The present situation of the Nigerian economy is quite fretting. The economy keeps getting unpleasant every day and the population of the country keeps increasing with a lot of graduates in the street without jobs. The people that are auspicious to get a job are mostly underpaid. If you have an 8-5 job, it is perfectly normal to have another stream of income, and it does not make you a disloyal or greedy employee.

Side gigs are the method of making additional income for yourself. Though the money earned from the side hustle may not instantly make you become wealthy, it will enable you to take care of your basic needs and reduce financial stress.

Cyberspace has made everything easy. You do not have to physically juggle between two (or more) jobs and/or business(es) because you can easily score a side hustle and meet its demands from the comfort of your home.

Here are some side hustles that you can venture into to enable you to make extra income for yourself.

Drop-shipping

Dropshipping has to do with setting up an online store where you get to advertise products and services, get people to place orders, and forward the orders to the manufacturer who ships the product directly to the buyers. It is a very profitable business as all it entails is to have an online space, advertise the business, send the orders to the wholesaler, and make your commission.

Products you can sell as a drop shipper are, hairs clothing, accessories and cosmetics. Having an idea about digital marketing will give you an edge as it will enable you to track your target audience. You can also set up a more conventional store online using Shopify, Oberlo, or Flutterwave Platform.

Freelancing

Writing content is another way to earn extra income for yourself. There are organizations in Nigeria and other countries that are outsourcing their contents. A good writer can queue-in such an opportunity. Also, there are platforms online you can sign in to enable you to get a job in writing. Some of these platforms are free, all it entails is for you to scout for these platforms and sign in with them.

People you can write content for include; blog owners who do not have sufficient time to update their content regularly, people in need of copywriters, and people in need of professional writers who can write thesis and dissertations, CVs and business plans.

Graphics Designing

Businesses want to set themselves apart from others by owning a brand and staying true to it. That is why designing is highly attractive as a side hustle. If you are a good designer, this can be a good way to create an extra source of income.

Virtual tutor

Seriously, those who argue that the internet is man’s greatest invention make a very good case. Virtual teaching is one of the by-products of humanity’s breakthrough. Virtual tutoring or what we referred to as online tutoring entails everything traditional tutoring does but instead of being in-person, it puts the communication on the web.

Fundamentally, where a traditional coaching meeting would occur face to face, virtual tutoring happens on the web. It is a good method of teaching especially during this global pandemic.  So, if you are knowledgeable in a field – be it English, Mathematics, Physics, or History- you can easily become a virtual tutor on the side.

You can either scout for students using the traditional method, or you can register on any website for virtual tutoring to begin. Remember to pick an age group you are most comfortable teaching. And not to take on too much load, as teaching is intensive – virtual or otherwise.

Uber driving

Since the emergence of uber business in Nigeria the business has been a lucrative one. Determined drivers are making up to 20,000 in a day and if you multiply it in a week that is a lot of money. The business is more lucrative especially in cities like Abuja and Lagos. For the working-class, you can resort to doing the business only on weekends and you can be realizing close to N40, 000 for yourself at the end of each month.

Product production

Another business you can venture into is product production. Product production is also a lucrative business as a lot of women are now going into the skincare business. Once your product is effective, people will be scurrying to patronize you. For anyone who does not have any idea what to and how to produce, they can get tutorials online or attend physical training to have all the required knowledge about how to make these products.

Examples of products you can produce are liquid soap, skincare products, and detergents. Those going into skincare products should pay adequate attention to different skin types and understand that they are different products for different skin types to avoid hurting people’s skin which is not good for their brand.

Content Creation

Content creation is another side business a lot of youth go into. They create interesting and hilarious content on various social media platforms. This content drives the audience to their page and thereby increases their chances of getting business deals. Business owners pay a lot of money for their businesses to be promoted on these pages as it aids in business visibility.  Examples of well-known skit producers in Nigeria are Mark Angel, Taooma, Maraji and Mr. Macoromi. These people have created a niche for themselves through these funny skits. The amount charged to place an advert on their page ranges from 100,000 -1,000,000.

