What Would I Do With $590k?

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3 years ago

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I read @McYusuf 's post about what he would do with $590k and he tagged me in the post to take up the challenge so I can tell everyone what I would do with such a mouth-watering amount hahaha. You can read his post here.

I think most people might not understand what 590k in dollars mean but for the sake of sanity, I mean my sanity, let me mention how much it's worth in my currency; 295,000,000 - I mean 295 million Naira and I used 500 Naira as the exchange rate per dollar even though it's more than 500 Naira currently. Having this huge sum right now would mean the world to me because 10,000,000 Naira ($20,000) had been a long time dream of mine and I am still falling short of it πŸ€£πŸ€£πŸ€£πŸ˜‚... Imagine $590,000!

If you live in Nigeria, you will always see a problem to solve except you are not looking or seeking to solve any problem at all, and that's fine. We are all different and what's important to each person differs.

A professor asked a young boy what he would do with 10,000,000 Naira ($20,000) if he ever got a chance to be given and he said he would buy cars, travel out of the country for short vacations and then buy land. Out of all the things he listed, the land seems to be the only asset he mentioned and that's for us to know that the problem we have as a country isn't necessarily about the government alone but about how we think as humans. It's only a matter of time before he exhausts that money and I am so sure he would sell that land to live up to the lifestyle he has created for himself and then back to ground zero.

295,000,000 Naira is a lot of money to me right now and I would be doing justice to how I would SHARE the money. It's not in any particular order and since the money is available, I can kick start all of them at once.

1. INITIATIVE.

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I was having my bath a few years ago in my former city and the idea hits me on what I can do for others. I got the name of the initiative and how to go about it and that's why I used the word initiative rather than the name. I want to help children and when I said as parents we need to ask children what problem they want to solve rather than what they want to become, I meant it.

I learnt from what I went through and what I have seen to be the major thing that plays out from generation to generation. I want to have an empowerment center where children would have the basic education from Primary School (Elementary School) to Secondary school (High School). After giving struggling parents the help they need in giving their children these basic educations, I would then proceed with the help of counsellors to know which of the students want to further their education and those who would love to learn crafts or any type of business.

There would be someone they can be assigned to with whatever craft or business they want to learn because after going through Secondary School, they would have known if education is meant for them or not. For those who want to further their education, they would be sponsored throughout their University degrees and for those who want to learn trade or crafts, after they have finished the learning, there would be a little sum set aside to give them the capital base they need to kick start their business. There are so many nitty-gritty to it and of course, I can't share it all here and I shared the basics because I never know if any of the sponsors can be here to fund this project πŸ˜‚πŸ˜‚πŸ€£.

I planned on setting aside 100,000,000 Naira ($200,000) for this before I start getting fundings from major organizations and individuals. I believe when they noticed I have hit the ground running, further help would come and this isn't a small project and I am not delusional to know that funding might not come as quickly as I would have liked, so I would set aside another 25,000,000 Naira ($50,000) as emergency funds before fundings start coming in. I haven't started this yet because I know it is capital intensive and it's not what I can start and then stop halfway because the future of these children would depend on it and investors would only want to invest after they have seen how committed you are to it, even with your own money first.

2. HOUSE.

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This would be my house that I will buy here in Lagos. I should see a decent house if I want to "spoil" myself with a decent car to go with it as well, with both going for 50,000,000 Naira ($100,000).

My dad's house needs a renovation too and I believe 5,000,000 Naira ($10,000) would do justice to that since we use the lower apartments for rentals, I believe it would give a good facelift to the house and also drive the price of the rentals up a bit so the return on investment should be good for a couple of years to come before another renovation would be done.

3. FARM.

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I've always wanted to have a farm - a huge one with several crops and even livestock to rear there - every kind.. I've done poultry birds on a small scale and this time around I want it to be a bit on the medium scale and I have earmarked another 50,000,000 Naira ($100,000) for this. There is a family landed property already on the ground, so I don't have to pay for buying land since it belongs to my brothers and I with my half-sister in Ghana. If they want me to pay a lease on rental, I would gladly do that as well per year.

4. BUSES.

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My dad did transportation back in the day and he had many Hiace buses which brought home daily returns for him. I married someone who studied transportation too and I guess that's another call to start it again hahaha. She works in a transport company as well and I would love her to take a relaxed mode while getting her 5 coastal buses that goes for the tune of 50,000,000 Naira ($100,000). They are not new ones but she has bought for many of her clients and she got them for that value; 1 is 10,000,000 Naira ($20,000). Having 5 of those Buses mean I would be getting a return of 2,500,000 Naira ($5,000) every month because they would be put to work in her company and these coastal buses can work up to 10 years before they are no longer in a workable condition. $5,000 per month for 10 years (all things being equal) that's $600,000 = 300,000,000 Naira and I have taken out the cost of fueling, driver's salaries and repairs with servicing of the buses.

