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Nairalogue with Ifeoma Adeoye: Do Not Under-Estimate the Power of Your Side Hustle

Ifeoma Adeoye

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dreamstime_m_4795363The importance of having multiple revenue streams, for anyone who is interested in building wealth, cannot be over emphasized. Even if it is dividend pay-outs from stocks or buying and selling things on the side and making a margin, it is important for everyone to have a side hustle.
A side hustle is, as the name implies, something you do on the side. It does not matter if you have a job or you are self-employed or you are a stay at home mum. Any extra activity you do to generate additional income, outside your main “job” is a side hustle.

For as long as I can remember, I’ve always had a side hustle, no matter how small and “crappy” it is. I get a sense of fulfilment from knowing that I am due to get an extra N100 from somewhere that I could put to alternative uses.
Given the current state of our economy, not all of us can be brave enough to up and quit the safety of the steady salary that we get from our current employment. Now, more than ever, it has become imperative for the average Nigerian to find ways to increase their revenue flow. Maintaining a hustle on the side may mean that we cannot give it the time and effort it requires to turn it into a full blown multi million naira business in the short term, but guess what? That little extra is better than nothing in the interim.

Earning an additional N30,000 every month may not seem like a big deal but the power of saving and compounding the entirety of that money should not be underestimated.

Let us assume that you have a full time job and you make ends meet with the salary you get from this job. Let us also assume that you have a side hustle from which you generate N30,000, net, every month. Since you “survive” on your salary, you can save this additional N30,000. Assuming you invest this N30,000 in mutual funds (assuming 10% return per annum) every month, at the end of twelve months, your account would look like this:
screen-shot-2016-11-03-at-07-37-13
Not bad right? Now imagine that this is repeated and compounded over the next five years – That will be N2,342,471! That N30,000 a month side hustle. It doesn’t seem so small now, does it?

It is very easy to start and manage a side hustle. Most side hustles require minimal start-up costs and the amount of time you have to put in every month is also fairly minimal. Earning that little bit more every month adds up eventually. It may look like a “little” sum to you now, but in time, your “little” five figure side hustle income will turn into seven figures and people will wonder how you did it.

Earn, Save, Invest, REPEAT!

Remember, start now, start small – just do it!

Photo Credit: Stephen Coburn | Dreamstime.com

Ifeoma Adeoye is an entrepreneur and a business consultant. She is keen on social and charitable causes and spends a considerable amount of her time establishing and providing business advisory services to startup businesses in Africa. She is a motivational speaker and is passionate about motivating people to be innovative, entrepreneurial, financially savvy and independent. She loves all things related to making money legitimately and believes that we should all strive to have lots of it. You can contact her via email at [email protected] and on Instagram & twitter @nairalogue

11 Comments

  1. Cookie

    November 3, 2016 at 1:38 pm

    I’ve been looking to start a side hustle for a while now however I’m having trouble trying to think of how to start it up – direction wise. I’m still hopeful though. Thanks Ms. Ifeoma.

  2. Kimmy

    November 3, 2016 at 2:48 pm

    Can someone advice me on a side hustle to do mbok! as my 50k monthly pay is not near enough for me

    • Ade

      November 3, 2016 at 3:05 pm

      MMM

    • Mavrodian

      November 4, 2016 at 11:05 am

      Hmmm D, na you be this?

      ‘MMM . . . Together we achieve more’

    • Side Hustle NG

      November 7, 2016 at 2:43 am

      Just follow @sidehustleng on Instagram and Twitter

  3. Uju Lilian Ikegbune

    November 3, 2016 at 3:47 pm

    Thanks Ms Ifeoma! This is clear and thoughtful

  4. Movici

    November 3, 2016 at 5:49 pm

    Article lacks depth…you could have given examples of possible side hustles. nice try though. well done….I believe someone out there has been motivated.

  5. Abominable snow girl

    November 3, 2016 at 6:34 pm

    “Do what you love best and the money will follow” -Author Unknown.
    What you love being what you are passionate about, for most that is the side hustle which could soon become the main gig.
    I have my side hustle and it’s paying me big time.

  6. Hannah

    November 4, 2016 at 11:05 am

    Beautiful said

  7. LouLou

    November 6, 2016 at 7:32 pm

    Seems a lot of pple have this side hustle thing figured out. I don’t and i need help

  8. Tiri

    November 28, 2016 at 12:15 pm

    In this recession, the way forward is side hustle as you wrote. Selling VTU recharge cards and PHCN units will go along way. Also baking can be another source of income.

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