Still considering misinformation (especially for those of us with young kids), these are areas where people will try to sell them wrong stories and plans:
1. Hard Drugs – You may think you’re getting high, but it’s someone else making money off you on a daily or weekly basis while you deal with the problems associated with drug use.
2. Excessive alcohol – You might think you’re getting high, but it’s a company benefiting daily or weekly from your consumption while you deal with the problems of consistent alcohol use, especially hot, ethanol, and dry gins.
3. LGBTQ – I really do not know the agenda behind this, but I know it affects family units, and I have seen many youths who engage in this regret it at an older age.
4. Save Naira in the bank – Apart from the bank making money off you, the Central Bank can print more Naira faster than the interest you will gain. Aside from your 6-month to 1-year emergency funds, saving more Naira isn’t advisable.
5. Invest in the Nigerian Stock Market – I really don’t know how liquid and seamless the Nigerian stock exchange is, but I think you shouldn’t invest much in it unless you’re an insider.
6. Huge debt/loans – Apart from the fact that Nigerian banks charge very high interest rates (25%) on loans created from almost thin air (not fully backed), I don’t think it’s good to use a loan to start most businesses in Nigeria, except if it’s an Islamic loan or another type with a very low interest rate.
7. Huge spending and lifestyle – The crude oil in Nigeria has made everybody feel rich, leading to high consumption and even borrowing massively for consumption. It’s important to live modestly and produce something.
8. Hustle culture and taking shortcuts – While it’s not bad to want things fast, it’s important to understand that good things take time. Patience and doing the work without shortcuts are crucial. From hindsight, I have realized that slow and steady wins the race.
9. Farming is not a good job or business to make quick money in Nigeria – While there is some truth here, people can still add farming or gardening to their corporate jobs.
10. The government is coming to save me – Many people believe the government will rescue them through free money, cheap goods, and other favorable policies. While this can happen, it is unlikely to be substantial or reach everyone. The government can’t solve all your problems, so it’s high time you started taking full charge of your own life. It won’t be easy at first and will take longer than you think, but you can achieve it.
In this article, I will share various things Nigerians can focus on that are outside of the government’s control. Doing these things can enable you to survive and thrive during periods of economic hardship.
First and foremost, understand that we’re all in this together. I haven’t figured everything out either, and I’m also trying to find my footing.
Here are things outside of government control to survive and thrive during periods of economic hardship:
1. A skill that you’re very good at: Developing a skill can open doors to new opportunities and provide a reliable source of income. Whether it’s a technical skill like coding or a creative skill like graphic design, honing a talent can lead to personal growth and financial stability.
2. A digital/global business: The internet offers vast opportunities to start a business that can reach a global audience. Whether it’s e-commerce, digital marketing, or providing online services, a digital business can thrive regardless of local economic conditions.
3. Farming: Agriculture can be a sustainable and profitable venture. Growing your own food not only provides security but can also be a source of income if you scale up and sell your produce. Plus, it’s a practical way to contribute to food security in your community.
4. Bitcoin and select cryptocurrencies: Investing in cryptocurrencies can be a way to diversify your assets. While the market is volatile, certain digital currencies like Bitcoin have shown long-term growth potential. However, it’s essential to research and understand the risks involved.
5. Airdrops or giveaways from genuine projects/people: In the crypto and tech space, many projects offer airdrops or giveaways as promotional tools. Participating in these can sometimes lead to significant rewards, but always verify the legitimacy of the project to avoid scams.
6. Freelance work or jobs with global companies: The rise of remote work has made it possible to work for companies anywhere in the world. Freelancing or securing a job with a global company can provide access to better-paying opportunities and broaden your professional network.
7. Local and international communities of forward-thinking people: Engaging with communities that focus on innovation, technology, and personal development can provide valuable insights, support, and collaboration opportunities. These networks can be a source of inspiration and practical advice.
8. Friends, families, partners, and networks abroad: Maintaining strong relationships with people abroad can offer diverse perspectives and opportunities. Whether it’s for business, travel, or cultural exchange, these connections can provide valuable support and open new doors.
In this article, I will share various things Nigerians can focus on that are outside of the government’s control. Doing these things can enable you to survive and thrive during periods of economic hardship.
First and foremost, understand that we’re all in this together. I haven’t figured everything out either, and I’m also trying to find my footing.
Here are things outside of government control to survive and thrive during periods of economic hardship:
1. A skill that you’re very good at: Developing a skill can open doors to new opportunities and provide a reliable source of income. Whether it’s a technical skill like coding or a creative skill like graphic design, honing a talent can lead to personal growth and financial stability.
