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Personal Finance

How to increase your income from one to many

If you really want to be wealthy then multiple sources of income are the way to go.



One of the major roadblocks to Financial Independence is to put your source of livelihood on one source of income. Anything with option one creates high risk and is a major cause of stress when it’s uncertain. Thus if your only source of income is full-time job chances are high that you will postpone your financial independence. Worse of all is that this income lives and dies with your job. Thus If you have been racking your brains for ways to get multiple sources of income so you can protect yourself. Rack no more for today I will show you the answer.
What do you do to move from one source of income to multiple sources of income? And how do you ensure that you achieve Financial Independence?

READ: Successful Entrepreneurs Say These 9 Tips Are Critical To Starting A Great Business

To move from one source of income to multiple streams of income there are three things you must do. First, you must understand what you need to get started. Second, you must understand your multiple income options. And third, you must understand the critical success factors that lead to financial Independence. Below I explain these three points in detail.

What You Need to Get Started

To Create Multiple streams of Side Income you need an income-producing seed. There is no room for empty handedness in the corridors of wealth. So you must come with a seed if you want to create more wealth. So what seeds do you need to create multiple incomes? There are primarily two seeds. The First seed is the Money Seed and the second is the Scratch Seed. When you want to expand your source of income, you either use money to create more money or you create money from scratch

(READ MORE:MoneyGram received $9.3 million from Ripple in Q3)

The money seed is thus the option that uses money to create more money. Money can reproduce money and the fastest way to reproduce money is to invest it. There are two places that money can be invested. The first is in an Investment vehicle and the second is in people. To be successful with investing you need a lot of money and you also need a financial independence plan. And for people investing to be successful, you need a people-based passive Income plan. But if you have limited amounts of money using money to make money is not the fastest option for you. The fastest option you have is to create more money from scratch.

READ: The top money mistakes people make in their 20s

The From Scratch seed is thus the only way to create money from scratch. This seed is not based on how much money you have but on how much of these three skills you have. These three skills are what I call the money-making skills. The first skill is Problem-solving skills also called creativity or innovation skill. The second skill is Relationship building skills also known as Networking skills. And the third skill is Marketing and sales skills. These three skills are the only skills in the world that can build wealth from scratch. It is the closest you will ever get to making money out of thin air. If you do not yet have these skills you need to develop them and if you need help developing these skills send an email to [email protected]


READ: Abbey Mortgage Bank Plc projects N60.13 million profit in Q1 2021

So now that you know what you need to get started. Let’s look at the broad options of side income that you have.

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There are about nine paths to take if you want to create multiple streams of side income. The First seven paths are active sources of income. And the last two paths are the only two Passive Sources of income in the world. So let’s look at each of these paths in detail.

(READ MORE:How to build solid income security for yourself)

Active Sources of Income

1. Create Your Own Product

One of the ways to generate a side income is to create your own products and sell them in exchange for cash. The majority of people who do this do it in two ways. The first way is to start a full-fledged business and run it part-time. The second way is to start a side hustle that can be run part-time. Starting a full-fledged business and running it part-time is the fastest way to lose money. While a business has huge profit potential it requires full-time attention. I know this because there are no successful part-time businesses in the world. Businesses that are successful are run full time to thrive. A side hustle on the other hand is a better option if you develop Money making skills. One of the major problems of those who create their own products is convincing a lot of people to buy it. The majority of people focus too must attention on creating the product and developing Product creation skills. They pay little attention to developing Money making skills. Without successful marketing, it is hard to make money from your products or get rich in business.  No matter how good your product is if you cannot sell it you will be broke. The best way to succeed in a side hustle especially one that is based on your own products is to master the art of product creation and money-making all at the same time.

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READ: 9 Brilliant ideas to pay off debt fast in 2021

2. Create Your Own Service

Creating your own service is all about offering a set of skills in exchange for money. The bulk of Freelance professionals fall under this group. Again the problem with this source of income is that it requires money-making skills to be successful. While a lot of freelancers are good with freelancing they are terrible at marketing. Thus a lot of them suffer from a limited clientele base and projects that carry limited income opportunities. Some freelancers are good with marketing but they suffer overwhelm if they are still gainfully employed. Spreading yourself too thinly is the recipe for producing sub-optimal results. Freelancing requires an enormous time investment so you need to create more free time to make it successful. Even you outsource some of the work, you are burdened with supervision and the risk of not satisfying your customers. So unless you can create more free time and be good at marketing you become ineffective as a freelancer.

