
Multiple streams of income are a financial dream most people have nurtured for long. From the onset, we have always had the vision to go beyond savings and investments to provide Nigerians, and Africans in extension, with free but tailored financial advice. In line with that, we consistently provide crisp money tips and partner with sound minds to deliver golden financial advice.
Recently, we had a tweet chat with Dr Tayo Oyedeji, the author of How I Retired at 40 & How You Can Prepare for Early Retirement, on building multiple income streams. It was a knowledge-packed session that we believe everyone should have access to. Hence, this blog post.
Who is Tayo Oyedeji?
I am an entrepreneur who started life in banking, did some consulting and advertising and was a professor at the University of Georgia in the US. I am currently retired but work in non-profits while building a startup. PhD was from Columbia- Missouri, MBA from Oxford. Former MD of Media Perspectives Nigeria and Starcom, South Africa.
The Big Questions
To bring the idea of building multiple income streams home, we asked him a few questions. You’ll find a lot of knowledge here.
Everybody needs a side gig.- Tayo Oyedeji
1. What was your first experience with building an alternative income source?
I was 21 while doing Youth Service in Nigeria so I wrote a book. The book was my first major business venture. I did a book launch, sold a couple of thousand copies, and used the proceeds to buy my first car. I was working full-time in a bank while writing the book. The self-published book was a lesson in entrepreneurship, creativity (writing), target market identification, operations, publishing, planning (events), and book launch (marketing and sales). The most important lesson I learned from that first venture is to do what comes naturally. To find the intersection of market and passion and to pursue businesses regardless of current jobs.
Money runs to good ideas.- Tayo Oyedeji
2. What challenges did you face at the start of this journey?
I had to learn everything from scratch. The problem is that our educational system does not teach entrepreneurship or money management. So we have to learn everything on our own. The capital was also a problem. But I have learned that money runs to good ideas. Banks don’t lend startups any money so you have to raise money. That’s why it’s good to save money from whatever you make. I was making N5k a month (1998) and saved N2k every month. I saved N24k and borrowed N20k to make up the N45k for my first business. Nobody will help you if you don’t have any skin in the game. That’s why you must save even when you don’t have any business or investment in mind.
That savings will be your skin in the game that will prompt others to help you.
3. What book(s) helped make the experience easier for you?
The Millionaire Next Door is a classic that is worth reading over and over again. It taught me the value of saving money by living way below my means. I spoke with someone today who said I am the most understated person they know. Made me happy because it means I am living right.
Our continent needs to sell more things to the rest of the world and it starts with you and me.- Tayo Oyedeji
4. What peculiar hurdles do you think Nigerians face with multiplying their income sources?
The key challenge, in my opinion, is a reliance on salary and regular income without a plan to multiply the income. Many Africans don’t understand money and capital markets so they don’t multiply their money while sleeping. They ONLY work for money; they don’t let their money work for them.
Build an emergency fund.– Tayo Oyedeji
5. What are your top 5 suggestions on crossing these hurdles?
- Get financial education. I attended a 10-week course on financial planning in the US to understand the basics.
- Don’t just work for money; let your money work for you.
- Build an emergency fund.
- Build a business.
- Learn to work with partners.
6. What feasible options will you suggest for building alternative income sources?
1. I am currently bullish on food and agriculture, especially cash crops. (With Cowrywise, you can save up funds, and invest your savings while building up to reinvest in agriculture).
2. Tech is a no-brainer.
3. Logistics.
4. We have too many consulting, marketing, and advertising businesses. Don’t go there.
Focus on the money market in Nigeria- Tayo Oyedeji
7. What are your tips for people to stay rich once they start earning from multiple streams?
They should start by grading themselves with these 7 important questions:
- Emergency Funds: Have you saved the equivalent of 1-month salary in a basic savings account? — 20 Points

- Six-Month Cover: Do you have the equivalent of 6-months of living expenses in a high-yield investment instrument? — 20 points
- Debt elimination: Are you completely debt-free with the exception of your house mortgage? — 20 points
- Multiple streams: Do you have at least two income streams? — 10 points
- Saving plan: Do you save at least 20% of your monthly income? — 10 points
- Will and life insurance: Do you have a will that protects your family? Do you have life insurance? — 10 points
- Education fund: Do you have a savings plan to ensure that your kids can have a good education even if something happens to you? — 10-points
Finally, take a class financial planning class. @SolaAdesakin can help. Build an organization around your businesses. Focus on the money market in Nigeria (10 –17% returns). Cowrywise can help. Build a stock portfolio.
