This checklist was motivated by Charlie Munger’s multidisciplinary approach to life, business, and investing that I published a few days ago. You can read it here.
Also, George Donelly, a mentor of mine whom I worked for in mid-2021 gave me this blunt feedback. He said, “If you want to be successful in life, you need to improve your consistency, follow-through, and attention to detail…
And to be consistent, and also pay great attention to details, I believe you need a checklist of your guiding principles. Here is mine, have a blast going through it.
Use your multidisciplinary approach: there is no point having it if you won’t use it.
Nothing stands alone in this world hence you need to think deeper and consider all important factors when making decisions or evaluating a circumstance
Work from a checklist
Use a standard game/program to learn certain things eg. a fitness app, strategy game(chess), or investing game(monopoly)
Inversion – This is helpful when you find yourself in a difficult situation, or when you find it very hard to achieve something. Turn things upside down to get great insights.
Start from what you want to achieve and move backward
Start from what you don’t what to achieve – remove unimportant things
In a difficult situation, invert always.
Balance – work towards a balance in most of what you do. Not too much and not too small
Don’t be an extremist
Don’t be a blind optimist
Don’t be a 100% pessimist
Be obsessed, passionate, motivated, and driven to succeed but also take time off to evaluate what you’re doing.
Have a full plan and set goals – think through whatever you want to do very well
Set clear and detailed goals and objectives
Review your goals always
Kaizen: Life-long learning and improvement
Read. Read what you like. Read foundational things
Learn and seek advice from the right people
Never stop learning
Keep moving forward
Develop into a lifelong self-learner through voracious reading; cultivate curiosity
Value
Make sure what you do is adding value and not just taking value
Make sure what you do is legal
Do it with integrity, honesty, and transparency
Trust but verify
Always do good and forgets who gets the credits
Honesty is a very expensive gift, don’t expect it from cheap people
Always look for win-win deals. Work on the other party’s interest and not reasons.
Savings: Save 20% of all your income
Always pay yourself first
Increase or decrease it after 2 months depending on your experience
Purchasing: Make sure you can afford double the amount of something before you buy it.
Don’t go broke every time buying something
Don’t borrow every time you want to get a deal.
You can fund 20% and get honest partners to fund it
Instead, you can help people sell their expensive stuff and earn a commission
Except you’re filthy rich always find out the price of what you’re buying from multiple sources and avoid overpaying for it
If you have money, there is no crime in getting a discount
Investing: Decentralise your wealth as much as possible.
Don’t hold all your wealth in your name
Buy and hold things in your company name
Invest in other trusted parties/people’s investments
Let good people hold money for your long-term
Hold several uncorrelated assets
Hold crypto but on exchange and in non-custodial wallets
Take your time to study especially while buying illiquid assets like real estate. The more time you put upfront will save you a lot of time solving unnecessary issues
Business and work:
Love what you do
Be free to choose what you want to work on
Be authentic
Think longterm
Always check the metric of what you’re doing. Ensure you’re making progress and not just moving around like everybody else
Get traction and keep going. Don’t stop
Delegate to people who are best at what they do
Get smart people with a lot of energy and high integrity
Always work with the right partners. Any previous bad reputation is a no.
Be as organized as possible
People should take responsibility and be accountable
Take small failures and keep going. People will forgive failure so far you’re honest and transparent
Celebrate little and big achievements
Say YES, and a lot of NO’s:
Say no to the good so you can get the great
Look at it as if you have a few businesses, deals, projects, and investments to make in life(about 20 – 50) and you can’t exceed them.
Thank people for considering you for an opportunity but let them know you don’t have enough bandwidth to work on it now. Let them know is a problem with you and not them.
Communication: communicate well and consistently in your relationship, business, and work.
Always say less than necessary. Don’t talk too much
Always say what, where, who, when and why something is to be done.
Build your business/brand in public in front of the right people.
Be transparent in your dealings and let them know what you’re up to.
Be resilient and ensure you give heads-up, and keep getting back up no matter the disappointment.
Use the 80/20 rule in your dealings and offerings
Be reliable
Promise less and deliver more
Thank you for taking your valuable time to read this post. I will add more as I become smarter and gain valuable real-world experience.
Please check out my other website and platforms.
Filtaproperties.com: buy or sell farmlands, apartments, and smart homes in Ibadan
Filta.ng: Buy construction materials and agro products in Nigeria – crypto accepted
This is an except from the insights of one of the most sound investors of our time, in person of Charles T Munger.
He is a partner to Warren Buffet(CEO of Berkshire Hathaway) , and the duo formed a formidable force to reckon with in the modern investment world.
He recommends you stop looking for a one size fit all formula for investing but instead look at it from a multidisciplinary perspective using your own investing checklist.
Below is his suggestion and investment principle checklist: in his on words. “No wise pilot, no matter how great his talent and experience, fails to use his checklist.” We have now examined Charlie’s approach to thinking in general and to investing in particular. In keeping with our intent to observe “how he seems to do it,” we will recap his approach by using the “checklist” methodology he advocates.
Risk – All investment evaluations should begin by measuring risk, especially reputational
Incorporate an appropriate margin of safety
Avoid dealing with people of questionable character
Insist upon proper compensation for risk assumed
Always beware of inflation and interest rate exposures
Avoid big mistakes; shun permanent capital loss
Independence -“Only in fairy tales are emperors told they are naked”
Objectivity and rationality require independence of thought
Remember that just because other people agree or disagree with you doesn’t make you right or wrong – the only thing that matters is the correctness of your analysis and judgment
Mimicking the herd invites regression to the mean (merely average performance)
Preparation -‘(the only way to win is to work, work, work, work, and hope to have a few insights.”
Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day
More important than the will to win is the will to prepare
Develop fluency in mental models from the major academic disciplines
If you want to get smart, the question you have to keep asking is “why, why, why?”
