OgogoroFreak:
what we call money in Nigeria Is actually peanut.

I see you were happy saying you now worth 100M. That's just about $250,000 and you might have been hustling for roughly 20 years.

I know a guy in tech called iyinoluwa aboyeji, he was born 1991. He owns fluttereave - a payment processor and he is already a billionaires in $

zohan101:
Bro while it seems strange to you, thats what I am currently been paid workinh in FortMacMurray..While other go to camp after 4pm, I stay back and work overtime! Every day of the week my G...Thats how it is in Canada..You work hard and smart, you make shitload of money..Basically work like an elephant and eat like an elephant unlike in Nigeria where I worked from 8am- 6:30pm but still ate like an Ant..

Matter of fact some canadians went home this weekend complaining they cant be away from their family for too long, but I go no where! Lol..I am going to continur raking in the hours and getting my pay..You get the gist now ba?

missjekyll:
Tech is where it's at now. I personally know a tech guy who makes 1000 pounds per day plus enhancements. he works everyday for 8 hours. Those websites and hospital it stuff do not run themselves. I believe the tech guys salary.

I also believe the 150 to 1.2 million. people have moved from 150k to 2 million after tax. It all depends on your skills. If your skills are in high demand eg medical or tech, you will make quite a bit of money.

I can attest to these because I have personally witnessed this from people in the uk.

Godbpraised:
And you don't pay tax on "the loads of money " u make
? Hmm I am got nothing to say.....

Godbpraised:
Really?? Hmm na wa make i ni talk

Alaska90:



The tech companies in Nigeria are not making money because they don't have the right solution for the existed markets.

Like I said before you can make big money anywhere you are in the world especially in digital sector

If I am lying check out the story of Patrick Collision on Google

He created his company and solution in Ireland and there was no money to sponsor him and his brothers

Then Silicon valley found out about his solution and they came for him and took him away to US

Today the he is worth more than $3 billion

My argument is on salary vs business

In business you can make big money anywhere in the world depending on the solution you are providing

But not so with earning Salary

ahiboilandgas:
Most houses and asset in Nigeria are owned 100 percent ...with zero loan....i dont have any bank loan and am in Nigeria and am wort over 100m without steping outside the shores of Nigeria ...several of my friends have exceed capital base of 100m without loans or mortgage....if i die today no bank is repossing any thing even toothpicks paid in cash ...

Thisnut:
what you've said is not all true. While most houses are owned 100 percent in nigeria, there are reasons why people that live in the west opt for mortgage vs buying out of pocket.
Using the United States for example, you can get a mortgage as low as 2.9%APR, most folks would rather invest their money at 4% or more while maintaining the mortgage at a very low APR.

Example, in 2017 when i bought a new car, i had the cash to pay in full, but i took out a loan at 1.79% for 36 months and i invested the money at over 7%. It was more or less i was making profit from the car

The fear of home prices going down can also make some people to use mortgage vs buying out of pocket.
Take a look at the great recession between 2008 to 2012 when home prices fell to almost nothing in the United States. Houses that were bought for over 300k usd were then sold at 100k usd or less. People who bought in 5 years or less were on negative equity, the only option was foreclosure or ask the lender to give you a new principal based on the current home value. Imagine if you had bought in cash for 300k and your house now worth say 100k?

The loan and mortgage options are just so convenient in the United States provided you have excellent credit, that's why some folks can even abuse it to go on a family vacation.

Some people build houses in Nigeria for 5 years or more while the money is being tied down in an incomplete building and still paying rent to a landlord during that time or a civil servant for 30years in service can only afford to complete an average finished 3bed room bungalow.

In Nigeria, it's almost impossible to land a job that will land you that 100m naira networth in your life time without additional side hustle, while in the U.S for example, a little above minimum wage can give you that in 7-15 years if properly managed. You don't have to be a rocket scientist to live comfortably in the west, with good security, infrastructures and basic amenities.

It's true people live in big houses in Nigeria. Of what good is it if there is no electricity in it and no good road leading to the haunted mansion? Note, people also live in big houses too in the United States. As they say, everything is bigger in Texas.

Your assertion is based on favorable option, not necessary the truth persay.

