Home Blog Page 20

Why I’m Buying a Huge Chunk of Bitcoin Cash?

Bitcoin Cash(BCH) is the most renowned Bitcoin hard fork(a second or completely new copy of bitcoin gotten from a chain split).

BCH focuses on becoming peer-to-peer digital cash for daily transactions, instead of just a store of value, like the classic Bitcoin(BTC).

If you want to know more about the major differences between Bitcoin and Bitcoin Cash, you can check this outstanding article from Binance Academy.

So why I’m I buying Bitcoin Cash?

To begin with, it has a limited supply

The total supply of Bitcoin cash is capped at 21 million BCH, just like our classical Bitcoin. You can confirm this by viewing the BCH data page on Coinmarketcap.com – which is a popular crypto data aggregator.

The current circulatory supply(available to trade in the market) is 19,138,925.00 BCH, while the total supply that would ever be available is 21,000,000BCH.

BCH Supply

The data above depicts scarcity which is a very important attribute of money.

I know you would want to compare BCH with other crypto altcoins but before you do that, you must understand that BCH didn’t have any premine or coins given to the team or developers at launch. This is the highest level of scarcity because to get such coins without premine, you need to: either buy them with your cash or earn them through mining.

It has one of the cheapest fees of any proof of work blockchain

Cheap fees are very important if we’re going to see widespread and global adoption of cryptocurrency.

If you’re rich, you can afford to pay $36 worth of Ethereum or $24 worth of Bitcoin as transaction fees at their recent peak of $4800 and $64,000 respectively. However, not everyone can afford this, especially in 3rd world countries like Nigeria where such an amount for transaction fees is equivalent to the monthly salaries of some individuals.

I know some of you reading this article might not have any feelings for the poor, but at the same time, does it mean Bitcoin and Ethereum are moving toward becoming the cryptocurrency of the rich?

Anyways, how did Bitcoin cash come into the picture? It’s simple. It allows you to send transactions for as cheap as $0.01.

If you think this is a lie, you can try sending a transaction right now from your BCH self-hosted wallet and check the fees.

Below is a copy of one of my transactions.

Bitcoin Cash Fees
Bitcoin Cash Fees

Also, if you look at the fees I paid above, even if BCH gets to the $68,000 price peak of Bitcoin. The fees would still amount to as low as $0.18.

BCH Fee Calculation

Moreover, I recently spoke with George Donelly, who is a BCH proponent. I asked him whether the BCH devs are committed to ensuring BCH continues to have low fees, and he replied yes. So let’s hope its fees will continue to be relatively low.

The only counter to my argument of the need for cheap fees for the mainstream adoption of crypto is if people – merchants and buyers – start using cryptocurrency platforms like Binance.com as a payment network. It’s zero fees but at the same time centralized. I believe this technique has many adoption use cases already which makes it a better scalability solution than the lightning network – which is a bit centralized and has little adoption.

It’s currently at the lowest price it ever got in the last 3 years – reached as low as $96.

As I’m wrapping up this post, BCH is currently at $140.

It has a very little downside from here – maybe at worse, it goes to zero(0).

But at the same time, it got so much upside. I believe the lowest it will reach in the next bull rum is $1500.

Technical Analysis shows a good risk-to-reward trade.

I’m not a huge fan of looking at the trading chart every single day because I’m more of a long-term investor.

However, I check the chart whenever I want to make an entry or exit position into an investment.

Below is the current chart of BCH/USDT. It definitely has a good risk-to-reward ratio.

Bitcoin Cash Good Risk to Reward Setup
Bitcoin Cash Good Risk to Reward Setup

 

High daily volume

Bitcoin cash has one of the highest daily transaction volumes among major cryptocurrencies.

A huge daily volume shows people are using it.

Bitcoin Cash Daily Volume
BCH Daily Volume

BCH has an increasing number of holding wallets

Since the current bear market started 9 months ago, the current addresses holding Bitcoin cash have been increasing every single day.

It shows more people are taking profit from other coins or assets and putting them into BCH.

Bitcoin Cash Adoption
Bitcoin Cash Adoption

BCH has a low market cap

When you compare the market cap of Bitcoin cash with other cryptocurrencies solving global payment, then you will understand that it’s relatively small. Hence, it’s much easier for its price to rise when more money starts pumping in.

