ahiboilandgas:
God bless

Amen! Same to you sir.

4tunebest:
I just want to put this out there for someone earning low and feels quite disadvantaged by default as regards saving from the meagre income. There is always this overwhelming feeling about how much/how long do you have to save to accrue a significant amount.

In the year 2012-2014, I was earning 27k as an M.Sc. holder and still saved enough to live well and eat good, nutritious food .
My personal utilities for my wedding was also from the savings I had from this meagre income.

Now, I save over 80% of my salary monthly. That saving culture didn't jump on me today. It started several years ago when I was earning a meagre sum of 27k, even though I wasn't able to save more than 10% of my income as at then.

The key is living below your means. Do not compare yourself with others. Be grateful for the little you have. These 3keys are ways of life that opens the door to gradual albeit steady abundance; increasing your income and consequently, your ability to save more.

..there is a thresholds for living below your means ....some you are hurting yourself .....example if i earn 30k monthly i will invest everyhing on my living average first....we live once ......

Gurus and fellow newbies, please how do I know if my sukuk bid was successful?

Thanks for this.
A lot of people will continue to have excuses 20 years from now. Even if it is one thousand you want to be saving, do it.
Using that same spreadsheet, if you save 1k every month, at the end of the 35th year, you will have over 3million.
Do business, no capital, do supplies, people won't pay, do stock market, I hear people lose money, do TB, my money is small, do SUKUK, it has an Islamic name, do fixed deposit then, interest is too small. Excuses excuses and more excuses.

4tunebest:
I just want to put this out there for someone earning low and feels quite disadvantaged by default as regards saving from the meagre income. There is always this overwhelming feeling about how much/how long do you have to save to accrue a significant amount.

In the year 2012-2014, I was earning 27k as an M.Sc. holder and still saved enough to live well and eat good, nutritious food .
My personal utilities for my wedding was also from the savings I had from this meagre income.

Now, I save over 80% of my salary monthly. That saving culture didn't jump on me today. It started several years ago when I was earning a meagre sum of 27k, even though I wasn't able to save more than 10% of my income as at then.

The key is living below your means. Do not compare yourself with others. Be grateful for the little you have. These 3keys are ways of life that opens the door to gradual albeit steady abundance; increasing your income and consequently, your ability to save more.

ahiboilandgas:
..there is a thresholds for living below your means ....some you are hurting yourself .....example if i earn 30k monthly i will invest everyhing on my living average first....we live once ......

Which is why I said I lived well and ate very good, nutritious food. I didn't compromise good life and good food 'cos i don't believe in slaving for money, regardless of my income. Money's got to be my slave, not the other way round.

However, when procuring things like clothes, shoes, etc. I was very selective in going for the best at the most cost-efficient price. After all, the most expensive clothes, shoes or bags are not always the best quality

Talk is cheap. Nigeria is the poverty capital of the world and many more negative stats.

I don't want to say much, those who can save should save.

CsRockefeller:
Talk is cheap. Nigeria is the poverty capital of the world and many more negative stats.

I don't want to say much, those who can save should save.

Poverty capital no mean say you no go save.
Everyone cannot save 10k a month.Even if na 2k,it is something.

4tunebest:
I just want to put this out there for someone earning low and feels quite disadvantaged by default as regards saving from the meagre income. There is always this overwhelming feeling about how much/how long do you have to save to accrue a significant amount.

In the year 2012-2014, I was earning 27k as an M.Sc. holder and still saved enough to live well and eat good, nutritious food .
My personal utilities for my wedding was also from the savings I had from this meagre income.

Now, I save over 80% of my salary monthly. That saving culture didn't jump on me today. It started several years ago when I was earning a meagre sum of 27k, even though I wasn't able to save more than 10% of my income as at then.

The key is living below your means. Do not compare yourself with others. Be grateful for the little you have. These 3keys are ways of life that opens the door to gradual albeit steady abundance; increasing your income and consequently, your ability to save more.

Interesting. 27k then is equivalent to 50-60k now in purchasing power.

I have a few questions. I hope you don't mind answering:
1. Did you live in Lagos or some location with high cost of living when your income was that low?