Blogging

With the coming of online advertising, being a blogger now pays big time. With blogging, all you need to do is build your audience and top brands will come knocking at your site.

Real Estate

You can earn 10% of the price of renting or buying a property, just by connecting property owners with buyers or tenants. Considering that the price of properties runs from thousands to millions, you can work full time at your day job and still make a fortune from real estate.

In Lagos for instance, people are always, either looking for a new place to rent or a new home to buy. As a real estate agent, you could help people find new homes for a commission. To begin, all you need is a bit of research and some leg work. By leg work, you could step up from local property agents who yet are still limited to traditional forms of advertisement by taking your adverts to a larger online audience.

Beauticians

Being skillful is another way to earn an extra source of income. These skills range from wig making, becoming a make-up artist, or being a fashion designer. This business is indeed a rewarding one. In this epoch, everybody wants to have a glamorous look, especially during an occasion. There is a need to make new cloth, wear an expensive wig and have your make-up on fleek. So, anyone that is really good with these beautician jobs can utilize the opportunity to make extra income for themselves. The good part of this is that some of these services are needed during the weekend so it would not have to interrupt your daily activities.

Source: Nairametrics

The derivatives market is huge. It trades on more than 50 organised exchanges across the world, with North America and Asia Pacific being the biggest markets. It is estimated that the derivatives market is worth more than $1 quadrillion. Some analysts even believe that the size of the derivatives market is over 10 times the total GDP of the world.

Among financial derivatives, one of the most common are contracts for difference or CFDs. CFDs can be used to trade almost any financial asset, including stocks, and offer multiple benefits, such as high leverage, access to the global markets from a single platform, no shorting rules, and no day trading requirements.

Despite the multiple benefits, however, trading stock CFDs is not without its share of risks. So, here are 5 golden rules to follow when trading stock CFDs.

Invest in What You Know and Understand

Although taking the CFD route might seem less risky than trading stocks directly on exchanges, it is always a good idea to trade stocks that you are familiar with and understand what makes their value rise and fall. For this, you need to do your research. Find out what moves the stocks you are interested in.

Experienced traders track geo-political and economic factors, company earnings reports and world or domestic events that could help or hinder company/stock performance. Needless to say, it’s a good idea to stay abreast of financial news and events across the world.

When identifying which stocks to trade, it is useful to understand the difference between defensive and cyclical stocks. Defensive stocks usually belong to companies whose performance and profits remain comparatively less impacted by changes in economic conditions. Some examples of these companies are those that provide essential products and services, such as pharmaceuticals or food.

On the other hand, cyclical stocks belong to companies whose performance, and therefore, profits, are sensitive to changes in the economic conditions. Some examples of these stocks are real estate and automotive stocks. Once you know the difference, it becomes easier to track the economic and other news events that are likely to impact share price movements.

Trading History, Volume & Volatility

A robust online trading platform that offers powerful technical analysis tools can help you review charts and other stock data to establish a stock’s historical performance. It could help you identify patterns in price movements, whether there is any seasonality effect and even predict future price movement.

Apart from historical price data, it is also important to keep track of trading volumes. Trading volume is an effective indicator of the health and strength of a stock. Volume, in this case, is measured in terms of the number of shares and futures contracts traded during a given timeframe. You can choose indicators that use volume data to look for patterns in stock performance, as well as the current interest for a specific stock in the market.

Understanding how volatile a stock tends to be can be very useful in identifying trading opportunities. While greater volatility means more trading opportunities, it also means higher risk. Traders looking at taking short-term positions, in the hope of earning quick profits, might prefer stocks that are more volatile.

Discipline vs Emotions

Traders are only human, which means that emotions could colour trading decisions. Emotions like fear, greed, overconfidence or lack of self-confidence could wreak havoc on trading decisions. The good news, however, is that there are plenty of tools that can help keep emotions at bay.

