STAND ALONE NARRATIVE
AT A CROSS ROAD
Good day people of SDK blog.
Good day people of SDK blog.
Please i need sound and sincere advice. I am a civil servant, i recently got access to a particular govt loan of 1million Naira, but right now, i do not need the money for anything.
I was thinking of collecting to buy gold, pending when i’d save enough, i’d dispose the gold and add up and buy land. And you know how govt works, it is an opportunity having access to the loan, if i miss it, i don’t know when next something like this would come up again, and as you know govt loans, unlike bank loans have low interest rates, and deductions would be made from my salary monthly for a period of 4yrs.
Please is it advisable to take this loan as per my reason above? Pls help, i’m at a cross road. Thanks in advance:
+What if you buy gold and it is stolen?or you lose it?I dont know what business you can invest it in or what you can do to it but cant you collect it and keep in a savings account until you can think of what to do to increase it?
I don't like loan
ReplyDeleteInvest in Treasury Bills
DeleteUse it to buy TBills
DeleteIf you know you can turn it over in a good business you can collect it, but if you have no business at head to invest it into, please don't.
ReplyDeleteMy hubby also took a loan of 1mil and today we are not regretting it. We invested it in an investment company named Darolls, we saw it online and decided to give it a try,we get 10% returns of our capital monthly I.e 100k,it lasts for 3months and you would be given your initial capital back I.e 1M back then you can reinvest if you so wish, p.s it is not a ponzi scheme,they are into real estate their visible office is in ibadan, you can google about it,immediately you invest with them you will be given a post dated cheque of your initial capital as proof they are genuine.
Deletei no believe this one o. how come u and ur hubby collected the exact amount as the poster? Now now!!! Oga poster, no do abeg o. just forget the loan since u dont actually need it to avoid super story..
DeleteDear poster pls do not invest in Darolls that noone else had heard of except this poster. GTB and Standard IBTC have interesting investment plans o. Shine your eyes!
DeleteIf you don't have any viable business that you have critically studied, do not take the loan.
DeleteOr you can put it in fixed deposit, after one year, give them back their money and use te interest for whatever you want.
Invest in Stanbic IBTC Money Market. Visit any branch
DeleteSave the money in Money Market Fund (MMF), go to Stanbic, FBN , ARM, Axa Mansard. you can save the money till and it will be yirlding interest, you can never loose the money and you have access to it anytime you need it. you can get your money when you make up your mind on what to do with.
ReplyDeleteBest advice. Take the loan and take your mind off it. Save up monthly and reinvest in a fixed deposit like Stanbic IBTC. When you have enough buy a plot of land. Even with a million now you can buy a land with Adron properties.I am not thier agent. Please do due research before commiting.
DeleteDon’t put it in fixed deposit. It’s not worth it. Invest in treasury bills. More profit that way.
DeletePlease do not collect that money. You don't need it, don't let greed blind you. Someone else might need it more and also since it will collected from your salary for 4 years than you can open a savings or a deposit account and be paying in money there till its one million
ReplyDeleteWhat's thus one saying? What greed, do you think she's the only one they are giving it to?
DeleteDon't talk if you don't have anything to say
Lmao....
DeleteYou can use the cash to purchase treasury bills and use the interest to help yourself or buy land(s) at the outskirt of Lagos.
ReplyDeleteDidn't know you had typed this, typed this up there. Smart advice.
DeleteYou don't know what to do with 1 million?
ReplyDeleteThis is a new kind of problem.
All I will say is don't buy a car with that money.
Loans shouldn't be used on liabilities.
My head is screaming buy land! Buy land! Buy land!!
Why are you taking a loan if it is not to settle an immediate need? Unless you’re taking it to start up a business because you already have a plan then I’d say you shouldn’t. Buying gold is good but you do know that the value can drop too as well as increase, what if you find it difficult selling the gold after purchase? Why not wait till you are sure of what you want to do with the money before taking the loan to avoid taking a loan, start repayment plan and then end up using the money for nothing tangible. 1 million naira is not as big as you think, let go of the idea for now. Is this loan devoid of interest? Make up your mind on what you want to do urgently that is important to you and then take a loan, if you don’t get future govt loans you can always try banks who give unsecured loans too but with interest.
ReplyDeletePoster, take the loan if interest rate is less than bank. Invest in Treasury bills, your bank should be able to do this for you, and keep saving the interest. There are plots for 1million but they may just be omo nile land even though they are being resold my a company.
DeleteMy dear you can do long term treasury bill since you don't need the money now so that you can enjoy the benefits of treasury bills.