READ: NEM Insurance Plc projects N1.71 billion PAT in Q1 2021

3. Selling Other People’s Product

Selling other people’s products is another way of making extra income. This is where the salespeople, Agents, Franchisee, and Independent Marketers fall under. While this is a great source of side income, not everyone is good at it. The typical salesperson is uncultured, too pushy, and unwelcome to many people. Some of them sell products they don’t believe in or will not buy with their own money. Others make the mistake of limiting their income potential by taking job security under a particular organization. Good salespeople branch out on their own, use their skills to serve a lot of people, and diversify their income.  They also achieve financial Independence faster this way. When selling other people’s products also involves buying these products with your own money. Chances are high that you may lose your money or get stuck with products you cannot sell. To succeed at selling other people’s products you must be good at marketing and relationship building. You must also choose products you believe in and are passionate about.

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4. Sell Other People’s Services

One of the ways to earn extra income is to sell or plug into other people’s services. A typical example is Uber. While Uber can be a great source of side income it has certain drawbacks. The first is that it is not scalable. There are only a limited number of cars you can have at the same time and this limits your income. Second, the income opportunity comes at a high cost. It requires massive work and time investment that can become unhealthy for your health and relationships. Combining a stressful 9-5 Job with a stressful weekend for a meager income especially when you have other options is not wise.  The other way to reduce the direct time impact on you is to outsource your car to an Uber driver.  This also comes with a lot of stress. Again there is a limited number of cars and no one can take care of your car as you do. So you can do Uber but try to outsource it may be on a hire purchase basis so you can focus on other sources of side income. And if you must do it yourself try to ensure it does not lead to damaging health conditions or hurt your relationships.

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5. Gamble and Betting

I will normally not talk about this kind of side income or recommend it but since it is becoming an option let me talk about it. Gambling is simply banking on luck or chance to become successful. It involves options like Stocks, Forex, cryptocurrency, Lottery, and so on.   Although these options are supposed to be passive investments there are not. Because they require constant monitoring, trend analysis, monitoring of the news, and trading which is like a full-time job.

If you must gamble to make money make sure you are on the winning side. The ultimate winners in gambling are the owners of the gambling business.  They control the process and are the last to lose money or go down.  The Gamblers in contrast are the ultimate losers and here is the reason why. Gamblers take money from one uncertain source of income-their job. And invest in another source that is even more uncertain. They suffer anxiety, and financial stress because they bank their success on luck that is out of their control.  The only way to succeed with gambling is to be on the money-making side.

Betting is also the same as gambling. When you bet you are guessing on an uncertain outcome which may or may not happen.  Although there are a few lucky winners according to those who bet. No one knows when it will be your turn. And whether it will ever be your turn.  Betting is a game of chance and you cannot bank your financial future on an uncertain game. I am yet to see a lot of billionaire gamblers aside from the owners of the gambling business. Maybe when I do I will update my perception.

(READ MORE:SME stories: How Alex makes ₦8,000 daily from second-hand book selling)


6. Marry Well

One of the fastest ways to increase your source of income is to marry up and well. Marry well means marrying for financial Independence and not inheriting financial burdens. If marriage limits your income potential rather than enhances it you should rethink that marriage. The formula for financial success in marriage is this. Make sure two are better than one in all ramifications and not worse than one. If you marry only based on love, I hope that love pays your bills and shields you from financial stress. While you should love the person you marry, marriage is already hard to add financial stress to it. The key secrets here is to expand your income through marriage. Marrying a high-income partner is thus one of the simplest multiple income streams there is.

7. Be a Relationship Broker

One of the fastest and most effective ways to fast-track your journey to financial independence is to become a relationship broker. It is one of my favorite side income. And how I exited the corporate world after working for seven short years. What does Relationship Brokering mean?

Relationship Brokering simply means serving as the middle man (Broker). Between someone that wants to solve a problem or meet a need called the Customer. And another person who can help them solve that problem called the Solution Provider. In exchange for profit sharing or an agreed reward.

Solution providers are generally business owners and they are the ones to pay you for your connections. All you have to do is make a sales connection happen virtually, passively, online, or offline. It’s a win-win for all parties involved. You get paid in cash and kind when you broker. First, you get paid referral income for your connections and second you get the goodwill of helping another human being. The business owner is also able to generate income without the huge cost of marketing. The customer gets the transformation and the help they need to move to the next level.

Of all the seven active sources of income, this is the only side income that is immune to economic downturns. You can successfully combine it without huge time and work investments. And you can do it without compromising your integrity. To succeed with relationship brokering you must develop the three money-making skills and broker what you love.

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These are the seven active sources of side income you can explore. If you need want more information about how to earn 6 and 7 figure income brokering relationships send an email to [email protected]
Passive Sources of Side Income

There are only two ways to earn passive income in the word. The first way is through Investment-based passive income. This is the weaker passive income. And the second way is through the people-based Passive Income. This is the more powerful passive income.

