The Banker using the latest model of vehicles
The ones who go on vacations (e.g Nigerian celebrities)
The ones with luxurious wristwatches et clothings, are most of the time on one mission; appearing rich.

I learnt from the book that nothing has been done wrong owning these properties only if they cost a very little percentage of your NetWorth.
But sadly, that's not the case in Nigeria. I feel people own luxurious properties with low NetWorth.

One of the Millionaires interviewed in the book, said the pride of owning a new car compared to used car is not worth paying additional $20,000.

In Nigeria once the high income stop coming, some might find it hard to maintain the expensive lifestyle.


One can also assume the principle of being frugal, Saving and investment might not be applicable in Nigeria to build wealth.


It lead me to my question how do one accumulate wealth in Nigeria?

Thank you for suggesting this book. I have even downloaded their second book. This is one of the books I would keep for my kids and grandkids

So much knowledge being kicked on this thread


I dey observe

With what I've learnt on this thread, does one need an MBA?

Coronavirus: 10 reasons why total lockdown is a waste of time and cannot work in Nigeria.

By

Charles Soludo

I’ll Summarize the Points to back up this claim in the thread with excerpts from Soludo.



1. We Cannot afford it

African countries easily copied the template of “stay at home” or lockdown orders, as in many Western countries but didn’t copy the accurate distribution of funds ranging from $1000-$1500 to citizens

2. No Credible Data

Nigeria does not have credible demographic data to identify and target the most vulnerable unlike the western world. The Government doesn’t even know where the most Vulnerable ate located! They just give money to People who in turn embezzle it and post photos

3. There is no Effective Execution

The Covid Cases keeps increasing everyday and if the Lockdown is a way to reduce or halt the spread of the Virus, then from the results it’s clearly not working and counter productive as a matter of Fact.

4. There is no Exit Plan

The idea of Lockdown is to contain the spread in a given time and if it’s not contained in that period, there will be extensions. If Point 3 above is still valid, then there’s clearly no plan to stop the Lockdown. Which is a suicidal waiting game.

So the cases continue to double and we continue to stay at home without no source of income. Soon savings will be exhausted and people will be forced to come out to hustle for food since point No1 is still valid and then we are back to point No 2.

5. Hunger Virus

Africans have had high rates of poverty and hunger even without the CV19, now this just throws us into more hunger and in a couple of weeks, people will have more health issues sprung up from Malnutrition and hunger.

6. Health Pandemic

In normal times, thousands die every day in Africa due to other illnesses and communicable diseases — cholera, malaria, lassa fever, tuberculosis, HIV/AIDS, zika virus, measles, small pox etc

Lockdowns worsen these as many of the victims of these now have little or no cash to attend to themselves. Soon the pharmacy shops will run out of imported drugs with Border restrictions in China and India. Local adulterated drugs sales will increase to fill that gap, it’s now a life or death situation.

7. Politicians are doing Photo Charity, in Nigeria’s Language “Audio Charity”.

Much fanfare, drop a few currency notes or grains here and there for some hundreds, when millions are in desperate need, just to be seen to have “done something”

8. Crime Pandemic

Phew, everyone saw this coming, we just didn’t expect it so soon. The Touts see this as an elite problem and for them, “the hunger Virus is more dangerous than corona virus”. The desperate ones are forced to take desperate actions to survive

9. Many Firms will die!

Most of the owners of MSMEs will probably consume their business capital during the lockdowns, with no clear helpline afterwards. It won’t be long Business owners may not be able to sustain the work from home or pay salaries

10. Agriculture will be hit hard

Agriculture in Africa is rain-fed and seasonal. Lockdowns during the planting season could threaten food security in months ahead. Inflation will shoot up while people who need transport to their farms cannot do so.

afroxyz:
With what I've learnt on this thread, does one need an MBA?

No need, except certificate to show for your knowledge.

A property that was beqeathed to me by my late mother in Lagos 4 nos 3 bed room with a library loacted at the suburbs of Lagos.

Annual rent 700k
I stay in one of the apartment
Two are on rent
The other is yet to be rented out.

How do I manage this plus build more and increase my investment?

I am risk averse

Theconglomerate:
Well,not everyone will use this your model.
Many people who were even jobless will bump into a lot of money along the line of ther life.
They will just build a house without any financial plan whatsoever and it won't mean nothing to them.
So how does such a person use any kind of financial plan to achieve his house?
Not everything is achieved through planning,some are random.
A lot actually.

Boss, who fail to plan is planning to fail.

Leezah:
A property that was beqeathed to me by my late mother in Lagos 4 nos 3 bed room with a library loacted at the suburbs of Lagos.

Annual rent 700k
I stay in one of the apartment
Two are on rent
The other is yet to be rented out.

How do I manage this plus build more and increase my investment?

I am risk averse

What part of Lagos is the property located?

Your mother beqeuthed the property to you, you have the responsibllity of doing same to your children by growing the wealth