ReplyDeleteIf you buy gold you have to put in the bank as your house is not a safe where you keep valuables
Do a treasury bill for 3 months or 6 months, you should be able to think of something to do with the money at the end of these period. Buying gold is good but do you have customers to sell to already.
ReplyDeleteWe did treasury bills with millions and nothing reasonable came out of it. The interest we got was sooooooooooo low. You can even go to a bank and ask sef.
DeleteDon't take the loan, you will feel the pinch every year for twelve months. Multiply 12 by 4 that loan will make you unhappy.
Anon the rate is very low. I think is 10% or 11 for 365 days. It’s better than keeping it in savings account or fix deposit.
DeleteWhen you say 'nothing reasonable ' what do you mean? I assume you knew the interest rate before you paid your 'milions'? Was there a shortfall? Kindly explain.
DeleteHow can you say that treasTre bill rate is lower than fixed deposit or savings? If this happened then your banker must have taken advantage of your ignorance. Don't buy Treasury bills above unit price of 100 naira without calculating your return
DeleteBuy land naw... It appreciate and don't depreciate
ReplyDeleteyou can fix the money or buy treasury bills . then liquidate when you need the funds .
ReplyDeletewhy not invest in something that generates immediate turn over.
ReplyDeleteYou can invest in mutual funds pending when you know what to do with the money.
ReplyDeleteMutual funds should give you an interest rate of about 15 percent per annum thereabout, so if the interest on the loan is lower, you can invest in mutual funds. Google Investment One for further details.
You can just buy the land outrightly.
That 1 million is a big sum until you take 1 naira from it.
Fixed Deposit. Almost-zero risk, interest gained and availability when you need it. I wont advice you put it in business, because you dont seem to want to gamble with this money
ReplyDeleteMy dear, its called Renovation loan in partnership with FMBN. Please collect the loan. You can look for small side buying and selling. Depending on your location. There are lands for N1m. You can buy it and believe me it will appreciate within that four years. Be careful not to misuse this money.
ReplyDeleteSterling bank has a savings scheme they call SAMTL, Google it, you keep your money you get 13 percent interest no deductions, this is how I save and use the addition for my child's fees, it has been a life saver, no business is risk free now biko
ReplyDeleteI concur poster. I use this samtl too.
DeleteRead up on Treasury Bills and invest in it. By that, you have the 1M intact and a little bit of interest on it.
ReplyDeleteAnother option is looking for an area where you can get a plot of land for a million or thereabout and buy that. You don't necessarily have to build on it, you can hold on to it and flip it after a few years, that way your money be secured and you might make 100% profit or even more when you sell it.
All the best.
Madam collect the loan and buy land...land appreciates,trust me you can never go wrong...Do the needful before purchase...
ReplyDeleteSee it as your savings upfront. I always tell people that sudden wealth or cash is a flash if you don't calm down and be patient before you spend a kobo from such money. My humble advice is fix the money in a bank account for atleast six months and be on the lookout out for opportunities. Don't go about telling people or asking people that you have a million naira cause in the actual true sense of it you don't have it cause it will be deducted with interest from your monthly earnings. So be careful and be prudent in the way you also handle you finances.
ReplyDeleteYou are not the business type seeing that you are "at a crossroads". You did not tell us how much you earn. I will not advice someone to "borrow" from any intitution in the Nigerian economy that is so unpredictable. "The borrower is slave to the lender". If a bank collapses or is shaky and someone lose his/her money, it is easier to bear than to go and lose money that you will be "paying from a salary you are not even sure of", depending on who wins the "erection".
ReplyDeleteLand disputes, Gold stolen, buying fake golds etc are some of the bedeviling issues in the economy that relevant to your situation. The best form of saving is saving from your income and spending within what you earn!
With this mindset, you may only be able to build your first house with your retirement gratuity.
DeleteGo and read Rich Dad, poor Dad. It's obvious the kind of home you were raised in. Please don't pass this mentality to your children. ThataT how generational poverty continue and fingers will be pointed at village people
DeleteBuy treasury bill with it for a period of 4/5 years instead of Gold. While you think of business you can invest in
ReplyDeleteU can take the loan and use it to buy land. 1 million all get you a plot of land in a nice area. Make sure u buy from genuine hands. Don't forget to fence and do the necessary documentation to secure our property until you can start building on it. You should be able to pay buy the loan from ur salary if u plan ur budget well.. My two cents
ReplyDeleteCollect it and put in a fixed deposit or buy treasury bills
ReplyDeleteTake the loan, walk into your bank buy treasury bill the interest is not much but its 100% save ,till u figure out what to do with it so I won't miss the opportunity
ReplyDeleteThis comment has been removed by a blog administrator.
