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

4tunebest:


You are right on point.

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

Theconglomerate:

This yarn get as e be ooo

Tobex4realTobex234:


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

olujaidi:


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?

ahiboilandgas:
Also remember to depreciate the truck over 5 years.....it a deprecating asset ...so u will be keeping 50k ever months then at rhe end of 5 years u saved 3m ...then sell truck for 3.5m =6.5 m your capital is back ...make provisions for devalutions of naira ....what the value of 6.5 in 5 years time so u might need 70k monthly...then add inflations trends on it ...so u might make 80k provision ever months...then add tyres,insurance,wages ,maintenance,spare part ,cost of administers.....then check if u made a profit ....compare it with fixed return of 11.2 on fgn bond to find out if u are supposed to invest or not.......free consultancy....

4tunebest:
.

1. I lived in Lagos but stayed back to work in another city after my postgraduate program in that city.
2. Yes I was solely responsible for my expenses as my father, although wealthy, believed in owing his children only education. So after my M.Sc, I was solely responsible for my expenses. I started from scratch as I had no savings prior to this time. This is why I took the 27k job as I needed a means of survival
3. How I was able to do it? Honestly I can't really say. I guess God's grace and the 3 things I listed in my previous post. I also believe there's something called God blessing the work of our hands as my colleagues in the office used to think I was a wealthy person due to the quality of life I lived. They didn't know that "all na packaging"

Enyinne:
Sir , u can never compare starting a biz such as haulage with a good company like boulos to fg bond at 11.2% . As far as his truck is sound and well managed with all this like insurance put in place , u cant go wrong with it . He can still save 100k monthly in mutual funds and still keep some more profit for himself which he can invest .I hv been a truck owner , haulaging pms to Enugu on aquila ,used my truck , made my money after 2years and sold for 3m after 7yrs frequent usage. Truck is still a viable biz but do the needful and within 6months u can still invest in bonds .

4tunebest:
.

1. I lived in Lagos but stayed back to work in another city after my postgraduate program in that city.
2. Yes I was solely responsible for my expenses as my father, although wealthy, believed in owing his children only education. So after my M.Sc, I was solely responsible for my expenses. I started from scratch as I had no savings prior to this time. This is why I took the 27k job as I needed a means of survival
3. How I was able to do it? Honestly I can't really say. I guess God's grace and the 3 things I listed in my previous post. I also believe there's something called God blessing the work of our hands as my colleagues in the office used to think I was a wealthy person due to the quality of life I lived. They didn't know that "all na packaging"

odimbannamdi:
Dollar hoarders and speculators, make una sell una dollars now ooo...i just did an online transaction and Gtbank charged me 391.2naira/dollar

Freciprocal:


Was there any assistance/favours from Oga(s) at the top?

Theconglomerate:
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

Sholapey:
Wait till next week

GonFreecss1:


How are you using your GT bank naira card to make FX purchases? I can’t use mine no matter what I do.

ojesymsym:
This your number 2 is very hard to practice, yet some scholars believe that kids should be allow to find their own purpose in life rather than feel entitled and patiently waiting for their parent to die so as to inherit their properties.

Your father was a bold man because people would have mocked him also.

4tunebest:


I would eternally be grateful to my dad for making me go through that phase to find my feet by myself. After growing up as an ajebutter, I needed to be schooled in the reality of the other side of life which paid off for me 'cos I wouldn't have developed the skills to make me valuable enough to be recruited by my current employer. Enough said

ahiboilandgas:
https://www.google.com/url?sa=t&source=web&rct=j&url=https://businessday.ng/features/article/on-the-flipside-a-flawed-policy-creates-unexpected-millionaires/&ved=2ahUKEwjQy7f3huPpAhURnhQKHQ-DClcQFjABegQIBBAJ&usg=AOvVaw1kdlXJc6pPEBc5l0th4OvS

Freciprocal:


Was there any assistance/favours from Oga(s) at the top?

ojesymsym:
It was a 50-50 thing, some people will hate their father for the same thing you are thanking him for.
He took a big risk, not many parents can do even if they wish to do it, I know this.

4tunebest:


None whatsoever. I was/am an introvert, had no friend... Just coursemates/colleagues

missjekyll:


Unfreakingbelievable! Did you just assume that a hardworking young lady kind enough to share her experiences here ,somehow got it through unholy means?!

Delete this comment now

Gosh,where are all these nincompoops slithering out from? what happened to this thread?

ojesymsym:
Are you female as your moniker states? How do you select and deal with drivers and their antics?

Freciprocal:


I asked cos sometimes, u can get favours, like transportation, gifts etc.

In that light it would not be easy to compare with one who was not so favored.

Also the value of N27k in Ibadan is comparable to N52k in Lagos.

Enyinne:
Sir , u can never compare starting a biz such as haulage with a good company like boulos to fg bond at 11.2% . As far as his truck is sound and well managed with all this like insurance put in place , u cant go wrong with it . He can still save 100k monthly in mutual funds and still keep some more profit for himself which he can invest .I hv been a truck owner , haulaging pms to Enugu on aquila ,used my truck , made my money after 2years and sold for 3m after 7yrs frequent usage. Truck is still a viable biz but do the needful and within 6months u can still invest in bonds .

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.

4tunebest:


I lived a secluded life. That city was not my home. I knew no one to give me such favors

Enyinne:
Yes I'm a female but hv been in male dominated business all my life. Being in the oil sector strengthened me up to the challenge even though i hv guys work with me then who takes the verification of driver off my back but still I succeeded

Phyde:

Many don't have family and friends support like others, no position where they can be getting egunje, some people recharge card gifts daily, when calculate it for a month is even greater than their 2 months salary. If you are in Lagos presently and your office is far from home, that 27k won't be enough for your transport alone for 2 weeks without support. I have seen and interact with people, i know what they are facing. Never compare yourself to others. Some people hardly eat once a day

ahiboilandgas:
sure ..awuila (waybills and bridging)na diiferent level ...me and u know (wet haulage ) ....na gravel him wan carry ...truck they generate r.o.i of 45 percent ...bonds 11.2 ...

4tunebest:

Please go through the first paragraph of my post which reflects its intent. Not comparison

GonFreecss1:


How are you using your GT bank naira card to make FX purchases? I can’t use mine no matter what I do.