What would you do to earn an additional N50,000 each month if you are Abdul, who works a 9-5 job, like many other average males I know. He gets dressed for work as early as 5.30am. in order to avoid the dreadful early morning traffic at Nyaya.
He works extremely hard every day, but his usual income barely covers the first three weeks of the month, let alone saving. He needed to act quickly to address the situation.
Many of us find ourselves in such financial straits that we resort to unethical measures to supplement our normal income. What if there were more legitimate ways for us to supplement our income?
Before I go any further, let’s have a look at what it takes to earn an additional N50,000 for those having the following assets:
Rental Property: If you want to earn an additional N50,000 per month from a rental, you’ll need a rental property that brings in at least N600,000 per year in rent. Properties costing that much in Nigeria are valued at least N8.5 million.
Invest in Fixed Income Securities: if you want to earn an additional N50,000 (N600,000 per year) in Treasury Bills per month, you’ll need to invest an average of N6,000,000 each year (in today’s market).
Invest in Stocks: Investing in stocks is another excellent strategy to supplement your income. However, there is a lot of danger involved, and it necessitates financial knowledge. Year to date, the stock market has returned around 35%. As a result, to earn N50,000 per month based on that return, you’ll need to invest at least N1.7 million every month and hope to win every time.
Lottery: If you play the lottery on a regular basis and believe you have the luck and skill to win, you may potentially earn N50,000 each month, but we all know it is not realistic. The business listed below can provide you with many income streams without requiring a large initial investment.
Blogging: Thanks to bloggers like Linda Ikeji and others, owning a blog is a major business in Nigeria these days. Blogging, for those who don’t know, is the skill of writing short essays about various topics of interest and sharing them online.
They can be about your personal life, society, politics, entertainment, gossip, or all of the above. You only need a computer, phone, laptop, or tablet to get started. You can start blogging in minutes, and there are several tutorials on the internet that explain how to do so.
When you have a large number of visitors to your blog, you can make money. Advertisers see your visitor numbers and are willing to pay top Naira for the privilege of having their adverts on your blog. People might earn anything from N50,000 to N2 million per month merely by being well-known bloggers.
Use your talents or aptitude to provide a service: Businesses and individuals alike will occasionally require some type of service. Laundry, transportation, cleaning, teaching, and coaching are just a few examples.
Making money from a service is determined by the type of expertise you have and the perceived worth of that skill. For example, if you are skilled at math, you may start a math class for kids in your neighborhood preparing to write Jamb.
You can start a coaching session for youngsters in your estate if you are good at sports like football. When parents see these services, they are willing to pay for them. If you enjoy writing, you may start guest blogging for a price. If you produce ten articles every week, you may be able to earn enough money to supplement your income.
Make use of your profession: Even if you work full-time as a lawyer, accountant, or engineer, your services may be needed on an ad hoc basis. You can offer these services in your spare time in exchange for a reasonable charge.
Start a Business: Many Nigerians supplement their income by starting enterprises at home or in stores. Nothing prevents you from doing the same. Some people make so much money that they decide to work for the company full-time.
Become a Virtual Assistant: Virtual assistants are people who are hired to work from home or any other location other than a traditional workplace. All you’ll need is a laptop, access to the Internet, and a phone. It’s becoming increasingly popular as a way for stay-at-home moms to supplement their income.
Buying and Selling: This includes small consumer goods dealing. It’s tried and true, and it still works for a lot of folks. It is often preferable to begin by selling items that you are accustomed to. Dresses, shoes, jewelry, smartphones, tablets, and other items could be included. Your initial customers will almost certainly be coworkers and church members.
Work Weekends or Off Days: If you have the energy to work an extra day or two, try working weekends for a few hours. You can work an extra job on the weekends if you’re looking for anything to do. Ushering employment, clubs and restaurants, teaching, singing, and dancing are all examples of jobs that come to mind.
Start an internet business: Online firms include Facebook, Google, and Amazon. Nairaland, Africa’s most viewed website, is also internet business. Jumia, Dealdey, and Konga are all doing well. Advertisements on websites, commissions, or providing a product or service are all ways that online businesses make money.
You must either have a forum where people routinely participate, sell products or services that people require, or sell products or services that people require to make money from an online business. The majority of successful web enterprises began in people’s bedrooms.
Work as a Marketer: Working as a part-time marketer can entail selling things for a commission. If you’re excellent at it, why not volunteer to help businesses sell their products in your spare time? Network marketing is becoming more popular in Nigeria and is a sustainable marketing strategy.
Become an Agent: Agency employment entail supplying organizations with one-of-a-kind services. You can get a license to clear goods at ports if you base in Lagos. But you can sell airline tickets, or provide one-of-a-kind services or products. People who do not have such permits can rent them from you, generating additional cash.
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