Intellectual humility – Acknowledging what you don’t know is the dawning of wisdom
Stay within a well-defined circle of competence
Identify and reconcile disconfirming evidence
Resist the craving for false precision, false certainties, etc’
Above all, never fool yourself, and remember that you are the easiest person to fool
Analytic rigor – use of the scientific method and effective checklists minimizes errors and omissions
Determine value apart from price; progress apart from activity; wealth apart from size
It is better to remember the obvious than to grasp the esoteric
Be a business analyst, not a market, macroeconomic, or security analyst
Consider totality of risk and effect; look always at potential second order and higher-level impacts
Think forwards and backwards-Invert, always invert
Allocation – Proper allocation of capital is an investor’s number one job
Remember that highest and best use is always measured by the next best use (opportunity cost)
Good ideas are rare – when the odds are greatly in your favor, bet (allocate) heavily
Don’t “fall in love” with an investment-be situation-dependent and opportunity-driven
Patience – Resist the natural human bias to act
“Compound interest is the eighth wonder of the world” (Einstein); never interrupt it unnecessarily
Avoid unnecessary transactional taxes and frictional costs; never take action for its own sake
Be alert for the arrival of luck
Enjoy the process along with the proceeds, because the process is where you live
Decisiveness – When proper circumstances present themselves, act with decisiveness and conviction
Be fearful when others are greedy, and greedy when others are fearful
Opportunity doesn’t come often, so seize it when it does
Opportunity meeting the prepared mind: that’s the game
Change – Live with change and accept unremovable complexity
Recognize and adapt to the true nature of the world around you; don’t expect it to adapt to you
Continually challenge and willingly amend your “best-loved ideas”
Recognize reality even when you don’t like it – especially when you don’t like it
Focus – Keep things simple and remember what you set out to do
Remember that reputation and integrity are your most valuable assets – and can be lost in a heartbeat
Guard against the effects of hubris and boredom
Don’t overlook the obvious by drowning in minutiae
Be careful to exclude unneeded information or slop: “A small leak can sink a great ship”
Face your big troubles; don’t sweep them under the rug
Other Principles
Compound Interest “…It’s the stone that will turn all your lead into gold. … Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more.” -Benjamin Franklin “If you took our top fifteen decisions out, we’d have a pretty average record. It wasn’t hyperactivity but a hell of a lot of patience. You stuck to your principles and when opportunities came along, you pounced on them with vigor.” “There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash-and I don’t want to go back.” – Munger
Invert. Always Invert. Know What to Avoid. “The ‘Munger System of Avoiding Dumb Stuff’ will alone, strictly adhered to, allow you to prevail over your ‘betters,’ no matter how smart they are,” Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.
Mispriced Bets “It’s not given to human beings to have such talent that they can just know everything about everything all the time. But it is given to human beings who work hard at it – who look and sift the world for a mispriced bet – that they can occasionally find one.”
Thomas Carlyle (1795-1881) “The task of a man is not to see what lies dimly in the distance, but to do what lies clearly at hand.”
Charlie Sums It Up “How do some people get wiser than other people? Partly it is an inborn temperament. Some people do not have a good temperament for investing. They’re too fretful; they worry too much. But if you’ve got a good temperament’ which basically means being very patient, yet combine that with a vast aggression when you know enough to do something, then you just gradually learn the game, partly by doing’ partly by studying. Obviously, the more hard lessons you can learn vicariously, instead of from your own terrible experiences, the better off you will be. I don’t know anyone who did it with great rapidity. ‘Warren Buffett has become one hell of a lot better investor since the day I met him, and so have I. If we had been frozen at any given stage, with the knowledge hand we had, the record would have been much worse than it is. So the game is to keep learning, and I don’t think people are going to keep learning who don’t like the learning process.”
Since human beings began investing, they have been searching for a magic formula or easy recipe for instant wealth. As you can see, Charlie’s superior performance doesn’t come from a magic formula or some business-school-inspired system. It comes from what he calls his “constant search for better methods of thought,” a willingness to “prepay” through rigorous preparation, and from the extraordinary outcomes of his multidisciplinary research model. In the end, it comes down to Charlie’s most basic guiding principles, his fundamental philosophy of life: Preparation. Discipline. Patience. Decisiveness. Each attribute is in turn lost without the other, but together they form the dynamic critical mass for a cascading of positive effects for which Munger is famous (the “lollapalooza”).
Credit: The Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger Kindly get your own copy of the book on Amazon.
It’s been raining frequently in the month of June, and I’m really enjoying the cozy weather. It’s very good for reading and brainstorming. Don’t mind me! 😊
I just finished studying a book titled, “The Millionaire Fastlane” by MJ DeMarco – a renowned internet entrepreneur.
The book is very insightful with a lot of eye-opening and life-changing ideas. And in case you don’t know, the “Fastlane” is a way of achieving financial freedom and accumulating abundant wealth within a few years (6 to 8+) while owning a business system that generates net profit, cash flow, and also increases in asset value.
It’s not a “Get Quick Easy” approach, however, you can “Get Reach Quick” if you choose any of the following systems that you can own, control, leverage, and scale.
The 5 Fastlane System
Rental system
Computer and software system
Content system
Distribution system
Human resource system
Here are the best 40 guidelines you need going forward as handpicked by the author.
The 40 Fastlane Lifestyle Guidelines
I SHALL . . .
