NewStats: 3,264,550 , 8,184,067 topics. Date: Wednesday, 11 June 2025 at 01:29 PM 3t686d

My advice to salary earners, I am a graduate of ing and I have been working for the past 12 years but presently I don't have any savings. I have made some mistakes during this journey.
Below are my advice to salary earners so that you won't live in regrets as I am presently:

1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.

2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don't need to leave your work unless it grows to a certain level that can pay 3 times your salary.

3. Don't touch your savings unless for business, it is good to save it where you can't easily access it , co-operative society, bank with instructions on duration etc

4. Don't entrust your business with family , they don't take it serious, I have bad experience with this and I am regretting it.

5. Don't lend out your savings, people might not return it, I have bad experience with this and I am regretting it.

6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don't have the opportunity..

7. Lastly know that you can't be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on
I reject poverty for me and you.
Thank you.

Practically,I have done all of the above and thank God I did it early.

I work where I earn 250k gross but honestly,my side income is equivalent of my five years salary and I am a level 12 officer soon to resign from this job.

All what u have said is nothing but the truth.

For young men and women in their 20's, start early and refrain from gambling and wastages of keeping girl friends here and there. They are bunch of distraction and same applies to ladies who wants to be focus,leave men alone and focuss on your ambitions.

I am in the same shoes. My colleagues are studying further, gathering different certificates here and there, but to me, when you look at the situation of this country, those certificates will lead to nowhere and that makes them a waste of time and money.

Therefore, I started early to prepare for retirement by learning tech skills that I can continue to do and get paid even at 90 years old as long as one can still operate a computer.

Words of wisdom.
Thanks for the advice.

Can we reach out if we need help?

Ibechris2:
Practically,I have done all of the above and thank God I did it early.

I work where I earn 250k gross but honestly,my side income is equivalent of my five years I salary and I am level 12 officer soon to resign from this job.

All what u have said is nothing but the truth.

For young men and women in their 20's, start early and refrain from gambling and wastages of keeping girl friends here and there. They are bunch of distraction and same applies to ladies who wants to be focus,leave men alone and focuss on your ambitions.

Telltruth123:
My advice to salary earners, I am a graduate of ing and I have been working for the past 12 years but presently I don't have any savings. I have made some mistakes during this journey.
Below are my advice to salary earners so that you won't live in regrets as I am presently:

1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.

2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don't need to leave your work unless it grows to a certain level that can pay 3 times your salary.

3. Don't touch your savings unless for business, it is good to save it where you can't easily access it , co-operative society, bank with instructions on duration etc

4. Don't entrust your business with family , they don't take it serious, I have bad experience with this and I am regretting it.

5. Don't lend out your savings, people might not return it, I have bad experience with this and I am regretting it.

6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don't have the opportunity..

7. Lastly know that you can't be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on
I reject poverty for me and you.
Thank you.

Ibechris2:
Practically,I have done all of the above and thank God I did it early.

I work where I earn 250k gross but honestly,my side income is equivalent of my five years I salary and I am level 12 officer soon to resign from this job.

All what u have said is nothing but the truth.

For young men and women in their 20's, start early and refrain from gambling and wastages of keeping girl friends here and there. They are bunch of distraction and same applies to ladies who wants to be focus,leave men alone and focuss on your ambitions.

On that aspect of girlfriends not everyone is that unfortunate to meet girls that would ruin them.
Forget this talks of no good girl,there are good girls out there...They would you to the core...

oluplus:
Words of wisdom.
Thanks for the advice.

Can we reach out if we need help?

Yes, thank you very much.

Buy food and basics in group and bulk to save cost.
Do reasonable side businesses. Activity no be productivity.

Telltruth123:
My advice to salary earners, I am a graduate of ing and I have been working for the past 12 years but presently I don't have any savings. I have made some mistakes during this journey.
Below are my advice to salary earners so that you won't live in regrets as I am presently:

1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.

2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don't need to leave your work unless it grows to a certain level that can pay 3 times your salary.

3. Don't touch your savings unless for business, it is good to save it where you can't easily access it , co-operative society, bank with instructions on duration etc

4. Don't entrust your business with family , they don't take it serious, I have bad experience with this and I am regretting it.

