Many of us are in such financial woes and often use unscrupulous tools to replenish our tidy homes. What if there were other things we could do legally to earn extra income?
Before I proceed, let's see what it really takes to earn an extra N50,000 for people with the following assets;
1. Rental Property: To earn an additional income of just N50,000 per month from a rental, you must have a rental property that earns you at least N600,000 rental annually. In Nigeria, properties that can bring you so much are worth at least N8.5 million.
2. Invest in fixed income security: I have talked several times about investing in treasury bills, bonds, etc. However, to earn N50,000 (N600k per year) in treasury bills each month, you need to invest an average of N6,000,000 per year (according to the current market).
3. Invest in shares: Investing in shares is also a very good way to earn extra income from each other. However, this carries many risks and requires financial skills. The stock market returned about 35% a year ago. Therefore, to earn N50,000 every month based on that return, you must invest at least N1.7 million every month and pray to earn all the time.
4. Lottery: If you regularly play the lottery and think you have the luck and the opportunity to win, you can probably win N50,000 every month, but we all know that it is not possible.
With the company below, you can earn the multiple earnings you want, without even investing so much in seed capital.
1. Blogging - Maintaining a blog is big business in Nigeria nowadays. For those who do not understand, Blogging is simply the art of writing short articles for various interesting sources and publishing them online. They can be about your personal life, society, politics, entertainment, gossip or a combination of all. All you need is a computer, phone, laptop or tablet. You can start blogging in minutes and there are numerous articles online on how to start a blog. You make money on blogs if you have a lot of visitors. Advertisers see your visitor numbers and can pay you the best Naira to place their ads on your blog. People can earn between N50,000 and N2 million a month simply by being a well-known blogger.
2. Use your skills or talent to provide a service - Businesses and individuals always need a casual service. It can be laundry, taxi, cleaning, teaching, training, etc. Making money with a service depends on the type of skills you have and how many people appreciate it. For example, if you are good at math, you can start a math class near you for kids who write lessons in class. If you are good at sports like football, you can start a kids training session on your assets. Parents are willing to pay for these services when they see them. Do you like to write, why not start making a blog for a fee? By the time you write ten articles a week, you may be earning enough to earn that extra salary.
3. Use your profession - As a full-time lawyer, accountant or engineer, it is not possible for your services to be required on an ad hoc basis yet. You can offer these services in your spare time, upon request for a reasonable fee.
4. Own a Business - Many Nigerians increase their income by owning businesses that they operate at home or in stores. Nothing prevents you from doing this. Some even earn as much money as belonging to the full-time company.
5. Be a Virtual Assistant - Virtual assistants are people who are employed to work remotely from home or in a place other than your normal office location. All you need is a laptop, internet and phone. It is gaining popularity as a source of income for staying home mothers
6. Buying and Selling - This is about the small trade in consumer goods. Hassht tested over time and still works quite well for many people. It is often better to start selling things you are used to. It can be clothes, shoes, jewelry, smartphone, tablet, etc. Your first clients are usually your co-workers and Church members.
7. Work weekends or days off - If you have the strength to work an extra day or two, why not try working a few hours on the weekends. You can do extra work in places where weekend work is needed. The jobs that come to mind are bringing jobs, clubs and restaurants, teaching, singing, dancing and so on.
8. Start an online business - Facebook, Google and Amazon are all online businesses. Africa's most visited website, Nairaland, is also an online company. And the same goes for Jumia, Dealdey, Konga. Online businesses make money by advertising on websites, commissions or by selling a product or service. To make money from an online business you either need to have a forum where people communicate regularly, sell products or services that people need, and so on. The most successful online businesses started with people's bedrooms.
9. Be a Trader - If you are a part-time trader, you can sell products in exchange for a commission. If you are good at this, why not help companies sell their products in your spare time? Network marketing is becoming more and more popular in Nigeria and a valuable form of marketing.
10. Be an Agent - Agency work involves providing unique services to organizations. You may be licensed to clean products at ports, sell airline tickets or offer unique services or products. People who do not have such licenses can rent them from you, providing an additional source of income.
This list is not exhaustive, but I think you understand. Always remember that to make money from multiple income streams as an employee, you need to do things you enjoy and that it is also cheaper to start but has the potential to grow. You need to be agile and adaptable to change.