1. Not dismiss “Get Rich Quick” as improbable.
2. Not allow the Slowlane to bury my dreams.
3. Not allow Slowlane prognosticators to contaminate my truth with their dogma.
4. Not ordain the Slowlane as the plan, but let it be a part of the plan.
5. Not sell my soul for a weekend.
6. Not expect nor seek a chauffeur to wealth.
7. Not trade my time for money.
8. Not put time in control over my financial plan.
9. Not forsake control over my financial plan.
10. Not demote time as abundant and effervescent.
11. Not assign faith to events, but to process.
12. Not take advice from gurus who preach one roadmap, while getting rich using another.
13. Not use compound interest for wealth, but for income.
14. Not disrespect the passivity of a dollar.
15. Not cease learning at graduation, but start it.
16. Not impose the burdens of parasitic debt into my life.
17. Not play on Team Consumer, but switch to Team Producer.
18. Not dismiss the plausibility of my dreams.
19. Not chase a path of money, but a path of need.
20. Not fuel my motivation by love, but by passion.
21. Not focus on my expenses, but on my income.
22. Not pay myself last, but first.
23. Not do what everyone does.
24. Not trust everyone, but allow trust to be proven.
25. Not relinquish control over my business.
26. Not hitchhike, but seek to drive.
27. Not operate within limited scales and in tiny habitats.
28. Not dishonor the horsepower of my choices.
29. Not swim as a guppy in a pool, but as a shark in the oceans.
30. Not consume first, but produce first, and consume later.
31. Not engage in barrier-free or entry-weak businesses.
32. Not invest in other people’s brands, but in my own.
33. Not give credence to ideas, but to execution.
34. Not forsake my customer for other stakeholders.
35. Not build a business, but a brand.
36. Not focus my marketing messages on features, but benefits.
37. Not be a polygamist opportunist: Focus!
38. Not engage my business like checkers, but chess.
39. Not live above my means, but seek to expand my means.
40. Not live without the insurance of financial literacy.
I hope you’ll find the above nuggets useful.
For more information, kindly purchase a copy of the book or visit the Fastlane Forum.
Kindly join the 9jacashflow Book Clubhere
God Bless!
It’s been raining frequently in the month of June, and I’m really enjoying the cozy weather. It’s very good for reading and brainstorming. Don’t mind me! 😊 I just finished studying a book titled, “The Millionaire Fastlane” by MJ DeMarco – a renowned internet entrepreneur. The book is very insightful with a lot of eye-opening and life-changing ideas. And in case you don’t know, the “Fastlane” is a way of achieving financial freedom and accumulating abundant wealth within a few years (6 to 8+) while owning a business system that generates net profit, cash flow, and also increases in asset value. It’s not a “Get Quick Easy” approach, however, you can “Get Reach Quick” if you choose any of the following systems that you can own, control, leverage, and scale. The 5 Fastlane System
Rental system
Computer and software system
Content system
Distribution system
Human resource system
Here are the best 40 guidelines you need going forward as handpicked by the author. The 40 Fastlane Lifestyle Guidelines
I SHALL . . .
1. Not dismiss “Get Rich Quick” as improbable.
2. Not allow the Slowlane to bury my dreams.
3. Not allow Slowlane prognosticators to contaminate my truth with their dogma.
4. Not ordain the Slowlane as the plan, but let it be a part of the plan.
5. Not sell my soul for a weekend.
6. Not expect nor seek a chauffeur to wealth.
7. Not trade my time for money.
8. Not put time in control over my financial plan.
9. Not forsake control over my financial plan.
10. Not demote time as abundant and effervescent.
11. Not assign faith to events, but to process.
12. Not take advice from gurus who preach one roadmap, while getting rich using another.
13. Not use compound interest for wealth, but for income.
14. Not disrespect the passivity of a dollar.
15. Not cease learning at graduation, but start it.
16. Not impose the burdens of parasitic debt into my life.
17. Not play on Team Consumer, but switch to Team Producer.
18. Not dismiss the plausibility of my dreams.
19. Not chase a path of money, but a path of need.
20. Not fuel my motivation by love, but by passion.
21. Not focus on my expenses, but on my income.
22. Not pay myself last, but first.
23. Not do what everyone does.
24. Not trust everyone, but allow trust to be proven.
25. Not relinquish control over my business.
26. Not hitchhike, but seek to drive.
27. Not operate within limited scales and in tiny habitats.
28. Not dishonor the horsepower of my choices.
29. Not swim as a guppy in a pool, but as a shark in the oceans.
30. Not consume first, but produce first, and consume later.
31. Not engage in barrier-free or entry-weak businesses.
32. Not invest in other people’s brands, but in my own.
33. Not give credence to ideas, but to execution.
34. Not forsake my customer for other stakeholders.
35. Not build a business, but a brand.
36. Not focus my marketing messages on features, but benefits.
37. Not be a polygamist opportunist: Focus!
38. Not engage my business like checkers, but chess.
39. Not live above my means, but seek to expand my means.
40. Not live without the insurance of financial literacy.
I hope you’ll find the above nuggets useful. For more information, kindly purchase a copy of the book or visit the Fastlane Forum. Kindly join the 9jacashflow Book Clubhere God Bless!
If you’re a nerd like me, you might have considered getting a job in the cryptocurrency space and noticed intense competition and the need to be outstanding before getting a position.
Nevertheless, this post(an excerpt from Pomps Podcast #1029) outlines the steps to take to get a job in crypto.
Have a particular position you want on 2 or 4 crypto companies you want to work at. Make sure you like the company’s mission.
Take time to write an exciting and unique cover letter.
Don’t apply to multiple roles in the same company. It shows you’re confused. Instead, you can tell them in the interview other areas that you’re competent at.
Be bold but be patient in your applications, especially in high-level roles
Reach out to recruiters or people working at a company offering them what you can help them with. Send a Twitter or Telegram DM with thoughtful ideas to improve their product. Or share your sales ideas that could work.
Put your ideas in public. Blog, Youtube, or Podcast about crypto. The likes don’t matter. You need something to redirect to when in an interview.
Do your strength(maybe writing, vlogging or podcasting) that doesn’t look like job/work, as you will be able to do it for a long time.
Being consistent makes you become reliable and disciplined.
Find a community of people who share your interest and have a long-term relationship with them
Attend Bitcoin and crypto meetups, conferences, and seminars.
Start a local crypto community around you.
Engage with people you find interesting and knowledgeable. Join discord and telegram groups.
The more you put yourself out there (though you may feel awkward at the beginning), the more luck you will have.
Be able to handle “NO” from recruiters or not hear back from them.
Be on Twitter spaces and contribute.
Be consistent with your strength. All crypto companies need people to handle other aspects of their business aside from coding. So if you have experience in marketing, sales, community building, business development, etc. Work more on that and apply for that role instead of going to learn coding from scratch and competing with people with 5 years+ of coding experience. The latter won’t work out well for you. Make sure you focus on your strength or what you have valid experience in.
