How Millennials Can Diversify Their Income

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Thursday, February 04, 2021 / 1:55 PM / By Bukunmi Adejobi, Proshare Research, and Taiyese Nifemi, WebTV / Header Image Credit: Talk Business


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With Nigeria's current weak economic indicators showing, a high inflation rate, a high unemployment rate and a high poverty rate, the need to develop skills and earn extra income has become a vital step for citizens.

 

Millennials (those born between 1980 and 1994 according to McKinsey) currently account for over 40% of the nation's population which is a reason why skills development and the income diversification is crucial to addressing the problem of a rolling cloud of domestic unemployment.

 

Bukunmi Adejobi believes that in a society like Nigeria where some sectors are oversaturated, the drive behind earning extra income especially for millennials should be based on having clearly defined strategies and objectives, and not because they want to join the bandwagon of a trending activity.

 

Speaking further she said the steps for millennials to earn extra income should meet the following criteria;

  1. Earning Potential: The ability to make money.
  2. Growth: A business that has a growth potential over a period.
  3. Scheduling: Something that fits perfectly into one's schedule without affecting the day job.


According to her, the pandemic fast-tracked the activation of remote working and with the immense benefits digitalization offers, several businesses have moved online and continued their operations in a seamless manner.

 

In her contribution Taiyese said the outbreak of coronavirus in 2020 brought to the fore the need for individuals to diversify their sources of income to hedge against adversity that could occur if they get laid off from work.

 

Looking at some of the extra-income jobs that millennials could venture into, Adejobi identified the fast-growing e-commerce sector as an industry with huge potential for growth and immense economic opportunities in Nigeria.

 

 She noted that e-commerce has served various industries ranging from catering services, energy, fashion, utilities amongst others.

 

On her part, Taiyese observed that the Nigerian government needed to put proper structures in place to effectively harness the shimmering opportunities along the e-commerce value chain.

 

For millennials embarking on the candy shop journey of identifying opportunities for moonlighting incomes that fit 9 to 5 job schedules, Adejobi advised that they start with something they love and have a delightful romance in doing.  

 

She identified ride-hailing apps, food vendors, photography, e-shoppers, short-let apartments, writing e-books, designing graphics, accounting for small businesses, online teaching and language translators, music production as some of the services that could stump up some extra cash in the e-commerce sub-sector.

 

In addition, they noted that there are online platforms for selling e-books, and online streaming platforms for music enthusiasts to also make royalties the anchors alluded to.

Taiyese emphasized that for millennials to have a mastery of their 9am to 5pm jobs and having an extra earning opportunity, it was important to develop working plans to ensure proper balancing.

 

Having investment as another side hustle, gives millennials the opportunity of having money work for them, Taiyese noted. She further advocated that millennials should explore investment options such as mutual funds, stocks, real estate, agri-tech products, and family/friend business which would give them yield over a period.

 

Investment analysts stressed the need for individuals to diversify their portfolios and have several investments in different currency. 

 

Adejobi also alluded to the fact that the creative industry is one key sector that leverages the talents, skills, and resources of the millennials, which needs continuous support through policies and incentives.  

 

She acknowledged the involvement of the Lagos state government and Central Bank of Nigeria (CBN) in supporting the creative and entertainment industries. Adejobi and Taiyese agreed that it was time for millennials to be voice-active and bolster value-creation through skills acquisition and entrepreneurial passion.

 

In addition, they advised millennials to explore the possibility of accessing grants and other alternative funding options that could help to scale their businesses and provide them with extra incomes.


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Related Videos

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2.     Millennial Talk: Budgeting as a Foundation of a Successful Financial Plan

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4.     How to Create a Vision Board

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Proshare Nigeria Pvt. Ltd.

Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

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