Investment Based Passive Income

The investment-based passive income is the income you earn when you put your money in an investment vehicle. It is income earned when you invest your active income to produce passive income. The higher the amount of active income you invest. The more solid passive income you will produce. The key to success with the investment based passive income is two-fold. The first is to invest in your financial Independence using a proven plan. And the second is to increase the amount of active income you invest. If you need help figuring out how to invest for Financial Independence. Send an email to [email protected]

The People-Based Passive Income

The People-Based Passive Income is the income that you get from people working for you. It is the strongest passive income in the world and the one that can make you rich the most. Having other people work for you can be achieved in two ways. The first way is through a successful Business.   And the second is through a Passive Income Money Making System. If you are not yet ready to start a business or if you are not yet financially independent. Venturing into the business world may not yet be for you. And here is why. First, you cannot succeed in business with execution money. And second, you need to pay your bills to stay focused. One of the best way to thus earn the people-based passive income as a working-class professional is to create a Passive income money-making system. The most effective way to do this is through the Relationship Brokering. It is possible to scale a relationship brokering business to earn passive income. All without increasing cost, work, or time investment. No other source of active side income has this advantage. Having other people work for you to expand your income opportunity without expanding your work is thus an excellent way to fast track your financial freedom.  The secret key here is to be able to expand your income without expanding your work.
So that is it about the two types of passive income sources there is. Now let’s talk about the critical success factors that can hasten your financial Independence.

(READ MORE:Top passive income strategies using Cryptocurrencies in Nigeria)

The Five Critical Success Factors for Financial Independence

To achieve financial Independence through multiple streams of income there are five critical success factors to note. The First is that you must never combine two active income that requires full-time work at the same time. One of the sources of income will suffer and worse off, it will drain your liquidity. Second, you must never Exit your Job until you gain Financial Independence or have another reliable second income. There is no room for success in the business for hungry men. Third, you must never lose your savings and years of hard-work through gambling or unguided investment decisions. The Fourth is that you must put money to work through investing if you have money and focus on developing the High-income skills if you don’t have enough income. The fifth is that you must choose the side income that will give you the most desired results by looking at those people who are already earning from it. For example, I am yet to see Uber drivers that are rich and wealthy.

Research shows that over 90% of the world’s billionaires have multiple sources of income. If you really want to be wealthy then multiple sources of income are the way to go. If you are tired of getting a single paycheck every month and want to create multiple sources of income within a reasonable time send an email to [email protected]



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    Financial Literacy

    How to invest for retirement

    Planning for retirement means planning to reduce obligation in the future by investing today.



    How not to worry about money in retirement

    “If you plan to retire in five years what should you be doing today?” That’s a question I got last week, and talking with the client, a lot came up which I have decided to share.

    First off, What is retirement?

    Nigeria’s public service has an official retirement age of 60 or thirty-five years of unbroken active working service, but in financial planning, retirement is a financial, not a chronological event. Retirement can occur when your passive income can meet your non-discretionary expenses.

    You start to plan for retirement the day you start to earn an income. Your retirement plan will centre on how to generate passive income and reduce expenses. In Financial Planning, Four distinct stages are usually described in a so-called Lifecycle Chart. These are the Accumulation, Consolidation, Spending, and Gifting stages. Chart 1. Financial LifeCycle seeks to segment investing priorities, recommended asset allocation, and risk profile in a chronological timeline as the person gets older. I will take each of these stages and explain how they are linked to your retirement plan.

    READ: How to choose the right Pension Fund Administrator (PFA)

    Chart: Financial Life Cycle

    Early years: Use Your Time and Make Money, (Accumulate)

    The first stage is called the Accumulation stage. Imagine a 22-year-old who has just graduated and is a management trainee. He typically has a low credit score and assets and income are also substantially lower. What he has in abundance is time. So it’s important to deploy his time in the best way to make money. Hence in the accumulate stage, the goal is to generate cash flow either from a job, multiple jobs, working longer hours, saving, cutting unnecessary expenses, etc.

    The key measure in the accumulation stage is the Savings Rate which is essentially how much of income earned or generated has not been spent. On average, the participants in the accumulation stage have fewer dependents and maintenance needs which should theoretically make it easier to save.

    READ: This thread exposed everything that’s wrong with Nigeria’s VAT

    Mid Years Use Your Money To Buy Assets (Consolidation)

    In the consolidation stage the focus shifts from saving to investing. At this stage, the income earned and credit scores have improved. This is when the talk of buying a home or starting a business takes concrete shape because, at this stage, those dreams can be funded. Hence capacity to take on debt is improved, and debt is used to invest in assets like a home. Remember debt is simply front-loaded consumption, which means we are taking our future income to invest today, intending to repay with future income generated from today investment.

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    The key measure in the consolidation stage is the Rate of Return which is essentially how much has been generated from the investments made.