That’s about it. But I will add two final tips for you.
Start working as if you’re already employed by that crypto company. Put yourself to such a high-level standard that they expect from their employees.
Are you a real estate investor who intends to purchase a semi or fully-furnished apartment in the heart of Ibadan, Nigeria? If yes, then I’ve got a genuine and special deal for you.
So keep reading while I break it down further in this short article.
In case you don’t know, Ibadan happens to be the new haven for many real estate investors in Nigeria. And this is mainly due to the newly launched Lagos to Ibadan railway station/terminal.
Most property developers and investors who were originally targeting Lagos are now diverting their attention to the old city which is uniquely positioned for comfort, peace, affordable lifestyle, and finally good governance.
The common investments are farmlands, virgin lands, semi-furnished apartments, and fully-furnished apartments.
I strongly believe Ibadan is going to be a better city to live in than Lagos in the next 25 years, and your investment now can double, if not triple in the next 5 to 10 years.
Enough of Ibadan is this, Ibadan is that. When you come to visit, you will definitely see for yourself what I’m talking about.
For now, let’s move to the real estate property deals I currently have for you, which are proudly brought to you by Filta Properties – the real estate investment arm of 9jaCashFlow.
Deal #1: A unit of a 3-bedroom flat apartment right in the center of Moniya, Ibadan.
The site is situated at the Council Bustop, before Moniya garage, Ibadan. It’s actually a 5-minute drive to the railway station connecting Lagos and Ibadan.
This property is an ongoing development of a 4-unit 3 bedroom semi-furnished apartment. It’s a duplex/story building on a land of about 600 sqm.
I currently own and supervise this construction project alongside expert engineers and builders. In addition, all documents were obtained from certified professionals and all statutory duties were duly paid to the government.
The construction is half completed(just the first floor, its block wall, roofing, and some finishings remaining), and we’re selling 2 out of the 4 units 3 bedroom apartments.
Note: with the current pace of development and required funding, the property would be completed within the next 3 months and by then, the price would have doubled.
As of today, only one unit is available for sale as the other one has been sold out already.
So if you’re interested, feel free to message me on WhatsAppor schedule a Zoom call with me today.
These are pictures from the ongoing projects.
Deal #2: 4 Units of fully furnished 3 bedroom apartments along Eleyele, Ibadan.
https://youtu.be/H3XngxngjOg
This apartment is located at Idigbaro, along Eleyele road, Ibadan, Oyo State, Nigeria. The house is fully furnished and contains everything you need to live a comfortable life in the center of the ancient city, Ibadan.
In fact, you don’t need to come with any equipment aside from your clothes. Every other thing is available.
Facilities available on the property include:
Fully-furnished suites(with air-conditioned living rooms, bedrooms, and kitchen accessories).
Electricity
2 Standby power generator
Borehole facility
Security
Paved roads
Perimeter fencing
And if you’re wondering, why should I buy when I don’t want to live in Ibadan yet? Let me shock you!
We have had a lot of clients abroad who bought units just to use for short lets(similar to Air B&B) while they plan to occupy or sell the property later in the future.
Here’s a sneak peek of the house.
Should, in case you’re interested. Feel, free to message me on WhatsAppor schedule a Zoom calltoday.
I also have farmland deals across Ibadan and have helped myself and a couple of clients secure good farm locations in the state.
Farming is by far the single most important activity that can boost the Nigerian economy going forward aside from education and technology.
In case you don’t know, continuous evangelism for carbon-neutral society, green energy, and conservation of the environment is gradually reducing the global demand for crude oil, and one day, the world will switch to alternative energy sources that are much more sustainable.
It’s also important I point out that a move to alternative energy sources that do not pollute the environment also means less income for countries like Nigeria whose economy is solely dependent on crude oil export.
So what is the Nigerian government doing?
Nothing per se that I can pinpoint is working as regards diversifying the economy. In fact, the only trending sector of the economy in Nigeria aside from petroleum/crude oil is politics. And any country where politics thrives more than its industry is really going nowhere.
In addition, most Nigerians are now very lazy and depend majorly on white-collar jobs, crude oil money, foreign investors’ cash, and money embezzled in political posts.
Anyways, agriculture is the way forward and that’s why I have decided to write this article. And this is not to say that agriculture does not have its own challenges. In fact, they are numerous and that’s why many youths are not involved in it.
For example, the land is a major constraint.
It is very rare to see farmland close to residential areas, and those that are quite far, lack enough security not to talk about being expensive to purchase and manage. Hence we can as well conclude that many youths don’t have access to accessible and well-secured farmland.
As matter of fact, I did go to the ministry of works in my state(Oyo) and made a request for hectares of farmland, but it surprises me that after paying and writing a letter to the necessary department, I did not get any response talkless of getting any land. So I’ve come to the conclusion that youth don’t have access to arable land that’s nearby, well-secured, cheap, and easy to manage.
So what type of agriculture can the youth start? LIVESTOCK FARMING I think.
And what type of livestock farming can be done in a house compound that requires less space and doesn’t pollute the environment, that’s fish farming.
Fish farming is very lucrative because out of all livestock being reared, only fishes can give you 1kg of meat/flesh from every 1.1 kg of feed I.e. it has the most efficient feed conversion ratio(FCR). As a matter of fact, cattle are the least efficient. They eat up to 10kg of feed to build up 1kg of meat/flesh.
Anyways, before I digress totally, let’s move on to how you can start your own profitable catfish farming business.
Actually, a lot of considerations will need to be made before you decide to start a fish farm but here is a simple guide with probable cost estimates in case you have already made up your mind.
1. Water Source
The first step is to have a steady source of clean water. This is very cogent because water is the natural habitat of fishes and without it, most fishes cannot survive; just like it would be difficult for most humans to survive without houses.
So what are the available sources of water; the most common source of water is the stream(which you can channel into your fish ponds) or a Borehole which you can power with electricity and store the water into an overhead tank.
Another less common source of water is a river where people practice cage culture, that is they put those fishes in cages with tiny wire mesh holes and leave the cages hanging in the river. Using this method, you don’t need to change any water as the river flows automatically thus bringing in freshwater and taking out their waste.