Bitcoin cash is accepted globally

Bitcoin cash is currently accepted in over 1000 locations across the globe. Merchants in St Kitts, St Marten, Venezuela, and Nigeria top this list.

Here is a picture of me onboarding the merchants in Ibadan, Nigeria.

BCH Merchant Onboarding in Ibadan
BCH Merchant Onboarding in Ibadan

Bitcoin cash is sound money

Sound money is any form of money with its supply limited while its adoption and acceptability continue to increase. They have a high stock-to-flow ratio. Which is the ratio of the current stock(circulatory supply) to the inflow of newly minted money.

A good example is gold and Bitcoin. Another good example is Bitcoin Cash.

It recently integrated smartBCH

Follow smartBCH's (@SmartBCH) latest Tweets / Twitter

Smart BCH is an EVM-compatible side chain to the Bitcoin cash network. It brings smart contracts to the BCH blockchain. It also makes DeFi and coin bridging possible.

Conclusion

Enough of my banter/talk. I hope with these few points of mine, I have been able to convince you and not confuse you that BCH is a good investment right now.

I have started buying and keeping it for the long term. You may do the same after doing further research and findings.

Also, I know there are skeptics out there who believe Bitcoin cash is going to Zero. Cain is a good example, and you can read his critics here. Nevertheless, I’m holding onto my BCH and I don’t think this is the best time to sell.

Thank you for taking the time to read through the article.

Feel free to share your thoughts below 👇

To your financial success

Kehinde Lawal

How to Prepare for an Incoming Economic Collapse

An economic collapse can be a recession or a depression. A recession is a period of temporary economic decline, that’s 2 quarters of consecutive fall in GDP. It can last from 6 months to 4 years. A depression on the other hand is much worse, with an intense negative impact on people and businesses. The only people that won’t really feel these 2 negative economic conditions are the politicians and bankers(even though they’re the major cause). They both have cash reserves and would continue to earn money legally irrespective of the economy. Nevertheless, we can also join them if we plan effectively for the potential menace ahead. Here is a list of what you can do to plan for a recession or depression – according to a new book I read titled, “The Creature from Jekyll Island: A Second Look at The Federal Reserve.”  

How to prepare

These are what we can do to prepare financially: 1. Get out of debt. A mortgage on one’s home is a logical exception, provided the price is right. Borrowing for one’s business is also an exception if based on a sound business plan. Speculative investments are not a good idea in these times unless they are made with money you can afford to lose. 2. Pick a sound bank. Maintain accounts at several institutions. Do not keep over $100,000 in any one bank. Remember that not all types of accounts are covered by FDIC. Some institutions now offer private insurance. Make sure you know to what extent you are at risk. 3. Diversify your investments: You can do this across blue ribbon, over-the-counter, growth, income, large, small, mutuals, bonds, real estate, bullion coins, mining stock, and tangibles. Industries that do well in hard times are gambling, alcohol, and escapist entertainment. Study the fields and companies in which you invest. Personal knowledge is indispensable. 4. Avoid the most recent “best” performers. Their great track records are historical. They have no bearing on future performance. On the contrary, they may now be overpriced and poised for a fall. See how an investment fared over the long run—at least fifteen years—and particularly how it performed during periods of economic downturn. 5. When investing in coins, avoid those with high numismatic value—unless you are prepared to become an expert. As with other types of investments, seek advice but don’t depend on it. The same is true for diamonds, art pieces, and other collectibles. Stay with what you know. Otherwise, you will be vulnerable in shark-infested waters where even the most experienced traders can lose money. 6. Maintain a stash of cash, including some old silver coins. The currency should be enough to provide your family with necessities for about two months. The coins are for more severe and prolonged conditions. There is no “correct” quantity. It is a matter of personal judgment and financial ability. These are very insightful tips and I hope you would make good use of them and prepare for what could occur anytime soon. You can send me a DM or shoot me an email if you want to know how I’m preparing for it in Nigeria. Thank you!

50+ Website and Tools I Use To Run My Online Business

Running an online business can be pretty hard.

It’s even more difficult when you’re a solopreneur and you don’t have access to the best tools and resources.

