Nigsrdumb:


Don't give your money to someone else to invest it for you.

You can do it yourself.

What about VGIF, what do you think about it?

What can make someone run into this kind of dept?

https://www.nairaland.com/5966738/amcon-takes-over-festus-fadeyis

oneroflo57:


What about VGIF, what do you think about it?

Don't do mutual funds, tb or anything like that.

Go for better options like stocks and bonds.

I can give you tips on where to start but this thread is strictly tb.

ojesymsym:
This is just me thinking, can you receive your interest from GTB on the first and quickly move the funds to Firstbank and receive another interest on the 4th?

It doesn't work like that, they balance your account before the month end and credit you after month end with the interest on the previous balance.

emmaodet:


You are absolutely right bro.
This is what am facing too.
I guess you will have to leave one for one.
You will have to sacrifice your comfort for a life of uncharted territory.

Na person weh no know.
Business is very very very hard but it pays if you can navigate the storm.

ojesymsym:
Is this because of the Nigerian factor of workers wanting to kill a person's business or more than that?

Everywhere in the world,if you no guide your business well,your employees will use your money and shine.
It's not a Nigerian thing only.

Theconglomerate:
Na person weh no know.
Business is very very very hard but it pays if you can navigate the storm.

Hmmmmmm
Very very very oooooo
It is when i dabbled into business that i started appreciating successful business men around me and the one i know.
The major draw back i see in business is the human factor.
Human factor
Human factor
Theft, swindling, inflating of prices and stocks, roundtripping etc and it goes on and on and on.

ojesymsym:
Is this because of the Nigerian factor of workers wanting to kill a person's business or more than that?

Yes, to me, this is the major factor.
Others are government policies, competitors, buyers/wholesalers/distributors/marketers that won't mind buying off your goods or products at ridiculous prices far below the cost of production, theft from workers, machinery breakdown, power/electricity shortage etc and the list goes on and on and on.
Sometimes, i look at how indians, Lebanese, Pakistanis, chinese are surviving and making a lot of profits in this same nigeria economy and sometimes i believe they are doing shaddy deals behind to pad the profit like cocaine. I may be wrong though.

emmaodet:


You are absolutely right bro.
This is what am facing too.
I guess you will have to leave one for one.
You will have to sacrifice your comfort for a life of uncharted territory.

If that side business can fetch 50% or more of your salary, that is the right time to turn that side business to full time business.

If you are serious with it, you can twice or more of your salary from the business within few years.

seankafor:
What can make someone run into this kind of dept?

https://www.nairaland.com/5966738/amcon-takes-over-festus-fadeyis

Shame

Theconglomerate:
If Nestlè,GM and co that have a host of accountants and a full economic team still lose sometimes for 4 years in a row and still working,I wonder why your friend is bigger than loses just because he is an accountant.
You want him to abandon his farm because it isn't profitable after 7 years?
You think say business na yahoo yahoo abi wetin?

emmanuelewumi:



Sukuk won't show in your statement of account

oh! Noted chief. Thanks for your prompt response

emmanuelewumi:


If that side business can fetch 50% or more of your salary, that is the right time to turn that side business to full time business.

If you are serious with it, you can twice or more of your salary from the business within few years.

Maybe, probably.

emmaodet:

Yes, to me, this is the major factor.
Others are government policies, competitors, buyers/wholesalers/distributors/marketers that won't mind buying off your goods or products at ridiculous prices far below the cost of production, theft from workers, machinery breakdown, power/electricity shortage etc and the list goes on and on and on.
Sometimes, i look at how indians, Lebanese, Pakistanis, chinese are surviving and making a lot of profits in this same nigeria economy and sometimes i believe they are doing shaddy deals behind to pad the profit like cocaine. I may be wrong though.