The laws of compound interest make money invested in your 20’s more valuable for you than the one invested in your 40’s.- Tayo Oyedeji
8. With different age brackets come different generic focus points. What’s your investment advice for different age brackets?
21 to 25 — Learn about finance.
26 to 30 — Start a small business on the side.
31 to 35 — Grow your businesses
36 to 40 — Invest like crazy
41 to 50 Invest like crazy
50 + Retire
All this is impossible if you don’t learn to save and live below your means. It’s important to save, invest, and build other income sources from the very first day you graduate from college. The laws of compound interest make money invested in your 20’s more valuable for you than the one invested in your 40s.
Final Words…
Nothing is impossible if you put your mind to it and work hard. I grew up in a small town and decided that I wanted to rise above my hood. It took years of hard work but it has happened. Everyone can start from anywhere and become anything they really want to be.
What side hustle(s) are you considering to help create multiple income streams, and what steps are you taking? Do share with us, we’ll love to know.
RELATED:
Invest In Mutual Funds in Nigeria
Thanks for this.
My pleasure ?
Not bad, but this isn’t extensive enough, it doesn’t contain how many percent does each Mutual fund pay and does investing in higher risk mutual funds bring higher returns, I’d appreciate if an article of this nature is published, thanks
I agree with you
??
Hi Ebubechukwu, every month on the blog, we do a roundup of top-performing mutual funds with all the details you need. It’s called “Market Slice”. In addition, we have a long list of articles on mutual funds that you will find most helpful. You can find all these here: https://cowrywise.com/blog/?s=mutual+funds
Information is helpful
I agree with you. And what’s the minimum amount you can invest with
Thank you I initiated a 10k mutual investment today when are you going get it started
I understand it thanks
I understand mutual funds a lot better now
Yayyyyyy ????
Yea, great one. I understand better now
I understand very well but what’s the duration in which I can invest?
There’s none, strictly speaking, but for you to reap the benefits of compounding, I’d recommend that you think long term – years, not months.
Make sense. I now understand. Make I go teach person son too…
Energyyyyy ?
I understand now ?
I understand mutual funds a whole lot better now
Wow that is good
??
I understand alot better now
This is really interesting and I love cowrywise??
I understand mutual funds a whole lot better now
Great!
I understand mutual funds a lot better now
Uhm…
How does the interest add up?
You didn’t include that part.
Hi Solomon, I wrote a very detailed post on that. You can check it out here https://cowrywise.com/blog/mutual-fund-returns/
Thanks for this. It was helpful
Wow this is good
Yayyyyy!
Thanks Ope, I understand quite better now
Happy to hear that ?
I understand mutual funds better now
Whoop Whoop ??
I understand mutual funds a lot better now
Yayyyyyy! Time to make some money moves ??
I understand mutual funds a lot better now.
??
I understand mutual fund better , with appreciate
Yayyyy!
I now understand mutual funds better! Thanks
Anytime!
I don’t understand?
Hi Peter, please what part isn’t clear? I’d be happy to clarify.
I understand it so mcun
Yayyyyy ??
Thanks it was a nice breakdown
My pleasure ?
I understand it so well. How do I start investing in mutual fund? Can I start with the little fund I have in the celery fund? Please teach and direct me.
I understand mutual fund a lot better now. Thanks
I got you!
I know a little more about mutual funds now
Yayyyy ?
i need load for my Agri farms
Thanks for the detailed information and illustrations in the article. I now understand Mutual Fund better. I will take decision very soon by investing.
Great! The time to take the decision is now ?
How much can I use to invest in mutual.
I understand mutual funds better now.
Happy to hear!
You can start with any amount you have at the moment!
Thank you very much!
I now understand mutual funds better
My pleasure!
Thank you very much for the great insight on Mutual funds. I now understand better but I have a question.