2. Fish Pond
Once you have your water source, the next step is to decide on which type of fish habitat or pond to construct. I have listed below the 3 common types of ponds with their advantages and disadvantages below:
Earthen pond: The advantage of using this type of pond is that it can contain a whole lot of fish, and there’s less mortality due to cannibalism because small fishes can hide in mud. Another benefit is that It grows a lot of green algae which fishes can feed on, so you may spend slightly lesser on fish feed. On the contrary, it’s prone to flooding in the rainy season. Also, it’s not mobile and it’s a bit difficult to secure if it’s far from your house.
Image credit: Erikohlsen
Concrete pond: This type of pond is very durable and can contain a whole lot of fish. Contrarily, it’s expensive to construct. It’s also not mobile and may leak often or sustain large cracks if not used.
Image credit: AMISODAGO CONSULTANCY FIRM
Tarpaulin: This pond is mobile, easy to construct(in fact you can do it yourself), and has low maintenance. You can decide to use it in a rented or family apartment. The only disadvantage is that you will need to change the water often.
Image credit: Jiji Fish Ponds
The tarpaulin pond in particular is the best choice for newbie fish farmers. I strongly recommend it if the place you’re using is not your own house. This is simply because it’s mobile and easy to construct. And if your landlord decides to send you packing, you can easily dismantle it and set it up somewhere else unlike earthen or concrete ponds that are not mobile.
Also, the tarpaulin pond is easy to secure. You can decide to place it directly outside your windows so you can watch it regularly. The tarpaulin is also durable and can last for 3 to 5 years after which you can decide to repair or just buy a new one.
I always recommend the small size of 5ft by 5ft by 3ft depth or a big size of 5ft by 10ft by 3ft depth because they can fit into any area within your compound.
You will need to do little plumbing work to bring water into and out of your tarpaulin. This you can achieve by calling a plumber and buying the materials or doing it yourself through the use of a water hose to bring in water and a sieve to prevent small fishes from escaping when taking water out.
Also, you need to work out a drainage system to take water away from your fish farm. Your fellow residents won’t take it lightly with you if water from your pond doesn’t find a way out and as a result, fouls the air of the environs.
You can call me at +234 810 185 0909 to purchase your quality and durable tarpaulin pond or click here to place your order online.
Note: We deliver nationwide. You will get it delivered to the nearest interstate pack in your location.
3. Getting small fish to rear.
You can stock your new fish farm with any of the following small fish inputs.
Fries
Fingerlings
Juveniles
Jumbo
I will suggest you take Juveniles because at that stage they’re relatively cheap and can withstand harsh weather conditions(they don’t easily die). However, make sure you’re placing an order from the right source as you may end up buying rungs or fishes with low quality that will only consume feed and not grow big.
I made this mistake when I started; I bought some jumbo sizes not knowing that they were of less quality and the farmer already separated the shooters(fast-growing Juveniles) and decides to sell the rest to me as rungs(slow growers). So sad, but I fell victim due to ignorance.
Note that you will need to prepare your pond before introducing your fishes. If it’s a tarpaulin pond, you can erect and wash it with salt to ensure the chemicals on it doesn’t affect the fish. Also, you can put water in the tarpaulin and leave it for 3 days to be sure it isn’t leaking. This also reduces the smell and effect of the preservative chemicals on the tarpaulin itself.
For concrete or earthen pond, you can add lime or ashes to fertilize it. This will also allow green algae to grow on the earthen pond, thus providing more food for the fish.
After doing all these vital preparatory steps, you can introduce your fish.
You can contact me at +234 810 185 0909 in case you need Juveniles. I will sell to you if you’re close by or get someone near you. I’m also more focused on selling organic fish, which her the ones they hatch without the use of growth hormones like Ovulin and Ovaprime. This is another reason you should buy from me.
Sikemi Olabisis AKA The Farm Lady is also a good mentor of mine who can supply you with Juvenile catfish if you’re in Lagos. Here is her phone number: +234 810 676 9062.
4. Taking care of the fishes
Image credit: Profitable Fish Farming
Taking care of your young fish(juveniles) is a very interesting and cogent aspect of the catfish business. If you get this wrong, you would most likely get the business wrong or at least become unprofitable. It is divided into 4 parts namely; water management, feed management, sun and weather management, and diseases management.
Water management: This has to do with how you change your water regularly and ensures the water is safe, clean, and suitable for the growth of the fishes. If you’re capable of changing your water daily, that would be fine but economically I will suggest every 3 days(2 or 3 times per week). If you have a very large number of tarpaulin ponds and you need a lot of water, you may consider digging 2 or more boreholes. Alternatively, you may not necessarily fill all the ponds to the brim at first. After the first 24 hours, you can add more water, the next 24 hours add more water, then change it completely after another 24 hours making it 3 days.
Some tools you would need here are; Generator set to pump water, an aerator to add more dissolved oxygen to your water, a hose to take water to the pond, and a submersible pump to take water out of the earthen pond.
Feed management:This is simply how you feed your fish for good health and profitability. Although fishes are very efficient at feed conversion, it’s advisable you know the right way to feed them so you can cut waste.
At the juvenile stage, I advise you to feed your fish with Ala Aqua fish feed 0.3 to 1.8mm feed. It has about 45% protein and would help boost the initial growth of your fish. Also, they are in 1kg size and cost about ₦2200 so you don’t need to buy a full bag. You just need two of the 1kg depending on the number of fish you’re raising.
When they exhaust the initial feed, you can switch to 2mm Ala Aqua fish feed which cost ₦14,700(for a bag of 15kg). This would be enough to feed 500 fish for a month.
Image credit: Olist Marketplace
Next, you feed your fish with a 3mm skretting feed(₦14,000/bag of 15kg). After this, your fish should have a good Initial start and you can now switch to local feed which is a bit cheaper. I will suggest you buy local floating/extruded feed like Bluecrown or Ecofloat because they don’t pollute the water in the tarpaulin quickly. Also, buying fish feed from anyhow fish mill can reduce the growth of your fish because the ratio of protein and other ingredients in the feed might not be complete.
