Christmas is just around the corner and you have a lot of responsibilities to carry. Here are some tips to help you get rid of financial worries.
Mike, like many other guys I know, has a 9-5 career. He gets up at 5.30am to get dressed for work so that he can catch the morning traffic in Lagos. He works hard every day, but his normal salary is not enough to keep him for the first three weeks of the month, let alone save. He had to do something about the situation very quickly.
Many of us find ourselves in such a predicament and often turn to unscrupulous ways simply to expand our normal homes. What if there are other things we can do legally to earn more money?
Soon Christmas is here and you have a a lot of responsibilities to take handle, Here is a helpful tip to make you free from financial worries
Before I go any further, lets explore what exactly is needed to get an extra N50,000 for people with the following assets;
Rental Property: To earn an additional N50,000 per month rental, you must have a rental property that will pay you at least N600,000 rent a year. In Nigeria, buildings that can achieve that much cost at least N8.5million.
Invest in Fixed Income Security: Many times, I have talked about investing in treasury loans, bonds, etc. However, in order to earn N50,000 (N600k per year) on Treasury loans every month, you should invest about N6,000,000 a year (according to today's market).
Invest in Stocks: Investing in stocks is also a great way to make extra money on the side. However, that comes with a lot of risks and requires financial skills. The stock market has returned almost 35% to date. Therefore, to earn N50,000 a month based on that refund you will need to invest a small amount of N1.7 million every month and pray that you always win.
Lottery: If you play the lottery regularly and believe you are lucky and have the ability to win you can probably earn N50,000 every month but we all know that is not possible.
The business below can get you the most profitable streams you want without having to invest that much in the first investment.
Blogging - Blogging is a big business these days in Nigeria, thanks to Linda Ikeji's popularity. For those who do not understand, blogging is the art of writing short articles about various sources of interest and publishing them online. It could be your personal life, society, politics, entertainment, gossip or a combination of it all. All you need is a computer, a phone, a laptop computer or a tablet. You can start blogging in a few minutes and there are many articles on the web about how to start a blog. You earn money through blogs when you have more visitors. Advertisers see the value of your visitor and may pay you a higher Naira just to have their ads on your blog. People can earn between N50,000 and N2million a month just by being a popular blogger.
Use your skills or talents to provide the service: Businesses and individuals are always in need of some kind of service. It can be laundry, taxi, cleaning, teaching, training etc. Making money through a service depends on the type of skill you have and how much people value you. For example, if you are good at math you can start a math lesson in your area for kids writing Jamb lessons.
If you are good at sports like soccer, you can start a training session for children in your area. Parents are willing to pay for these services when they see them. You love to write, so why not start a guest blog for money? When you write ten articles a week you could earn enough money to earn that extra income.
Use your expertise: As a full-time Advocate, Accountant or Engineer it is unlikely that your resources will still be needed on a temporary basis. You can offer these services in your spare time if you request for a decent fee.
Be Your Own Business - Many Nigerians increase their income by having their own businesses or home-based businesses. Nothing stops you from doing this with yourself. Some actually make a lot of money until they are fully involved in the business.
Be a Visible Assistant - Visual Assistants are people who are hired to work remotely from home or anywhere other than your regular office environment. All you need is a laptop, internet and a phone. It is becoming increasingly popular as a source of income for the stay-at-home moms
Buying & Selling - This includes a small trade in consumer goods. Time has been tested and it still works well for most people. It is usually best to start by selling the items you are familiar with. It could be clothes, shoes, jewelry, smart phones, tablets etc. Your first clients will usually be your work colleagues and church members.
Working Weekends or Occupation Days - If you have the energy to work for an extra day or two why not try working a few more weekends. You can take extra work in areas where weekend activities are needed. Activities that come to mind are job search, clubs and restaurants, teaching, singing, dancing etc.
Start an online business - The likes of Facebook, Google, and Amazon are all online businesses. The most visited African website Nairaland is also an online business. So did Jumia, Dealdey, Konga. Online businesses make money through website ads, commissions or by selling a product or service. To make money with an online business you need to have a platform where people communicate regularly, sell products or services that people need etc. Many successful online businesses have started in people's bedrooms.
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Become an Advertiser - Being a temporary advertiser can involve selling products for a commission. If you know this well, why not help companies sell their products in your spare time? Network marketing is becoming increasingly popular in Nigeria with an effective marketing approach.
Become an Agent - Agency functions include providing a variety of organizational services. You may be licensed to cancel products
This list is not exhaustive but I believe you are getting swept away. Always remember that in order to earn money from many sources of income as an employee you have to do things you love and are not too expensive to start with but have the opportunity to grow. You just have to be more discriminating with the help you render toward other people.