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Nairaland Forum / Nairaland / General / Family / Your First Savings Of 1 Million Naira (2395 Views)
My Children Receive ₦1 Million Naira Monthly From The Italian Govt / She Divorced Her Husband For Wasting Her Life Savings Of N4.5million / Age 25 With 1 Million Naira & Living With My Parents: Buy Land Or Pack Out? (2) (3) (4)
Your First Savings Of 1 Million Naira by bbeautylik(f): 6:41pm On Jun 04, 2020 |
If you had saved up to a million naira, you work with the federal government and earn 60+ would you rather buy a car for family mobility or venture into businesses first? I thought of buying a car for family mobility and later save up again for business. is it a wise decision? 2 Likes |
Re: Your First Savings Of 1 Million Naira by illicit(m): 7:02pm On Jun 04, 2020 |
Family mobility.... Are u married with kids? Definitely it should be a yes. You can buy your car 2 Likes |
Re: Your First Savings Of 1 Million Naira by bbeautylik(f): 7:05pm On Jun 04, 2020 |
illicit:Ok thanks 1 Like |
Re: Your First Savings Of 1 Million Naira by Aaaaarghmed(m): 7:06pm On Jun 04, 2020 |
Share the money,buy a car like Honda civic.u can get a clean fairly use for 550.year 2002 model.you can use the remaining to start a small scale biz.As a gvt worker u need the extra funds.you can also get a 2002 Honda accord for 500k,a very neat one.pls don't pack all ur money to buy motor. 9 Likes |
Re: Your First Savings Of 1 Million Naira by sisisioge: 7:08pm On Jun 04, 2020 |
Well...it gets confusing. Especially now that the economy is uncertain. Anyways, do an estimate of how much you would spend on the car fueling and maintenance per month. If it won't hurt your finances then go ahead. I would have chosen business if I have a viable one. 5 Likes |
Re: Your First Savings Of 1 Million Naira by Femiomoh(m): 7:14pm On Jun 04, 2020 |
It's not a bad idea to get a car for the family usage. The economy is not friendly right now,why not save more and get the car when things comes to normal. 1 Like |
Re: Your First Savings Of 1 Million Naira by Mumben(f): 7:17pm On Jun 04, 2020 |
sorry to digress, between buying a car and building a house, which should be priority for a family man? I mean, which is more pressing need? |
Re: Your First Savings Of 1 Million Naira by konkonbilo(m): 7:17pm On Jun 04, 2020 |
bbeautylik:start a business first, then you can get a car after your next savings... My opinion though |
Re: Your First Savings Of 1 Million Naira by bbeautylik(f): 7:26pm On Jun 04, 2020 |
Aaaaarghmed:ok thanks |
Re: Your First Savings Of 1 Million Naira by Aaaaarghmed(m): 12:28am On Jun 05, 2020 |
Mumben:it actually depends on some factors if owing the car is a necessity.If the man has small funds he can just buy a land for the meantime and put boundries with blocks. That's the first step to owing a house.And when more funds start coming u can start building the house small small. U can always get a cheap car to run around las las. 5 Likes |
Re: Your First Savings Of 1 Million Naira by Mumben(f): 7:27am On Jun 05, 2020 |
Aaaaarghmed:thanks for your insight |
Re: Your First Savings Of 1 Million Naira by Bluehill1051: 8:20am On Jun 05, 2020 |
Federal jobs r very secure. U don't have too much fear of sack letter. If you're married, buy a small car like Golf, no go dey show urself. A car u can efficiently manage. Keep saving while exploring business opportunities. CARS ARE LIABILITIES unless the car is the business. U never even buy land sef... Na 60k u wan use pay school fees every 3months for children? Better give urself brain. 4 Likes |
Re: Your First Savings Of 1 Million Naira by Bluehill1051: 8:22am On Jun 05, 2020 |
Mumben:To buy a car is not as expensive as building a house. Building a house is more important than buying a car. Cars are liability, houses are assets 3 Likes |
Re: Your First Savings Of 1 Million Naira by Mumben(f): 10:42am On Jun 05, 2020 |
Bluehill1051:God bless you, exactly my thoughts but I wanted to know if someone shares same thoughts as me. A family can always find ways around not having a car, though stressful, but doable. on d contrary, imagine throwing a family out of rented apartment with no funds to rent another. God bless every husband out there to provide shelter for their beloved families Amen 4 Likes |