The first such tool is a trading plan. A trading plan gives you a clear idea of what, when, why, and how you should trade. It takes into account your trading goals, risk appetite and trading style. With a demo account, you can test your trading plan for efficacy before applying it to live markets. However, remember to stick to your plan, with discipline and patience, regardless of what your emotions tell you to do.

Another way to ensure that emotions do not play a role in your trading decisions is to use automated trading tools, such as Expert Advisors. With such tools, you determine all the parametres beforehand and the trading robots take care of entering and exiting positions based on these parametres. They are not subject to the human frailty of emotions.

Learn from Successful Traders

One thing that is true for life and for trading is that learning should never stop. Successful traders can teach us a lot of about trading through their books. On the other hand, access to an online trading community, where you can consult your more experienced peers, have your questions answered and even use copy-trade, can be a great way to learn and grow.

Discussion forums are also great for learning tips and tricks of the trade, quite literally. When you share with other traders, you also get to learn from their mistakes and gain insights into where you might be going wrong.

Risk Management

Although stock CFDs mean that you do not need to own the underlying asset, derivatives trading comes with its own share of risks. Regardless of the tradable asset or means of trading, risk management is a trader’s best friend. Some of the key ways to manage risks while trading stock CFDs are:

Agile & Diversified Portfolio

This essentially means that you not only ensure that you hedge your risks with either other tradable assets or stocks/indices, you are also quick to adapt your portfolio to the changing market conditions. Also, keep track of laggard performers among stocks and revise your portfolio accordingly.

Stop Loss & Take Profit

Set your stop loss and take profit levels before entering into any position. This can help limit losses or lock in profits, when the market moves in an unfavourable direction. These orders also ensure that you do not overtrade or under-trade, due to overconfidence, greed or fear.

Use Leverage Carefully

One of the biggest advantages with trading stock CFDs is that you can benefit from leverage. With leverage, you can gain a much larger exposure to the market than would be possible with only the amount in your trading account. However, while this can help you multiply your profit potential, it can also magnify potential losses. So, determine how much you can afford to lose in a single trade and choose your leverage accordingly.

As well as these fundamental risk strategies, keeping a trading journal to learn from your mistakes is always a good idea to grow as a trader. It helps you identify patterns and emotions, so that you can improve on your trading decisions.

Culled From:

Source: Deriv.com

Money is already a taboo topic, but in relationships, this ‘taboo-ness’ escalates even further!

Even if you’re deeply in love, money can still drive a wedge between you. Money can quickly become a source of distrust, judgement, and anger – especially if you have different beliefs and conflicting money stories.

For example, if your partner is a ‘spender’ and you’re a ‘saver’, the ease with which they spend money will wind you up! And if you live for today while your partner worries about future security, you’ll disagree over your financial priorities.

It’s the ‘non-essential’ purchases that can really ignite the friction! That’s because everyone has different ideas about what’s justified – and what’s a waste of money. For one person, that purchase symbolises love – for another, it’s money down the drain!

So how can you work through financial conflicts and come out the other side happier?

Love Languages can help. Let me show you how…

What are Love Languages?  

The reality is we all give and receive love differently. Dr Gary Chapman categorised these differences into FIVE love languages.

1. 1. Words of affirmation
   2. Gifts
   3. Acts of service
   4. Quality time 
   5. Physical touch 

[You can discover your Love Language here – https://www.5lovelanguages.com/quizzes/]

Your Love Language is a gateway to understanding more about yourself and your partner. It’s also a hack for reducing financial friction in your relationship because it can help you spend money in a way that doesn’t create conflict.

Here’s how…

1. DISCOVER THE LOVE LANGUAGE OF THOSE YOU CARE ABOUT

Have you ever given a beautiful gift that fell flat?

Maybe the flowers earned a ‘meh’, or you got ticked off for spending too much on the gift you brought back from a trip. If you value gifting, it’s understandable these reactions make you feel unappreciated. You may even feel unloved or rejected.