If it’s an earthen pond you can use the local floating feed suggested above or formulate your own sinking feed which is a lot cheaper. The sinking feed won’t pollute an earthen pond instead it would serve as manure which increases the growth of algae in the pond. Such algae serve as food for the fish.
You will need a scale to measure the feed you give your fish and the size of your fish regularly.
Ideally, you should feed the fish 5% of their body weight. You will need to find the average weight of your fish, next multiple by the total number of fish, then find 5% of it. That’s about the right amount to feed them daily. Divide that number by 2 if you’re feeding 2 times daily.
I will suggest you feed your fish twice daily(7 am and 5 pm) for the first 3 months after which you can switch to once-daily (5 pm).
Also, you would need to do regular sorting in order to make sure you only have fish of the same size in the same pond. This will reduce cannibalism and aggression from bigger fishes.
Image credit: Sun News Online
Also, make sure you feed your fish well.
You will need a minimum of 1kg feed to feed 1 catfish to 1kg. So 1000 catfish will need a minimum of 1000kg of feed to give you 1000kg of weight.
And if a bag of fish feed is about 15kg, you will need about 67 bags (1000/15) to feed 1000 catfish to table size(1kg each). Make sure you have enough money to feed your catfish.
67 bags * ₦8,000/bag = ₦536,000. That’s an estimate to feed 1000 fishes to table size of 1kg each(1000kg in total).
If 1000kg costs ₦536,000, then 1kg is approximately ₦550(₦536,000/1000kg).
Sun and weather management:Small finishes don’t like too much sun so it’s advisable you get an asbestos or plastic roofing sheet to cover half of the tarpaulin. That way they have something like a shed to hide under and fresh air can still get to the surface of the pond.
Also, if your tarpaulin pond is placed very close to the house, you need to ensure that rainwater dropping from the pan doesn’t flow directly to them. This can cause roofing sheet iron or aluminum poisoning.
Disease management: No farmer prays for its fish to have a disease outbreak but it’s somehow inevitable, and you must learn how to handle it.
Image credit: Research Gate
It’s important you separate diseased or dead fish as soon as possible.
The way to boost the fish’s immune system and cure minor illnesses is to pluck bitter leaves, blend them and add them to the pond water. You can also add some of the blended leaves to their feed. Almond leaves can also be used instead of bitter leaf.
Antibiotics like Keprocyril can be used to boost their immune system and also cure some diseases.
Some equipment you may need here is an aerator, water hose, a couple of buckets, and an extra pond.
5. Harvesting your fish.
Image credit: Eagles Catch
You can decide to harvest your fish after 2 months. At that size, they are good for smoking hence they call them a smokable size or millange.
If you don’t intend to smoke/oven-dry the fish and sell it, then you shouldn’t harvest your fish yet. I suggest you wait for 6 months when most of your fish would have reached table size(1kg) or 10 months when most of your fish would have reached an average weight of 2kg. That way, you would make enough profit because you would sell it per kg.
Another technique you can use is to harvest your fish at 4 months. Here you will sell half of them that have reached 1kg to off-takers(those that resell or go and process), while you smoke/oven-dry the remaining half that’s less than 1kg and also sell it yourself.
One thing you must note when harvesting is to have your own digital scale and harvest gradually so you won’t be at the mercy of bad off-takers that would price your fish badly.
Also, have a fish smoking kiln on your farm so that in case of unforeseen situations where you need to process all your fish or you might lose them. A good example was when petrol was scarce and there was no electricity. With such a predicament, you may not be able to manage a huge amount of fish in terms of changing their water regularly and ensuring diseases don’t occur.
6. Selling your catfish.
Image credit: Arthur Lifestyle
This greatly depends on the size of your farm and whether you’re selling the fresh fish or processing it further by oven drying it.
Generally, I will advise you to sell some of your fish fresh and oven-dry the rest. But there are some exceptions to that.
If you have a small farm and you intend to sell fresh fish, I will suggest you wait till your fishes get to 1kg and sell directly to those doing catfish barbecue or pepper soup. That way you make a good profit. Currently, the price of 1kg of catfish in Lagos and Ibadan is ₦1,200.
On the other hand, if you have a very large farm then you should wait for most of your fish to get to 1kg and then get off-takers in bulk so you can quickly recoup your money.
Note: Don’t sell your fish on credit to off-takers because most won’t payback. Also, they would tell you all sorts of stories and excuses that the fish died or they went at a loss when they sold. Always collect cash at sales so your business can continue to grow.
You may also smoke some of the fish and sell it in bulk to market women and supermarkets. You will need to package your oven-dried fish well enough with stickers and good-quality nylon.
Materials needed for harvesting and processing include:
Harvesting net
Smoking kiln
Labels
Packaging nylon
Sealing machine
Palm oil
Knifes
Buckets
Salts etc.
7. Making a good profit from the catfish farming business
That you apply everything I share in this article is not a guarantee that you would make a lot of profit or be successful in the business. Here are some tips to help you become profitable
Focus on reducing costs from the very beginning. Note that I didn’t say you should reduce quality, I only meant you should reduce the cost to the barest minimum. You can do this by only getting the most important equipment. Getting a lot of equipment will add to your cost, which in turn adds to the cost of your fish. And because many Nigerians have a low purchasing power of Nigerians, you will make less profit if you intend to sell in bulk or to resellers. So if you can do without an expensive machine or equipment, do without it.
Hatch catfish yourself or find good farms where you can get good inputs(fingerlings or Juveniles). Hatching yourself will make you profitable but if you can’t, make sure you buy your inputs from the right source so you don’t just keep feeding fish that won’t really grow due to a disorder.
Make sure you have the basic necessity on your farm to serve the amount of fish you’re stocking. Don’t stock 1000 catfish when the pond you have can only take 300 pieces, or when the money you have can only feed 300 to table size. Stocking too much will lead you to sell early which would not be profitable.