Sholapey:
You're on the right part. But don't put all your eggs in one basket when you reach your target of 50m for FGN Bonds. Diversify your dividends to high yield savings, mmf, land banking and Ntb if possible.

chigo4u:

Not an exaggeration sir, I’ve seen some people in digital marketing making up to $100k/week. Anyone for instance here who knows about Google Adsense will know it’s not an exaggeration. My point is opportunities abound abroad

OgogoroFreak:
It's very possible for tech startup not salary earners.

ahiboilandgas:
dont miss the point ...Nigeria is a mess and am not comparing the oppurntiies in develop countries with Nigeria .....there over 3 million dollars millionaires in America compared to Nigeria of 15000 thousand.....my issue is for people at the top of their career to resign to go abroad for security work or gaurd...a total worker on 18million resign to move to canada to start as uber driver....but the project guy on 150 that moved to 1.2 is good move

Wiseoldman:


He is indeed a rear breed. I respected him more when I saw his factory in Cameroon. He broke the age long french cement monopoly in Duoula. He built a towering factory right in front of the French cement company on the Duoula jetty.

You will have a sense of pride when you see the number of people that troupe out daily wearing their work T-Shirt saying "Dangote". Funny thing, I was there doing work for French interest.

I have no doubt he will complete the refinery and change the business like we have never seen.

mikylon:
I feel really blessed knowing about this forum. I have really gained a lot of financial education here free of charge just by been a dedicated reader.
In the quest for financial freedom and to liberate my self from been dependent on salary, I started my financial saving journey since January last year, using both TB & MMF. I started with about 1m then, and have grown it to over 20m. This all happened with financial prudence and drastic cut down in unnecessary spending.
Am currently have all my savings in MMF as TB is no longer juicy. looking at saving up to the 50m and invest into FGN bonds, don't know if that's a good idea. I have decided not to go into building of houses to rent again, cos even the once I have, to see rent collect from tenants na war.

Thanks to the elders in the house (Oga Ahib, Oga ewumi, Oga conglomerate just to name a few) that have being dishing out this advice and sharing investment opportunities.

Any advice on how to preserve this little change wey to done gather is highly welcome.

barrydiv7:

pls can you help me with a thread where i can read about mmf? thanks

dake40:


Google adsense that bans anyhow?

How about those who dont make upto 500$/Month after Google updates?. How about thos who dont even make $500 in 5 months

Please stop misleading. I'm into tech and i can tell you what you are saying is VERY far from the truth.

There are over 4.4 million programmers in the USA and The average salary for a computer programmer in the United States is around $85,237 per year.

You even mentioned 100k$ via adsense per week?. How many people earn that?.

seanwilliam:
pls and pls .. expatiate on the bolded pls..

XiaoLi:
Someone who is worth 100M in Nigeria and still have a business have no reason relocating.

chigo4u:

I’m telling you what I know and what I see not what I heard. I’ve given you an example with big youtubbers who earn about that. I’m not saying everyone earns that but many people who know what they are doing, even kids less than 15 years, no need derailing this thread else I’ll show you many evidences of what I’m saying.

ahiboilandgas:
it not peanuts since over 100m Americans dont have just 10 percents of 250k dollars ...the corona don open their nyash 43 m America are queuing for food ....if they have 250k dollars can feed a family for 10 years so how is it peanuts or meat pie ...dangote is going to earn 200bn as dividen next months

Topson88:
Cc emmenuelelewunmi, ahiboilandgas, sholapey

I work and live in the UK, before now my plan was to convert all extra pounds to naira which is to be invested in my MMF account monthly and using 20 percent of what i have in my mmf account to increase my holdings in zenith and uba shares during September/ October bear periods in NSE market ( stock investment plan is for long term except if i acheive 150 percent gain then i can sell off to buy again when stocks fall )

Q1. With naira struggling at the moment do you think i should continue with my plan or hold on to forex till tbills and mmf rate increase?

Q2. Do you as a long term stock investor sell at all irrespective of how much percent gain you get as long as fundamentals remain solid and if you sell, is my 150 percent exit target ok or you think 200 percent is not bad.

Q3. Please how do you deal with omo onile problem when buying lands. I have heard nasty experiences from friends and family members.