But that’s not how your partner sees it! Chances are, they didn’t appreciate your present because gifts don’t make them feel loved. Instead, because their Love Language is Words of Affirmation, what they really wanted was a handwritten card.

When you discover your partner’s Love Language, you can give love in the way they best receive it. It’s a simple way to avoid rows over unnecessary gift spending and feel more deeply connected as a result.

2. GIVE LOVE IN A WAY IT CAN BE RECEIVED

Remember your Love Language may well differ from your partner’s.

If you value gifts, chances are you’ll want to gift – because you want others to feel the way you do. But if gifts aren’t your partner’s thing, you won’t get the reaction you want.

If you want to hit the mark, give love in a way that reflects the receiver’s Love Language, NOT your own.

For example:

1. 1. Words of affirmation – give a handwritten note or card
   2. Gifts – give something physical.
   3. Acts of service – take care of errands or jobs your partner hates such as cleaning
   4. Quality time – go to the theatre, have dinner out, or a no-phone evening at home
   5. Physical touch – hold hands, hug, and other acts of physical affection.

If you spend money in a way that aligns with your partner’s Love Language, they’re going to feel all loved up!

3. DROP THE JUDGEMENT! 

Have you ever argued with your partner because they ‘wasted’ money on stuff you didn’t value? From takeouts to another new pair of shoes, it’s hard not to judge and criticise if your money story has you making different choices.

Good news! There’s a super simple way to eliminate this common relationship conflict – for good!

In a relationship, there’s a lot of merit in pooling your finances. That said, it’s vital you both retain independence. You can do this with your personal spending budget.

Your personal spending budget is yours to spend any way you like – without being judged. If you value gifts, feel free to splurge on a new handbag. If your thing is quality time, spend it all on a spa trip. It doesn’t matter.

Personal spending gives you the freedom to be yourself and use your money your way – without the risk of criticism. It’s a simple agreement that will help you avoid the little financial feuds that drag a lot of couples down.

4. LOVE YOURSELF! 

Your Love Language can help ensure your money flows in a way that makes you feel loved! Remember, money isn’t meant to stagnant and accumulate for the sake of it. Instead, money is meant to flow through your life.

Don’t underestimate the power of self-love for attracting abundance. When you feel you’re worthy of receiving, you open the floodgates for more. I struggled with self-love. Now I have a weekly budget specifically for self-care. Each week, I invest in something like a massage, acupuncture, or a pedicure. It’s an intentional choice that’s transforming the relationship I have with myself.

My Love Language is quality time, so this self-care choice aligns with how I receive love – only this time, I’m giving quality time to myself.

What’s the equivalent for you?

5. SUPPORT OTHERS TO SPEND THROUGH THEIR LOVE LANGUAGE

Money gets us in all sorts of tangles! It’s not a surprise when you look at all the negative language and stories associated with it.

Money is emotionally charged; igniting guilt, shame, and regret.

But when we create an intentional relationship with our money, these challenging feelings often dissolve. Instead of getting stressed, we can feel empowered through our finances. When we align our money with the things we value, we feel happier, freer, and more abundant as a result.

So encourage those you love to spend money on the things they love. Be a role model for intentional spending that’s aligned with your values and see how this behaviour rubs off on others.

When money flows in the direction of your values and Love Language, you feel more loved, more connected to others, and happier with yourself and your life.

So use this tool to guide your financial behaviours and spending choices. It’s so simple, but it will unleash huge amounts of happiness, freedom, and abundance in your life.

Disclaimer: All information contained within this article is of a general nature. Do not rely upon it when making financial decisions. Please consult a professional financial advisor or planner before acting.

Culled From: WealthEnhancers

Building a lasting relationship is like immigrating to a new country – it helps to speak the right language.

That doesn’t mean you need to have all the same priorities and opinions. Rather, you should both have a good idea of what makes the other person tick. Financially, that means coming to a firm understanding of how you’re going to manage money.

