Grow Your Money

How to Easily Multiply Cryptocurrency In 2021

Nigeria is no doubt the current leader of global Cryptocurrency trade – Bitcoin to be precise. According to Statista 2020 report, 32% of Nigerians are involved in Cryptocurrency trade, which makes it the highest number from any country. But when it comes to volume of transaction, Nigeria comes behind United States.

Moreover, the Cryptocurrency market is exploding in prices. The demand and relevance of digital currencies are gaining momentum even from irrelevant quarters. It’s no longer news that Tesla CEO, Elon Musk even added $1.5 billion in Bitcoin to its balance sheet.

And there are even speculations that Bitcoin might hit the $100,000 in value soon. Whether that would happen soon or not it’s not even the reason for this post. There’s huge potential with cryptocurrencies that should get everyone’s attention now.

If you haven’t gotten yourself a Crypto wallet, now is the time to do so fast. Those who bought into this currency when it was still unknown have become millionaires, if not billionaires, without much effort. And there’s still more room for new millionaires from Crypto world.

What’s Blockchain?

The first thing to understand about Cryptocurrency is the technology in which it’s built – called Blockchain. This technology works as an open distributed ledger that records the transactions between two parties. It’s done efficiently, in a verifiable way that makes it permanent, and is resistant to any modification of the data.

That means it doesn’t require a middle person, doesn’t need the banks to verify transactions as well.

It’s not like the current monetary system that’s reserved in the banks, backed by governments. Which requires you to have an ATM, or a connection to the bank to transfer money to other people. That monetary system involves middle person – which is the bank. But Blockchain does require any intermediary.

What’s Cryptocurrency?

What properly defines Cryptocurrency is that it’s MONEY. But digital money. It’s one currency that’s not managed or controlled by any governments or world power.

Even the identity of the creator of Bitcoin, Satoshi Nakamoto, which happens to be the first Crypto, is still a mystery. That has not changed the fact that cryptocurrencies have taken their rightful place in the market of currencies.

So, Cryptocurrency is a form of currency available only in digital or electronic form, not in any physical form. It’s also referred as the following:

  • Digital money
  • Electronic money
  • Electronic currency
  • Cyber cash

Cryptocurrencies are only transacted on Blockchain technology. Normally payments in this way are instantaneous.

How Cryptocurrency Work

It’s a way to store and exchange value. And about exchanging values, it doesn’t follow traditional and bank payment methods, which often aligns it with the term ‘dark web’. A term used to describe internet activities that’s not within the purview of government scrutiny and judicial control.

However, Cryptocurrency relies on a technology called “Blockchain” – its function is to share transactional database, with its entires which must be confirmed and encrypted.

Now cryptos are used in paying for goods and services. But much of its relevance is in the speculative trade transaction, which is currently driving the prices off the roof.

Benefits of Digital Currency

There are lots of benefits of Cryptocurrency. Here are just the few important ones:

  • Reduces corruption – as one entity do not have control
  • Eliminates extreme government money printing
  • You control your money instead of giving away your control
  • It cuts out the middle person who always takes a cut
  • And serves the people who don’t have access to the banks

Different Types Of Cryptocurrencies

There are 3 types of cryptos. Here is the list below:

  1. Bitcoin
  2. Altcoins
  3. Tokens

What’s Bitcoin?

Let me summarize the whole concept of Bitcoin for you. Bitcoin is a digital currency that was invented without links to government or any country’s central bank. That means, it’s neither regulated by the government nor the banks.

According to reports, it was invented in 2008 by an unknown person, who goes by an imaginary name ‘Satoshi Nakamoto’. However, the currency came into use in 2009 through a digital app.

How Bitcoin Works

The way to understand Bitcoin better is to related it to a computer file that’s stored in a digital wallet app. Anyone can send Bitcoin to your digital wallet, and you too can send to other people.

Furthermore, bitcoins are generated by competitive and decentralized process called “mining”. Bitcoin mining is done by the individuals, who in return are rewarded by the network for their services. These Bitcoin miners receives bitcoins as a reward for completing ‘blocks’ of verified transactions , which are then added to the Blockchain.

In recent times, the prices of Bitcoin are going so high. Some speculate that since there are only 21 million bitcoins in total, there will be less circulation of the currency. And as more people become aware of the scarcity, demand rises, it’s resulting in a higher price.

Also, as many companies and some government agencies buy Bitcoin that shows a high level of confidence, which pushes the appreciation up and it makes Bitcoin more desirable. Bitcoin popularity is making investors believe there’s further upside.

What’s Altcoin?

If you have been involved in cryptos you may have heard about altcoin – alternative cryptocurrencies that got launched after Bitcoin achieved success. The number of altcoins are growing everyday.

Even within Bitcoin Blockchain, altcoins have emerged. The likes of Bitcoin cash, Bitcoin classic, etcetera. Here are some list of altcoins currently in use.

