Details: Five Legitimate Ways Young Nigerians Are Making Money And Improving Their Lives

With age comes responsibility, and as the years roll by, the margins for laxity become smaller. Realising that your account balance still looks the same as it was three years ago could be detrimental to your mental health, and no one wants to be a liability to their friends.

When it comes to financial stability, staying “comfortable” is dangerous. Purchasing power fluctuates, inflation is an overwhelming factor, and pressing needs always multiply.

In a world of volatile economy, it is not greedy to aspire to wealth, and your twenties are the best time to make smart financial decisions.

Here are five ways through which you can become a millionaire before clocking thirty:

1. Acquiring In-Demand Skills: One of the easiest ways to attract income is to stand out in your field of endeavour. From screenwriting to comedy to graphic design, clients would only pitch their tents with those who can prove that they know their onions. Increasing your skill set means that more gigs will come your way, and also enables you to increase your rates.

In a 2018 interview on the show “Rubbin’ Minds”, Nigerian comedian Gloria “Maraji” Oloruntobi disclosed that she charges ₦500,000 to ₦1 million per Instagram skit.

2. Savings: This is still one of the more effective ways to raise income and achieve financial freedom. Little drops of water, they say. Some people would argue that interest rates are not favourable and deductions from savings accounts are too frequent, but one way to get around this is to find a savings plan that suits you, and run with that.

For instance, ALAT by Wema recently reviewed interest rates for savings accounts: customers who have an account balance of less than N500,000 are entitled to an interest rate of 3.75%, while customers whose account balance is within the range of N500,000 and N20 million will enjoy a 5% interest rate on their savings accounts.

ALAT by Wema 

ALAT has also provided the opportunity for customers to open a domiciliary (foreign exchange) account via the mobile app without entering the physical bank, and now customers can also save on the domiciliary account. However, they have to first be fully onboarded on ALAT (i.e upload a government approved identity card) before then requesting for a domiciliary account.

3. Building A Product: When it comes to making money, you can’t go wrong with building products that can serve a wide range of purposes.

People will always opt for ease, and once you can provide them with that, they won’t mind parting with their money to engage your services. Payment platforms like Flutterwave and Paystack are a testimony to what can happen when functional products that provide concrete solutions are made available.

4. Investments: The biggest risks reap the biggest rewards, and it is almost impossible to make (a lot of) money without first staking some of it in a business venture.

On the surface, investments look like a gamble, but taking informed risks is one of the surest ways to achieve financial security. Those who took a chance on Bitcoin and Cryptocurrency in the very early days are millionaires today.

In Nigeria, online financial services platforms are perfect examples of advancing the cause for investment in ways that appeal to a younger demographic, so that more people can make the best use of their finances before the years catch up with them.

5. Entrepreneurship: It may sound cliche, but starting a business is still one of the viable ways to rake in those millions at a young age. The best part is that no formal training is needed; all that you require is the right market, a good marketing strategy, and a platform that works. Success doesn’t come overnight, but consistency and determination always pay off. People have become millionaires by simply trading in hair attachments on their Instagram accounts.

So, there you have it, five ways to secure the bag before you turn 30 and that back pain begins to threaten your grind. The only thing better than money is more money (as long as you’re making it in a legitimate way), and the clock is ticking, so go out there and see that you achieve your full financial potential.