This isn’t as easy as it sounds. According to research conducted by The Harris Poll on behalf of the American Institute of CPAs (AICPA), 73% of couples who live together say financial decisions are a consistent source of tension in their relationship.

Want to avoid becoming a statistic? Learn which financial love language you both speak by reading below.

Independence

This strategy involves each person having their own bank, credit card, and retirement accounts, but chipping in toward shared expenses as a unit.

The biggest question with this plan is how to divide all the bills and joint costs. Some prefer to do an even 50/50 split while others prefer a proportion based on income.

For example, let’s say you earn $75,000 while your partner earns $50,000. In this case, you would divide everything 60/40. Many couples prefer this way of dividing expenses to avoid punishing the lower earner.

If the higher earner also has a large student loan balance, consider factoring that in when calculating the percentage.

You may decide to open a joint bank account to pay bills like rent, utilities, internet, and groceries. You can also pay for things with your individual account and then use an app like Splitwise to track who owes what.

Even if you have separate accounts, you should still talk about long-term financial plans like retirement. If you want to retire at 50 and your partner plans to work until 70, that will have a huge impact on your finances. You’ll also have to decide how to save for joint goals. This includes vacations, getting a pet, or remodeling your kitchen.

Who this works best for: This method is best for unmarried couples, blended families, or those in less traditional situations. If you each have children from a previous relationship, it may be easier to keep everything separate. This strategy is especially popular with unmarried couples who don’t want to combine accounts.

This also works well for couples where one party has a spending problem. It prevents them from running up a balance on the other person’s account.

Allowance

One popular way for couples to manage money is to pay all bills and other necessary expenses through a joint account and create separate accounts for individual discretionary expenses. The allowance method lets each person buy whatever they want, judgement-free.

Every month, each person gets the same amount of money in their personal account. Any money not spent during the month rolls over, allowing people to save for their own long-term goals and purchases. If you both prefer a cash envelope budgeting method, then you would each get the same amount of cash to spend at the beginning of the month.

This method can prevent arguments and judgemental comments like, “You spent how much on that?” If you want to drop $500 on a PS5, you would be completely within your rights to do so – assuming you have enough money saved in your discretionary account.

It’s best for both parties to receive the same amount every month, even if there are huge income discrepancies. Making it proportional to each person’s income could foster resentment, especially if one spouse does more of the household tasks.

Decide early on what counts as a household expense and what counts as a discretionary expense. Do hair cuts, gym memberships and personal care products come out of the shared account? You may need frequent check-ins at the beginning to ensure everyone is on the same page.

Who this works best for: This strategy works well for couples who want to pay for big picture expenses together, but still maintain some financial autonomy. It also allows each person to buy gifts for the other without having the surprise spoiled on the bank statement.

Two Become One

Some couples prefer to have all their money pooled together, including their discretionary income.

This method is best for partners with excellent communication skills and infrequent financial arguments. Also, if one person has no interest in managing their money, they may use this system to allow the other person more control.

Who this works best for: This strategy may work for couples with similar spending habits or who are on a tight budget and need to track every dollar.

It also works well for couples who are high earners and naturally frugal. For example, if you both earn much more than you spend, you may not see a reason to have individual allowances because you always come in under budget.

How to Determine Your Financial Love Language

Look at how you currently manage money together and which money love language you’re using. Then, talk about whether or not you would prefer a different setup.

When explaining what kind of system you prefer, listen to what your partner is saying. Even if you could save more money by having a completely joint system, your partner may feel like they’re being controlled or that you’ll judge their spending decisions.

You should also check in regularly to make sure your partner is satisfied with the arrangement. Opinions can change over time, and what once seemed fair may become a problem. For example, keeping everything separate may be less realistic once you have a child together.

If you’re still having financial disagreements or can’t agree on an equitable method, it may be worth finding a licensed financial therapist specializing in couples. The Financial Therapy Association has a directory you can search to find a qualified counselor, many of whom are also licensed marriage and family therapists.

Source: Mint.Intuit.com