  • Etherium
  • Ripples
  • Dash
  • Dogecoin
  • Litecoin
  • Polkadot
  • Tether
  • Cardano
  • Filecoin
  • Tron/TRX

And many others still coming out till date. While there will only be one Bitcoin, there’s going to be endless versions of altcoins.

What’s Token?

Tokens are a type of cryptocurrency. They represent asset or used for specific needs.

Crypto tokens are created, distributed or sold, and circulated through the standard initial coin offering (ICO) process that involves a crowdfunding exercise usually meant to fund project development.

Crypto tokens or crypto assets, are special kinds of virtual currency tokens that are built on their own blockchains and represent an asset or utility. They are mostly used as fundraise for crowd sales. They can also be used as a substitute for other things.

In an example, one can have a crypto token that represents a particular number of customer loyalty points on a blockchain. And that is used to manage such details for a retail chain.

What’s Cryptocurrency Used For?

One of the challenges some have with Cryptocurrency is they can’t understand what it’s used for. They have argued that, it cannot be used primarily as a means of exchange in a real world, considering the price.

Gold is not even a currency but it’s a medium of exchange. Cryptocurrency is serving its purpose as a medium of exchange, in a much better way – making many rich.

Moreover, Crypto trading is a trending business, growing to equal or surpass Forex trading. If that’s the only use for cryptocurrencies that would have been awesome.

Top Cryptocurrencies In Nigeria

If you are new in Crypto business, you would like to know what other Nigerian Crypto investors are buying and why. It’s not like their choice is the best. But if those who got into the bushes before you are buying certain cryptos it’s a sign that they could be good for you as well.

However, you need to know the motivation behind these choice. Most Nigerian got into crypto simply for profit. So, their first motivation is how much they can make from any Cryptocurrency. If you have the same motivation, then you have consider what they are buying.

In the recent Central Bank of Nigeria (CBN) ban on cryptocurrencies, three of the cryptos that were continuously referenced are Bitcoin, Etherium and Dogecoin. But that’s not the only cryptos Nigerians buy. See a few list below:

  • Bitcoin
  • Etherium
  • Dogecoin
  • Bitcoin cash
  • Ripples
  • Litecoin
  • Dash
  • Tron/TRX
  • Zugacoin

These list represents the most traded cryptos in Nigeria. Bitcoin and Etherium are top cryptos globally. Anyone would understand the reason they are top buy for Nigerians. But the love for Dogecoin is still a speculative investment. However, this coin is fighting to gain relevance.

You may be reading about Zugacoin for the first time here. Yes, zugacoin is a Nigerian Coin. I believe in visions and I know that if this coin didn’t become popular elsewhere it will be in Nigeria and Africa. Already there are insinuations that the biggest African car manufacturing company Innosson Motors has partnered to accept Zugacoin for payment for its cars.

What’s Etherium?

Etherium was built to help developers build apps for Etherium Blockchain. The transaction time on Etherium is also faster, within seconds. It also has more coins than Bitcoin – with a current number of 100 million ether coins. And more can be created.

What’s Bitcoin Cash?

Bitcoin Cash is a spin-off or altcoin that was created in 2017. In November 2018, Bitcoin Cash split into two cryptocurrencies: Bitcoin Cash and Bitcoin SV. Bitcoin Cash is a cryptocurrency that is a fork of Bitcoin, designed to be transactional Cryptocurrency that functions as a peer to peer electronic cash payment system.

What’s Ripple?

Ripples is the bankers coin. It’s centralized, unlike other Blockchain coins that are decentralized. With global banks involved, it’s also under government control. It’s also an alternative to fiat currency. It has the potential to become acceptable to most countries government and even widespread.

What’s Litecoin?

Litecoin came from the same Blockchain as Bitcoin. They are both similar but with different features – an improvement on Bitcoin, for speed and cheaper transaction. It takes just seconds to process, and much cheaper for micro transactions.

What’s Dogecoin?

Dogecoin is a cryptocurrency invented by software engineers Billy Markus and Jackson Palmer, who decided to create a payment system that is instant, fun, and free from traditional banking fees. Dogecoin features the face of the Shiba Inu dog from the “Doge” meme as its logo and namesake.

What’s Crypto Wallet?

A cryptocurrency wallet is a device, some are physical medium, program or an app service which stores the public and/or private keys for cryptocurrency transactions. Apart from iIt’s basic function of storing the keys, a cryptocurrency wallet also offers the functionality of encrypting and signing information.

So, with cryptocurrency wallet, users can store and retrieve their digital assets. In an example, a user who acquires Crypto such as Bitcoin can store it in a wallet, and can from the wallet use it to make transactions.

