In times past, monthly salaries were enough to enable a worker cope with his needs and still keep something aside for savings. But the reality of today, with galloping inflation and attendant rise in cost of living, makes it a near impossible task for most workers to save.
A new approach is therefore required if people are to meet their needs. That approach entails embracing entrepreneurship and development of multiple streams of income, as Felix Agbonrofo, principal consultant, Starpearl Consult, told cooperative members at a one-day seminar for Ojo/Amuwo Odofin Cooperative Societies in conjunction with Ojo/Amuwo Odofin Multipurpose Cooperative Union.
He said: “If your salary is the only source of your income, you are like the man in the Bible with one talent and if care is not taken you will be punished by the economy.”
Citing an example with Aliko Dangote, Africa’s richest man, who deals in cement, sugar, salt, real estate among others, Agbonrofo said, “We need to have multiple streams of income.”
Odueyungbo Adefela, who spoke on ‘Adoption of Cooperative Business Model as a Model of Choice,’ said Nigerians needed to identify a niche market and take advantage of it to make money. He advised that each one, like a proverbial best-selling book, needs to “go off the shelve” to have a success story.
Miriam Caldwell, personal finance specialists has developed ideas that may help you make more money.
One of such ideas is to consider telecommuting as way to increase your income. This is quite obtainable in the advanced countries of the world. But it is gradually being embraced in the developing countries.
This may be a part-time job that you do in the evenings or a new job that will replace your old one. Additionally telecommuting can save you money, and you may find additional money in your budget by telecommuting two or three days a week at your current job. It can also add more flexibility to your day, Caldwell has said.
Another option to finding additional income is to work as a freelancer. There are many type of freelance jobs. You can work in graphic design, in video production, as a consultant or as a writer. Look at the skills that you currently have and then consider how you can offer those skills as a service to small businesses or families. Then begin marketing yourself and making contacts. Over time you may be able to build enough contacts to make this a full-time option for you.
She said you may also consider opening your own business in order to find additional income. If you are looking at this as a part-time venture you will want a business that has a lower initial start up cost.
You may start by working as a party consultant. Eventually you may be ready to branch out and start a business full time. It is important to carefully weigh the costs of starting your won business against the profits that you will make. You need to be profitable or it is not worth the work.
Finally, you she said you may want to take on a second job for a short-term income solution. This means working long hours, and spending less time relaxing. You will need to inform your employer so that you do not put your first job at risk. You should also look for the job which will make you the most money for the time that you put in. This means that you will be able to quit your job much sooner.
HOPE MOSES-ASHIKE