5. Don't lend out your savings, people might not return it, I have bad experience with this and I am regretting it.

6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don't have the opportunity..

7. Lastly know that you can't be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on
I reject poverty for me and you.
Thank you.

There is no formula in all this you said up there. You can save millions today, a terrible emergency can take it all tomorrow. For me with over 15 years experience working I would advise any young person today not to focus on savings alone but to invest as much as possible from your 20s and beyond. Try to also keep money in your pension (another way of investing for retirement)even if you have contributions made by your employer already. I personally have over 100million naira(which will still increase as time goes on)in my pension which I can not access till I'm in my 50s.. All im saying is thàt invest more than save.

CodeTemplarr:
Buy food and basics in group and bulk to save cost.
Do reasonable side businesses. Activity no be productivity.

buying food on bulk for this Tinubu regime Is no more cost effective

ChinemeremFidel:


On that aspect of girlfriends not everyone is that unfortunate to meet girls that would ruin them.
Forget this talks of no good girl,there are good girls out there...They would you to the core...

AfahaAbia:


There is no formula in all this you said up there. You can save millions today, a terrible emergency can take it all tomorrow. For me with over 15 years experience working I would advise any young person today not to focus on savings alone but to invest as much as possible from your 20s and beyond. Try to also keep money in your pension (another way of investing for retirement)even if you have contributions made by your employer already. I personally have over 100million naira(which will still increase as time goes on)in my pension which I can not access till I'm in my 50s.. All im saying is thàt invest more than save.

Investing can be addictive. You may say when my portfolio get to 1 million I will do this or that. You soon find yourself trying to chase 1 billion and later 1 trillion etc.

JobAndVacancies:
buying food on bulk for this Tinubu regime Is no more cost effective

says who?

Which tech skill can one learn pls

1Alex:
I am in the same shoes. My colleagues are studying further, gathering different certificates here and there, but to me, when you look at the situation of this country, those certificates will lead to nowhere and that makes them a waste of time and money.

Therefore, I started early to prepare for retirement by learning tech skills that I can continue to do and get paid even at 90 years old as long as one can still operate a computer.

JobAndVacancies:
buying food on bulk for this Tinubu regime Is no more cost effective

It is and don't mislead people.

My MIL just warned me to restock in large quantities to cover as much as February.

Indomitable was 7500 last month and 8500 today.
Spaghetti was 19k last month and now 22k last week.
Dano 12g was 15k last month and now 16k
Lactogen was 6000 last month and I bought a carton 76k at 6300 last week.
Good mama liquid wash was 2k last month now 2500.
Milo was 27k in June but I bought it 32k last month. It's 35k today 27.10.24. The list is endless.

If I had bought Lactogen in January when it was 4500, I wouldn't be crying today.

Bulk buying spreads the cost on quantity purchased and you get to bargain for a discount. It's cost saving to a reasonable extent.

What of us that our salary can only make up for feeding.... and there's no extra to save..

Like I earn 30k a month...

Tiliphoto123:
Which tech skill can one learn pls

I am into cyber security. There are so many of them. It depends on your interest

The op has shot first gun on this topical issue. The op area is mainly save and start business.

My advice as a paid employee that had worked for 20years is to Save regularly, after getting to certain amount. Invest in land.
Don't save only in bank's s but open retirement savings (RSA) with pension fund (PFA) and save there too. Their returns are impressive.
You can also in mutual funds. Stanbic IBTC Asset Management Ltd is there to help you. Their return of investment (ROI) is superb.


My point is that you should not have one savings or investment vehicle, multiple avenues and options are good because it offers better ROI and diversified portfolio that are hedged against risks.

I currently have good balance in my pension acct, good balances in mutual funds and bank's savings and some plots of lands

Meerahbel:
If you are 10 years old, 90% of your money money should be used to buy shares.
If
If you are 90 years old, 10% of your money should be used to buy shares.
If you are 100 years old, Baba Baba, abeg settle your family, then enjoy your remaining money. You will not live forever. You sef don try.


If you interested in US stocks market. Kindly use the link on my profile to as we both get FREE shares.