Best Bitcoin Wallets for Nigerians

  • Exodus is good Best for Beginners.
  • Electrum is good for more advanced user interested in only Bitcoin
  • Mycelium is best for mobile users.
  • Ledger Nano X is a hardware wallet
  • Trezor Model T is best for storing large number of Cryptocurrencies
  • Ledger Nano S hardware wallet is a cheaper option

Crypto Exchanges for Nigerians

Crypto Exchanges are not the same as crypto wallets. You have to know the difference. In Nigeria, not all crypto exchanges accept transactions from Nigerians. For example, Coinbase don’t accept users from Nigeria. It’s not just Voinbase, some other exchanges don’t accept users from Nigeria. Below are some tested exchanges where you can register to buy and sell cryptocurrencies from Nigeria.

Binance Crypto Exchange & App

Binance is number Crypto exchange in the world. One it’s major users are Nigerians. The beauty of Binance is that you can buy crypto in naira and pay directly from your bank account. And you can also withdraw your Crypto sales into your naira bank account.

My Assessment Of Binance
  • Binance is a good crypto Wallet for Nigerians
  • You can easily buy Crypto directly from your bank account
  • It’s also easy to withdraw your Crypto in naira equivalent into bank account
  • You can also buy or sell Crypto with their peer to peer transaction feature
  • However,its withdrawal charge is around 0.005 or $27 per Bitcoin transaction.

Signup for Binance account here.

Remitano Crypto Exchange & App

Reminato is also a popular Crypto platform among Nigerians. Although the company is based in South Africa, but its main African market is Nigeria.

My Assessment Of Remitano
  • Remitano is a good crypto Wallet for Nigerians
  • You can easily buy Crypto directly from your bank account
  • It’s also easy to withdraw your Crypto in naira equivalent into bank account
  • You can also buy or sell Crypto with their peer to peer transaction feature

Signup for Remitano account here.

Roqqu Crypto Exchange & App

Roqqu is made for Nigerians. It’s target market is Nigeria. Although, it’s not the only Wallet that serves Nigerians, but I have so many reasons to endorse this particular Wallet above the others. Here are my key reasons, and if you feel they are good you can also sign up with Roqqu using the link below.

My Assessment Of Roqqu
  • Roqqu is a good crypto Wallet for Nigerians
  • You can easily buy Crypto directly from your bank account
  • It’s also easy to withdraw your Crypto in naira equivalent into bank account
  • You can also buy or sell Crypto with their peer to peer transaction feature
  • It charges one of the lowest transaction fee, as low as 2%

Signup for Roqqu account here.

How to Buy Cryptocurrency

Once you have created a Crypto Wallet, you can start buying Cryptocurrency immediately. Although, you may need to verify your account. Some wallets would request for your government ID, bank verification number, and may even take your selfie.

And with your bank account you can buy your first Cryptocurrency from any of these crypto exchanges like Binance, Remitano or Roqqu in Nigeria.

How to Sell Cryptocurrency

Also, when you want to sell your cryptos, it’s also that simple. Most exchange use peer to peer for Nigerians. The beauty of using P2P is that everything is simplified and paid into yôur bank account. It’s as easy as clicking on withdraw, enter the amount you want to withdraw, and it’s quickly deposited into your local bank account in naira.

What is Cryptocurrency Trading?

Crypto trading is the buying and selling of cryptocurrencies or exchanging of one crypto for another crypto assets or coins. The idea is to buy at a low price and sell at a high margin.

There are different types of crypto trading strategy you can explore:

  1. Day trading
  2. Swing trading
  3. Scalping
  4. Position trading

Day Trading:

This is the most popular trading style. Day trading,as its name implies, is the method of buying and selling crypto with in the same day.

Position Trading:

This is to buy and hold strategy. This strategy is suitable for beginners. However,when it’s done by an advanced trader, it can be a form of active trading.

Position trading uses longer term charts, anywhere from daily to weekly to monthly in combination with other methods to determine the trend of the current market direction.

This type of trading may last for several days to several weeks and sometimes longer, depending on the trend.

Swing Trading

Swing traders get in the game when a trend breaks. At the end of the trend, there is usually some price volatility as the new trend tries to establish itself. Swing trades are usually held for more than a day but for a short time than position traders.

Scalping

Scalping is one of the quickest strategies employed by active traders. It includes exploiting various price gaps caused by bid-ask spread order flows.

The strategy generally works by making the spread or buying at the bid price and selling at the ask price to receive the difference between the two price points. Scalpers attempts to hold their positions for a short period.

Crypto Trading Technique

If you want to start trading cryptos, then you need to figure out what type of trader you want to be. You should know the technique you will be using. It’s important for every trader to have their own trading technique that works for them.

Here are two main trading techniques:

  1. Fundamental analysis
  2. Technical analysis

You can use any of the techniques or both.

Crypto Trading Strategies

A trading strategy is a trading fixed plan designed to achieve a profitable return, either going long or short in Crypto market. There are four different types of trading strategy. You will need to decide the method you want to use.

However, for every trading strategy you need to define the crypto to trade, your entry and exit points, and apply your money management rules. A bad money management can make a potentially profitable strategy unprofitable.