    READ: How to choose the right Pension Fund Administrator (PFA)

    Spending & Gifting Phase; Use Your Assets To Generate Cash Flow and Time (Spending and Gifting)

    Why is it called the spending phase? Because that’s what the individual is doing, spending down accumulated investments. The spending will include buying annuities or perhaps relocating to another city, your dependant’s college needs, etc. At this stage, typically very few are still earning “new” income but are rather spending from the return of prior investments.

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    The key measure in the spending stage is the Withdrawal Rate which is essentially how much of investment can be withdrawn as cash annually to ensure we do not outlive our investments.

    READ: How interest rates impact your wallet

    Retirement is All About Passive Income

    Passive income, which is the income we are making from investing from the accumulation and consolidation stage is now sufficient to generate income and reduce expenses to meet our expenses in the spending/gifting stage.

    To give an example, assume we took a mortgage to buy a house in the Consolidation Stage, in the Spending stage, we pay no rent, thus we save cash, which reduces our Non-Discretionary Expenses. In essence, retirement is planning to eliminate your future expenses to the point where you need less income when you retire.

    What Should You Invest In Before Retirement Or In Retirement?

    Our objective is simple, Income. In retirement, we invest solely to make income to meet our spending needs, Risk profile is also very low because there are fewer recovery options if your investments sink.

    The retirement portfolio is an income-generating portfolio that will be overweight in fixed income products. First, determine what the risk-free rate is. In Nigeria, we can take the yield on a ten-year FGN bond as a guide, this means we can have a target of 10% as our huddle rate for the long term. Thus I will recommend an 80/20 portfolio with 80% going to Fixed Income consisting of long term bonds, REITs, and other top-grade commercial paper.

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    However what happens if we lock in our funds for 10 years at 10% and rates jump to 20%, meaning a loss to our portfolio.  To avoid this risk we can create a bond ladder, where we break down the bulk sum and duration of our total bond investment outlay. Let us assume we have N10m in cash to invest, instead of one single lot investment of N10m, we split into 5 equal investments of N2m and place for 6, 7, 8, 9, and ten-year maturities. This means by the 5th year the first N2m will mature, if rates are higher, reinvest, if rates have fallen then reevaluate.

    READ: 10 Side gigs to venture into while working a full-time job

    What about Equities

    Yes, equities also pay a dividend. In buying equities, we must ensure we are only buying stocks that pay a dividend above our huddle rate of 10% which is the 10-year FGN bond rate. Which Nigerian stock meet that huddle rate?

    • Lasaco
    • Zenith
    • GT bank
    • United cap

    In closing, let us summarize. Retirement is not chronological age. The event occurs when our passive income pays our bills. Planning for retirement means planning to reduce obligation in the future by investing today. Investing in retirement is income-based with a huddle.


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    Financial Literacy

    Steps to take to bag international scholarships

    Here are the steps you should take if interested in pursuing international scholarships.



    United Kingdom opens window of job opportunities for international students

    Studying abroad gives you exposure among many other things, and that is precisely why many Nigerians have been looking for ways to study abroad. However, not everybody is privileged with the resources to study overseas and this is where the international scholarship option comes in.

    If you are interested in studying abroad and don’t have enough funds, you should consider applying for international scholarships. This article lists the steps you can take to bag international scholarships but before delving into that, here are some types of scholarships available to you as an international student:

    • Location-based scholarships
    • Course or program-based scholarships
    • Sports-related scholarships
    • Research-based scholarships
    • University-funded scholarships
    • Organization-funded scholarships
    • Government-funded scholarships

    Having discovered the types of international scholarships available to you, here are the steps you should take to bag any of these international scholarships.

    Research: Research is vital if you don’t want to miss out on good opportunities or make mistakes during your application. Research scholarship opportunities available in your prospective college or location and be on the lookout for hidden scholarships.

    Check your eligibility: Having done thorough research and discovered the available scholarship opportunities, check to see if you are eligible for them. Many international scholarships have their criteria and requirement, so you should confirm that you are the right fit first.

    Get the required documents: After confirming your eligibility, you should get the necessary documents. If the scholarship requires you to write an exam, prepare for the exam, write a good statement of purpose and prepare all other documents.

    Start your admission process: Some international scholarships require that you start your admission process and probably get the admission before starting your scholarship application.

    Contact past scholarship winners: You might want to contact the previous scholarship winners to know what they did right and how you can learn from them.

    Apply for the available scholarships: The last step is to apply to every available scholarship.

    The best way to get funds for your undergraduate, postgraduate, or PhD pursuits abroad is by applying for international scholarships. If you do thorough research, you can find fully funded scholarships that won’t require you to pay any amount. One of the essential steps to getting an international scholarship as a Nigerian is staying abreast of current information and this will require you to network with others.

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