Indians,Lebanese,etc...succeed because they come with good money.
Wetin money no fit do,too much money go do am.
For instance,Indians doing well here are in retail.
They come with good capital,establish good and clean structure,bring all products under one conducive roof and sell even cheaper than your regular "iya big nyarsh" for dirty market.
Tell me,why won't he make it?
How they do it is that all the products they sell is sourced directly and they eliminate almost all middle men,giving good room for competitive pricing.
Iya big nyarsh buy from sub distributors with her 100k capital at very high prices with high overhead making her pricing high upon dirty market she sells in.
Why I go leave spar go iya big nyarsh shed?
Succesful Lebanese are in a niche market(construction) built for them by their great grandfathers.
Leave those ones,them hold money and connection die.
If you have money as a manufacturer and distributors dey form for you to buy your product and dey want dictate price for you,simply open retail outlets yourself and crash the price and watch him suffocate na

emmaodet:


Maybe, probably.

You spent 10 hours or less every week running your side hustle and it gives you 50% of the income from your full time hustle.


If you turn the side hustle to full time hustle, spending minimum of 40 hours every week. In 2 years times all things being equal you will make 200% of your former salary unless you are not a born entrepreneur.

emmanuelewumi:



You spent 10 hours or less every week running your side hustle and it gives you 50% of the income from your full time hustle.


If you turn the side hustle to full time hustle, spending minimum of 40 hours every week. In 2 years times all things being equal you will make 200% of your former salary unless you are not a born entrepreneur.

Exactly.
The only reason his friend is still running his farm as a side hustle is because it isn't profitable enough or worse,running at a loss
Maybe his friend might even be paying his labourers their "salary" from his "salary" and crying to bed every night.
Business hard ooo...

ojesymsym:
This is just me thinking, can you receive your interest from GTB on the first and quickly move the funds to Firstbank and receive another interest on the 4th?

Capital No !!!!!!!!!. Interest is accrued daily and paid at the end of the month or at the monthly anniversary of the account i.e. monthly anniversary of when the account was opened.

Theconglomerate:
Indians,Lebanese,etc...succeed because they come with good money.
Wetin money no fit do,too much money go do am.
For instance,Indians doing well here are in retail.
They come with good capital,establish good and clean structure,bring all products under one conducive roof and sell even cheaper than your regular "iya big nyarsh" for dirty market.
Tell me,why won't he make it?
How they do it is that all the products they sell is sourced directly and they eliminate almost all middle men,giving good room for competitive pricing.
Iya big nyarsh buy from sub distributors with her 100k capital at very high prices with high overhead making her pricing high upon dirty market she sells in.
Why I go leave spar go iya big nyarsh shed?
Succesful Lebanese are in a niche market(construction) built for them by their great grandfathers.
Leave those ones,them hold money and connection die.
If you have money as a manufacturer and distributors dey form for you to buy your product and dey want dictate price for you,simply open retail outlets yourself and crash the price and watch him suffocate na

You are right again bro.
Cutting off as much middlemen as possible from initial point to the final point is a key criteria for having a successful business.

purleesh:




The 4th is only but a date you get credited for the previous period's accummulated interest

Nigerians always smart thinking

emmanuelewumi:



You spent 10 hours or less every week running your side hustle and it gives you 50% of the income from your full time hustle.


If you turn the side hustle to full time hustle, spending minimum of 40 hours every week. In 2 years times all things being equal you will make 200% of your former salary unless you are not a born entrepreneur.

Hmmmmm
Bro, things are not always as easy as seen on paper ooo or typed.
The more you look, the less you see.
Until you start, before a lot of things not on the paper will start popping up.

emmaodet:


You are right again bro.
Cutting off as much middlemen as possible from initial point to the final point is a key criteria for having a successful business.

Their money circulates within their community. The manufacturers are family members, in-laws, close friends.

They have family Businesses that have been operating in Nigeria for between 50 years to over 100 years.

With their type of pedigree, experience, networks, structure, control and capital, it will be very difficult not to grow and exhibit resilience.