Here’s how to formulate a trading game plan? You do it on paper before going into the market. This is where a lot of traders fail.

Types of Crypto Trading Analysis

After figuring out the kind of trade that you want to be the next thing you need to put in mind is type of analysis you’ll be using for your trade. We have to type of analysis and they are

Fundamental Analysis

This is a method of measuring a coins intrinsic value by examining related economic and financial factor.the end goal is to arrive at a number that an investor can compare with the coins current price in order to see if the coin is undervalue or overvalued.

Technical Analysis

Technical analysis is just the discipline that is used to evaluate crypto investment, and to identify trading opportunities by analysing statistical trends gathered from trading activities. Here are the activities that are analyzed, price movements, trade volume, moving average, time frame and etcetera.

Analyzing Coins

You must also know how to be able to analyse a coin, to know the ones that have great potentials for trade; by checking their market capital value, the volume of the coin, the most use of the coin, the team behind the coin, the technology behind the coin and how the coin is currently in demand.

Risk Management

You need to know how to minimise your risk. Crypto trading is risky and the market is volatile. But by setting stop loss, having a plan and sticking to the plan, without allowing greed to control your trading, you will bulletproof your investment from unnecessary losses.

Diversify Your Portfolio

Have a diversified portfolio. Don’t put all your money in one coin. Spread your money in different coins. Even if you have love in one coin, you can also gain in other coins to help cover the loss from one coin.

How to Earn Free Bitcoins

Okay, bitcoin prices are high, I get that. But how about getting some Bitcoin pennies on a daily basis. The small amount of crypto you get daily may not be really much, but over time it can accumulate to something.

There are several ways one can earn bitcoins for free. Here are some possible options:

  • How To Get Free Bitcoins With These 5 Methods
  • Join affiliate programs and earn free bitcoins
  • Download CryptoTab and earn free bitcoins from browsing
  • You can start mining Crypto to earn Bitcoin
  • Earn free Bitcoin from taking surveys
  • Earn free Bitcoin with a Crypto interest account
  • Get free 5,000 altcoins (TRON/TRX) and convert to Bitcoin

Conclusion

In Nigeria, cryptocurrencies are the focus of most startup investors. With as little as N1,000 you can start trading cryptocurrencies. There’s no limitation to what you can achieve with cryptos.

The nature of crypto coins makes it easier to acquire and multiply. Sometimes you could find free coins online. Some other time it could be available to purchase at a very ridiculous rate.

Start your plan to acquire Crypto coins now, even if their current value is anything much. That was how Bitcoin started in 2009, and today its the most valuable currency in the world.

The whole idea here is to help you get started with cryptocurrencies. That’s why I added several links to different sites and applications involved in crypt business. Take your time to click on the links to review the sites behind them. Some of them might be very helpful to you.

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Nigerian Gospel Music Best Videos of 2020

What’s best Nigerian gospel music video to you? I enjoy music videos, but you can technically tell when a video is amazingly good and when it’s just amazing. Don’t just take my word for it. You can make your own best gospel music videos of 2020.

I didn’t have a hard time picking my best videos. I have watched them over throughout last year. I had to agree that they quality, content and choreographer are all the best work of art.

Let me give you my top 10 Nigerian gospel music best videos of 2020. Judge the picks for yourself, and make your comments below.

1. St Greg – Mgbomgbo Ekele (thanksgiving) ft. Victor Ike

If you miss any video in this list, don’t miss this one. That’s why I positioned it for you. I can’t help but thank God profusely. This song will make you want to dance, want to jump, want to shout, but most important it will help you say thank you to the king of kings and Lord of Lords. If you have something to be thankful for, go watch this video again and again.

2. Congratulations by Ada Ehi, ft. Buchi

This song might make you want to cry tears of joy. But it’s all good. It’s one of the best congratulations that anyone would love to hear this year, this month, week, today and this very hour. I wish you congratulations as you watch this video.

3. Obinasom by Mercy Chinwo

This song in audio is simply amazing. Now, imagine how the video would be. I won’t give you any more details on it. You have to check it out yourself. If you happy about what Hod has done for you, here’s the song for you.

4. Lover by Jimmy D Psamis, ft. Prospa Ochimana

You need to see this video now. Apart from the perfect message of the song, well delivered and very touching, the next best thing about it is the video perfect quality. Thanks Jimmy D. psalmist.

5. On God by Eben

This video is simple but with a punch. The message is clear, the impact is felt. It’s Eben, delivery yet another video of his song in a very impactful and heart touching. It’s one video you should watch when hope is dim or there’s trouble on every side.

6. Idinma by Judikay

An amazing video. So natural and with an impactful message. How often do you tell God that He’s good? Let Judikay help you do that today with this song. Don’t sleep tonight without watching this video.

7. God Alone by Joe Praize

It’s Joe Praise strong and melodious voice, in one of his best grateful songs, God Alone. You need to watch the video to get the full message and sing along with one of gospel music greatest artist.