2. Were you solely responsible for your living expenses? No cash or non cash subsidy from your family?

3. How were you able to do it?

Theconglomerate:
Poverty capital no mean say you no go save.
Everyone cannot save 10k a month.Even if na 2k,it is something.

May God continue to bless us to go higher.

That's just my prayer for everyone.

deleson:
Wikipedia isn’t the best reference for issues of factuality.

It’s a open-source platform that can be edited and perhaps manipulated by anyone...No serious researcher relies on Wiki.

All the best!

Did you read the Wikipedia article or you just jumped to conclusions? No one references Wikipedia. In the article, you can see the specific citation for each point. Back to the matter, Agriculture producing 70% of the GDP was ancient news that people who are not up to date kept repeating. After the 2004 rebasing, it has been discovered that agriculture actually contributes less than a quarter of GDP and that remittances rival crude oil as a source of foreign exchange in Nigeria. Cheers!

Theconglomerate:
If you put rice at 100k today,some people will still buy.
The question is how many?
The masses which make the bulk will have no choice but buy the cheaper one irrespective of quality.
Aba doesn't sell that much because people can still afford import with perceived higher quality.
I am talking about creating an avenue where people(masses) can't even afford import I the first place.
There is no way someone earning 30k a month will buy rice at 33k when he knows he can buy local for 16k.
Quality is an illusion to the masses but real and a factor to the rich.
You can't be talking quality with 5k last card for account.
Impossible.

This man, i admire the very sound arguments with which you are canvassing for a natural devaluation of the naira. Honestly, i am beginning to see things from your perspective and realizing that there is a significant probability that devaluation could yield the much needed industrialization in Nigeria.

But this probability will not be 100% for reasons that are not far-fetched.

Nigerians are a resilient and highly-adaptive people. Even if dollar hits 1000naira, Nigerians will adapt and the whole purpose of devaluation could be defeated, increasing the suffering of the common man.

Also, as you said in some of your previous posts, one of the benefits devaluation could bring is increased FDI, but lets not forget that it doesnt work in isolation. There are other dynamics/factors that have to be at play at favourable levels to ensure this. Some of these factors are Security and Government policies. As long as foreign investors perceive Nigeria to be highly volatile where anything goes, they will always think twice before coming to invest, despite our devalued currency. So this should be addressed squarely by our leaders.

Finally, the element of greed amongst us cannot go unmentioned. This rice example you are citing, when the border was closed and foreign rice became scarce and expensive, prices of local rice also increased and i kept wondering whether the production costs for local rice was increased. My point is, the devaluation may also cause artificial inflation as well.

What are your thoughts?

Meanwhile, how is your tomato business?...

CsRockefeller:
Talk is cheap. Nigeria is the poverty capital of the world and many more negative stats.

I don't want to say much, those who can save should save.

Have you ever heard of 'Thrift Collectors' popularly called Baba Alajo in the South West?. Those you think fall into that poverty bracket save through them. Most are petty traders that display their goods in front of their 'face-me-i-face-you' compound. There are some that save N100 a day. Some N200 a day. Some N500 a day. Some N1000 a day. That is how they gradually build their capital for their petty trade and then progressively increase the amount they save and then upgrade to opening a savings account in the bank with a passbook.

Care4:
Gurus and fellow newbies, please how do I know if my sukuk bid was successful?

Wait till next week

Tobex4realTobex234:


There's is something in trade called retaliation. If we increase tariffs for selected imported products e.g rice that comes from Thailand.

Thailand may not have the capacity to produce yams. And let's say Nigeria exports yams to Thailand, their government will also increase tariffs for our yams.

So tariffs and bans are not scalable, especially when your country is just starting out. Remember that Nigeria increased the cost of visa for U.S citizens and Trump retaliated with even higher costs. Now that FG tried to even revert the increase, Trump no gree go back.

This is exactly the cause of the Trade War going on between the US and China.

Very true

odimbannamdi:


This man, i admire the very sound arguments with which you are canvassing for a natural devaluation of the naira. Honestly, i am beginning to see things from your perspective and realizing that there is a significant probability that devaluation could yield the much needed industrialization in Nigeria.

But this probability will not be 100% for reasons that are not far-fetched.

Nigerians are a resilient and highly-adaptive people. Even if dollar hits 1000naira, Nigerians will adapt and the whole purpose of devaluation could be defeated, increasing the suffering of the common man.

