Making money in Nigeria is very easy and it is something that anyone can do; I find it surprising when people complain of not knowing how to make money in Nigeria. I will show you how to make money in Nigeria and become rich and wealthy. The principles for making money in Nigeria is the same and applicable in any country of the world.
I have made used of these principles and it works for me. I started making right from my university days while I was still in medical school; before you start giving complain that I had support from my family, I am from a rich family or that I had it on a platter of gold, just know that none of such is true. I started making money online in Nigeria and prior to that, my monthly upkeep was about 5,000 (five thousand naira only) and I use it for transportation, feeding and paying for handouts. It was not enough that I had to beg my mother to increase it to 10,000. I will leave this story for another post as I will be writing about the various principles of making money I have used. Each principle I write out in this article will be a summary and the actual explanation for each principle will be a post in subsequent articles.
Table of Contents
- Principles of making money in Nigeria and becoming rich
Principles of making money in Nigeria and becoming rich
- Have a source of income it does not matter how small or little or big or large the source of income may be
- Save some percentage of the income not just for saving sake but a particular purpose
- Understand the difference between the value of money and amount of money
- Invest a percentage of your savings into a business
- Understand the type of business to invest in
- Repeat the process again
Principleof making money: Having a source of income
When you have something that brings money to you be it monthly, weekly or daily make use of this source of income very well. People often misuse the opportunities they have for saving money and waste time and money because they thought the money will continue to flow always without even thinking of the fact that things could change in the future. When you have a Job that pays very well and you think it will remain as such forever, you are only wasting your time. The economy changes, you may have a family which means more responsibilities and funding, you may be sacked, your company may crash and go out of business, your government may not pay for months; anything may happen but I often see people leave a carefree life without thinking that many things may go wrong in the future. You must have a source of income as the first step to becoming rich.
When you have a source of income, start saving money; you must not wait for a source of income that pays high before you start saving. You can start from a small source of income and build it over there. The idea is getting multiple sources of income but you want to start with one and build other sources of income.
Saving a percentage of your income to become rich
When you have a source of income, remember to be disciplined about saving a percentage of it. if you do not force yourself to save a percentage of the money, you will spend more than you should. You have a goal and purpose of becoming rich which requires multiple sources of income and building multiple sources of income comes from starting many businesses; you must therefore save money and start a business or increase the number of businesses you are doing. Depending on the type of business you want to start, you will know the amount of money you need to save and for how long you need to start.
Understanding the difference between the Value of money and amount of money
Many people are emotional about money and they continue to save without actually investing the savings. You can never become rich by saving money, no matter how you save it is a fact and not an assumption. For you to invest it entails spending money and this makes many people uncomfortable. The truth is that you must understand what the value of money is. The value of money shows you what the money is capable of doing for you; it tells you what use the money can do and how to use it as a tool to make more money. The amount of money on the other hand refers to the quantity of money you have in your account.
I believe when you are given 5 million naira, you will be happy because you think it is large amount of money. But what happens when you what to build a house for yourself? Will that money buy land and build the house and furnish it? NO. It means the large amount of money in your account was just large in amount but the value was low. What you wanted doing with that money was more than what the money can do. Understanding this helps you to know why you need money, how to use it, and how to put it to work for you.
When I spend 1 million naira to start a business and I start earning 50,000 naira per month as a result of the investment; I will not feel bad that my million naira is gone because the value of that amount spend has higher returns in the long term. I am not seeing the 50,000 naira it brings every month but the 5 million it will generate in 9 years. If I can have 10 of such businesses again, it means I will earn 500,000 per month. The value is better than the amount.
Invest a percentage of your savings
Depending on how much risk you can tolerate, only invest a percentage of your savings in any business you intend starting and never use all your savings no matter how much such a business may bring in as revenue. It is safer to make use of about 20% of savings as maximum amount to start a business because when it fails, you can easily learn from the experience and start again the second time with another 20%. This allows you to learn as you grow and you can easily scale the business with another percentage once you have much experience.
Understand the type of business you want to start
It is not just any business you start simply because you want to make money fast; understand what businesses are scalable, that allow you time; that can run without your presence and pays higher returns with time these are the types of businesses I would love to start. A business that only runs when you are there cannot make you rich; a business that cannot increase the revenue even when you increase your efforts is not a good business; a business that brings small income after many years is not worth your effort;
Repeat the process
Once you have known the secret of making money as outlined above, just repeat the process for any source of income you have until your earnings become more than your spending.
Making money and becoming rich is very easy; the same principle that works in Nigeria can work in any country. I will be expanding more on each of these principles of making money.
Dr. Brown is the founder of Jotscroll, he is a Medical Doctor, Entrepreneur, and author. Dr. Razi Brown holds a medical degree from the University of San Diego. He has invested in many startups and is currently working on his fifth book to be published in the upcoming year.