Anyways, here are the best websites, tools, and plugins to automate your workflow and make you more efficient.

I have divided them into 2 categories; the ones I use regularly and good recommendations from other people.

The 50+ Website and Tools I Use To Run My Online Business in Nigeria

1. Google: This is my first go-to platform for things I don’t know. And guess what, I don’t know a lot of things. It’s okay not to know something. What’s not okay is, not trying to know once you realise you don’t know.

Knowing how to use Google is an important skill to have. Make Google your friend and you will never regret it.

2. Namecheap: Best website hosting provider. This is where I host most of my websites.

I started using them in 2020 and I have had a good experience so far. I strongly recommend them and you can set up your own account by using my referral link – it gives you 64% off your first purchase.

3. WordPress: This is what I use to create most of my website and blogs. If I have a business Idea, I can use WordPress alongside a premium theme to develop the idea overnight and launch it within a couple of days. It makes me focus more on the selling, marketing, and promotion of my website.

I believe if you can build and test your idea quickly, you get to receive immediate feedback from the market, and then decide whether this is something you need to keep working on or move to other things.

4. Thrive Themes: It’s a WordPress premium theme and plugin to create a thriving online business. With Thrive Suite you can easily turn your WordPress website into a full-blown online business. I currently use it for most of my websites.

5. Theme Forest & Envato Element: This is where I get most of my premium graphic, video, footage, and music templates.

6. Canva: This is an online tool for making stunning graphic designs for your product image, banner, thumbnail, and profile pics.

With Canva, you no longer need a graphic designer as you get to do this on your own within the shortest possible time.

The readymade templates make your design process seamless and efficient. This tool alone will 10x your product and service branding.

I currently use the Pro version which allows you to add 4 other team members. I strongly recommend you get it.

7. Youtube: This is where I learn daily and get insights from people I considered to be experts in their field.

I will advise you to have a specific time you do use the platform, otherwise, it will interfere with your work and business thus making you less productive. Mine is usually in the evening or early morning.

Other online learning platforms I use are Udemy, Skillshare, EDX, and Moralis Academy.

Besides, I also run a youtube channel and that’s one of the reasons I visit the platform regularly.

8. Twitter: This is where I go to get concise information from highly intelligent and smart people in my field.

My focus areas are cryptocurrency, Web3, sales, and marketing.

Feel free to connect with me on Twitter here.

9. Telegram/WhatsApp: This is where I do most of my business and personal messaging. I shuffle between the 2 apps, and for now, I wouldn’t say one is better than the other.

10. Mailchimp: This is the autoresponder and mailing list service provider I use for my online businesses.

The platform is reliable and has a good email delivery rate. As a result, I strongly recommend you start with them.

Mailchimp even allows you to use their service up to your first 2000 newsletter contacts.

11. Binance: It is the largest cryptocurrency exchange in the world in terms of trading volume, number of users, and features for both newbie and professional traders.

I use Binance for most of my centralised crypto trading and I strongly recommend the platform.

Note: You need a basic understanding of crypto and technical analyses to be successful. Also, do not invest all your money in crypto hoping to make quick returns. I will suggest you prepare for the long-term while you take some short-term gains if they occur.

13. Trustwallet: This is where I do most of my decentralised crypto trading.

The platform is secure and provides an easy interface to access Decentralised Finance(DeFi) on your mobile device.

14. Discord: This is where I do most of my NFT, Web 3, and crypto gaming community discussion. It’s totally free and fun to use.

15. Camtasia: This is what I use for screen recording of my computer, editing it, and creating easy-to-understand tutorials.

It’s quite handy if you’re a tutor. It cost a one-time purchase of about $299.

16. Premier Pro: I use this software to edit movie-like educational content that I shoot in my mini studio or outside events.

With a good camera, lighting, background, and proficient use of Premier Pro, there’s really no limit to the type of video content you can create.

17. Zoom and Google meet: I use these 2 platforms for online meetings and training.

Altogether, they save me a lot of time that I would have used for meeting in person.

18. Google Drive, Doc, Sheet, Slide, and Forms: This is my workspace online. With these tools, I can work on the go and access my files anywhere anytime.

19. Gmail/Webmail/Proton Mail: The first 2 are my most preferred email services, however, if you’re the private type you may consider using Proton mail or another encrypted email service out there.