What is the difference between mutual fund and Investment/Saving plan in a insurance or assurance company
Great question. I’m guessing you now understand mutual funds, so I’d just put this side-by-side.
At a basic level, insurance companies typically offer products that are hinged on specific events – death, damage, retirement etc. So savings products from insurance companies are similar to pension funds, where you make a contribution over a period of time and after that period you begin to get claims on a monthly or yearly basis depending on your contract.
Can you tell the difference now?
I understand better now. But do I have a say in the kind of company my money will be invested?
Okay. Thanks Ope.
But what determines the interest?
Hey Marvelous, I broke this down in this post- https://cowrywise.com/blog/mutual-fund-returns/
I’m sure you’d find it helpful in answering your question ?
Thanks Ope!
I understand mutual funds a lot better now! ☺️
Yayyy!
Wao! Very Interesting….. I really understand it all…. Thanks Ope
You’re welcome!
I understand mutual funds better now
You’re welcome!
This is a more detailed explanation on mutual fund but your start up requirements is my problem.
I understand mutual funds better now. Thanks
Happy to hear this, Taofik ?
Uhmm Ope in my mind we are already gees ?
Buh i need some answers ..
Been trying to save in dollars since for a while now
But I’m confused ?care to put me through?
Theo my G ??
Your best bet would be to take advantage of dollar mutual funds. You can find out everything you need to know here: https://cowrywise.com/blog/invest-in-dollar-mutual-fund/
Thanks a lot for ur help with this info looking forward to knowing more about mutual fund
I understand mutual funds better Now.
Great ?
I understand a lot better now. Thank you.
However, some questions:
1. Is it possible I lose all my money or run at a loss on mutual funds? Or is it a situation where, as long as I leave it long enough, I’ll bet my money back?
2. Also, can I invest in different level risks, e.g aggressive and balanced, at the same time?
I hope I don’t miss the answers.
Thank you.
Great!
1. Chances of losing all your money are quite slim, but, I’d advise that you invest based on your risk appetite because no investment, however safe, is without risk. In terms of long term investing, compounding really helps.
2. Yes, you can invest in funds across board.
I Understand a little bit better..
but one question I have is when we say ‘low risk in loosing all your capital’. Does it mean it is possible to loose all the money one used to save in mutual funds. Or just the interest would be lost?
Chances of losing all your money are quite slim, but yes, you may lose some of your capital in some cases.
Thanks for the article. Self explanatory
You’re welcome
I understand but how many days will it take for the investment to return
Thank you much much. This was really helpful.
I now understand mutual funds better
Thanks a lot ope
I understand it now and I will make sure people around me do this
Nice and good explanation, I loved it
Nice break down of mutual funds
Thank you!
Thank you so much for this.
My pleasure ?
I now. Understand
Greatttttt!!
I now understand better, thanks
??
I understand mutual funds better now.
Yayyyy!!
Simple to understand thanks
?
I understand mutual fund now
Great! ?
Thank you so much. I now understand what a mutual fund is.
You’re welcome!
What happens when the fund manager ran into a loss??
I just want to be sure
There are policies set by the government to protect users, and “customers” of these fund managers, but it only covers those who use licenced management companies. Guess what? Cowrywise has a SEC (Securities & Exchange Comission) licence in the fund/portfolio management category, so you can go to sleep knowing your money is safe ???
Okay,I will try
I understand mutual funds a lot more better now
I really understand mutual funds much better now with these ice cream illustration. The best presentation I’ve ever heard on investment
Thanks…this was good for starters
I understand mutual funds now. The breakdown was amazing. I’ve invested in mutual funds before using the app but honestly, I was just investing without a clue because I trust you all but knowing all this, I get it now and I’m definitely going to be more consistent with the investments. Great one Ope
Exactly what I did earlier today… I merely just invested because I believe in the visions and word of mouth from the many people using the platform. ?
This article didn’t state the percentage you’ll be earning when you invest in mutual funds.
I know what mutual fund is about now.
Thank you
Yea that was helpful
Well, I really hope to understand mutual fund more as my investments blossom.
Am new in this ,the bottom line for me is that Mutual funds will help me grow my money while I relax and watch and pray.
