How to make money without actively working - Tips to Make Money in Nigeria

Posted by Felix Okoli on Sunday July 8, 2012 17:35:56:

Is it really possible to make money in Nigeria without working? Well technically yes, in the sense that you don't have to keep a job or work actively in order to make that money. The kind of money people can make without having to be actively involved in it is what we refer to as unearned income - income from an investment.

Unearned income can also be referred to as income from investments. It is the kind of money you make from other sources rather than from employment. You don't have to sit in an office or supervise staff in order to get paid for it. Earnings you get from things like dividends, rent or royalty are all termed unearned income. You can make money without working full time for it but it requires having resources at first and then investing it for long term income.

Investing is how a lot of rich and middle class people keep making money passively. It's how most people still keep on making money even while they sleep or play sports. Your money keeps working for you even when you travel for vacation, take a medical trip or go for studies.

Types of investors
- Full time investors
- Partial investors

Full time investors in this case are the people who make a full time income from just their investments alone that they do not need to keep any other job. The income they make from their investments is sufficient for them, even till old age.

Partial investors on the other hand are working people who still keep a money making job but the same time are migrating to full time investors by making investments from their income.

People who buy things like shares of companies, build and rent homes or rent their land or space to other people for money are all investors as they make money from what they have already invested.

Are they advantages of being a full time investor? Yes, they are quite a lot actually such as:

- Paying less taxes for eg. shareholders only pay about 10% of tax on dividends unlike eployed people who pay over 20% of their income
- They have more time for family: If you would prefer having more time with your family, then a full time job would hardly give you time for that so why not be an investor?
- Better quality of life and prolonged lifespan: People tend to live well and longer when they spend less time in employment. You just need to get involved in some sort of exercise program in your spare time and have enough rest. Workaholics tend to have a shorter lifespan
- Letting your money work for you: You've worked hard enough, now is time to let your money work for you.

Kinds of investment Nigerian can do to make money outside employment
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- Investing in shares
- Investing in treasury bonds
- Investing in real estate
- Investing in promising small businesses
- Offering loans to worthy debtors
- Investing in bank products
- Investing in currencies
- Investing in rights and permits

The idea behind making money passively without actively working for it is by simply investing your resources and allow it work for you consistently. A single push can keep earning your long term income.

I hope these tips helps

Comments:

Re: How to make money without actively working Reply by Mrs Aghama on Sunday July 8, 2012 at 22:22:38:

Thanks for the info.
I we prefer to invest in the shares for long time.
Can you list 5 good shares i can buy now for long term?

Thanks for your good work
Mrs Aghama

Re: How to make money without actively working Reply by Felix Okoli on Sunday July 8, 2012 at 22:22:38:

I don't really prefer telling people which shares to buy and which not to but if I were to buy, I would choose the following shares:

Zenith bank
Fidelity bank
Access bank
UBA
May and Baker

Re: How to make money without actively working Reply by Stanley Ihejirika on Wednesday July 11, 2012 at 17:24:59:

pls i want to know whether there's public offer in UBA shares. I appreciate your work. Thank you.

Re: How to make money without actively working Reply by Felix Okoli on Wednesday July 11, 2012 at 17:24:59:

There is no public offer now but you can always buy it from the secondary market through a brokerage company

Re: How to make money without actively working Reply by chris on Thursday August 9, 2012 at 9:30:39:

Your lectures are excellent and straight to the point. Thank you

Re: How to make money without actively working Reply by Iyke on Saturday August 11, 2012 at 24:26:30:

Nice write-up and advice but I do not think it's wise to buy more than two shares of companies from the same sector. From an investment point of view, it is always good to spread your risk so buying banking stocks is too risky. For instance, look at the insurance companies, most people that bought into them heavily are lamenting today. Spread your investment through the sectors no matter how good a sector is performing.

Re: How to make money without actively working Reply by Felix Okoli on Thursday October 18, 2012 at 8:59:8:

I never really liked insurance stocks anyway. Thank God I hardly invested there.

Re: How to make money without actively working Reply by Felix Okoli on Thursday October 18, 2012 at 8:59:8:

I never really liked insurance stocks anyway. Thank God I hardly invested there.

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