Re: Your First Savings Of 1 Million Naira by HoliMaree: 10:56am On Jun 05, 2020 |
Mumben: If you're buying a Car buy a Golf, you can get a good one for about N350K.But Cars are liability.Use the remaining savings to start a lucrative side business. Government work assures you of steady income with no fear of retirement before your time. Continue saving for your/children's future. 4 Likes |
Re: Your First Savings Of 1 Million Naira by blissbliss: 4:30pm On Jun 05, 2020 |
A car is just a basic necessity. It’s lack of funds and all that makes us feel/see it as luxury. Buy a car ONLY if you have a good mechanic. It’s your first car, more would come and you could sell one and add up cash to get another. Get a cheap but reliable car. You can engage the services of two(2) different sound mechanics to help you check the car out at different intervals. Maintenance shouldn’t be a burden that way. Servicing can be done at 3 months interval totaling 7k or less overall. God bless you! 2 Likes |
Re: Your First Savings Of 1 Million Naira by doggedfighter(f): 6:10pm On Jun 05, 2020 |
blissbliss: Can you give examples of cheap but reliable cars? |
Re: Your First Savings Of 1 Million Naira by Munzy14(m): 7:04pm On Jun 05, 2020 |
bbeautylik:split the savings, use 70% for business, and 30% to remain in the saving place...save more and get a car if its necessity is becoming extremely important. And, go for a good car with cheaper maintainance more like go for Toyota products with parts readily available. As a civil servant, you need that extra business to expand income |
Re: Your First Savings Of 1 Million Naira by blissbliss: 7:09pm On Jun 05, 2020 |
doggedfighter:Boss, nurey could you help with a couple of them, please? Cc: Kingreign, heavenlybang, gazzuzz Thanks. |
Re: Your First Savings Of 1 Million Naira by thorpido(m): 7:18pm On Jun 05, 2020 |
bbeautylik:How large is the family? If you have just a kid,maybe you could put the money into a 'good' business and buy a car later. |
Re: Your First Savings Of 1 Million Naira by HeavenlyBang(m): 7:41pm On Jun 05, 2020 |
blissbliss: Civic. Someone on a 60k+ salary shouldn't be looking at a car either way. 4 Likes |
Re: Your First Savings Of 1 Million Naira by Nobody: 7:51pm On Jun 05, 2020 |
bbeautylik: I don't know why this sort of question keeps coming up every now and then lol. The truth of this whole matter is that you have limited funds, If you have just one child & you are willing to ENDURE suffering for a while, then please go for setting up a Business. Having a Business & then buying a car afterwards will give you financial freedom upto a level where you can even decide to buy a better car of 2M. Please ignore any slowspoke telling you to go and start building a house, Building a home & living there doesn't bring you any income. You first need a constant flow of income & It's very paramount. 2 Likes |
Re: Your First Savings Of 1 Million Naira by blissbliss: 7:55pm On Jun 05, 2020 |
HeavenlyBang: Thanks boss. Op, civic 03 - 05 would be a good bet. |
Re: Your First Savings Of 1 Million Naira by bbeautylik(f): 8:25pm On Jun 05, 2020 |
thorpido:I am a lady with 2 sets of twins under 5 years |
Re: Your First Savings Of 1 Million Naira by bbeautylik(f): 8:26pm On Jun 05, 2020 |
HeavenlyBang:So as a lady when is the right time for me |
Re: Your First Savings Of 1 Million Naira by HeavenlyBang(m): 8:45pm On Jun 05, 2020 |
truthsayer009: Tbh, building a house has to be one of stupidest ideas from a business perspective. No idea why Nigerians seem to love spouting it. You're essentially sinking in millions into something that earns you nothing. When you can just pay rent and spend a lot less. 1 Like |
Re: Your First Savings Of 1 Million Naira by DukeNija(m): 9:16pm On Jun 05, 2020 |
bbeautylik: Please buy the car, don’t even negotiate or overthink it. Life is for the living abeg. 3 Likes |
Re: Your First Savings Of 1 Million Naira by Ikjosh04: 9:36pm On Jun 05, 2020 |
HeavenlyBang: As in, very stupid idea. I even confronted someone here on nairaland few weeks back when he was preaching build a house when a nairalander was asking for validation of a business ideas to go into with her little fund and the old man started calling me names. Spit!! |
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