Thanks alot ope,I understand better now..
Thank you . I understand mutual funds now.
I understand better. Thanks
It is quite informative.
I understand mutual funds so much better now…nice one, I like ur explanation.
I totally understand better now..it really pays to read through.
Nice one,but if one what’s to quit before the due time, what is the process please
Sure, I understand better now… I already started investing by the way and it feels so great! ?
Is the interest rate every year only??
thank you so much for sharing like this article. Please click here , https://einvestment.com l,
After transferring money for investments, what follows?
Thanks so much for the enlightenment, I clearly understand.
These are my little questions:
✓ if I start my investment with N50,000 (for in stance), do I have to be paying the N50,000 every month ?
✓ when exactly will the returns be paid? Annually or Quarterly?
Thanking you as I await your response
Thanks for the explanation. I will make investing in mutual funds my next point of call.
Great to hear that!
Hi Ope, is there any form of cash out in mutual fund investment?
Hi Femi, could you please rephrase your question so I can understand you better?
I believe what Femi is trying to say is, at the end of the mutual fund investment, will there be any money paid to we the owner of the investment? Is it possible to withdraw cash?
Yes i really understand,,,.
Thanks a lot,,
You’re welcome!
I understand mutual fund now
Happy to hear that!
Thank you for this explanation, I think I’m ready to start investing in Mutual funds.
Great to hear! You can start by signing up here http://cwry.se/blog_signup. After you have signed up, this video has all the steps you need to get started: https://youtu.be/1CAJplBSpUw
I understand mutual funds better now.
While going through the write-up, I discovered some investments under the “conservative” category have a reduction in the returns over the years. Please can you help explain the meaning of those trends?
Now I understand what mutual fund investment really means.
Thank you for the update.
I will give it a try soon
Well explained. Can I get a phone number for direct contact with any of the cowrywise agent?
The lessons are educative. I am already giving it a trial with Mango savings. Thanks.
Thanks alot. Now I understand.
I understand mutual funds better now, thank you.
I understand mutual funds a lot better now
I understand mutual funds better. What I do not understand is what to do when your investment is “free falling” – losing money. It would be helpful of you do an article on that, Ope. Another thing you could do is to do an article on what to look out for when shopping for a mutual fund manager or mutual fund asset. Thank you for all you do, Ope. Happy 2022!
Thanks for the suggestions! I’ll definitely consider this.
This article was really helpful and educating. I now better understand mutual funds
It was helpful but I will like your opinion or let me say guidance of each funds, like u made an example with the ice cream u should be abel to say this sweet for try it out u will like it
Thanks ope,I understand mutual funds better now.I have a question though, what’s the minimum amount investable in these mutual funds?
Hi Joy,
Thanks for your comment.
There’s no minimum amount, you can begin small and grow your investments from there.
I understand mutual fund better now
Thanks so much. I understand this better. Hope to invest soon.
Thanks. I now understand mutual fund now!
Thank you very much. I understand better now what mutual fund is.
Thank you for this..Now understand mutual funds
Hey. I’m Abdulrahman Malami and i really appreciate for the information and me gonna ask a single question, what’s the minimum amount of money for the investment? Thank you
I now understand mutual funds better now
This information has helped many clients in the investment. It is a type of investment that allows the client to invest in different types of assets. There is nothing to worry about the procedures, the fund managers will administer your money.
I understand mutual funds. Now I’m craving ice cream.
I do understand now what mutual funds but how do I start
Diversification and expert management is probably the best thing about mutual funds. Right now both passive and active funds are getting traction.
I understand it a bite but I still have some question? Mr Ope all the investment you analysed through the ice method all are still risk taking what is the difference is that some are high risk why others are low risk? I have your app the person that introduce me to it only told me the 3 months savings plan which I just gave it a try now. I saw others stocks so I needed more clarifications so that I know what to do. Thanks for your explanations pls I still need a customer service number for more guard.
Thanks Ope for this insight, I now have an understanding of what mutual fund is about though more information is still needed
When am I going to get my investment money back
Thank you very much. Very insightful and so fun to read.
I understand mutual funds now, thank you .
I understand