2. A digital/global business: The internet offers vast opportunities to start a business that can reach a global audience. Whether it’s e-commerce, digital marketing, or providing online services, a digital business can thrive regardless of local economic conditions.
3. Farming: Agriculture can be a sustainable and profitable venture. Growing your own food not only provides security but can also be a source of income if you scale up and sell your produce. Plus, it’s a practical way to contribute to food security in your community.
4. Bitcoin and select cryptocurrencies: Investing in cryptocurrencies can be a way to diversify your assets. While the market is volatile, certain digital currencies like Bitcoin have shown long-term growth potential. However, it’s essential to research and understand the risks involved.
5. Airdrops or giveaways from genuine projects/people: In the crypto and tech space, many projects offer airdrops or giveaways as promotional tools. Participating in these can sometimes lead to significant rewards, but always verify the legitimacy of the project to avoid scams.
6. Freelance work or jobs with global companies: The rise of remote work has made it possible to work for companies anywhere in the world. Freelancing or securing a job with a global company can provide access to better-paying opportunities and broaden your professional network.
7. Local and international communities of forward-thinking people: Engaging with communities that focus on innovation, technology, and personal development can provide valuable insights, support, and collaboration opportunities. These networks can be a source of inspiration and practical advice.
8. Friends, families, partners, and networks abroad: Maintaining strong relationships with people abroad can offer diverse perspectives and opportunities. Whether it’s for business, travel, or cultural exchange, these connections can provide valuable support and open new doors.
In view of the proposed nationwide rally/protest against bad governance in Nigeria (from August 1st to 10th), many of my friends have reacted to it, debating whether such a general protest is needed or effective in achieving lasting change.
A distinguished member of the 9jacashflow WhatsApp group believes a rally isn’t needed as people can leverage Bitcoin to counter corrupt leaders and governance. He believes that, just like the Internet, Bitcoin offers immense long-term opportunities and freedom for the average Nigerian. I kind of agree with him on this, but I believe this is just one of many solutions and not the only solution.
Image source: X(formerly Twitter)
Another customer of my e-commerce website, Filta.ng, believes breaking up Nigeria into three new countries (Yoruba, Igbo, Hausa) or going back to the three regional types of government/federation (Western, Northern, and Eastern) that govern themselves and only remit funds to the federal government is a better lasting solution. While this might be a possible solution, I do have two genuine concerns:
Who will be the frontiers or leaders that will instigate the breaking up of Nigeria into three or the return to regional-style governance?
How will Nigeria pay back its foreign debt if it splits into three or regional governments?
Since I’m not a politician or a member of the political elite, I will rather focus on what is within my control and what I can do now, which is Bitcoin. Bitcoin is hard money—a form of internet money that appreciates over time because of its fixed supply and can be used for global payments without intermediaries (you don’t need banks).
So, in this article, I will go in-depth on how Nigerians can leverage Bitcoin to counter corrupt or incompetent leaders and governance.
Before I start, I need to let people know how not to use Bitcoin.
This is important because many people can get all pumped up and convert all their assets into Bitcoin since it’s been recommended as a good way to tackle bad governance in Nigeria, but end up losing all their Bitcoin and achieving nothing.
So here is how not to use Bitcoin:
Going All In on Bitcoin: Due to Bitcoin’s volatility (rapid increase and decrease in price), going all in or investing more than you can afford to lose can be a very big and costly mistake. It’s advisable to invest a proportion of your net worth (10% is a good ratio). Also, don’t borrow to invest in Bitcoin except you’re an expert.
Quitting Your Job/Work/Business: Deciding to quit your current work or business that’s generating you consistent income because of the huge gains you see in Bitcoin can end up a disaster when the crypto market turns around. I switched to working in crypto and had to learn the lesson the hard way when we entered the bear market and most companies were downsizing due to lack of capital and investments.
Day Trading Bitcoin: Trying to trade Bitcoin (which can give you long-term freedom from bad governance and currency devaluation) for small daily profits doesn’t make sense. Some even trade it on futures markets using high leverage (100x), which doesn’t work because statistics show that 80% of traders end up losing money actively trading. It’s like trying to pick pennies in front of a fast-moving train; the risk to reward doesn’t justify it. I know friends on your WhatsApp status share enticing and huge screenshots of profits from futures trading, but just take a moment to ask them for their monthly or yearly statements. I am sure they can’t provide it, which shows that it’s the long-term profitability that matters and not the daily profits. Nevertheless, I have seen people profitably swing trading Bitcoin, holding trades for weeks and months. I only recommend this if you’re a professional or have been doing it for a long time.
