A lot of people believe one must have an enormous amount of money before they can invest. Well, here’s how to invest a small amount of money. Regardless of how little your earning is, there are many things you can invest in, and also opportunities you can tap into and make more money.
When it comes to investing small, the fundamental involves a continuous investment of small amounts on something of potential, so it eventually accumulates and results in what’s referred to as the snowball effect; in which little amounts increase in size and momentum, leading to exponential growth.
To achieve this, you may want to consider some factors and implement a proper strategy. However, you need to know the right investments to venture into. In this article, i highlight some things you can invest in or venture into.
Note: There are a variety of things you can invest your little earnings in, and some are not cash profit-oriented but rather to facilitate self-development. All investments take time to manifest its profit; therefore, you must learn to be patient, disciplined, and consistent with your investment.
How to invest your little pennies
1. Start a small business
There are a lot of flourishing businesses out there that began with little capital. Here in Nigeria, the exceedingly growing population has created room for tons of scalable business opportunities you can venture into with as little as ₦10,000.
When it comes to starting a small business, you have to be patient and not despise your small beginning. One way to grow a small business is to stay consistent in investing, thereby using profit to expand the business. There are many small business ideas you can start with, spanning across almost all industries depending on your area of speciality.
2. Learn a skill
Is there something you’ve always wanted to learn, let’s say play an instrument or bake cakes? That intention could turn out to be your most significant investment. Depending on your interests, there are tons of skills you can acquire and can put into use to make more money for yourself.
Skills can’t be too much, as every new skill you learn gives you an edge over the world. The more skills you acquire, the more opportunities you can tap into. Fortunately for you, learning a new skill may not cost much, depending on what you want to know.
Nowadays, the internet has made it easier to learn skills that may typically seem out of reach; you can learn almost anything on YouTube. You could enroll at a skills acquisition center to learn handy skills like baking, sewing, and making brads. Most of these skills cost less than ₦10,000, and you don’t know when your skills would come in handy, so it’s quite a good investment.
3. Invest in cryptocurrency
Since the inception of decentralized currency, many brokers have made wealth from the rapid increase in the value of cryptocurrencies over the past few years. Although this investment can be considered risky like every other investment with a potentially high return, recent history shows that investing in cryptocurrency is quite a good idea as it tends to exhibit a profound change in price over a short period.
The good news is, you can invest regardless of where you are in the world, what currency you use, or how much you have. This means you can buy Bitcoins for as low as ₦5,000 and can multiply your small amount by trading this digital currency.
4. Take an online course
Do you have some small amount of money but don’t know what exactly to do with it? Rather than spend it on junk, you can invest in learning something new online. Taking online courses has become a handy way for increasing your knowledge, and doesn’t cost much in most cases.
You can learn virtually anything from professionals all over the globe, with the aid of your smartphone or computer. Depending on the course you take and who organizes the class, some of these online courses give out certificates you can use and add to your resume.
5. Buy books
Books are powerful! And people who read a lot can emphasize that fact. Imagine getting your hand on useful information that is hardly accessible online, or anywhere else, for a small amount of money, awesome right?
There are a variety of books encompassing a whole lot of knowledge, some books can help you become more productive with your hustle, and others could teach you lessons that would change your life for the better.
In some cases, personal and financial growth could be limited simply because we lack specific knowledge or don’t recognize we need more education. In this world, only the knowledgeable ones thrive, and some of this knowledge is not that expensive with books.
If you’ve always wanted to travel around the country, and your major hindrance has been insufficient funds, there’s good news for you. In recent times, many people have learned to travel around by leveraging on group travel opportunities.
With as low as ₦10,000 to ₦15,000, you can explore some fantastic places in the country, gain more exposure, connect to new people, and come across new opportunities. So you may want to start packing your travel bag with you 10k, who knows? You may come across your next business idea during a three days trip.
7. Invest in hobbies and talent
You probably know of people who have turned their hobbies and talent into a lifelong career and have made a fortune out of it. Although many people wouldn’t encourage it, investing in things you are passionate about can serve as your best investment ever.
The more you invest in your natural potential, the better you become at what you do. And because you are passionate about it, you tend to have an innate drive that keeps you pushing and wanting to become the best at it. It gets better if your talent is one which can be monetized; people would be willing to pay whatever it cost to hire you when they know you are good at what you do. And the best part is you can start investing in your hobbies with your little earnings.
Your health is one thing you mustn’t take for granted unless you have intentions of living a short life which I suppose you don’t. Contrary to what you might think, it doesn’t cost much to eat healthily, go for medical checkups and exercise to keep fit.
The truth is you can do all these on a small budget, and you can substitute the money you spend on junk for purchasing healthy food, and also watch your weight in the process. You can get yourself a gym instructor for as low as ₦10,000, or better still buy data with that money and work with an instructor on YouTube.
Getting yourself medically checked is also as necessary, and doesn’t cost much in some reputable clinics. Investing in your health is one of the greatest good you can ever do for yourself, and your little earnings can work that magic.
9. Change your wardrobe
You don’t want people to have a wrong impression on you, because of the way you are dressed, like the famous “dress the way you’d like to be addressed” cliché implies. Although you may think clothes and shoes are expensive, there are a variety of clean outfits that allows you can slay on a budget. The fact that wears come at different grades and prices gives you quite a range to select from.
Here’s a tip: if you have ₦10,000 and you want to go shopping, you can spend ₦3000, on a plane or printed shirt, ₦4000 on a new pair of sneakers, and ₦3000 on jeans, that’s a clean contemporary look on a budget. And if you are a lady, it only gets better.
Although what you decide to buy depends on your fashion sense and preference. But, upgrading your wardrobe isn’t such a bad investment at all, those new pair of shoes could come in handy when you have an interview or need to see someone important.
10. Try out new things
If you are confused about what to invest your money on and feel stuck being unable to find what’s perfect for you, it could be because you’ve not tried out enough things. Exploring new opportunities is the best way to figure out what works best for you, and you would never know about other options if you don’t explore.
Not haven tried enough things could leave you stuck thinking of what to invest in. Now that you have some little money coming in is the best time to try out new things and figure out your place. So when next you have ₦10,000 or less but can’t figure out what to invest in, you should consider taking a different approach or venture.