ReplyDeleteFoolish man that lost a rare gem. Madam if you are reading this don't allow this foolish man to win you back.
DeleteStupid man
Stella post this for this stupid man to see
If this is true, you're a very foolish man. Yes! That's the truth.
DeleteYou had a good woman at home but as "all men are cheat" na, you joined the WhatsApp group and became an admin on top. Not even having one side chic (not that it's less of an offence), you had "series of women".
Don't even claim to be remorseful cos you're not! You're just afraid you're about to lose her. Abi, you don contract disease? Madam, if you will see this, do whatever makes you happy. This one no follow for husband abeg.😈😈😈
Hmmm,may God restore ur home,i pray u dnt backslide aftr she forgives u.
DeleteI pray she doesnt listen to you.How i cant wait for my husband own turn. you have a good woman and reject her, disrespect her, even taunt her to her face. She deserves a better man. Or better still watch warroom and keep praying. Mtchew
DeletePoster get a shop and start selling food stuff whole sale and retail. Gari, rice, beans, egusi,Ogbono,okporoko,elubu ,Maggi, gallons of groundnut oil,red oil,cray fish in bags etc. You can never go wrong with food stuff business. Bcos anyhow, man must wack
ReplyDeleteSee your thinking. If she is not business like how will she cope
DeleteSmh smh change name change name, she no gree.
DeleteNo Stella, I don't think keeping it in a savings account is the best option. Wat if he has a pressing need that he needs to solve? He can actually do bdc business or something else. I wish u all the best dear
ReplyDeleteSome people just don't have any problem n this life. That 1M you're still looking at with side eye can solve all my problems right now and change will remain. *Aunty better go and collect that money and put in the bank first before I vex*
ReplyDeleteHaha haha this small money you are eying
DeleteSome people just don't have any problem in this life. That 1M you're still looking at with side eye can solve all my problems right now and change will remain. *Aunty better go and collect that money and put in the bank first before I vex*
ReplyDeleteYou can fix the money in Bank pending the time you will come up with something you want use the money for.
ReplyDeletecollect it and fix it. still when you can come up with business you can do with
ReplyDeleteDon't invest in GOLD, buy small land somewhere or invest in agriculture.
ReplyDeleteInstead of collecting the money to keep in a savings account, why not buy fg bonds or rather put it in an investment account, that way you'll get interest in a long run
ReplyDeleteYou can fix it in a fixed deposit that will yield you interest pending when you have need for it.
ReplyDeletePlease go for fix deposit atleast you will make some profit, or you can look for someone that knows about shares so that you can buy 500k worth of shares and use the rest for fix deposit. My 2cent
ReplyDeleteCollect it and put it in a fixed deposit for 3 months. By then, you would have had a definite plan
ReplyDeletePoster, collect the money and put it in Fixed deposit for a year(it will also generate interest) before then you will decide what business you want to invest the money in.
ReplyDeletePut it in mutual funds in a bank.Try Stanbi or GT Bank.
ReplyDeleteDo Treasury bills
ReplyDeleteCollect it and give to @olawealth at a little intetest higher than what the bank gave you.That way you make small cash and help a small business.
ReplyDeleteOr
Buy a land, you will never regret investing in real estate.
To collect loan they sweet sha na paying back be the koko.God forbid you don't get ROI as planned.hmnn
I envy you oo cos if i get that money i know where to put it,but frankly speaking if you don't need the money don't take it.Its better to plan with the little you have in your savings than paying off loan for 4yrs.
You can invest in Agriculure or use treasury bill
ReplyDeleteDo treasury bills you will glad you did.
ReplyDeleteCollect the money and used for either Stanbic or Codros Money Market. The interest is good and you can leave it there overtime till you have made up your mind on what to do.
ReplyDeleteIf you will buy land, fence it and add money. Build a self con or mai guard house and put a tenant there or someone who will stay rent free but look after the land for you. With the way things are going, you will just go there one day to see that the new owner has started developing it.
ReplyDeleteAlternatively, mutual funds. Treasury bill yields are lower for now. Don't buy any nonsense gold.
Dude, collect the loan (very important) and invest in treasury bills. 13% interest are achievable right now. Plus it’s govt backer so it’s riskless. You are welcome
ReplyDeleteCollect the load first, once the loan drops into your account just fix it for a period of six months while you clear your head on what you want to do with the money. Do not collect the loan and start taking small small from the money else you will useless the cash, Collect it and fix it immediately, before the six months will end you should be sure what you want to do.
ReplyDeleteBuy Treasury Bills or Land at a place close to developed areas or developing area
ReplyDelete