8. Mai Taimako Na (My Helper) by Solomon Lange

Oh, Solomon Lange, you did justice to this video with your soft soothing voice. What a way to cry out to God. The song flows from deep inside the spirit. Solomon made me fall in love with this song again. Watch this video and testify.

9. Capable God by Judikay

Nothing is impossible. That’s why Judikay made again a second time in this Nigerian gospel music best videos. This one is even better and bolder than the first video I showed you. I enjoyed the video. So would you.

10. Have Your Way by St Greg, ft. Iyke Onka

You can’t beat this duo, St. Greg and Iyke Onka, in an awe inspiring worship song, Have Your Way. You can imagine yourself in that situation, alone in your room, and crying out your heart to God – have your way Lord! You need to watch this video by St. Greg now. I reserved it just to make a proper closing that if you let God have His way in your life, everything will be beautiful.

Finally On Nigerian Gospel Music

Nigeria gospel music videos have come of age. It used to be just about any visual is good. Anyways, they think it’s just gospel music. But that impression has changed in the last few years.

It should be the best video because it’s the gospel. Jesus gave us the best. We should always give Him the best at all times. That’s why it’s important that we rate Nigerian gospel music videos to help you appreciate the efforts artists are giving into this gospel.

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How To Create The Perfect Residual Income

If you live in a harsh economic environment like Nigeria, where monthly minimum wage is N30,000 or almost equivalent of $50 (by the time this present exchange rate hits N600 to $1), you really need a residual income. How can you live on such meager income for a whole month, when some people are earning over $50 on residual income daily?

Let me compare your $50 monthly minimum wage to a residual income of $50 per day. That’s $1,500 or N750,000 on an exchange rate of N500 to $1. Don’t ask me why I’m using non official exchange rates. If you must know, much of what happens online in Nigeria is through unofficial transactions in dollar currency.

Nigerians are in control of their online activities, that’s why the government is trying at every point to frustrate the online community in Nigeria. So, it’s either you are building a residual income to take care of your regular expenditures, or you are building income for your retirement.

In this post, I’m exploring the world of residual income. Although, I will be drifting more into online income opportunities. Because that’s where everyone can play equally now.

What’s Residual Income?

If you work in the next 20 years, what’s going to be your income in 20 years? How much of your time and resources would that have cost you? Your income from work is only commiserate to the time and energy you put into the work.

That’s what I call “manpower” income. Laughing out loud! But how else can it be described than by what it is. However, when you practically do nothing, or little at the inception and then let that initial effort or input work for you continually, you have created an income that’s residual in nature.

This kind of income continues to come in even after you have completed the work that’s producing the income. And every Nigerian needs this kind of income.

How Residual Income Works

When it comes to residual income, two things are at play – how much you want to earn and how much you have to invest to earn it. Since I’m considering mostly online investment programs, the only factor that’s in consideration here is – profit percentage accruable from your investment.

The best way to understand residual income is to consider any of its examples. Take for instant residual income from intellectual properties like books, music, videos, etcetera. You write the book once, or the music or video is only done once, but you keep earning from those materials over a long period of time.

As long as their are people willing to pay for any of those works, you keep earning residual income from that one-time effort. If you are thinking, what if I can’t write a book, or produce music or videos? Like I mentioned, those are just examples. There are many other ways to earn residual income, even if you don’t have any skill.

Investment Opportunities And Risk Assessment

Online residual income opportunities has flooded the internet since after COVID19 lockdowns. More and more people are looking for residual income to argument for the low income effects from the pandemic.

There are so many of these income opportunities right now on the internet, and most of them are actually scam. So, you have to be careful. Moreover, even when such opportunity is not really a scam, note that every business venture is a risk investment.

You have to be cautious and invest wisely. The first thing you have to do is ask yourself, how much can I possibly lose now and it won’t affect my finances? That should be the amount to start with. Never be in a hurry to earn from untested and unproven opportunities.

Start with small amount, and increase later if the opportunity proves to be legit. Another thing you should know about even legit businesses is that non is 100% risk proof. Invest only the amount you can possibly risk at first, and pull out funds as the returns starts piling up. Don’t get greedy.

Some Typical Examples of Residual Income

From the first examples I gave, you already know what is residual income. You can easily identify an opportunity when you see one. While most of the examples are still good as residual income, I’m going to emphasis more on online based residual income. But first let me give you some list of passive income.

  • Investment in stocks, forex and crypto
  • Investment in Real Estate
  • Creating an Online Course
  • Starting a YouTube channel
  • Having a membership site
  • Writing a Book
  • Building a network marketing group

Like I mentioned, we are going to explore online opportunities. And before I proceed, don’t ignore network marketing opportunities. I know some people don’t like the idea of network marketing.

Since there are no proven online residual income in Nigeria, you have to explore those from other countries. Unless you want to create your own residual income business. My suggestion is to find investment opportunities and plug in your money to earn income daily, monthly or annually, as the case maybe.

