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Faithee musicOffline

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      Faithee music

      1 week, 5 days ago

      Building duplex is a financial mistake if you are earning 200k to 500k. Is better you build Bungalow.

      As a salary earner, dreaming of building a duplex can be overwhelming, especially when your income ranges from ₦200,000 to ₦500,000 per month. Before embarking on this ambitious project, consider the financial implications.

      *Monthly Expenses: A Reality Check*

      1. Transportation: ₦50,000
      2. Rent: ₦40,000
      3. Feeding: ₦100,000
      4. Health: ₦50,000
      5. Family: ₦50,000
      6. Utilities: ₦20,000
      7. School Fees: ₦50,000

      Total Monthly Expenses: ₦260,000

      *The Duplex Conundrum*

      With a salary of ₦500,000, saving ₦100,000 monthly for your duplex dream, here’s the stark reality:

      1. Foundation alone: ₦8 million (≈ 8 years of savings)
      2. Superstructure to decking level: additional 10 years
      3. Decking to roof: another 10 years

      *28 Years to Build a Liability Investment*

      Meanwhile, an entrepreneur who served his master for 10 years in Onitsha can receive ₦10 million as settlement and build a 3-storey building within a year.

      *Conclusion: Build a Bungalow, Enjoy Your Retirement*

      As a salary earner, prioritize affordable housing (bungalows) over expensive duplexes. Reassess your financial goals, create realistic budgets, and explore alternative housing options.

      *Takeaways:*

      1. Assess financial capabilities honestly.
      2. Prioritize needs over wants.
      3. Explore affordable housing options.
      4. Invest in assets with growth potential.
      5. Consider entrepreneurship or side hustles.

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