Illegal Activities: With Bitcoin’s blockchain, all transactions are linked and can be easily traced. Trying to use it for illicit activities like scams, money laundering, or purchasing illicit goods is useless because it’s getting much easier to track – it’s better to do this with cash. Many Nigerian youths do not know this.
Falling for Scams and Ponzi Schemes: If you come into crypto or Bitcoin with the mindset that you will get rich quick or overnight, you will most likely lose all your money. I made over 6 Bitcoin in the MMM United Ponzi scheme in 2016 and ended up losing it all to the same platform and other Ponzi schemes. I have seen other Nigerians convert all their assets to Bitcoin to invest in a scheme/project and end up losing it all. People will promise to double or even triple your Bitcoin—it’s not possible. They’re the ones getting rich, not you.
Now that I have covered how not to use Bitcoin, let’s move to the main part of this article:
How To Use Bitcoin To Combat Corrupt & Incompetent Leaders
Save in Bitcoin: Unlike your Naira or dollar, Bitcoin tends to maintain its value over time, so it’s advisable to save gradually in it. Do not put all your money into it or try to predict the price in the short term; you may end up incurring heavy losses. Choose a specific amount from your monthly income and save in it. That way, Bitcoin will help you protect your wealth against currency devaluation and inflation.
Get Paid in Bitcoin: You can start accepting payments for your goods and services in Bitcoin, knowing fully well that it retains its value over time. All you need to do is to set up a Binanceor Trust walletaccount, and you’re good to go.
Global Payments and Remittance: You no longer need Western Union, MoneyGram, Visa, Mastercard, or any banks before sending or receiving payments from abroad. If you’re a local merchant, you can pay your Chinese manufacturer/supplier in Bitcoin. If you’re a farmer, you can receive funding from family members or investors abroad straight to your wallet. It’s peer-to-peer (P2P), so you don’t need any middleman, and the transaction cannot be stopped.
Onboard People to Crypto: If you are a Key Opinion Leader (KOL) with great influence and a large online following, you can earn substantial income from affiliate commissions when you refer your followers to reputable crypto platforms like Binance, etc. Please make sure you only partner with trusted platforms and projects, as your followers will come back to haunt you if they lose their hard-earned money to scam projects.
Run a Bitcoin to Fiat Exchange: Here, you assist people that want to buy Bitcoin with Naira or sell Bitcoin to Naira while adding your own little commission. Note that this is not actively trading Bitcoin. You’re only assisting people because you know where to instantly buy it cheaper or sell it higher, thus making a profit immediately. You may incur tax liabilities here, so speak to your accountant. Also, it may be illegal in some countries, so speak to your lawyer as well.
Gift People Bitcoin: Bitcoin is a very unique gift to give your loved ones (children, family members, employees, friends, etc.). You give them something tangible that appreciates over time. They also get to receive it immediately via a phone number or email address. You can also use Bitcoin for charitable donations (supporting local and global charities). This way, it can be easily tracked and accounted for on-chain.
Build a Retirement Portfolio with Bitcoin: You can also decide to build your own personal retirement portfolio in Bitcoin. This is aside from the retirement portfolio you have with the government or your private employer. Adding Bitcoin to your retirement portfolio will help you protect your wealth against currency devaluation and inflation.
I hope this article has been elaborate enough to show you how not to use Bitcoin and how to correctly use it as a Nigerian.
Please, if you’re a newbie, don’t quit your current job or business. Keep it while you start dabbling into Bitcoin. Also, don’t go all in on Bitcoin and other crypto projects; make sure you’re well diversified.
These are things I wish someone told me earlier when I ventured into crypto.
But it’s all good. It has been an amazing experience and journey with ups and downs. No regrets.
If you have any questions, kindly put them down in the comments below.
Have you heard stories of people making millions from small investments in memecoins? Investing as little as $10, $100, or $1000 can potentially lead to significant returns. Here’s how you can try to achieve the same results.
Capital Requirement: $1000
What Are Memecoins?
Memecoins are cryptocurrencies inspired by internet memes and cultural phenomena. They often start as jokes but can sometimes gain serious traction and value.
When you see 2x or 3x gains, take out your initial investment and some profit, leaving a small “moon bag” for potential future gains.
Always take some profit early to avoid rug pulls, where project founders sell off large amounts of their tokens.
Join Memecoin Trading Communities:
Engage with communities on WhatsApp, Telegram, YouTube, and Discord.
Verify all information shared within these groups, as some may aim to manipulate members.
Manage Your Profits:
Save 30% in stablecoins.
Save 30% on reputable cryptocurrencies(BTC, ETH, BNB).
Spend or give away 10%.