5. GIFTS.

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Of course, if I don't want the above investments to get ruined even before they started πŸ€£πŸ€£πŸ˜‚πŸ˜‚ and because I love giving as well, I would share the remaining $30,000 (15,000,000 Naira) with myself, family and friends. My two brothers and sister with wifey and her parents would be on top of the pile and my close friends too. Anyone I am unable to cover after this money gets exhausted, I can always reach them later on when the other investments start bringing in their returns.

Thank you for your time.

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3 years ago

Comments

Can't think much hahaha. That's a lot of money though.

If ever i have it, I would like to treat my family in a tour or vacation outside the country, some will be invested and perhaps purchase a horse coz that is my greatest dream...to ride a horse. Hahaha. I have a very simple wish list.

$ 0.02
3 years ago

Hahahaha I like that...I like horse too. Indeed it's a lot of money but it will be put to good use haha.

$ 0.00
3 years ago

Acccck! I love to have a farm too someday if only we can have that $590k haha my entry for this is on lost by tomorrow hehe

$ 0.01
3 years ago

Hahaha never say never.

$ 0.00
3 years ago

You sure have lots of plans but I'd rather not think about it. I'd rather not think about money that I don't have yet.

$ 0.00
3 years ago

Different strokes for different folks. Totally understandable.

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3 years ago

Can't be thinking too much, I'm already hypertensive.

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3 years ago

I love that the first thing you want to do is to start something that will help others. And the last is about sharing money and gifts with your loved ones. It really shows just how compassionate and kind you are.

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3 years ago

Thank you so much, my friend. I deeply appreciate your kind words πŸ€—πŸ€—πŸ€—.

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3 years ago

Talking about the young boy that said he will buy cars and travel out, someone else can use that in a better context. I can buy cars and start a car riding service just like taxify, give it out to people and be collecting profits from it. I can travel out and starting a shipping business, shipping goods down to Nigeria and sell. But I know the young boy just want to own those cars so he can be cruising around town, that's the mentality of most young people these days.

For me also I will also love to have a farm, for God's sake I'm even studying agricultural science in school, specifically fisheries and one of the goals is to have a farm. After school I will love to own a fish farm, and $590k will go a very long way into establishing it

$ 0.02
3 years ago

Beautiful...you will surely put that money into good use unlike the young guy that just want to cruise around. Beautiful.

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3 years ago

Thank you sir 😊

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3 years ago

πŸ€—πŸ€—πŸ€—

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3 years ago

I am glad to hear your idea of spending this much money in productive way.So your first motive is to help the needy children and parents. The house you want to buy is also beautiful. I pray you get enough money to fulfil your dreams.

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3 years ago

Thank you so much. Deeply appreciated. πŸ€—πŸ€—πŸ€—

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3 years ago

If I have $590,000 I will cash out half and invest it in real life like you've shared buying land or build a house or start a business while the half I'll invest it virtually, then I'll cut a little for giving to others 😊

$ 0.02
3 years ago

Hahahaha I love how you said you will cut a little for others πŸ€£πŸ€£πŸ€£πŸ˜‚πŸ€£. I trust you, I know you will put it into good use.

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3 years ago

HAHAHA of course I'll do it if ever I have that amount, giving to others is attracting good karma towards us.

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3 years ago

That's so true. Life is about making life better for others too. So true, my friend.

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3 years ago

You have a large heart. God bless you always and one you will get this money.

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3 years ago

Amen. Thanks a lot, my friend.

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3 years ago

I am planning to write this as well haha.

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3 years ago

I'm definitely looking forward to reading yours, Janeyyyyyyyyy. It would be interesting...

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3 years ago

Not really haha

$ 0.00
3 years ago

Hahaha.

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3 years ago

That's really great. Using the money to invest in physical things like houses and farms will be useful no matter what happens (internet shutdown, wars, other bad things). It's also nice how you plan to give back to your family and relatives

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3 years ago

Thank you so much. I really appreciate this. πŸ€—πŸ€—πŸ€—

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3 years ago

It shows that you allotted the money well, from helping others to building your own house and creating different investments in the form of buying land and make it as your farm then buses for your wife. $590k is such a huge amount.

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3 years ago

Absolutely huge amount of money that must never be wasted when it comes. Thank you so much. ☺️

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3 years ago

That's an amazing plan you got Ola. And the farm, wow... takes my breath away :)

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3 years ago

Yaaaaay! Maybe they will add FarmMan to my name πŸ€£πŸ€£πŸ€£πŸ˜‚

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3 years ago

Hahaha, Farm Boss more likely :)

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3 years ago

Hahaha I love the sound of that.

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3 years ago

The first idea is the one I like the most of all. And if you put it first it is because you have a good sense of humility and love for others. I like the way you put others ahead of you. Children deserve quality education, after all it is they who will bring the future to us at some point. With that money anyone could become conceited and selfish, we have to keep our feet on the ground and be humble.

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3 years ago

Thank you so much for your kind words, I deeply appreciate this.

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3 years ago

Thanks to you for trying to make a better world if you had the chance. We are on the same team.

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3 years ago

All thanks to God and thank you once again. Once we understand that everything starts with God, it's easier to see things through His eyes.