Residual Income Ideas

Let me expose you to some of the existing residual income Ideas. The internet has truly changed the way anything and everything works all over the world. It’s not only the simplicity, but also the transactional nature of doing things.

There are several passive income Ideas online that you can start. The internet has given more people the opportunity that was once reserved to a select few. And you earn as much 10% returns on your investment. But before you invest in any one, study the opportunity. If possible, attend physical or online trainings to learn more about how you can earn from the opportunity.

Forex Residual Income Idea

Right now, one of the biggest investment opportunity online is Forex trading. It’s not new, but what’s new is opportunity for everyone including non traders to invest in the forex market. All you need is buy up an investment package from a trading company, and you get returns daily as the package stipulates.

If this kind of passive income interests you, here is another post you should read – HOW TO START FOREX TRADING AS A NON TRADER.

Crypto Residual Income Ideas

Cryptocurrencies are also taking its huge share of the currency market. Almost all the exchange platforms are also offering opportunities to trade cryptocurrencies as well. Even so, platforms are springing up asking for investors to buy trading packages with them for a guaranteed return.

Both the forex and crypto markets work almost the same. Apart from the fact that forex markets only operate 5 days in a week, as against crypto market that’s open every day of the week.

NOTE: The passive income investments that I recommend includes – OMEGAPRO, AX TRADER, BEURAX, and PETRONPAY.

Residual Income Business

Someone has asked me one day, is residual income a business? There’s a business aspect of residual income, and there’s also non business part, where you sit and earn passively. I have also listed some of them in the examples of passive income Ideas.

Residual income businesses are those income you setup and earn from over a long period of time. You may or may not own them 100%.

Real estate is one of them. You invest in properties and keep collecting rents over a long period of time. The problem with real estate business is that it still needs you to manage the business. This aspect of passive income in common, not just in Nigeria but all over the world.

Best Residual Income To Invest With

The best residual income is actually the one that keeps paying you for a long time to come. However, you may not be able to predict which online investment will last for years to come. So, your primary target now should be to keep growing your income.

For example, to grow your income with passive income, you should look for investments that can guarantee some good percentage on a daily or monthly basis, if you don’t have much fund. Like, 0.45 to 5 percent daily income.

But if your target is a retirement plan, you should go for a longer passive income investment that gives 10 percent returns on a monthly basis. It will only require that you invest big. Like, $10,000 would give you guaranteed $30,000 returns in 16 months period, on a compounding interest rate.

Note that, going for a short term investment has a higher return and higher risk as well. A long term investment has lower ROI and also lower risk of failing. But if you are like me, I do the long term for secured returns, and I risk the short term and cash out before it has the potential to fail.

Conclusion

Residual income is not new. You probably have heard of it all your life but have never made it work for you. We are in an era where this kind of income is not only required but it’s also possible for anyone to start earning passively.

From as low as $10 you can start earning from a passive investment. This post is to help you start your journey of residual income. Don’t stop at reading it. Take action. Search for opportunities and ask around what others are doing to earn passive income.

Don’t rush into any investment. Do your homework, and ask those who have invested before you how their investment is doing before you put yours. As good as online passive income may sound, the risk is as much high too.

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How To Start A Solid Retirement Plan In Nigeria

What if there’s a better retirement plan than your pension fund? How do you see a retirement plan that can guarantee 300% returns for you in every 16 months? Imagine how much your current monthly salary deduction paid into your pension fund can return to you in every 16 months.

Let’s even do the maths. If your monthly pension deduction from your salary is N100,000. That’s about $200 in today’s exchange rate. How Much returns do you get from your current pension fund?

I did a pension calculation on Leadway Pensure, and here’s what I got. It asked me how much I want as my monthly pension when I retire, and for how many years I want it paid? Plus how many years I still have left to retire, and how much interest rate I want on my pension fund?

I picked the following: N50,000 as my monthly pension salary after retirement. I said, I have only 2 years left to work. That I want 15% interest rate, and I want to collect the pension for 10 years. Here’s what the result gave me. That I would need to have a retirement saving account (RSA) balance of N2,780,225.16 from a monthly contribution of N100,050.98 for the next 2 years before my retirement.

Just do the calculation. I would have paid N2,401,223.52 in 2 years to my pension fund managers. It’s from this money they will now pay me N50,000 monthly, after they have invested it, for the next 10 years. I’m only reaping from the profit they earned from investing my money. And I will only get N600,000 in one year and total of N6,000,000 from them in 10 years after my retirement.

What happens after that 10 years? That’s for me to figure out, right? That is what many pensioners are going through already. And some are still planning to go through it also. Please, I beg of you, don’t go through it too.

Collapse Of Pension Funds In Nigeria

No matter how juicy your pension fund managers talk about their retirement plan for you, it can never be the best deal for you. What they are actually doing is a retirement plan for their owners. The best retirement plan is the one you can control and plan for yourself.