Reinvest 30% wisely in other memecoins.
Diversify your investments rather than going all-in on a single memecoin.
Understand the Market Cycle:
Memecoins often don’t perform well during bear markets. Protect your capital and reduce trading during these times. Uses news platforms like Cointelegraph and Cryptonews to stay ahead of market trends.
Tryout Memecoin Sniper Bots
A memecoin sniper bot is an automated software tool designed to execute rapid trades in the cryptocurrency market, specifically targeting newly launched memecoins. These bots are programmed to identify and purchase tokens the moment they become available, often within seconds of their listing. This strategy aims to capitalize on the initial price surge that often accompanies new token launches.Note: Using a sniper bot isn’t compulsory. Popular examples of Telegram sniper bots are: Bonk Bot(@bonkbot_bot), Trojan Bot(@diomedes_trojanbot), Unibot etc
Disclaimer
Investing in memecoins is highly speculative and akin to gambling. Past performance is not indicative of future results, and you can lose part or all of your investment. Consult with financial experts and only invest what you can afford to lose.
Hey there, fellow traders and entrepreneurs! Let’s talk about something that’s been instrumental in my journey – mentorship. Having a mentor can be a game-changer, and I’m excited to share why you need one and the benefits you can expect.
Why You Need A Mentor
Let’s face it, navigating the world of trading and entrepreneurship can be overwhelming. There are so many moving parts, and it’s easy to feel lost or stuck. That’s where a mentor comes in – someone who’s been in your shoes, faced similar challenges, and come out on top. A mentor provides guidance, support, and valuable insights that can help you avoid costly mistakes and achieve your goals faster.
Benefits of Having a Mentor
Accelerated Learning: A mentor can share their expertise and experience, helping you learn faster and more efficiently.
Improved Decision-Making: With a mentor’s guidance, you’ll make more informed decisions, reducing the risk of costly mistakes.
Accountability and Support: A mentor will keep you motivated, accountable, and supported, even when the going gets tough.
Networking Opportunities: Mentors often have extensive networks, which can lead to valuable connections and new opportunities.
Personal Growth: A mentor can help you develop new skills, build confidence, and achieve your full potential.
Access to Valuable Resources: Mentors can share their favorite tools, books, and resources, saving you time and effort.
Reduced Stress and Anxiety: With a mentor’s guidance, you’ll feel more in control, reducing stress and anxiety.
Increased Success: Studies show that mentees are more likely to achieve their goals and enjoy long-term success.
In conclusion, having a mentor is a no-brainer. It’s a shortcut to success, a safety net, and a source of inspiration. If you don’t have a mentor yet, start seeking one out today. Your future self will thank you!
What do you think? Have you had a mentor in the past? Share your experiences in the comments below!
I’ve been struggling with trading lower time frames for a while now, and I finally decided to stop yesterday. I asked my friend Meta.ai, the wise and knowledgeable AI, about the disadvantages of trading low time frames and the advantages of trading higher time frames.
Here’s what I learned:
Disadvantages of Low Time Frames
Trading low time frames, like scalping or day trading, can be tough. Here are some of the negative sides:
High-stress levels: Constantly monitoring markets and making quick decisions can be mentally exhausting.
Increased transaction costs: Frequent buying and selling result in higher brokerage commissions and slippage.
Higher risk of losses: Market volatility and sudden changes can lead to significant losses if not managed properly.
Overtrading: The temptation to take excessive trades can lead to poor decision-making and decreased discipline.
Limited profit potential: Focus on small, short-term gains may limit overall profit potential.
Time-consuming: Constantly monitoring markets requires a significant time commitment.
Emotional rollercoaster: The fast-paced nature of low time frame trading can lead to emotional swings, impulsive decisions, and poor judgment.
Lack of patience: The focus on quick profits can lead to impatience and a lack of discipline in waiting for quality trading opportunities.
Increased market noise: Low time frames can be prone to market noise, making it challenging to identify genuine trading opportunities.
Burnout: The intense mental and emotional demands of low time frame trading can lead to physical and mental exhaustion.
Remember, it’s crucial to consider your risk tolerance, trading goals, and personal suitability before engaging in low time frame trading.
Advantages of Higher Time Frames
Trading higher time frames (like daily, weekly, or monthly charts) offers several benefits:
Less stress and emotional involvement: Fewer trades and a slower pace reduce emotional stress and impulsive decisions.
Lower transaction costs: Fewer trades result in lower brokerage commissions and slippage.
Simpler analysis: Focus on larger trends and patterns, making analysis more straightforward.
More robust trading decisions: Higher time frames provide a clearer view of market dynamics, leading to more confident trading decisions.
