A Nigerian business expert and entrepreneur, Tayo Oyedeji, has explained the two key models of making and growing money, via his Twitter page.
According to him, there are two key models for making money. These are competence/skills and Hustle/flow. On the other hand, the two models for growing money are frugality/saving and investment/equity.
Professor Oyedeji identified all the approaches to making and growing money. We have compiled his thoughts for your reading pleasure. Below are his words.
THREAD: Making vs. Growing Money.
— Dr. Tayo Oyedeji (@tayooye) July 18, 2019
“Making vs. Growing Money
There are two key models for making money.
- Competence & skills
- Hustle & flow
And two key models for growing it.
- Frugality & Saving
- Investment & Equity
Both models are different. People get in trouble when they try to make money from a money-growing model.
1b. Making it: Competence & skills
Complex skills are more marketable and expensive than mundane skills. For instance, I once charged a fee of $10,000 for less than a full day of work for business operations consulting for a big firm – Ops Mgt is a relatively rare skill.
1c. Making it: Competence & skills
Do a quick audit of your skill-sets. Can they earn you a good income? If not, what additional skill-set do you need to build to earn a premium? Most people are lazy. They will not invest the time to build new skills. Be different!
1d. Making it: Competence & skills
In today’s world, technical skills are more expensive than non-technical ones. My AI mentor was a music composer who went from $25,000 a year to $150,000 in 12 months. He still plays music but is now a data scientist at @EpicSoftHosp.
2a. Making it: Hustle & flow
Many people are not wired for technical competence. They, however, have natural business skills that can help maximize their income. Others have both. They can hold down a regular job while hustling on the side.
2b. Making it: Hustle & flow
I have always done both. I sell competence during the day and hustle at night. Most employers will not pay you more than you need to live a decent life. To make more money, you will need to build a side gig that will multiply your income.
[READ MORE: Simple tips to train your kids on how to save money]
3a. Growing it: Frugality & saving
If you make $1m and spend $1m, the money just passed through you. You are not wealthy. You’re just a money conduit. On the flip side, if you make $2,000 a month and keep $500, you just grew your net worth by $6000 a year.
3b. Growing it: Frugality & saving
The first way to grow money is by living below your means so that you can save some.
1. Don’t buy crap you don’t need.
2. Sell anything you haven’t used in a year.
3. Don’t impress people with things, impress them with your investments.
4c. Growing it: Investment & equity
The models for making money are skills & competence (employment) / hustle & flow (business). Frugality grows your savings and investments accelerate the growth. Learn to create value & make money first. You can only grow what you have made.
4d/ Growing it: Investment & equity.
If you try to make money with a money-growing model, you will chase risky propositions and lose money. The way to make money is by creating value with your skills or business. Then you save some, and grow it with investments. Here’s the formula again.
Make it with #makemoney:
1. Competence & skills
2. Hustle & flow
Grow it with #growmoney:
1. Frugality & Saving
2. Investment & Equity
Don’t try to switch the two models.”
Agip shut oil facility in Bayelsa due to oil spillage, environmental pollution reported
Agip on Wednesday confirmed an oil leak, resulting in a shutdown.
The Nigerian Agip Oil Company (NAOC) has confirmed the shutdown of its Idu oilfields at Egbebiri settlement within Biseni in Yenagoa Local Government Area in Bayelsa, due to an oil spillage.
A Joint Investigative Visit (JIV) report on the incident said that the leakage at the facility could be traced to equipment failure due to a rupture at the wellhead.
According to a report from the News Agency of Nigeria (NAN), Eni, the parent company of NAOC, in a response statement, said the facility was shut down to prevent further damage to the environment.
What Eni is saying
An Eni spokesperson on behalf of the Italian Energy firm, in a statement, said, “As soon as the incident was reported, we activated our oil spill response, shut in the well, and notified government regulatory agencies.
“The Joint Investigation Visit (JIV) was carried out on 09/05/2021, with the participation of community representatives and the government regulatory agencies.
“The event occurred within the Company’s wellhead location which is paved and walled round. There is no significant third-party impact,” Eni stated.
Environmental Rights Group reports environmental degradation
An environmental rights group, Environmental Rights Action/Friends of the Earth Nigeria (ERA/FoEN), however, said that the incident which discharged crude and associated gas had severely polluted the environment.
The Non-Governmental Organisation said that a visit to the spill site showed pictorial evidence of the crude spreading beyond NAOC’s right of way as nearby vegetation were affected as a result of the crude impact.
The Head of Field Operations at ERA/FoEN, Mr Alagoa Morris, in a field report on the spill said the Idu fields was notorious for frequent spills caused by equipment failure.
He said, “The people of Egbebiri in Biseni kingdom have experienced several oil spills over the years. And all the oil spill incidents documented by the Environmental Rights Action/ Friends of the Earth Nigeria (ERA/FoEN) in this community environment have occurred as a result of equipment failure and on Wellheads.
“ERA/FoEN has had cause to visit the environment of Idu Well 5 and 11 located within the same place in the past and it has always been Idu Well 11 spewing crude oil into the environment.
“Available records from ERA/FoEN indicate that there have been previous oil spills from this particular Idu Well 11 operated by Agip. Before concluding this Field Report, ERA/FoEN confirmed that Joint Investigation Visit (JIV) was carried out on Sunday, 9th May 2021.
“This is why the official Spill Reference No 2021/LAR/028/058 is indicated in this report; sourced from the JIV report. Cause of spill was attributed to equipment failure,” ERA/FoEN stated.
The report quoted a resident of the community simply identified as Georgie as saying that the spill incident of May 7 spilled oil from around 10 p.m till about 8 a.m the next day before the leak was stopped adding that the level of damage was enormous.
What you should know
It can be recalled that in a similar circumstance, Shell Petroleum Development Company reported an oil pipeline spillage at its Okordia-Rumekpe 14-inch crude truck line, discharging about 213 barrels of crude oil into the Ikarama community in Bayelsa State and polluting about 1.34 hectares of land.
This new leakage is the latest in a series of oil spillages by the multinational oil exploration and production companies, which has put them in conflict with the host communities.
Nigeria records system collapse during holidays
Nigeria’s national electricity grid collapsed on Wednesday morning.
The Nigerian grid has experienced a partial collapse, dealing a blow for stay at home Nigerians during the holidays.
This was confirmed in a statement by the Eko Electricity Distribution Company (EKEDC), as seen by Nairametrics.
What EKEDC is saying about the grid collapse:
“Dear customer, there is a partial system collapse on the National Grid. Our TCN partners are working to restore supply immediately. Please bear with us.”
According to latest reports, partial restoration of power is already occurring across the country.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Seplat Petroleum Development Company postpones Q1 2021 dividend payment date.
- FMDQ approves quotation of MTN’s Commercial Paper worth N73.5 billion.
- MTN Nigeria issues a 7-Year Series 1 bond worth N110 billion.
- Caverton Offshore Support Group reports profit after tax of N520 million in Q1 2021.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.