Also, as you said in some of your previous posts, one of the benefits devaluation could bring is increased FDI, but lets not forget that it doesnt work in isolation. There are other dynamics/factors that have to be at play at favourable levels to ensure this. Some of these factors are Security and Government policies. As long as foreign investors perceive Nigeria to be highly volatile where anything goes, they will always think twice before coming to invest, despite our devalued currency. So this should be addressed squarely by our leaders.

Finally, the element of greed amongst us cannot go unmentioned. This rice example you are citing, when the border was closed and foreign rice became scarce and expensive, prices of local rice also increased and i kept wondering whether the production costs for local rice was increased. My point is, the devaluation may also cause artificial inflation as well.

What are your thoughts?

Meanwhile, how is your tomato business?...

Nigerians are adaptive because the devaluation have been coming in small small phases,which gives them the ability to adapt.
How does one adapt to an outright,mean 40% devaluation?
Remember in 2016 when rice hit 33k,people started switching to cassava,stone filled abakiliki rice and so on.
Even sef devaluation will stop smugglers from their activities because their landing price will be so high that it will crush their profits and the price their market is willing to pay for their smuggled product.
In same 2016 when there was tomato sickness and scarcity that drove prices of tomato up by 150%,we saw how people switched to banga stew
You can only adapt if only the degree of damage is adaptable.there are situations that will make you give up and find a cheaper,local alternative.

Money can make investors overlook everything,even kidnapping and racism.
There are still oyibo and Lebanese littered all over Niger delta as we speak.why?Money.
If a foreign investor knows that his dollars can give him almost twice the naira the same amount use to give him,he wouldn't care about security because he knows he can pay for his own security in Nigeria since he now has almost 2 times his investment power.

Also,about people hiking prices of local produce is true,but it is temporary.
Why?
A lot of people will now flock into the same rice business as they will now see it as lucrative and the fight for market share will bring price down naturally.

2016 is there for everyone to see.
Export started rising because Nigeria produce became so cheap.
I went to Bangui,C.A.R(Cental Africa Republic) during those times and I saw Nigeria produced Malta Guinness being hawked on trays,to tell you that a weak naira will turn all out neighbours to dumping ground for Nigeria.
That incident alone in 2016 almost froze the economy of many of our neighbours.

As for my tomato business,it is growing...I am now worth a whooping sum of 83,000 naira plus assets worth 12,000.
I am on the verge of making my first 100k

dejiotus:

Good morning my big Oga Mr McJay.
I have to agree with you o, that it is more sensible and wise just to waive the two months rent for the sake of peace and to get rid of a bad tenant. Tenants just need to know that legally any additional time spent needs to be paid for in full.

I will be grateful if you or any of our big Ogas and Madams in the house has a Know your Customer "KYC" template for prospective tenant, that can be shared. Landlords among us should please regularly inspect the meters in their properties to ensure there is no illegal or "bypass" connection. My tenant in Magodo absconded and left me a bill of 945 thousand naira (yes just under 1M naira on a prepaid meter o!!!) to pay, when she was caught by the Ikeja Electric Vigilance team. She did not pay even one kobo for electricity over the preceeding 4 months. She had apparently engaged someone to tamper with the prepaid meter as electricity supplied was not being read by the meter. The property was charged 150K per month, for 6 months as loss of revenue plus 45K as VAT. My case is still unresolved and with the NERC regulator

Wow! Even prepaid meter sef!

Why would anybody want to bypass prepaid meter that is more cost-effective compared to the post-paid system?? This one shock me!

CsRockefeller:
Savings is good, it's important but not necessary, why?

Savings can be defined mathematically as:
Income less Expenditure.

If income isn't sufficient to take care of expenses (basic expenses like food, shelter and clothing) then savings shouldn't be expected.

Let's face reality, how much can the average worker save from a monthly wage of 30k?

Don't look at the amount but rather look at your lifestyle. Always remember that someone is earning far less than you yet survives. Go learn how he does it and rebrand your lifestyle. I work in an oil company but prefer to live at the rate of a civil servant except that I own properties and drive good cars and do philanthropy, the rest, am a "low life nigga" (I don't know what it means) but am enjoying myself and live is fun. If a civil servant can build a house, feed family and even drive car with a hundred thousand naira salary then I can use 100k and save whatever is left. When I was in school and during my jobless days, I was designers freak but as I type, the last time I went shopping was 2016 in UK, till date I still have clothes wrap up in their packet. Set your priorities right and you will start saving effortlessly.

