{"id":811,"date":"2019-03-15T10:55:28","date_gmt":"2019-03-15T09:55:28","guid":{"rendered":"https:\/\/cowrywise.com\/blog\/?p=811"},"modified":"2023-02-23T14:49:56","modified_gmt":"2023-02-23T13:49:56","slug":"build-multiple-streams-income","status":"publish","type":"post","link":"https:\/\/cowrywise.com\/blog\/build-multiple-streams-income\/","title":{"rendered":"How To Build Multiple Streams of Income"},"content":{"rendered":"\n

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<\/a> 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.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Who is Tayo Oyedeji?<\/h4>\n\n\n\n

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.<\/p>\n\n\n

\n
\n
\n
\n
\n \n
\n
\n\n
\n
<\/span>Guides<\/span><\/a><\/span>Savings<\/span><\/a><\/div>\n

How To Battle Lifestyle Inflation<\/a><\/h3>\n
\n
<\/div>\n <\/a>\n <\/div>\n <\/div>\n \n
\n
\n\n
\n
<\/span>Guides<\/span><\/a><\/div>\n

How to Make Money on YouTube Without Making Videos<\/a><\/h3>\n
\n
<\/div>\n <\/a>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n <\/div>\n\n\n\n

The Big Questions<\/h4>\n\n\n\n

To bring the idea of building multiple income streams home, we asked him a few questions. You\u2019ll find a lot of knowledge here.<\/p>\n\n\n\n

\n

Everybody needs a side gig.- Tayo Oyedeji<\/strong><\/p>\n<\/blockquote>\n\n\n\n

1. What was your first experience with building an alternative income source?<\/h4>\n\n\n\n

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.<\/p>\n\n\n\n

\n

Money runs to good ideas.- Tayo Oyedeji<\/strong><\/p>\n<\/blockquote>\n\n\n\n

2. What challenges did you face at the start of this journey?<\/h4>\n\n\n\n

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\u2019t lend startups any money so you have to raise money. That\u2019s why it\u2019s 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\u2019t have any skin in the game. That\u2019s why you must save even when you don\u2019t have any business or investment<\/a> in mind.<\/p>\n\n\n\n

\n

That savings will be your skin in the game that will prompt others to help you.<\/strong><\/p>\n<\/blockquote>\n\n\n\n

3. What book(s) helped make the experience easier for you?<\/h4>\n\n\n\n

The Millionaire Next Door is a classic that is worth reading over and over again. It taught me the value of saving money<\/a> by living way below my means. <\/strong>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.<\/p>\n\n\n\n

\n

Our continent needs to sell more things to the rest of the world and it starts with you and me.- Tayo Oyedeji<\/strong><\/p>\n<\/blockquote>\n\n\n\n

4. What peculiar hurdles do you think Nigerians face with multiplying their income sources?<\/h4>\n\n\n\n

The key challenge, in my opinion, is a reliance on salary and regular income without a plan to multiply the income. Many Africans don\u2019t understand money and capital markets so they don\u2019t multiply their money while sleeping. They ONLY work for money; they don\u2019t let their money work for them. <\/p>\n\n\n\n

\n

Build an <\/a>emergency fund.<\/a>– Tayo Oyedeji<\/strong><\/p>\n<\/blockquote>\n\n\n\n

5. What are your top 5 suggestions on crossing these hurdles?<\/h4>\n\n\n\n
    \n
  1. Get financial education. I attended a 10-week course on financial planning in the US to understand the basics.<\/li>\n\n\n\n
  2. Don\u2019t just work for money; let your money work for you.<\/li>\n\n\n\n
  3. Build an emergency fund.<\/li>\n\n\n\n
  4. Build a business.<\/li>\n\n\n\n
  5. Learn to work with partners.<\/li>\n<\/ol>\n\n\n\n

    6. What feasible options will you suggest for building alternative income sources?<\/strong><\/h4>\n\n\n\n

    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\u2019t go there.<\/p>\n\n\n\n

    \n

    Focus on the money market in Nigeria- Tayo Oyedeji<\/strong><\/p>\n<\/blockquote>\n\n\n\n

    7. What are your tips for people to stay rich once they start earning from multiple streams?<\/h4>\n\n\n\n

    They should start by grading themselves with these 7 important questions:<\/p>\n\n\n\n