20. Google Authenticator: This provides a 3rd layer of security to all your online account after inputting your password. It’s important to use it should in case your password gets compromised.

21. Tawk.to: This is the live chat solution I use on all my blogs, websites, and applications. It allows me to communicate instantly with users on my website.

22. Aliexpress: Buy electrical gadgets/equipment online and ship to Nigeria

23. Amazon: Buy books online and ship them to Nigeria.

24. Jiji.ng: Sell new and used gadgets in Nigeria.

25. Bolt: Reliable ride-hailing app in Nigeria. I use this when I’m in a new city or going for a meeting in a place I haven’t been to before.

26. Kanbanflow and Trello: Task and project management website. I use them to stay focused and schedule tasks.

27. Elevate game: I play it to improve my maths, English listening and speaking skill,

28. Hootsuite: To schedule content across my social media app. I’ve been able to schedule content across Twitter, Facebook, Instagram, and LinkedIn for up to 2 weeks using the platform and it is delivered seamlessly. My next target is to schedule for a whole month.

29. Home workout app: 15 to 30 minutes daily home workout. The app is easy to use and has a detailed description of each exercise. I like its workout routines.

30. Cointelegraph, Coinmarketcap, and Binance Academy: in-depth article and data on crypto.

31. Paystack: Most preferred Naira payment gateway in Nigeria.

32. Bitpay: crypto to a stablecoin payment gateway on my e-commerce store(Filta.ng)

33. Wallets.Africa and Plumter: Create a virtual US dollar card to use for online purchases. You can fund it with your Naira.

34. Grey.co: Create foreign currency bank accounts from Nigeria.

35. Kuda Bank: Experience free digital banking in Nigeria using Naira.

 

Other valuable websites by me and Blake Burge:

  1. Flourish.studio – Beautiful and easy data visualization and storytelling
  2. Mentimeter.com – Engage, impress, and captivate your audience
  3. Webwhiteboard.com – Sketch, brainstorm and share your ideas. No sign-up is required
  4. Carrd.co – Simple, free, fully responsive one-page sites for pretty much anything
  5. Whatruns.com – Discover what runs a website
  6. Diagrams.net – Free diagramming for teams
  7. Edit.photo – Free Online Photo Editor In Your Browser
  8. Untools.co Tools for better thinking and decision making
  9. Openlibrary.org – Read free library books online
  10. Freecodecamp.org – Learn to code — for free
  11. Eatthismuch.com – Put your diet on autopilot
  12. Mindmeister.com – Draw mind maps
  13. Prettylinks: Shorten affiliate links inside WordPress – make them customized to your domain name e.g. 9jacashflow.com/binance
  14. Snappa: Create online graphics in a snap. Much like Canva
  15. Easywebinar.com: Run webinars to promote your products and services
  16. Coinigy.com – Manage all your crypto portfolios on a single platform
  17. 9jacashflow.com – Average Nigerians learn investing and online business.

Valuable Chrome plugins recommended by others:

Inspired by a Twitter post by Lofted learning
1) ScribeHow: Scribe allows you to record a video going over something and automatically puts it into a step-by-step guide. Saves me time when: teaching clients, onboarding, and making standard operating procedures(SOPs). Add it to chrome here.

Image

2) Similar Sites: Find sites that are similar to the one you’re on now. It allows you to find better resources about your competitors. It’s great for shopping, content, travel, or business and research. Add it to chrome here.
Image
3) Power Thesaurus: It replaces powerless language and finds synonyms for words in your copy or writing. Great at finding attention-grabbing words for your headline. You can add it to chrome here.
Image
4) GoFullPage: It screenshot full web pages and provide PNG, JPEG, or various PDF options to download. It’s fast and easy to use. You can add it to chrome here

Image

5) Headline studio: It scores your headlines instantly. Helps improve your headlines with suggestions. It break through writing blocks with word banks. You can add it to chrome here

