"I cannot date or marry someone who earns N100, 000 monthly"
If you've been on social media (Twitter especially) this year, then you must have seen a tweet-gone-viral about a lady who tweeted that she couldn't date/marry a man on a N100, 000 monthly salary. The tweet sparked a lot of controversies, opinions flying here and there and no, the women folk weren't spared. Bottom line was: No one wants to marry a broke man or woman.
But it's not even about getting married at all, getting married to a broke man/woman or any such personal preferences in marriage (although this may be part of the reality); it's all about FINANCIAL INDEPENDENCE- No one wants to be a broke man or woman. And that's what this piece really talks about.
Financial independence means that you will never be broke. Whenever you need money, you can easily make it available. Truth be told- In a country like Nigeria, this (not being broke) sounds easier said than done, thanks to the trending economic downturn and the lack of a stable business environment. However, there's always a way regardless of the odds!
It's no longer news that to be financially independent, you must look beyond your paycheck. Activating other streams of income is the way to go and that's our focus here today.
If you are currently on a day job and you've been stalling on starting that side business, we've written this piece just to get you fired up!
- Your salary is not enough:
In Nigeria, the minimum wage is currently N18, 000 and the average university graduate does not even earn up to N100, 000 monthly. Yet bills keep piling up, the cost of living keeps getting higher and adulthood just seems to be synonymous with responsibility! There's always a legitimate reason to spend money.
If you are going to rely solely on your salary, chances are that you will be broke before the end of every month or you manage to scale through but you have no savings or investments. This is the struggle of a lot of Nigerian workers.
Salary is usually not enough and that's one reason why you should start that side business! You may not be able to pay yourself at the initial stages but with a business done well, you will be able to profit, save and even take on other investment opportunities with time. Starting up a side business definitely takes the pressure off your salary.
- You need job security:
New-York Times bestselling Author, Chris Guillebeau quotes "A side hustle is more than just another stream of income, it's also the new job security". When you receive paychecks from different sources, it allows you to take more chances in your regular career. More income means more options. More options equal freedom. (Source: Forbes.com)
That's the absolute truth! Owning your own side business won't leave you hanging, should you need to leave your job at any point in time. There's no fear of getting laid off work and you are more confident at taking chances when it comes to a regular job (because you have a viable backup plan).
How about in times of emergency; for some reason, your salary is being delayed or doesn't come through when you need it the most. What is your fall-back plan? How will you survive?
Think Side Business!
- Investment for the future
In the beginning part of this article, we talked briefly about a N100, 000 tweet that went viral. Ignoring the context of communication, all the person simply implied was: I want a better (marriage) life for myself.
The truth be told, we've all got plans and aspirations for the future. Everybody wants a better life. For some people, we want to take on professional courses, own a property, travel; for others, we want to get married, rent and maintain a home, raise children, buy a car.
The question to ask is: Does your current salary support your future dreams? Even if it does to an extent- is it guaranteed that you will remain at that job forever?
Your side business is the best way to invest in your future, and the earlier you get on it, the better. Don't wait until the future meets you where you are, go create the future you desire.
- Because you love it
Remember that quote "Do what you love and you'll never have to work a day in your life"?
It's not exactly true because you still have to work but isn't it extremely pleasant to work when you love what you're doing? That's another reason to start up that side business. There are benefits (1-3 above) included and there's also the satisfaction that comes from doing something fulfilling, actually doing your own thing! It's priceless.
Financial Independence and a sense of meaningful living- that's what you get from birthing your own business-baby; it's a WIN-WIN!
You may be broke right now as you read this article but you don't have to remain broke six months from now. After all, that's been said, beyond motivation or mere words, it's all in your hands.
Take the bold step today. Take the risk. Do your feasibility study, necessary research not leaving behind your passion and zeal, start that side business today!
We hope this article gears you into acting on your dreams and starting that side gig. If yes, please share with us in the comments section and if otherwise, please feel free to share your concerns too. Don't forget to share this article too. We look forward to sharing your success stories!