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3 years ago

Your words fill me with joy and rejoicing. May you have many more successes, friend, and may one day fulfill your dreams. A virtual hug.

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3 years ago

Thank you so much. πŸ€—πŸ€—πŸ€—

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3 years ago

That is perfect. You have investments and you also allocated sum of money to help a lot of people but how about for God?

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3 years ago

I don't blow my horn on what I do for God. That's between me and Him. I don't mention it for public applause.

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3 years ago

I see.

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3 years ago

Yes.

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3 years ago

What a nice desires! God gives what you desire if you have good motives, and I pray that it will become a reality, God bless you bro, I want to have my own house and farm too if ever God permits me to accumulate that huge amountπŸ₯°

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3 years ago

Amen. Thank you so much, my friend. πŸ€—πŸ€—πŸ€—

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3 years ago

Your money doesn't put to waste or any greed. I think you deserve to have it. Helping children for their future is the best thing we could also donate I'm some churches . We also need to invest some in stocks for more income too

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3 years ago

Thank you so much for your kind words. It means a lot.

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3 years ago

I hope I am among those close friends? 🧐🧐 I believe with all you have mentioned here, it is very sure to have massive profits in return and forever you are stinkingly rich. Popsy Dara don ace am with $590k which turned things around for him. Wait! Let me enter prayer and fasting mode for you because I don't want all these wishes to go in vain 🀣🀣🀣

$ 0.02
3 years ago

πŸ€£πŸ€£πŸ€£πŸ˜‚ please enter the mode o and of course, you are one of the many beneficiaries.

You know how to crack me up and Amen...I pray it becomes a reality. It would be nice. I believe in your prayers.

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3 years ago

πŸ˜…πŸ˜…πŸ˜…

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3 years ago

🀩🀩πŸ₯°

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3 years ago

Bro, that's huge. We have lots of things in common, investing is important.

I love to help a lot of people which includes widows, children, youth, church ministries, and others. That's quite a lot of money I must admit, please where exactly is the money so we can get it?

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3 years ago

πŸ€£πŸ€£πŸ€£πŸ˜‚πŸ˜‚πŸ€£πŸ€£ I would love to lay my hands on that money too or more. I hope God sends us a guardian angel in human form to achieve all these.

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3 years ago

I say a big amen to that my brother.

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3 years ago

πŸ€—πŸ€—πŸ€—

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3 years ago

I would take 50% and divide it equally among my children. I would give 25% to the church. The remaining 25% i would use for my daily living.

$ 0.01
3 years ago

That's not a bad thing to do at all. At least, you have a plan for it and that's what counts.

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3 years ago

LOL. Every time somebody ask this question, it does not matter what the dollar amount is, my percentages never change. Could be 500 thousand. Could be 5 million. It's always 50/25/25. πŸ˜€

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3 years ago

πŸ˜‚πŸ˜‚πŸ˜‚πŸ€£πŸ˜‚πŸ˜‚πŸ˜‚πŸ€£ nice sharing formula.

$ 0.00
3 years ago

Opo!!! That's a huge amount of money!!! Okay nah, spoil yourself with everything, I don't mind if you can spoil me with money too... hehehehe πŸ˜†

Well I will say you have make use of the money in the right way, you've make some investment That will be of great benefit to you...I give you kudos.

What baffles me most, you wanna become a philanthropist?? That's amazing, where's by you'll be helping the majority of children to have a primary and secondary education which is very important... That will be so kind of you. If all these our rich man in Nigeria can be like this hennn, me sef I go don Chop up... hehehehe May all your dreams come to reality ijn

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3 years ago

Hahahaha thanks a lot, Mary. I really appreciate your kind words and input. God help us all, hoping to do even more when He permits.

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3 years ago

Love the spirit anyways... Very rare to see

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3 years ago

πŸ€—πŸ€—πŸ€—

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3 years ago

Hahahaha. Superb!

I wish I could just be the anonymous sender who would credit your wallet with such amount

I might have no idea on how to spend such a huge amount, but you gave a proper breakdown with every aspect having their reruns of investment

I am sure with this analysis. Only a Foolishness that has no shame can penetrate through.

And the fact about our mentality in this country still continue to remain the same. Imagine the thinking on that child.

Only God can help.

$ 0.02
3 years ago

Thank you so much, brother. Thank you for the invite to do this. It is refreshing and I enjoyed it. Thanks a lot.

Amen. God will help us all.

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3 years ago

There is always a difference between the life of the married and the singles. πŸ˜‚

I learnt that here. πŸ˜‚

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3 years ago

πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚πŸ˜‚ different expectations as a result of responsibilities πŸ˜‚πŸ˜‚πŸ˜‚πŸ€£

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3 years ago

Wow! nice plan. Really nice planπŸ‘... Would be looking forward to work with you in future. I would love to have a share(stock) in your plan or rather let's say investment

$ 0.01
3 years ago

Hahaha, you can start with a donation haha. Thanks a lot for your kind words.

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3 years ago

Alright no problem...will see to that soon πŸ™‚

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3 years ago

That would be nice. 😊

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3 years ago