This query is recurring and so I decided
to do a formal write up of a few things that apply to Uganda which
we’ve tried and know could bring in some money for you, some if one is
committed bring in millions.
Ways to make extra money in Uganda in 2017
-
Job.
A job is honestly the easiest way to
make money no matter what type of job it is. Cleaning, accounting,
procurement, lifting stuff, data entry, you will get paid for what you
do at the end of the period stated such as a month.
Our problem today is many of us think we
are too good for “blue collar” jobs so we shun away yet we could
actually earn, save and invest elsewhere.
You’ve to start somewhere since this can help you save and and start a small investment. So, don’t undermine jobs.
-
Freelance or contract work.
Freelancing is still pretty young in Uganda and freelancers are still shunned by most of the traditional populace in Uganda.
Freelance is very similar to having a
job, the difference though is you are not a fixed employee of a company.
You’re simply contracted for a fixed fee and time which are most of the
time all set by you and you get the work done.
As a freelancer, you may work less and
get fewer gigs but can at times land deals that triple a normal
employee’s salary with the same skill in a year close to threefold.
Freelancing is a good idea but requires
time, skills and experience. I would advise one first works in
employment, learns the industry, gets experience and creates a contact
list then they can go solo.
-
Blogging.
Blogging has been a valuable skill and
money making venture since around the late 90’s when WordPress, Blogger,
Tumblr, Medium and Joomla sprouted to make creating blogging sites
cheaper and easier.
A blog is a website or page where you write information or news you would love to share with the world.
If you have a passion for writing, then
you can earn a lot from it by writing articles that help people deal
with or solve a certain problem such as car repairs, computing, history,
relationships – you’ll get a lot of visitors who relate with such
coming in to read this info.
Good examples are WebMD which was blog
about common medical problems, CNET which was and still is about
computer and phone hardware and software downloads.
In order to earn money from this, you would need to run ads by signing up for Google Adsense, Taboola, Bing ads and others, place them on the site and sit back and watch your money grow.
To make the best money from a blog or
website, you will need to grow your site to at least 500,000 to a
million visitors a day. Less than that you can still earn but not in the
comfort of this threshold.
-
Sell off your old stuff.
Ugandans are sentimental people. We like
to cling to old stuff we have owned for several years because they were
a gift, cost us too much, bring back very many memories or we are just
not ready to let go yet.
I respect this, but sadly this honorable trait will also make you die broke when you’re in crisis.
The saying goes, “one man’s trash is another man’s treasure” so be assured there is someone out there who is willing to buy what you’ve.
Sell off that old stuff that you don’t need any more on platforms like Facebook, Twitter, OLX, trading Facebook groups like Trade East Africa and someone will see it, call, buy or recommend it to a friend.
-
Simple Animal Rearing & Poultry.
You’ve heard small whispers in many
corridors that the cash future of most Ugandans is now in farming, by
farming I mean mostly planting crops and trees.
These whispers are a bit true, but also
wrong. Yes, as the population is growing, many are building houses,
roads and plazas in what would’ve been farm land so as a result we have
less food today and forests for timber yet the demand is very high.
Poultry & animal rearing is a
valuable asset but requires enough money, patience, time and dedication.
You need to put a lot of factors into consideration like size of
farmland, breed of crops and animals, transportation and other essential
aspects to get you started.
As a freelancer, you may work less and get fewer gigs but can at times land deals that triple a normal employee’s salary with the same skill in a year close to threefold
-
Invest in International stock.
You have already been taught in high school commerce and entrepreneurship about how to make money through the Uganda Stock Exchange (USE) by investing in company stock. Some courses in University do try to expand on this too.
The problems here though are that you
are not taught how to study, understand and make money from stocks. Also
Ugandan stocks don’t bring you much money since they are long-term and
take up to a full financial year to mature a sizable divided which to
many isn’t feasible.
The good news is, most of the
billionaires in the world are rich because of stocks and I will hint on
how to start your journey on investing in them with small proportions.
This is my last method because it is the best in my opinion but also the
most complex.
You can buy International stock through
investment companies who will most likely assign you a broker or account
manager to advise and trade on your behalf. This is the best way to go
since most likely you won’t understand the stock dynamics.
If, however you are like me who loves to
learn new things, be hands on and are a risk taker, then you can do
this yourself with the new on-line stock trading platforms.
I must warn you though, be very careful
with on-line trade platforms, some are scams and will cheat you. You
will never get your money or may never earn profit. Whereas others are
incredibly hard, but that doesn’t mean there are no good ones.
I recommend Etoro which
requires a minimum deposit of $100 and it will guide you as you learn.
You can also sign up without any deposit, use virtual money and learn
until you’re able to trade with real money. Try out its “CopyTrader™” and “CopyFund™” features.
Always remember, we love money because
money makes our lives seem better and simpler but when trying any of the
above, please be smart, exercise your own judgment and don’t get too
greedy ‘cause if you do, you’re bound to get burnt.
you are the best guys.
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