Wednesday, November 21, 2012

$800 A Month

Once again I am back.
What's cooking?
Will like to wish everyone in America a Happy Thanksgiving.
I think for the fact that we are alive and breathing, we should be thankful.
Okay so I meet this guy who is a cook for a diplomat in Jamaica, and he earns $800 a month( i.e. #128000, One hundred and twenty eight thousand Naira). Now the good thing about his job is that he doesn't get to spend the money in that he doesn't pay for accommodation, he doesn't pay for feeding and his family is back home in Nigeria.
Now my question is this what will I do if I had $800 to spend, and everything like feeding, electric bills, transportation, accommodation etc, is out of the equation? Will I save the money and after 4 years use it for a business or will I just be lounging like a big boy and become the village superhero?

For me I will do this:
Its a good thing his wife is working back home, so the wife will have to support the home for a while, since this is for our future. I will try to save at least $300, send $350 to $400 to my family back home every month, and deny myself frivolities for a while. Refrain from buying new clothes or shoes or whatever toys I will love to acquire.

Now if I save that constantly for a year I will have $3,600 i.e. #576,000 Naira in a year, now multiply that by 4 years ie  $14,400 ie #2,304,000, naira.

So let's say I include A.O.B, I save $13,000 instead of $14,400 in 4 years...
Can he not use that to do something?
I know one thing of my Ibo brothers will be able to flip that money over. In a matter of years they will be serious merchants, but they will also be willing to forgo a lot of the nice things in life in the beginning.

Somebody may say this is impossible but I ask you how many workers in Nigeria today, graduates and all can after paying their bills, have $800 to just do with as they please?

The sad thing is that as humans, when our income increases we quickly increase our wants and desires, we never really think of the future until it is too late. We want everyone to know that we have arrived. we want to wear the Gucci and the Prada when we haven't saved for the rainy day...

I won't say that it is bad to spoil oneself, in fact it is healthy for the system to be spoilt once in a while, but when it is constant it becomes a problem.

Now this cook doesn't like to eat in the house, he prefers eating out, forgetting that time waits for no man, 4years will soon be over and he may have nothing to show for it.hmm already takes a lot more money than we think.

Just my thoughts?
I will not shop at a high end supermarket when i haven't set my priorities right.
I will not have a blackberry phone when I am not even sure where my next meal will come.
I will not spend my time in the cyber cafe on face booking, when I know I can only use the Internet once in a while.
I will set my priorities straight and work towards achieving my goals...
These things will always be there.

Note to self: I think the problem with us Nigerians is that we bother more about what people will say. I have learnt that people will always talk, so just forget them and continue till you achieve you goal.

I leave you with this song, its a french song its by Celine Dion and Garou. Love, love love Garou's voice.. its a love song...since I am a romantic, I hope you will feel the vibe too...


  1. This is soo true and much needed.

  2. Garou sounds so much like Michael Bolton. I've just started playing Michael Bolton on Youtube. I blame you, Ibifiri. LOL

    Great post.

  3. Lol yes he does really. I just listened to the micheal Bolton song as well. Cool.

  4. Why save in a bank for all those years, when the rate of inflation is higher than the interest rate? You end up losing.

    Open a guaranteed interest fund account with a discount house, and be pushing the money into it monthly. Four years later, your smile will be as wide as something else.

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  6. The reality is that humans are wired to always increase their consumption whenever their income increases. It's called the marginal propensity to consume (MPC). However, if we really choose to, we can break that jinx and forgo the frivolities of the present for the sake of satisfaction in the future.

  7. Hmm I had never looked at it like that. Thank you

  8. Well said. Some want to keep up with the Jones, others just want quick gratification. I agree with you that good savings for the future is very important.