Dey play ...the type of Transcorp shares that you buy at 25 naira that is now 70kobo

Telltruth123:
My advice to salary earners, I am a graduate of ing and I have been working for the past 12 years but presently I don't have any savings. I have made some mistakes during this journey.
Below are my advice to salary earners so that you won't live in regrets as I am presently:

1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.

2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don't need to leave your work unless it grows to a certain level that can pay 3 times your salary.

3. Don't touch your savings unless for business, it is good to save it where you can't easily access it , co-operative society, bank with instructions on duration etc

4. Don't entrust your business with family , they don't take it serious, I have bad experience with this and I am regretting it.

5. Don't lend out your savings, people might not return it, I have bad experience with this and I am regretting it.

6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don't have the opportunity..

7. Lastly know that you can't be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on
I reject poverty for me and you.
Thank you.

Well said! This is indeed full of wisdom and practical!
I want to ask, if one's organisation doesn't have cooperative society, is it possible to the cooperative of other organisation? Do you have idea of any and their requirements ?

I am currently doing all that you said. My net salary is around 300k. At the end of every month i try to save upto 200k. I must say its quite difficult but the trick is that i do the saving FIRST, then use whatever that remains for my expenses.
I intend to save a reasonable amount then i learn a trade and go into business.

If you want to save in a place that will give you maximum returns, You can try the Stanbic IBTC mutual funds. It's currently at 20.58%per annum. If you need more details on how it works. You can send me an e- mail. Will take you through the steps.

But first the Stanbic IBTC app via the play store

Can you tell me more about cyber security

quote author=1Alex post=132607760] I am into cyber security. There are so many of them. It depends on your interest [/quote]

MarketDispatch:


Dey play ...the type of Transcorp shares that you buy at 25 naira that is now 70kobo

Then you don't know how the stock market works then

N

Telltruth123:
My advice to salary earners, I am a graduate of ing and I have been working for the past 12 years but presently I don't have any savings. I have made some mistakes during this journey.
Below are my advice to salary earners so that you won't live in regrets as I am presently:

1. Save at least 20% of your earnings you can increase it if you have the capacity but it must not be below 20%, you can save it in a co-operative society, I learned that after some few months, they will lend you three times of the money you save with low interest rate.

2.Try and have a business plan, calculate the amount you will need for the business and save towards it, you don't need to leave your work unless it grows to a certain level that can pay 3 times your salary.

3. Don't touch your savings unless for business, it is good to save it where you can't easily access it , co-operative society, bank with instructions on duration etc

4. Don't entrust your business with family , they don't take it serious, I have bad experience with this and I am regretting it.

5. Don't lend out your savings, people might not return it, I have bad experience with this and I am regretting it.

6. If you are working in a company where you have access to loan, please make use of the opportunity as the interest rate is low invest it in a business, there is no access to loan in my company so I don't have the opportunity..

7. Lastly know that you can't be young for life make sure you have a business running for you so that when the work force is rejecting your age limit, you will have something to fall back on
I reject poverty for me and you.
Thank you.

Big topic..
We all Earn salary (either been paid by Employer or you pay ya Sef) we all Earn for Living, so I think these are applicable to All.

Wealthoptulent:

Big topic..

Indeed: https://nairaland.unblockandhide.com/8251014/open-letter-president-tinubu-hardworking

galantjoe:
The op has shot first gun on this topical issue. The op area is mainly save and start business.

My advice as a paid employee that had worked for 20years is to Save regularly, after getting to certain amount. Invest in land.
Don't save only in bank's s but open retirement savings (RSA) with pension fund (PFA) and save there too. Their returns are impressive.
You can also in mutual funds. Stanbic IBTC Asset Management Ltd is there to help you. Their return of investment (ROI) is superb.


My point is that you should not have one savings or investment vehicle, multiple avenues and options are good because it offers better ROI and diversified portfolio that are hedged against risks.

I currently have good balance in my pension acct, good balances in mutual funds and bank's savings and some plots of lands

This is th best thing to do, I have
- Shares in NGX and US stocks
- Crypto
- Mutual funds
- Pension
- Treasury bill
- FG savings bonds &
- A side business

IgboYorubaFulan:
Indeed: https://nairaland.unblockandhide.com/8251014/open-letter-president-tinubu-hardworking

Thanks so much. Before it becomes too late, President Tinubu needs to ready this!