Take the management and security of your farm seriously. Make sure you’re close to your farm and you’re the main manager of the farm. If you leave someone to handle it, you may not lose your fish but you may end up not profitable after 6 months of fish farming. Also, farms that are in an isolated places tend to attract thieves which makes your investment prone to losses.
Selling directly to end-users. If you want to make more money in this business, sell directly to end-users like bars, supermarkets, restaurants, etc.
Exporting your oven-dried catfish abroad is another way to really make good money from the catfish business. You will need to find customers in places like the United Kingdom(UK), US, Dubai, etc online and ship to them via platforms like Shiptonaija. If you get this right, you can make a lot of money. A Kg of dried catfish cost about ₦6,000 in Nigeria and about ₦14,000 in those countries.
8. Cost of raising 1000 catfish to table size
Below is a rough estimate of the cost of raising 1000 catfish
If you’re to sell the 1000 fish at ₦1200/kg, then you would make ₦1,200,000.
Your profit would be ₦1,200,000 – ₦800,100 = ₦399,900.
If you divide it by the 6 months of growing the fish, that’s ₦66,650 profit per months.
Do you think the monthly profit is worth it? Answer in the comments section 👇 .
9. Innovation in the catfish business
I’m currently doing some research on how we can improve catfish farming in Nigeria. My main area of focus is:
Organic hatching: The non-use of growth hormones like ovuline and ovaprime in hatching
Organi breeding: The non-use of antibiotics in the growing of fishes. Just organic feed and medicine.
Vertical catfish farming: The growing of catfish in vertical ponds in areas with limited space.
What do you think? Feel free to reach out to me(+234 810 185 0909) if you find any of these interesting and you would like to support us.
10. Contacts of experts you can consult in the catfish business
If you want to get catfish fingerlings/juveniles or you need expert advice on how to start this business, feel free to call an of the experts below. Note: you may be charged a consultancy fee so don’t expect it to be free.
Today makes it about 2 months that I posted on my blog and Youtube channel. And even though I’m not here to complain or explain why I haven’t published any content online for a while, I want this article to give you some insights into what I’ve been up to and how I intend to build the majority of my business ventures publicly. Which I think would benefit all of you guys.
In addition, I noticed most of what I do are software-related, so I ventured into the physical product business recently. I added laptop and gadget sales into my basket of businesses in late 2021; which means you can get quality laptops like MacBooks(both new and the US used) from me.
I also added fish farming in early 2022, which has been taking much of my time lately. Finally, I took a couple of online courses which would help transform 9jacashflow into a better brand that we all hope to see.
As usual, 9jacashflow will continue to share practical and educative knowledge about investing and online business. And while you’re waiting for our next article or video, feel free to read the 15 business lessons from Ronald Nzimora(one of Nigeria’s top online marketers).
15 Business Lessons from Ronald’s 18 years in business
#1: You have a lot more power and ability than you think.
Don’t let anyone tell you otherwise. Power simply means “the ability to act” and all of you possess this. You just have to decide to use it. Power is like a muscle, the more action you take, the easier it gets. Science has already proven this to be true as the neural strands in yourbrain get thicker the more you do certain things.
Coming up, I used to think lesser of myself, my abilities, and my ideas. Not anymore. The day I broke that chain was the day I broke free.
#2. Embrace fear but don’t let it rule your actions.
Even the very successful people you know get nervous before they embark on major goals. I do too.
They have just learned how to move forward despite that fear. How do they get the courage to move forward?
By gathering the best data, the best team members/vendors, and the best expertise they can find for what they want to accomplish.
And then saying, “Let’s go!”
Fear is a normal human reaction. It’s yourbrain telling you to pause, be sure and not make a mistake. It doesn’t say, “don’t do anything“. It’s us who interpret it as “don’t do anything“.
Don’t let fear paralyze you into inaction. If you do not act, then surely your fears will have come true.
#3. The first thing you should do is get 100% clarity on what you really want.
What do you really want? Is it to make billions? Millions? 100k per month? Feed thousands of kids every year?
If you don’t become CRYSTAL clear on the WHY behind that goal, you’re going to let obstacles kick your butt.
#4. Trust no one, at first.
Yes, there are some FANTASTIC people out there that are willing to help you, but there are also a lot of charlatans.
I have heard very unpleasant stories from people who paid hundreds of thousands of naira to “gurus” (that is why I HATE being calld that word) to help them only for the gurus to disappear into thin air.
Be careful and don’t be afraid to ask for references. I didn’t in the beginning and I learned this lesson the hard way.
#5. Always take income claims with a grain of salt.
If someone unless the person showing you can show you a video of him logging into his account and he doesn’t skip anything. Remember, they are not you, and you are NOT them.
#6. Screenshots are pretty worthless.
And not because they can be faked. It’s primarily because what the “gooruus” say they earned has very little to do with what you’ll earn.
If you start in business today, you’ll very likely NOT earn =N=10 million today. Income stacking takes time, learning, experience, opportunity, and luck.
The good thing is the previous things are what produce the “luck”
#7. Ranting and complaining never made anyone rich.
You can rant on Facebook or Twitter or on forums about “all these scammers”. It will not put one kobo inside your pocket.
Forget the scammers even if you have been scammed before and focus on learning THE RIGHT WAY TO DO IT!
#8. Focus on one thing
When I first got started I wish someone would have held a gun to my head and advised me “look, you’re going to focus on ONE thing at a time and master it before you move on to the next“.
Focus isn’t just a word, it’s the ability to keep your eye on what you want to accomplish so any obstacles you see will be ignored.
#9. If you don’t HAVE A PLAN for how you will achieve your goals, you’re running a hobby, not a business.
Virtually all profitable companies plan out their year(s) ahead of time. IN Japan they plan out 25 to 50 years ahead of time. Think about that.
#10. If you don’t write a deadline by your goal, by definition it’s not a goal.
#11. Once your WRITE down your goals they are not set in stone. You can always change them as needed.
#12. There is no such thing as a “push button” solution that will make you rich. Anyone who says so is selling you fake Fulani medicine.
