I woke up this morning and I was watching a guy on TV talking about how to live comfortably with the incessant inflation rate in Nigeria and listening to him talk was appalling, he seemed like the guy who read business administration in college or economics and got lucky to get a job.
All how he spoke about making money were only ideas on paper and barely mentioned unemployment, the difficulties involved with finding feasible opportunities in a broken financial environment, or the barriers to entrepreneurship.
His ideas were textbook and could only work on paper. In Nigeria now, the only way to survive financially is to work out of the system.
Dollar Vs The Naira
For example, many Nigerians are buying dollars with the native currency (Naira). Why? Because there's a certainty that the dollar will always appreciate against the naira. This is a means of keeping one's hard-earned money from being eaten away by inflation.
The standard of living is often affected by how much a person can afford over a long period. Some people's standards of living and quality of life depreciate over time and this isn't because they haven't been working hard enough it's just that what they can afford over time has reduced making it difficult to cover every aspect of their lives financially.
So the Inevitability of the naira crashing against the dollar is quite appalling to the extent that people now choose to keep their money in a more stable currency.
Business Practically & Theoritically
While this is devilishly ingenious, I think it's only a practical way to improve one's finances and even make more profit against the naira. So this means people have to go the extra mile to make money and this includes thinking out of the box and taking risks with the chances that they might fail.
Business in textbook is smooth but when the reality kicks in, this is when we'd begin to understand how difficult it is. Some days ago, I was looking at some houses online, and they looked great.
Every day when I wake up, I would always look at these properties thinking about how I can own them and use the passive income from the properties to buy into Crypto, that is if I had the money to buy one of them in the first place.
Finance & Concentration On Quality Of Life
I love to be self-sufficient when it comes to money and having a job and the reasons are because of my health status and because of how earning actively in a country like Nigeria keeps one in poverty. However, even if I have $30k to buy a property at the moment, what's the assurance that my plans to use the passive income to buy crypto would be realistic?
This is to say that there's no assurance whatsoever. In Nigeria, people who earn actively are suffering from the "hand to mouth" syndrome unless these jobs are paying very well.
This means that active income is used to take care of immediate needs and is hardly available for reinvestment. Compounding is difficult when people keep one job that takes their time making it difficult to offer their productivity as a side hustle.
Jobs & Opportunities: Measuring The Time Taken
However it's difficult to see people whose jobs don't consume their time, energy, and effort, this is how people get to do so much while earning very little. This is why the Nigerian economy suits people who earn passively and more compared to the efforts they're putting in.
For almost three years I was conceptualizing a business idea and the reason why it's taking long is that owning a business on paper seems easy but tougher on the surface. Surviving in a country like Nigeria requires brain, this means adding a business idea and concept that would sell.
For me, I've mapped out my life plans and these plans are meant to suit my weaknesses and maximize my abilities and strength. While these plans look smooth on paper, I'm hoping I can pull it through. If you're in Nigeria, bothering about inflation. The dollar and crypto are your best bet
Interested in some more of my works?
Keying Into Sophistication & Exposure To Forestall Economic Revolution
Money: The Learning Curve & Translational Process
What Makes A Job Opportunity Lucrative?
Shopping Online & The Illusion Of Buying Cheap Things
The Humanistic Approach Towards Scarcity & Competition
Spending & Accumulating: The Low & High Point Of The Crypto Seasons.
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