Last updated on August 16th, 2018
There is a reason why this article is captioned “7 ways to increase your income in Nigeria” I could have easily made it “7 ways to increase your income” but I didn’t because Nigeria is a unique country, here in Nigeria it is “survival of the fittest.” God bless our beloved country Nigeria.
Personally, I know what’s it’s like to have nothing, and also I’ve been privileged to create some incomes too. Trust me having money is more enjoyable and fulfilling compare to when you’re constantly striving to make more money. Over the years have heard people say:
- Money is the root of all evil
- Rich people are greedy
- Money does not give you rest of mind
- Money won’t make you happy etc.
Yet these are the people that need money the most they are as broke as a church rat, yet tagging the rich as the bad ones.
The truth is, to bring your ambitions and desires to fulfillment, you must be successful with money, and in other to achieve this, you have to take your financial future into your own hands, hustle like your life depends on it and increase your income a little at a time, Nigeria is full of opportunity, whether you’re 17 or 65, here is how you can grow your income at a time and live the kind of life you’ve ever wanted.
Ways to increase your income in Nigeria
1. Get a Job
The first step to increasing your income is by getting a job. I believe you have a job already and if not just get out there and find a job. It doesn’t have to be perfect at first; most successful people all have a humble beginning. This could also be a side gig you do alongside your regular work and even though it feels less official treat it like a real job- because it is one.
“In Nigeria, we don’t need more unemployed citizen what we need is more unemployed politicians”.
Money attracts money it’s from the little you have that grows into the bigger ones. If your purse is empty it’s going to remain empty but once money starts entering they will keep multiplying and this cannot happen when you are jobless, so get out there and get busy. Make a habit of paying yourself first, at least ten percent of all your income should go into a fixed account, and remember to pay your tithe too.
“In my experience, poor people are the world’s greatest entrepreneurs. Every day, they must innovate in order to survive. They remain poor because they do not have the opportunities to turn their creativity into sustainable income” Muhammad Yunus
2. Control your Expenses (budgeting)
Budgeting is one of the best ways to grow your income by setting limits on your spending habits.
Parkinson’s Law says that expenses always rise to meet income. This law says that no matter how much money people make they tend to spend it all even a little bit more above the income. Their expenses are always in a rising lockstep with their incomes. Today many people are earning several times bigger what they were earning at their initial job, but somehow, they seem to need every single penny of their income to maintain their current lifestyle. No matter the income, it’s just never enough.
How to tackle this through budgeting
Now I want you to imagine that your life is like a falling company that you have just taken over. Execute an immediate financial freeze and draw up a budget of your fixed, unavoidable costs per month and also determined to limit your expenditure to this required amount, at least for the time being. Carefully examine every bit of your expense. Question it as though you were analyzing someone else’s expenses and look for ways to draw back on it by cutting the expenses. Aim for a minimum of 10 percent reduction in your living cost over the next few months.
Lastly, make it a habit to save 50% from every increase in your income from any source, and master on how to live with the rest. The remaining 50 percent is yours to flex with. Do this for the rest of your life.
3. Multiply your income
The trick here is making your money work for you, while you have a constant source of income it will be wisdom for you to find ways on how your incomes can go out and bring more money for you. Turn them to little soldiers and let them work for you and not just them, their children children’s.
The best way to achieve this is through investment, though I may not be in the right position to advise you on how to invest your money due to the inherent risk attach to investing, proper research on how to invest your money may point you in the right direction to your financial freedom.
A piece of advice, real-estate offers a lot of potentials when it comes to investment. Few plots of land in an undeveloped environment can prove to be a bomb in a few years later. Investing in real- estate carry some security compared to other volatile investment.
4. Guard your money diligently
Often hear people saying money has wings and can fly away anytime if not tamed properly. However, it will be better if a portion of your money can be dedicated to God so you can enjoy more increase on all side.
When your money starts increasing there is going to be all manner of temptations to invest it and make more money, but you should take note that the first principle of investment is security for your capital. Personally, I’ve lost money, all in the name of getting bigger returns. Study carefully before you part away from your money, having the assurance that it will be safely reclaimed and do not be led away by your own romantic desire to make rapid wealth.
5. Stop paying your Landlord
Do you believe that with the potential amount at which you’ve been paying your landlord, let’s say for three years now can lay a foundation for your own house? It is wisdom to build your own house early rather than paying rent. Not alone will this give you a rest of mind, you will also have more option as to how to spend and invest your money.
Most banks are willing to loan out for the cause of building a house and after the house is done you can repay the bank from your tenants’ payment and from you since you not paying to a landlord again.
6. Insure a future income
There is no perfect time, now is a perfect time. This, of course, is one of the reasons why the rich always get richer because they invest for the rainy days. There will surely come a time when you won’t be able to work again or the country hit recession again, your future investment is going to be your cushion then. There are so many ways to increase your future income, you can do this by investing in real estate, buy a house or buy a little piece of land you can afford now, then forget about it and let it increase in value over the years.
You could also borrow your government money by investing in Treasury bills or investing in safe stocks under a wise broker because stock carries a significant amount of risks
7. Increase your ability to earn
Last on the list is increasing your ability to earn. The hope of increasing your income when you only have a source of income is very slim. You must at least have four sources of income. These provide a safe passage of income for you, knowing that when one stops the other three are still flowing.
Making more money is a mindset and not a physical thing you can easily do, your desire must be strong and definite. General desires of getting rich are nothing but weak longings, because mere wishing is but a little purpose. You’ve got to have a tangible desire by setting a realistic goal for your income and work towards it. Set even higher ones when the previous goal is met and grow your income the same way until financial freedom.
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Go and create wealth.