Image

6) Color Zilla: Best color picker/eyedropper. Get the color of any pixel on the page. It’s good as a gradient Generator and Webpage Color Analyzer. Also helps to get a color palette. You can add it to chrome here.
Image
7) Fonts Ninja: Helps you to discover fonts on any website. You can inspect fonts to see the size, letter spacing, line height, and color. You can also use it to try fonts in different applications. You can add it to chrome here
Image
8) Grammarly: Help to fix grammar, spelling, and punctuation issues. It helps you revise sentences that are grammatically correct but unclear. You can add it to chrome here.
Image
10) Loom: A free screen recorder of up to 5 minutes. The paid plan is cheap. It uses your camera while recording. Very easy to share and store videos. You can add it to chrome here.
Image
11) Responsive Viewer: shows multiple-sized screens at once. Very useful for design testing, and bug finding.  Really helpful if you make websites or landing pages. You can add it to chrome here.
Image
12) Bitly: It helps you shorten long links. It’s customizable and the paid plan allows you to add your own website domain. You can add it to chrome here.
Thank you for taking the time to go through it. I hope you have learned something new.

My Multidisciplinary Life Checklist

0

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…

Telegram message showing George Donelly's advice.

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

Charlie Munger’s Investing Principles Checklist

0

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.

40 Guidelines From The Millionaire Fastlane Book

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 Club here God Bless!

40 Guidelines From The Millionaire Fastlane Book

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 Club here God Bless!

How To Land A Job In The Crypto Space

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.

  1. 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.
  2. Take time to write an exciting and unique cover letter.
  3. 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.
  4. Be bold but be patient in your applications, especially in high-level roles
  5. 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.
  6. 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.
  7. 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.
  8. Being consistent makes you become reliable and disciplined.
  9. Find a community of people who share your interest and have a long-term relationship with them
  10. Attend Bitcoin and crypto meetups, conferences, and seminars.
  11. Start a local crypto community around you.
  12. Engage with people you find interesting and knowledgeable. Join discord and telegram groups.
  13. The more you put yourself out there (though you may feel awkward at the beginning), the more luck you will have.
  14. Be able to handle “NO” from recruiters or not hear back from them.
  15. Be on Twitter spaces and contribute.
  16. 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.

  1. 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.
  2. Create a standard CV/Resume from Europa.eu/europass/en.

The 3 Bedroom Apartment Deal You Don’t Want To Miss in Ibadan

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.

Buy Properties in Ibadan

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 WhatsApp or 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:

  1. Fully-furnished suites(with air-conditioned living rooms, bedrooms, and kitchen accessories).
  2. Electricity
  3. 2 Standby power generator
  4. Borehole facility
  5. Security
  6. Paved roads
  7. 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 WhatsApp or schedule a Zoom call today.

I also have farmland deals across Ibadan and have helped myself and a couple of clients secure good farm locations in the state.

If you’re interested,  feel free to shoot your shot by giving me a call or scheduling a zoom meeting right away.

Thank you, and God bless!

How To Start A Profitable Catfish Farming Business In Nigeria in 2022

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. Water Sources

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:
  1. 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.
    Earthen Fish Pond
    Image credit: Erikohlsen
  2. 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.
    Concrete Fish Pond
    Image credit: AMISODAGO CONSULTANCY FIRM
  3. 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.
    Archive: Mobile Tarpaulin Fish Pond, 15x15x4 Feet, 24,485 Ltrs For 1000  Catfish in Kano Municipal - Farm Machinery & Equipment, Benuwatts Company  Limited | Jiji.ng
    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.
  1. Fries
  2. Fingerlings
  3. Juveniles
  4. 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

starting a catfish farming business
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.
    Mobile Tarpaulin Fish Pond; Lucrative Way to StartProfitable Fish Farming
    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.
    When will we have a total mortality of catfish? without disease ?
    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.

How to reap handsome returns by keeping tilapia in your backyard - The  Standard
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.

How To Harvest And Sell Catfish In Nigeria - Harvester Farm Vlog 3 - YouTube
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 Estimate for raising 1000 Catfiish   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.
  1. Kehinde Lawal: +234 810 185 0909 – 9jacashflow.com – Nigeria
  2. Sikemi Olabisi: +234 810 676 9062 – The Farm Lady – Nigeria
  3. Afuome: +233 20 075 7738 – Afuom TV – Ghana
  4. Zactly:   +234 810 291 9618 – Zactly Foods & Farms – Nigeria

MARKET WATCHLIST

RECOMMENDED BROKERS