It is often said that salaries alone are not capable of making anyone rich. One of the best ways to make money is through passive income.
That is money you make that you are not actively involved in the process. These are a few passive income streams you can take advantage of soon.
Real estate. This is one of the most obvious ways of making money in Nigeria. All you need to do is save up money, buy a house and get an agent to rent it out and manage it for you. The rent keeps entering your account as long as the house is there. You don’t have to do anything else.
Book writing. Everyone above the age of 10 has a spectacular story they can tell. It does not have to be a story either. Just something you know or are passionate about. The good thing is that you don’t even need to know how to write, just get a good writer (you can search for one online) and they’ll put everything in your head into a book.
Invest in a company. Do you know someone who is good at what he does? Maybe a tailor, shoe designer or someone creative but needs capital to expand? Get a lawyer to incorporate his company and you put in your capital as a shareholder. In a few years, you will be smiling to the bank on a regular. Alternatively, just talk to a stock broker and he will advise you as to an established company you can invest.
Give your car out for hire. Do you have a car that is lying at home idle? Get a driver to use the car for business. Tell him the amount he will be paying you per day, e.g N2000. Then when the total amount he has paid you reaches a particular amount e.g 2 million, the car becomes his. That way you will recover the cost of the car as well as some profit on top.
Fixed deposit account. Open a fixed deposit account in the bank, put your idle money in it and watch it grow interest depending on how long you put it.
Online Tutorials. You can do online video tutorials on something you know how to do e.g., playing the piano or editing. Post it on websites like Lynda or Udemy. Every time someone pays to watch them, you get an alert in your account.
Written by Iyebiye Olawuyi