Here Are 5 Ways To Make More Money With N100,000
Finding a safe, credible, and profitable way to invest money is a big concern, especially in a place with interesting economic conditions like Nigeria. There are many investment options around that claim to give significant returns, however, the unpleasant stories told by some of the companies behind these investment platforms have caused people to be wary about investing.
Still, investing is a good way to increase your money and a smart choice for any business owner. Here, I have outlined 5 different investment options that you can consider if you have as much as N100,000.
#1 Trade foreign exchange
This is a good way to put your money to good use. There have been stories about people who have traded forex (foreign exchange) and lost their money, and yes, that happens. There are two ways to approach forex trading to ensure you make money, not lose it.
First, you can learn how to trade forex from online courses such as this one on Udemy. The training will help you practice with a demo account and it is advisable to make all your mistakes in that demo account before moving to a real account and trading with real money.
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The second and easier way is to get a forex broker who will trade on your behalf and give you an agreed ROI (Return on Investment) monthly on the capital you give him to trade.
#2 Create an online course
Depending on your area of expertise in your business, you can create a course and upload it to any of the e-learning platforms available for people to buy and learn from. If you choose to do this, ensure that it is of top audiovisual quality and make sure the content is as detailed and extensive as possible.
You should consider your proficiency in the English Language as well, except you are teaching in other languages.
#3 Crowdfund agribusinesses for a return
This is a good way to invest money, help others and earn a return, however, you need to do thorough due diligence on the platform to invest in. Farmcrowdy is a trusted crowdfunding platform that will give you a good enough return on your investment after some months.
Depending on the kind of farm venture you select on Farmcrowdy, the returns can be as much as 11% of your capital or less. Each investment takes an average of 6 months to mature. Other agro-investment platforms you can check out include FarmForte and FarmFunded.
I do not advise you to check out ThriveAgric or Agrikore (in case you come across them) because they were involved in a financial scandal in 2020 regarding their investment business.
#4 Research, create a document people need, and sell it
If you have a team or can take this up on your own, you can carry out extensive research on a subject that is a pain point in your field. By creating a document or book (soft and hard copy if you like), you will put a product of value on the shelf that people will pay you for over and over again.
#5 Invest in cryptocurrencies
Dear entrepreneur, if bitcoin came to your mind, please erase that thought. As at press time, bitcoin has crossed the $35,000 mark for 1BTC, so.. ehm, you get. However, if you can afford to buy it, that's fine, however, this is a better time to sell BTC rather than buy BTC.
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If you are investing in cryptocurrencies, it is advisable to buy emerging cryptos like Ethereum, Litecoin, Ripple, Libra, etc. This is a list of 10 emerging cryptocurrencies that you can check out because they show promise of their prices climbing higher soon.