Barrytone:


Don't look at the amount but rather look at your lifestyle. Always remember that someone is earning far less than you yet survives. Go learn how he does it and rebrand your lifestyle. I work in an oil company but prefer to live at the rate of a civil servant except that I own properties and drive good cars and do philanthropy, the rest, am a "low life nigga" (I don't know what it means) but am enjoying myself and live is fun. If a civil servant can build a house, feed family and even drive car with a hundred thousand naira salary then I can use 100k and save whatever is left. When I was in school and during my jobless days, I was designers freak but as I type, the last time I went shopping was 2016 in UK, till date I still have clothes wrap up in their packet. Set your priorities right and you will start saving effortlessly.

hmm civil servants are among the richest peopel in Nigeria....come to abuja

emmanuelewumi:



That is another trick used by Ikeja Electricity Distribution to rip off their customers.

It happened to me about 3 years ago, when we got a new manager for my area. They all have targets, they disconnected my power supply on a Friday even though I am on prepaid. When I went to their office on Saturday morning, I found out that this was done to about 20 of us. They claimed we by passed and also brought an accumulated bill of 450k to me. How can a pre paid meter have the old bill.

I sent a mail to Nigeria Electricity Regulation Council Abuja, wrote the CEO of Ikeja Electricity and the top management, my power supply was restored within 48 hours, NERC forwarded a copy of query they sent to IKEDC to me. The lady ie new manager was transferred from Ajao Estate to some where at Ikorodu...


IKEDC marketers and manager are not happy with people using pre paid meters and are trying to frustrate them

Are you somewhere around Oshodi-Isolo LGA sir?

Enyinne:
Pls can u tell me how u get it cheaper

It's not a scalable approach.

But here is it:

Find a friend of yours who is abroad or works remotely and earns USD. Most of the apps they use to do remittance (Boss Revolution, Transferwise e.t.c) all give them at 380 for NGN. If you offer them 400 na them go they beg you.

Barrytone:


Don't look at the amount but rather look at your lifestyle. Always remember that someone is earning far less than you yet survives. Go learn how he does it and rebrand your lifestyle. I work in an oil company but prefer to live at the rate of a civil servant except that I own properties and drive good cars and do philanthropy, the rest, am a "low life nigga" (I don't know what it means) but am enjoying myself and live is fun. If a civil servant can build a house, feed family and even drive car with a hundred thousand naira salary then I can use 100k and save whatever is left. When I was in school and during my jobless days, I was designers freak but as I type, the last time I went shopping was 2016 in UK, till date I still have clothes wrap up in their packet. Set your priorities right and you will start saving effortlessly.

You mentioned a civil servant, that's one person in over 200 million people. 200 million people with different scenarios and situations, you can't lump them all together.

What about those spending 70% of their income on transportation, with dependents not even including utilities and rent and still gets owed.

You are talking about lifestyle, have you been to the bus stops and seen what people wear? Worn out trousers and shoes still trying to get to work.

Many people don't even feed well, see them looking all tired skinny and emaciated, is that the people you are asking to save?

People don't even live in Lagos anymore, yet come from the outskirts of Mowe, Ibafo, Sango Ota to Lagos and collect 30-50k, what's left to save?

Tobex4realTobex234:


It's not a scalable approach.

But here is it:

Find a friend of yours who is abroad or works remotely and earns USD. Most of the apps they use to do remittance (Boss Revolution, Transferwise e.t.c) all give them at 380 for NGN. If you offer them 400 na them go they beg you.

You for ask am how much she want first na.
What If she wants to buy $100k.Will her friend give her that?
Besides there are black market exchangers in the US littered everywhere offering just 5-10 naira less what your aboki in Nigeria is offering and all the people sending bulk money knows this.
Na people weh dey send 20-100 dollars dey use world remit
Niggas weh dey send major block(what Nigeria buyers want) know where to go for yankee

ojesymsym:
Fellow investors, I just played around with some calculations and I was shocked by the simplicity and result.

