Leezah:

Boss, who fail to plan is planning to fail.

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.

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:


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

emmanuelewumi:



You just want to engage in an endless argument with the guy. His mind is made up on his beliefs and realities you

afroxyz:


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

yemmit90:


Those singing the phrase are not far from the truth, in an attempt to chase wealth or save for future, one must also try as much as possible to enjoy the present. It is when health related problems starts that one will realise good health and peace of mind is better than all the riches in this world.

Ajet001:


Yeah, it's a book everyone should read.
Thanks.

emmanuelewumi:


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

yemmit90:


Those singing the phrase are not far from the truth, in an attempt to chase wealth or save for future, one must also try as much as possible to enjoy the present. It is when health related problems starts that one will realise good health and peace of mind is better than all the riches in this world.

ukay2:



Savings, Businesses and Investment still remain a good way on accumulating wealth in Nigeria.


Discipline and Good Investment Attitudes usually differentiate people


Just keep investing, one day we shall have high NetWorth and Generational Wealth Like Father Abraham.

May God Continue to bless our side hussles.

Amen

Leezah:
Ajuwon

Yes sir, that the plan I have to make it a responsibility to hand it down to my kids and build own because I have acquired a property in Anambra but I have never managed the property and would want to grow the wealth.


How do I save to build another?
Periodic Maintenance what percentage should be set aside?
Land use charge
Sundry expenses?
How do I grow this wealth?
I have learnt from interaction here that commercial buildings are far more profitable than residential

Ajet001:

Absolutely, things should be balanced.
Health is wealth.

But what I noticed is that people use it to make excuses for their extravagant lifestyle.

More like been torn between "Saving and Investing" and "we only live once"

emmanuelewumi:


Once you have money and time, health will be well managed and invested on,. because you have gone beyond the rat race.

Which is energy sapping and take a great toll on our health

ukay2:


The Rat Race Kills Silently -Stress, Aging fast, Poor Sleep, Elevated Blood Pressure, Possibly Stroke , Depression and Death.

Slow and Steady Investments Win Always.

ojesymsym:
Very true. But abeg put a caveat. I know my people. Those who have been looking for excuse to be lazy can simply latch on to this statement as an excuse to sleep early and wake up late.
Just for clarity, the people who have achieved financial independence did all the hard work while their mates were sleeping or involved in unproductive ventures so that they can in future be resting and earning the reward of those hardwork when those mates are still in their rat race.
Their only prayer usually is that those people will allow them enjoy their money in peace, security wise. Another problem.

ojesymsym:
Very true. But abeg put a caveat. I know my people. Those who have been looking for excuse to be lazy can simply latch on to this statement as an excuse to sleep early and wake up late.
Just for clarity, the people who have achieved financial independence did all the hard work while their mates were sleeping or involved in unproductive ventures so that they can in future be resting and earning the reward of those hardwork when those mates are still in their rat race.
Their only prayer usually is that those people will allow them enjoy their money in peace, security wise. Another problem.

emmanuelewumi:




You don't have to manage the property yourself, just get reputable estate managers for the property.


Ajuwon should be around Iju area

Leezah:

Yes iju area

How do I build another one and grow the wealth?

ukay2:


Exactly Sir.

That is why we must hussle well out of the Rat Race.....but not at the expense of our blood pressure

We are still hussling to be out of Rat Race to enjoy financial independent

Theconglomerate:
Well,not everyone will use this your model.
Many people who were even jobless will [b]bump into a lot of mone[/b]y 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.

ahiboilandgas:
My biggest shock was our general manager a chartared accountant on 500k per month salary also invested 4m in mmm despites having a very profitable poultry bussiness with 10000 birds he also oversaw a large cassava farm that sell to some mnc locally and abroad ....it was total disappointment....my side chick also invested 450k alway forming broke ....it seems Nigeria is propelled by extreme greed ...an akara seller was also discussing her mmm investments ..

9jatriot:
I know you wrote many other things but you seem determined to pepper people with this side chick matter.
Anyway back to the matter, at the core of many people here is the love for free money.

ahiboilandgas:
A united nation worker that returned from oversea came visiting and gisted me that he bought 10 slots of nospecto at 450k each to generate 400k per months.....i was mad ....we drove to their office in enugu immediately with soilders to recover the money ....nospecto what even having a business but raised funds beyond his business needed (he found put that people where ready to invest in his oil and gas pyramid scheme )

emmanuelewumi:



That should be about 13 to 14 years ago, my account officer in the bank lost 900k to Nospetco