Don’t forget that in a system like Nigeria, the pension fund has always been a major source of corruption. It has never worked, because the pension fund in Nigeria has collapsed long ago. Those currently managing it knows that, and has since been stealing from it. Even the government steals from it from time to time, and calls it loan.

When you will realize what has happened will be when it’s time to pay up. That’s for civil servants. However, for the private sector workers, it’s even not the best deal they are getting. You can see the calculation Leadway Pensure gave me. With that you can’t get anything better to live on when you retire.

Nigerian Total Working Population

One of the problems with retirement plan is the number of people who maybe retiring, the current number of retirees and the available resources to cater for them. Nigeria has a large workforce with no adequate plan for their retirement.

According to Proshare Nigeria, the site lamented that out of the total workforce of 69,470,091 in Nigeria, only 7,348,028 workers has a retirement savings account (RSA) with any pension fund manager. It’s even an old report of quarter 4 of 2016. That’s just 10.8% of the total workforce. At the current date, the figures might even be worse.

If you think it’s because Nigerian workers don’t like to plan for their future, then you lied. Nigerians like to plan even for the dead. That’s why government officials are stealing state funds. They are planning for their future and their children with stolen funds.

But legitimately, Nigerians would use pension funds if actually it guarantees a good deal for them. Hence the reason for the boycott, because it doesn’t offer any retirement plan when you are tired. But I have something that will surprise you. It’s better, it’s cheaper to start, and it’s in dollars, so you won’t have to worry about naira devaluation and inflation. I will soon come to that.

Different Types Of Retirement Plan

The best way to understand retirement plan is to see it as a savings account where you put aside some monies you earn monthly for use when you retirement from employment. So, I decided to take a look at some of the retirement accounts available. Some of them are not applicable in Nigeria, but it’s good you know what’s out there too.

  • IRA (Individual Retirement Arrangement)
  • SEP (Simplified Employee Pension)
  • PSP (Profit Sharing Plans)
  • DBP (Defined Benefit Plan)
  • 401(k) Plans
  • Roth IRAs

You can take sometime and read up all about these different pension plans on Bankrate website. But let me just talk about one only. The PSP (Profit Sharing Plans). You will love this one, as much as I do.

Profit Sharing Plans (PSP)

Imagine if your current employer is sharing profit with you. How much do you think you would be getting monthly? Just imagine. I don’t expect you to know exactly how much. But its surely way big, right? That’s the point. But they won’t like to share, rather they want to suffer you by deducting from your present salary in the guise of planning a future for you. Bullshit!

But think about it. A profit sharing plan will make you more money and you won’t have to be planning for retirement. In fact, you shouldn’t be planning for retirement. You should be planning on sharing profits with big and existing multinational companies.

I know you want to ask me, how?

What Is Your Retirement Plan?

Let me even ask you what you have been planning for your retirement. If you don’t have a better retirement plan, now is the time to make a quick adjustment. You cant just leave everything to chance. I might even shock you with some of the ways people are knowingly or unknowingly planning for their retirement.

  • Some invest in stocks
  • Some buy or build properties
  • Some invest it in different businesses
  • Some even invest it in their children
  • While some ignorantly put it in the banks or pension funds

You see all these retirement plans, they may not protect you when you are tired. Even the children you gave birth to may not care for you. The stockmarket can crash, like it did in 2017 and many pensioners lost heavily. All their life savings gone in one stock market crash.

You might think building properties are better, but the question is, how do you earn from your properties? Mostly through rentals. But how much is rentage fee in Nigeria? Even if you get N600,000 per annum for 3 bedroom flat, which is better than your pension fund, how many flats would you build from your salary?

You can’t plan with that, unless you just want a hand-to-mouth kind of life when you should be enjoying life in your retirement.

This Should Be Your Retirement Plan

If you understood the Profit Sharing Plan (PSP), that’s what I want your retirement plan to follow. Think of how you can share profit with a multinational company.

Let me give you a blueprint on how to plan your retirement with a PSP. If you are currently working, you stand a better chance to use this blueprint better. Even if you are not presently employed, or you are self employed, you too can use this blueprint.

The first point to note is that it’s cheaper to start. And that you can start with as low as $100. That amount would guarantee you 10% returns on a monthly basis. If you work it around your monthly pension deduction, some of you pay more than $100 monthly.

That means if you plan to retire in 2 years, you would have saved $2,400 with a compounding interest of 0.45% daily or 10% monthly. In 16 months lifespan for each of the $100, you would have a return of About 300%.

Let me even say that you can only invest $100, because you have so much bills to pay monthly and can’t afford to be deducting $100 monthly. In 6 years on a compounding interest of 0.45% daily, see what I calculated for you using TheCalculatSite: $80,252.67 total interest will be earned in the period.

You are rich on retirement if you do this now. Think about how many more years you still have in active service before your retirement. Think about how much a $100 can become for you in the next 5 years and 7 months to be precise. $80,252.67 is equivalent of N40,126,335. And you can still invest even after you have retired rich.