Waiting for the time we will have a Nigerian brand or business of 70 years and above that is still growing in leaps and bounds.

Sholapey:
It doesn't work like that, they balance your account before the month end and credit you after month end with the interest on the previous balance.

This is no longer the process. Interest is calculated on your daily balance on daily basis and accumulated somewhere from where it is paid at month end.

emmaodet:


Hmmmmm
Bro, things are not always as easy as seen on paper ooo or typed.
The more you look, the less you see.
Until you start, before a lot of things not on the paper will start popping up.

Then your side hustle is not bringing in 50% of your full time hustle and you don't have the entrepreneurial drive


Find out from successful entrepreneurs who were once employees, they will tell you they have a passion for what they were doing, they had a side hustle, their wife bought into the dream, the side hustle started bringing in substantial income eg 40% and above, before they made the side hustle a full time hustle.

emmanuelewumi:



Their money circulates within their community. The manufacturers are family members, in-laws, close friends.

They have family Businesses that have been operating in Nigeria for between 50 years to over 100 years.

With their type of pedigree, experience, networks, structure, cobtrol and capital, it will be very difficult not to grow and exhibit resilience.


Waiting for the time we will have a Nigerian brand or business of 70 years and above that is still growing in leaps and bounds.

Hopefully Dangote group should grow beyond the founder.

brandable:


Hopefully Dangote group should grow beyond the founder.

He may need to start a gradual stepping aside.

Listen to the interview of the co-founder of GTB Mr Fola Adeola. This month will make it 18 years since he stepped down as the CEO of the bank...


Dangote group is currently built round Aliko Dangote, very difficult to say if the business will continue to thrive after the demise of the founder.

Each time I buy Dangote shares, this thoughts always lurks in my mind.

emmanuelewumi:



He may need to start a gradual stepping aside.

Listen to the interview of the co-founder of GTB Mr Fola Adeola. This month will make it 18 years since he stepped down as the CEO of the bank...


Dangote group is currently built round Aliko Dangote, very difficult to say if the business will continue to thrive after the demise of the founder.

Olaide1295:


I don't know if this is possible but it's what i'm gunning for. I started visiting this thread when i was 16 years.

Now, i am 23. I earn above XX salary. I invest 250K monthly in Digital agriculture and then 100K in bitcoin. My goal is get within 25% -35% returns for 17 years.
I know digital agriculture is risky but i try to invest in the safest of them all.

My risk appetite is much bigger than most of the elders here.

But i'm hoping to retire by 40 years so i can focus on learning and teaching.

I use this tool for my compound interest calculations:
https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator

Digital agriculture and Bitcoin?

Why do people like to lose their money?

missjekyll:


You may be better off using ACE transfer ,you know. It gives me more bang for my buck,literally. Download the app and compare the rates if you like. I have since deleted transferwise.

Can “we” in Nigeria use Ace Transfer?

I.e. can I convert FX to naira and send it to myself in Nigeria here?

unite4real:


I have a friend who works in an international agency here in Nigeria, earning close to 1M monthly. He also has a farm that he is running successfully.

Me I just want to know the International Agency.

Theconglomerate:
Did Dangote,bill gates,Jeff Bezos,alhassan rabiu,Vincent obianodo,orju uzor kalu,obi Jackson,etc...raise money for their businesses from salary?
Entrepreneurs would be entrepreneurs while some people are designed for corporate world.
Although some later become entrepreneurs by stealing ideas and contacts in their time in the corporate world,others are daring enough to go straight into business after formal education and they do succeed,infact most times they are the most succesful.
If you have been in good business,you will understand what I am saying.

The problem with your list is ignoring the fact that they all at least were eating. i.e making money from somewhere or someone giving it to them.

Wonder why you didn’t add Warren Buffet and other people who did otherwise (actually earned salaries then started business) in that list.

Life is not a 0 or 1 approach, there are a lot of infinite decimal places between 0 and 1.