You have successfully adjusted your budget and have saved a lot of money. Now what?
Now, you use that money to create wealth!
If you want to be rich, to have a comfortable financial nest where all your bills are paid, you own your car and house, and you’re completely out of debt, you need to create multiple streams of income. How do you do this? By putting your savings to work.
Say you are an entrepreneur, with your own business. You can find creative ways to increase your services and products to create more wealth. If you are a career person, holding down a full-time job, you can search for side gigs that you can do to bring in extra income.
But you don’t just jump blindly into that side business or that product expansion. You need to survey the market, do some research, and ask questions like,
• What problem is there to solve?
• How does your product/service solve that problem?
• What is the best way to invest your savings and get good returns on it?
To help you answer those questions, consider any of the following investment opportunities to create additional streams of income.
- Traditional Investments
You don’t have to start a business or invest in one to make an additional source of income. You can invest in treasury bills, mutual investment funds, or fixed deposit accounts, all of which will give you steady returns.
2. Get more out of your existing Space
What can you do to make some extra income with your existing space? With what’s going on in the economy right now, many people have been forced to become entrepreneurs but can’t afford office space. Can you extend your existing space for rent? If you’re not open to renting, what else can you do with your existing space?
There are always people who need to go somewhere, or who need something to get somewhere. You can use your car and register with Uber or Bolt, or start your taxi and delivery services to meet those transportation needs.
Agriculture is more than just farming. It is transportation, processing, exportation, and getting to the dining tables of everyone in the country. There are so many opportunities to invest in agriculture, especially now that it’s a major growth area in the economy. It is well worth research the role you can play in this space.
5. Social Media
Marketing on social media is a big deal these days. You can turn your followers into paying customers who refer even more customers to you if you do your homework right. Facebook, Instagram, and TikTok are great for promoting and selling what you have to offer, and several free courses will get you up to speed on what it entails and what you need to do.
Buying and selling online is another way to make more money. You can partner with Konga, Jumia, Amazon, etc to sell your products, and there will be no need to have a brick-and-mortar shop. On the other hand, if you don’t have a product to sell, but have a blog, you can sign up as an affiliate marketer for these e-commerce stores, advertising their products on your website, and getting paid a commission for it.
Offering a service such as hairstyling, makeup, event planning and decoration, blogging, daycare, and the like, are just as important as having a physical product to sell.
Opportunities abound when it comes to creating wealth. Think outside the box, find what works for you, do your research, and start making more money.