tag:blogger.com,1999:blog-9007262862160462114.post1413931152543555292..comments2023-06-14T09:47:19.626-05:00Comments on The Relentless Builder: Do Family Obligations Prevent Nigerians from Saving Money?Anonymoushttp://www.blogger.com/profile/02741175042414216760noreply@blogger.comBlogger6125tag:blogger.com,1999:blog-9007262862160462114.post-7099141394096758842013-05-22T23:28:19.619-05:002013-05-22T23:28:19.619-05:00Free Truths: Thanks a lot for the encouragement o!...Free Truths: Thanks a lot for the encouragement o! I will re-visit this topic and treat it in greater depth later, as per your request.<br /><br />Meanwhile ...<br /><br />Good point, as per sending money home definitely reduces how much a person saves. My (former) pastor's recommendations poses several problems e.g. how can you spend 80% of your income? Sounds troubling to me. What about retirement, investment, etc? But even as strange as that recommendation looks, some folks don't even save the recommended 10%, meaning they spend 90-100% of their income!<br /><br />I definitely support saving more, but it also means cutting more expenses. I don't consider sending money home a necessary expense unless it is for the upkeep of aged parents like Atilola [@@ilola] pointed out.The Relentless Builderhttp://therelentlessbuilder.com/noreply@blogger.comtag:blogger.com,1999:blog-9007262862160462114.post-72815429343634129192013-05-22T23:22:27.170-05:002013-05-22T23:22:27.170-05:00Atilola: I have no idea o! You know I have heard A...Atilola: I have no idea o! You know I have heard Americans ask immigrants why they send money back home. The concept is simply alien to them. I agree with you: apart from aged parents, everyone needs to work.The Relentless Builderhttp://therelentlessbuilder.com/noreply@blogger.comtag:blogger.com,1999:blog-9007262862160462114.post-85594733822546059872013-05-22T23:20:41.566-05:002013-05-22T23:20:41.566-05:00Nollywood Reinvented: Going into debt to send mone...Nollywood Reinvented: Going into debt to send money home is more common than people realize. Same thing with borrowing money to fund visits to Nigeria. Those costs add up. I think it comes down to trying to put up a certain image of "prosperity" to family members back home. But at what cost?The Relentless Builderhttp://therelentlessbuilder.com/noreply@blogger.comtag:blogger.com,1999:blog-9007262862160462114.post-54722831994901357112013-05-14T17:06:16.827-05:002013-05-14T17:06:16.827-05:00I like this topic, and I think you should expand o...I like this topic, and I think you should expand on it some more Relentless! I don't think sending money back home prevents one from saving, (although I guess it depends on how much you're sending!) but it obviously does reduce how much one can save. We could argue till the cows come home about whether certain money requests are genuine or indeed even needed, but there are obviously occasions where one needs to make adjustments in the budget for 'sending money back home' or just helping out family / people as the case may be. I'm not so sure about your pastor's recommendations but I read somewhere and the principle suggested was to tithe some, save some, spend some and give away some. In my case, apart from the tithing, the amount allocated to the rest is up to me. If I want more money in my savings account, I put more money in my savings account! p.s. I love your 'note' by the way!Free truthshttp://www.rennysfreetruths.blogspot.com/noreply@blogger.comtag:blogger.com,1999:blog-9007262862160462114.post-48179349131962443272013-05-13T16:17:10.043-05:002013-05-13T16:17:10.043-05:00I think saving is should take a higher priority. N...I think saving is should take a higher priority. No matter how small, save something. As for those people they are sending money to, why can't they just work?<br /><br /><br />I am someone who has almost all my extended family outside Nigeria, and no one sends me or any of my nuclear family a dime. We don't even expect them to. Apart from aged parents, everyone should get up and work joo.@ilolanoreply@blogger.comtag:blogger.com,1999:blog-9007262862160462114.post-68099890953225346332013-05-13T09:03:21.528-05:002013-05-13T09:03:21.528-05:00Eh! Yes, yes, yes!!!! I've seen people go into...Eh! Yes, yes, yes!!!! I've seen people go into debt because they are sending money back home. Not like it's a bad thing o but even if we need to divide our salary into: tithe, savings, investments, bills and BACK HOME MONEY then let's do that but everything should be done with reason biko.Nollywood REinventedhttp://twitter.com/NollywdREinvntdnoreply@blogger.com