#13. Direction is important
Even though hard work and persistence are great, always take a step back so you can make sure you’re going in the right direction. There’s no sense in ending up in the Niger Republic if you intended to go to South Africa.
#14. Mediocrity rules the marketplace.
I don’t care if it’s improving your golf swing, finding the mate of your dreams, curing arthritis, or saving for retirement. Your competitors are lazy, ignorant, overprice their wares, cheat on their customers, disregard their clients – they do everything to take the easy way out.
If you refuse to do any of those and spend your time doing the exact opposite, and if you truly EXCEED your customer’s expectations, you will almost always win in any market.
In the words of the late ole’ G Internet marketing master, Cory Rudl, “Take care of your customers and the competition will take care of themselves.“
#15. The fastest way to tell if a market is profitable is this:
Companies are spending money advertising to the market.
People in the market are spending money buying stuff
There’s competition.
Finding markets is simple. If you head over to market places like Facebook Ads, Amazon, Clickbank, Commission Junction, and CPA networks, you’ll find hundreds of markets, niches, and sub-niches.
The thing that is not simple is monetizing that market.
Virtually everyone knows that markets like weight loss, dating, wedding planning, sex education, study abroad, importation, etc. are extremely profitable.
Yet people view them as not profitable.
Here’s my advice.
When starting in business, sell to Nigerians FIRST. You avoid intense competition that way and you build experience.
I repeat sell to Nigerians! sell to Nigerians!!
Feel free to follow Ronald on Twitter, and maybe tell him I shared his 15 best business tips with you.
If I’m to add 1 tip to the ones above, I will suggest you surround yourself with the right people. These are people that inspire you, motivate you, or are way ahead of you. That way, you will continue to grow. Don’t make the mistake of keeping a lot of energy vampires around. They’ll do one thing for sure, which is to drain you completely.
And if you can’t find good people around, find them over the internet and connect with them.
If you are going to build a profitable business that will exceed the 5-year failure mark, then you need to start building it with a lot of things in mind. What I mean is this, whatever you do in your business will determine whether it will stand side-by-side with House of Taras or Dangotes in the future.
To ensure that you don’t frustrated out of the business world by people, systems or situations, here are 6 things you must never do. While you will need to start avoiding some at these at the early stages, others might pop up later in the business, so being aware of them now will help you stay away and avoid making mistakes that may crumble your brainchild.
1. Never Accept Job Offers To Do People A ‘Favour’: It’s so easy to help people with one or two things in their own businesses or lives simply because you think you just want to render a helping hand, or because you really want to do them a favour, it will come back and bite you in the leg.
You can accept to help people who genuinely need your help if it won’t cost you your money, time or take away an integral part of the business (such as money and time invested). You can render help to people, but not at the expense of your business.
What I am saying is this: If you are going to help Mr. A do a task, weigh all your options and make sure that it will not become a problem for you in the future, because Mr. A may then introduce another ‘Friend’ to you, and because you helped him without charging for your time and money, he may have told his friend to not give you a dime and since you are in the business of ‘helping people’ you can either accept it or turn it down. Meaning that you have lost a chance to charge what you are really worth from both Mr. A and his friend.
2. Never Do Any Business Transaction Or Accept Any Offer Without Drawing Up A Contract: A small signed slip may just be the reason why you are getting the right amount of money for the value you offered. Sometimes, we get so happy that clients are offering us jobs at a price that we forget that human beings will always be human beings.
If for example, you agreed to receive half payment before supplying a customer, and the other half paid after supply is done, you should have it in contract with both parties signing. Now if your customer fails to pay up your balance or they get confused about how much they’ve paid before, you can just bring out your contract to give them clarity.
3. Never Fail To Take Stock Of Your Products: This includes your equipment, tools and other things used in the business. Taking stock helps you determine if all your goods are still intact. This prevents you from theft. For instance, if your stock-taking is weekly, you will know how many goods were in your store and by correlating it with sold items, you will know which one remains.
Stocktaking discourages theft. It also helps to know whether you have damaged goods, unprocessed goods, or even expired goods.
4. Never Hand Over Everything To Other People: You need to be involved in your business a hundred percent. You must make getting involved in your business, your business. It’s easy to go around for training and networking events that you hand over everything to your salespeople. But to avoid mismanagement and fund misappropriation, you must ensure that you manage your business closely.
It’s great to trust the people that work for you, but ensure that you don’t give them all the power and always verify transaction reports.
Finally
5. Never Mix Up Your Personal Finances With Your Business Finances: This is the fastest way to go out of business. When you start using your business money to take care of your personal needs, then you are close to going down.
Many people don’t like to separate personal and business finances because they believe that it will incur a lot of bank charges. But I tell you, at the end of the day, the bank charges for one year will not be up to one-tenth of what you have wasted from the business money.
Now that you are clear about the dont’s of businesses, you are sure to exceed that failure mark.
Check out the ways by which you can market your business to get it in front of paying customers.
Our great brand(9jaCashFlow) is being revamped, and it’s with uttermost joy to announce “9jaCashFlow 2.0“; which is all about giving our very best to our growing community of investors and digital entrepreneurs. We want to educate more Nigerians on how to invest and make money online.
Looking way back to 2014 when we started this great course and posted our very blogpost; It’s been a pretty long time and we want to sincerely appreciate all our loyal fans.
Although God has used us to bless a few Nigerians, with 9jacashflow 2.0, we want to bless a couple more Nigerians(most likely in the millions).
In addition, we earlier prioritized quantity over quality of content, and now is the time to make the change. We would now switch to offering more quality content, services, and products that will alleviate our dear Nigerians from poverty to wealth.
Today is the beginning of another great season for us @9jacashflow and all we can say is we’re indeed committed to giving you the best.
The revamped site would look more simple and focus on providing regular content on how to make money online in Nigeria. Our focus categories are investing(real estate, stocks, crypto), and online businesses you can start like affiliate marketing, importation business, etc.
As usual you will find our content educative and our courses would help you advance your learning. So while you’re waiting for the revamped site. Feel free to subscribe to our YouTube Channel.