N.B please pardon my ignorance, the enlightenment in business and finance management i have is being acquired here and on NSEMPA nairaland thread.Thanks

Thisnut:
The reason why millions of Americans are now queueing on food stamps and don't have the 10% of 250k usd is simply because of the lack of saving culture over there, not because of unemployment or suffering .

An average American don't have fear for tomorrow, you get unemployment benefits when you lose your job, social security benefits kicks in as soon you're medically unable to work or as soon as you're 65years, This is the reason they live from paycheck to paycheck and have no reason to save up.

Unlike Nigerians, too many fear of the unknown, they accumulate wealth for fear of everything, very competitive, and to oppress their friends and family, in the process they develop high blood pressure, heart related issues because they don't know when to stop. When he dies young, people start saying he was a ritualist, meanwhile he died of restlessness.

It's very illogical to say you're better because have 100m naira. Have you put the quality of life into consideration? You have 100m naira, yet you're sleeping in darkness or at the mercy of the noise of generator from your neighbors, you have never driven in a comfort of a brand new car, never been to vacation out Africa, never had great medical care, never had a family picnic, or you do is work work and save because your are scared of getting broke.

Big and small business owners in the United States are being bailout by the government as we speak per the covid 19 because they have to be back in business. what happens to the Nigeria corporations and small business owners in Nigeria right now? Perhaps eating their capital as we speak.

You can have money and still live below poverty line and you can have little and live like a king. Most landlords in Nigeria think on buying the next plot of land and next bag of Cement, while the tenant thinks about drinking the next bottle of beer with pepper soup and stanby gen disturbing the peace of the landlord. Savings is relatively subjective

Thisnut:

It's true people live in big houses in Nigeria. Of what good is it if there is no electricity in it and no good road leading to the haunted mansion? Note, people also live in big houses too in the United States. As they say, everything is bigger in Texas.

Your assertion is based on favorable opinion, not necessary the truth persay.

Thisnut:
The reason why millions of Americans are now queueing on food stamps and don't have the 10% of 250k usd is simply because of the lack of saving culture over there, not because of unemployment or suffering .

An average American don't have fear for tomorrow, you get unemployment benefits when you lose your job, social security benefits kicks in as soon you're medically unable to work or as soon as you're 65years, This is the reason they live from paycheck to paycheck and have no reason to save up.

Unlike Nigerians, too many fear of the unknown, they accumulate wealth for fear of everything, very competitive, and to oppress their friends and family, in the process they develop high blood pressure, heart related issues because they don't know when to stop. When he dies young, people start saying he was a ritualist, meanwhile he died of restlessness.

It's very illogical to say you're better because have 100m naira. Have you put the quality of life into consideration? You have 100m naira, yet you're sleeping in darkness or at the mercy of the noise of generator from your neighbors, you have never driven in a comfort of a brand new car, never been to vacation out Africa, never had great medical care, never had a family picnic, or you do is work work and save because your are scared of getting broke.

Big and small business owners in the United States are being bailout by the government as we speak per the covid 19 because they have to be back in business. what happens to the Nigeria corporations and small business owners in Nigeria right now? Perhaps eating their capital as we speak.

You can have money and still live below poverty line and you can have little and live like a king. Most landlords in Nigeria think on buying the next plot of land and next bag of Cement, while the tenant thinks about drinking the next bottle of beer with pepper soup and stanby gen disturbing the peace of the landlord. Savings is relatively subjective

chigo4u:

I’m telling you what I know and what I see not what I heard. I’ve given you an example with big youtubbers who earn about that. I’m not saying everyone earns that but many people who know what they are doing, even kids less than 15 years, no need derailing this thread else I’ll show you many evidences of what I’m saying.

XiaoLi:
In Nigeria your 100M can provide you most of those things you call good life in developed country, you can own a brand
new car,electricity.. you can get a brand new sound proof which someone in the next room will not hear the sound and still enjoy constant power supply,security..you can use your company to get a well equiped mopol.. see i dont live in Nigeria myself but i go back to Nigeria every year and i can tell you that in Nigeria your money can get you most of those things you enjoy in developed countries. With 100M in your account or assets in Nigeria i can guarantee you that you can get visas of almost all the countries incase you need to go for medical tourism or vacation with your family.