My younger cousin inherited 6 million from his late mother last year.
When he told me about it, I advised him to use one million to go back to school since he dropped out in his final year. He should clear his results and go for youth service so he can proudly say he’s a graduate. Then he can use another 1 million to buy a plot of land that will appreciate over time. He can put the remaining 4 million on fixed deposit since he’s not very business oriented and enjoy the interest.
While at youth service, he should survive with his 33k allowance like others and plan what business he has interest in after NYSC.
However, my advice fell on deaf ears as in less than a week, he bought a car, not just any type of car but a highlander for 4.5 million. He also spent about 500k refurbishing the car to his taste and moved from his one-room self-contained apartment to a nicely furnished three-bedroom. He became a big boy and got a lot of attention from the opposite gender.
Within four months, his car had a gearbox issue which cost over 500k. Other issues came up, and he had to sell it, keeping only 1.9 million. From that 1.9 million, he didn’t lower his standard and continued enjoying his fresh boy status. Now, he has only 200k left and called this morning to ask for business ideas.
Please suggest some businesses he can start with his remaining 200k because my advice has run out.
What Business Can Someone Who Squandered 5.8 Million Naira Do With 200K?
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