Less market noise: Higher time frames filter out short-term market fluctuations, reducing false signals.
Improved risk management: Stop-losses and position sizing can be more effective with a longer-term perspective.
More time for analysis and planning: Higher time frames allow for a more relaxed approach, enabling thorough analysis and planning.
Better suited for busy traders: Higher time frames accommodate traders with limited time for monitoring markets.
Less overtrading: Fewer trading opportunities reduce the temptation to overtrade.
More aligned with long-term goals: Higher time frames focus on sustained trends, aligning with long-term trading objectives.
Remember, higher time frames may not be suitable for all traders, especially those seeking quick profits or excitement. It’s crucial to consider your individual trading style, goals, and risk tolerance when choosing a time frame.
Hope this helps you choose to trade only higher timeframes!
Let me know if you have any questions or need further guidance.
Hey there! I asked Meta.ai, the new AI kid on the block from Facebook, how to get rich and wealthy. And here’s what it had to say:
“Hey, getting rich is a common goal, right? But let’s be real, being rich means different things to different people. I’ll assume you mean financial wealth. While I can’t guarantee success or wealth, I can give you some solid advice:
Set clear financial goals and priorities.
Live below your means and save or invest wisely.
Develop a valuable skill or talent to boost your earning potential.
Be entrepreneurial or take calculated risks to grow your wealth.
Educate yourself on personal finance and wealth-building strategies.
Network with successful people and learn from their experiences.
Stay disciplined, patient, and persistent in your efforts.
Remember, wealth isn’t just about money; it’s also about living a rich life filled with purpose, relationships, and experiences. Good luck!”
I’m totally on board with Meta.ai’s response, and it’s inspired me to set a goal to make $1,000,000 this year!
So, I asked Meta.ai, “How can I make $1,000,000?” And here’s what it said:
“Making $1,000,000 requires dedication, hard work, and a solid plan. Here are some potential ways to achieve this goal:
Start a successful business that solves a real problem.
Invest in the stock market for the long term.
Get into real estate investing, whether it’s rental properties or REITs.
Develop multiple income streams to diversify your earnings.
Create and sell a product or course online that meets a real need.
Participate in the gig economy, whether it’s driving for Uber or offering services on Upwork.
Promote products or services of other companies through affiliate marketing.
Build a YouTube channel or Twitch stream with a large following.
Write a bestselling book that shares your knowledge and experiences.
Participate in high-stakes competitions or games where you can win big.
Remember, making $1,000,000 requires dedication, resilience, and a willingness to learn and adapt. Stay focused, work hard, and remain committed to your goals!”
I’m currently working on options 1, 5, 7, 8, and 10, and I highly recommend them!
Let me know which method resonates with you the most, and I’m here to help you explore your options!
Yesterday, we discussed ways to get ahead in Nigeria, and the number one option is to improve yourself by embracing technology, trends, and working with powerful and wealthy people. Today, we’ll explore high income skills, which enable you to improve yourself and earn more money.
Understanding Low Income Skills
Before diving into high income skills, let’s look at low income skills. These skills can’t help you get ahead financially and are often labor-intensive, requiring physical strength and less mental strength. Examples include:
Cashier
Labourers
Bricklayer or mason
Taxi driver
Office attendant
Most lower entry jobs
Receptionist
These skills have limitations:
They can’t be scaled, as they require exchanging time for money
They pay less, leaving little after expenses
They lack time and money leverage, meaning you don’t make more money if you work more or invest more resources
They don’t require unique experiences or intelligence, and anyone can do them with minimal training
They can leave you broke after 30 years of work
They don’t promote mental growth, making you easily replaceable
What are High Income Skills?
High income skills, on the other hand, are skills that can help you succeed in life. They require mental strength, creativity, and problem-solving. Examples include:
High-end Sales
Digital marketing
Trading
Web development
AI expert
Data analyst
Cloud computing
YouTube content creation and monetization
Affiliate marketing
Benefits of High Income Skills
High income skills offer:
Financial freedom
Time leverage, allowing you to earn more without working more hours
Money leverage, enabling you to earn more by investing resources
Mental growth and development
Unique experiences and a competitive edge
The ability to scale and grow your income
Recommended High Income Skills for Nigerians
If you have little money, resources, and experience, consider developing digital skills like:
Trading
Content creation
Online marketing
Focus on what you’re good at and explore opportunities in these areas.
Conclusion
High-income skills are essential for financial success. By understanding the limitations of low-income skills and developing high-income skills, you can improve yourself, earn more money, and achieve financial freedom. Embrace technology, trends, and continuous learning to unlock your potential and succeed in life.