Assuming I am a civil servant and decide to commit to save 10k (ten thousand naira only) every month, at the end of the year I will have 120k (one twenty thousand naira) only. Assuming I decide to invest that money on a 10% investment per annum without stopping the 10k per month savings, that at the 35th year, around the time I am retiring I will be worth around 30 million?

With that kind of money, what is your business whether government or pension funds paid your gratuity or not. Just 10k a month o, not 20k not 100k not 1 million, just 10k, it is just crazy.

See attached sheet for details

I find the values difficult to believe, can someone else also do the calculation and confirm I did not make a mistake.

I also posted here that if you put 1 million naira for 76 years at 10% to compound it will be 1.4 billion naira at the end of that 76 years.

Don’t mind all those who keep making jest of Fixed income yields. Just do what you understand and is best for you and leave the rest.

Theconglomerate:
This is good and brilliant I must say,kudos!!!

Glad to see you like this man.

Makes me happy.

GonFreecss1:


Glad to see you like this man.

Makes me happy.

Barrytone:


Don't look at the amount but rather look at your lifestyle. Always remember that someone is earning far less than you yet survives. Go learn how he does it and rebrand your lifestyle. I work in an oil company but prefer to live at the rate of a civil servant except that I own properties and drive good cars and do philanthropy, the rest, am a "low life nigga" (I don't know what it means) but am enjoying myself and live is fun. If a civil servant can build a house, feed family and even drive car with a hundred thousand naira salary then I can use 100k and save whatever is left. When I was in school and during my jobless days, I was designers freak but as I type, the last time I went shopping was 2016 in UK, till date I still have clothes wrap up in their packet. Set your priorities right and you will start saving effortlessly.

Civil servants that are not privy to perks and other fraudulent means of amassing wealth in the office through shady deals can only do those through different loans which they are entitled too, and they service the loans for number of years making it easier for them.

ahiboilandgas:
learn to make provisions for unexpected expenses like tyres explosion....na 60k be that...income must be analyses to separate profits from expenses

Thank you sir. These are the areas I'm actually concerned about cos it'd be a stupid idea to venture into it with all the cash and nothing left for miscellaneous

CsRockefeller:


Drivers!! Drivers!! Drivers!! Drivers!! Drivers!!

Maintenance!! Maintenance!! Maintenance!!

Modified:
If you don't mind I can send you a PM. We were once into Haulage as a family biz and I'm currently working with a top Transport/Haulage Co. in Lagos.

I've sent you a pm sir.

Want to really do my findings thoroughly before we delve into it

NL1960:


Have you ever heard of 'Thrift Collectors' popularly called Baba Alajo in the South West?. Those you think fall into that poverty bracket save through them. Most are petty traders that display their goods in front of their 'face-me-i-face-you' compound. There are some that save N100 a day. Some N200 a day. Some N500 a day. Some N1000 a day. That is how they gradually build their capital for their petty trade and then progressively increase the amount they save and then upgrade to opening a savings account in the bank with a passbook.

You are right on point.

The first 2 plots of Estate land I bought was from a thrift collection...

Theconglomerate:
You for ask am how much she want first na.
What If she wants to buy $100k.Will her friend give her that?
Besides there are black market exchangers in the US littered everywhere offering just 5-10 naira less what your aboki in Nigeria is offering and all the people sending bulk money knows this.
Na people weh dey send 20-100 dollars dey use world remit
Niggas weh dey send major block(what Nigeria buyers want) know where to go for yankee

That's why I said for personal use. I'm not sure people on Nairaland here needs $100k. And no it's not 20-100 USD that people send via worldremit. I don't know the max but I've done $4,000 before.

GonFreecss1:


I also posted here that if you put 1 million naira for 76 years at 10% to compound it will be 1.4 billion naira at the end of that 76 years.

Don’t mind all those who keep making jest of Fixed income yields. Just do what you understand and is best for you and leave the rest.

Good to know but I think this one is too stretched. You start at what age and cash out when?

Tobex4realTobex234:


That's why I said for personal use. I'm not sure people on Nairaland here needs $100k. And no it's not 20-100 USD that people send via worldremit. I don't know the max but I've done $4,000 before.

This yarn get as e be ooo