Compare that with your pension fund of N6,000,000 in 10 years from a contribution of over N2.4 million of your salary in 2 years deduction. If you can invest $500 or even $5,000, think of what the returns would be in the same period. Some of you can afford to do up to $25,000. And that’s a return of $75,000 in just 16 months. While $50,000 would give you $150,000 in 16 months.

How This Retirement Plan Works

I have already told you. It’s a profit sharing plan. I have found this comoany for you in the U.K. (United Kingdom), with global presence in over 100 countries including Nigeria. This company is willing to share their profit with you.

Here’s how it works. They have several investment packages, from $100 to $50,000. And they pay returns from the profit they generate. You get 0.45% daily or 10% monthly on a compounding interest.

You role here is just to invest the amount you wish. The company will give you an online portal where you can monitor your investment, make withdrawals when you want or upgrade your investment package at any time.

What You Should Do Now

Get more information on this. You shouldn’t just take my world for it. Even though I have painted this as the best retirement plan for you, find out more for yourself. Moreover, somebody has to introduce as your referral or sponsor to the company. That’s how it works.

So, you will need a referral or sponsor. The sponsor will also help educate you more, and guide you throughout your investment period.

For example, if I’m your sponsor, my responsibility includes helping you to get more information, ensure you get adequate training on how to invest wisely and better usage of the portal. I should also be standby for you whenever you need guidance pr have questions on anything regarding the investment. You sponsor can also guide you on how much you should start with.

After you have invested for your own retirement plan, and started earning returns, then you can help sponsor others,like your colleagues in the office.

What To Do About Your Colleagues

Don’t plan for yourself alone. Help others to also discover this retirement plan. Your colleagues should be the first to know after you starts seeing returns from your own investment.

However, don’t rush immediately to tell them. Wait till after few weeks, like 2 or 3 weeks. It’s enough time to start seeing some revenue trickling into your account. You need some proof to show them. And because it’s in dollars it will be more convincing.

Remember, you will also earn up to 10% for sponsoring your colleagues. Yes the company pays for referrals, it’s one time, and it’s based on the initial amount the person invested.

Not just your colleague, including your friends. Target when salary is usually paid so they won’t say there’s no money. Remember, you are helping them make a better decision about their own retirement.

Conclusion

There’s no better retirement plan than a proper investment. But as a civil servant or private sector worker, you are limited to mostly pension fund, which is deducted from your salary.

There’s no guarantee on that, as long as Nigerian government are the ones controlling it. Even the private sector led pension managers, the kind of pension you get are not inspiring.

That’s why you need to plan something else for yourself. If you in an organization where pension deduction is actually done from source, you may not be able to shop it. But that shouldn’t stop you from planning your retirement better. I have shown you that with just $100 you can generate a better investment plan in less than 6 years, of over $80,000 in returns.

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How To Get Your Car Insurance The Right Way

Do you need an insurance coverage for your car? A lot of Nigerian car owners don’t really care much about ensuring their cars. They feel car Insurance is just a document required to avoid police extortion.

In Nigeria, car Insurance doesn’t hold much power when an accident occurs. For most road users, it’s just a precautionary measure to avoid extortion by road safety officials. And the process of acquiring them also makes it appealing to be considered as Insurance.

Someone questioned, who need car Insurance in Nigeria? If you consider the rates of denting cars, especially on Lagos roads, and denials of any wrongdoings, you won’t think there’s any value for car insurance.

But car Insurance is not just about securing your own car. It also involves securing the cars of others whom you may clash with on the road. It equally saves you from high cost of repairs, especially when you are low on finance. So, how do you go about buying a car Insurance the right way? Let’s even understand some things about car Insurance.

Why You Need Car Insurance

The first thing you should ask yourself about getting an Insurance for your car is, why do I need car Insurance? The answer should help you know how best to get an insurance policy for your car. The main purpose for car insurance is to provide adequate liability protection for you. Some insurance bonus can even include car wash tickets and AutoGas refill.

Here are the two important covers for car insurance policy:

  1. Injuring or killing someone during a car accident
  2. Causing damage to other people’s property

These damages can only be claimed if it was caused with your insured car. That’s the reason the policy is a coverage on the car and not on your person. That doesn’t exclude death coverage in car Insurance. If you need a personal insurance, the car insurance doesn’t give you that.

How To Buy Car Insurance Cheaper

Is there really any way to buy car insurance cheaper? Well, that would depend on what coverage you are paying for, the insurance company you are buying it from, and the value of the coverage they are offering.

But here are some tips to consider when buying a car insurance:

  • First, decide on how much coverage you need
  • Fill out an application with multiple insurance companies
  • Let them give you quotes
  • Try comparing multiple car insurance quotes
  • Pick the right insurance company for your car policy and get insured

Let’s even look at the different types or classes of car insurance and their coverage.

What Does Liability Insurance

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