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Financial Literacy

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

Here are some side hustles that you can venture into to enable you to make extra income for yourself.

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The present situation of the Nigerian economy is quite fretting. The economy keeps getting unpleasant every day and the population of the country keeps increasing with a lot of graduates in the street without jobs. The people that are auspicious to get a job are mostly underpaid. If you have an 8-5 job, it is perfectly normal to have another stream of income, and it does not make you a disloyal or greedy employee.

Side gigs are the method of making additional income for yourself. Though the money earned from the side hustle may not instantly make you become wealthy, it will enable you to take care of your basic needs and reduce financial stress.

Cyberspace has made everything easy. You do not have to physically juggle between two (or more) jobs and/or business(es) because you can easily score a side hustle and meet its demands from the comfort of your home.

Here are some side hustles that you can venture into to enable you to make extra income for yourself.

READ: 5 Steps to manage sudden unemployment and get a new job

Drop-shipping

Dropshipping has to do with setting up an online store where you get to advertise products and services, get people to place orders, and forward the orders to the manufacturer who ships the product directly to the buyers. It is a very profitable business as all it entails is to have an online space, advertise the business, send the orders to the wholesaler, and make your commission.

Products you can sell as a drop shipper are, hairs clothing, accessories and cosmetics. Having an idea about digital marketing will give you an edge as it will enable you to track your target audience. You can also set up a more conventional store online using Shopify, Oberlo, or Flutterwave Platform.

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

Freelancing

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Writing content is another way to earn extra income for yourself. There are organizations in Nigeria and other countries that are outsourcing their contents. A good writer can queue-in such an opportunity. Also, there are platforms online you can sign in to enable you to get a job in writing. Some of these platforms are free, all it entails is for you to scout for these platforms and sign in with them.

People you can write content for include; blog owners who do not have sufficient time to update their content regularly, people in need of copywriters, and people in need of professional writers who can write thesis and dissertations, CVs and business plans.

READ: Mark Zuckerberg, youngest person ever to be worth over $100 billion

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Graphics Designing

Businesses want to set themselves apart from others by owning a brand and staying true to it. That is why designing is highly attractive as a side hustle. If you are a good designer, this can be a good way to create an extra source of income.

Virtual tutor

Seriously, those who argue that the internet is man’s greatest invention make a very good case. Virtual teaching is one of the by-products of humanity’s breakthrough. Virtual tutoring or what we referred to as online tutoring entails everything traditional tutoring does but instead of being in-person, it puts the communication on the web.

Fundamentally, where a traditional coaching meeting would occur face to face, virtual tutoring happens on the web. It is a good method of teaching especially during this global pandemic.  So, if you are knowledgeable in a field – be it English, Mathematics, Physics, or History- you can easily become a virtual tutor on the side.

You can either scout for students using the traditional method, or you can register on any website for virtual tutoring to begin. Remember to pick an age group you are most comfortable teaching. And not to take on too much load, as teaching is intensive – virtual or otherwise.

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Uber driving

Since the emergence of uber business in Nigeria the business has been a lucrative one. Determined drivers are making up to 20,000 in a day and if you multiply it in a week that is a lot of money. The business is more lucrative especially in cities like Abuja and Lagos. For the working-class, you can resort to doing the business only on weekends and you can be realizing close to N40, 000 for yourself at the end of each month.

Product production

Another business you can venture into is product production. Product production is also a lucrative business as a lot of women are now going into the skincare business. Once your product is effective, people will be scurrying to patronize you. For anyone who does not have any idea what to and how to produce, they can get tutorials online or attend physical training to have all the required knowledge about how to make these products.

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Examples of products you can produce are liquid soap, skincare products, and detergents. Those going into skincare products should pay adequate attention to different skin types and understand that they are different products for different skin types to avoid hurting people’s skin which is not good for their brand.

Content Creation

Content creation is another side business a lot of youth go into. They create interesting and hilarious content on various social media platforms. This content drives the audience to their page and thereby increases their chances of getting business deals. Business owners pay a lot of money for their businesses to be promoted on these pages as it aids in business visibility.  Examples of well-known skit producers in Nigeria are Mark Angel, Taooma, Maraji and Mr. Macoromi. These people have created a niche for themselves through these funny skits. The amount charged to place an advert on their page ranges from 100,000 -1,000,000.

Blogging

With the coming of online advertising, being a blogger now pays big time. With blogging, all you need to do is build your audience and top brands will come knocking at your site.

Real Estate

You can earn 10% of the price of renting or buying a property, just by connecting property owners with buyers or tenants. Considering that the price of properties runs from thousands to millions, you can work full time at your day job and still make a fortune from real estate.

In Lagos for instance, people are always, either looking for a new place to rent or a new home to buy. As a real estate agent, you could help people find new homes for a commission. To begin, all you need is a bit of research and some leg work. By leg work, you could step up from local property agents who yet are still limited to traditional forms of advertisement by taking your adverts to a larger online audience.

Beauticians

Being skillful is another way to earn an extra source of income. These skills range from wig making, becoming a make-up artist, or being a fashion designer. This business is indeed a rewarding one. In this epoch, everybody wants to have a glamorous look, especially during an occasion. There is a need to make new cloth, wear an expensive wig and have your make-up on fleek. So, anyone that is really good with these beautician jobs can utilize the opportunity to make extra income for themselves. The good part of this is that some of these services are needed during the weekend so it would not have to interrupt your daily activities.

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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.

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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.

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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.

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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.

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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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