In the first place, let me tell you than you can do exploit with 500,000 Naira in Nigeria. You can build your fortune on it. You can start a future worth emulating with just 500,000 in Nigeria. Don’t think about the hardship but think about what you are capable of achieving. Think outside the box and think like a boss. With just 500,000, your entrepreneurship knowledge can turn to anointing for some who think they cannot do exploit with such money in Nigeria.
When I posed the same question to group of intellects, the were full of different opinions. And to based on their understanding, and what gained I from their contributions, you too will be able to decided what to do with your 500,000 Naira in Nigeria.
Come to what you can do with 500k in Nigeria, I am not going to categorically tell you what you can do with it but note that going into business, involves you taking some risk. Some times, you run at lost and some times, you gain. Meanwhile, your target should always be a two sided coin.
What Can I do With 500,000 in Nigeria
As a Nigerian, the thought of the following might strikes your mind. As they did to me as well.
- Build a House with it
- Buy a Land
- Start a small scale business
- Fixed the money in Bank
- Buy a car
Though, what you may think to do with your 500k as a Nigerian may be far more than this, but are the common thought that do come to the mind of MOST young Nigerians are the ones above. Now, let take a look at them one after the other and then, you can decided what to do with the money.
Build a House With it
There is nothing bad in becoming your own Landlord and join the landlord association. When you are done building you house, you can lease it if you are not ready to move in but would 500,000 Naira be enough to build a house?
Of course, you can’t build a house with 500,000. Even a self contain that matches your taste will only be half finished if you don’t have a plot of land already.
If you don’t have a recursive source of income, start building a house with 500K can be a wrong decision. If you are about doubling the money, building an unfinished house is a total liability.
The only different between an asset and a liability is that; asset brings in valuable things like money, reputation etc while liability does not, in any form. Building a house with 500k will only stand as a liability and not an asset as you will not be able to complete the building and then lease it out.
Buy a Land
Some decisions are best in life. 500,000 Naira can buy land in most states of Nigeria except some places in Lagos, port and Abuja. And land is the only business that never depreciates, what it does is appreciate always.
Instead of doing nothing with your 500,000 as a Nigeria, you can choose to buy at least plot(s) of land with it and then resell later. Although, this doesn’t bring instant profit but the benefit can really worth it in future.
Start a Small Scale Business
Many Nigerians have built fortune with 500,000 by start a small scale business. But, at this point, knowledge is highly required. Small scale business like rearing of snail, fish farming, poultry keeping, watermelon farming, selling consumable etc.
When you are possessed with any of the above ideas, your 500,000 Naira should after few months turned to a real source of income for you. Just as it were, the so called small scale business can turn to an international business if properly managed.
If you into small scale business, spending your capital is a BIG NO, and at least 60-80% of the profit should be push back to the business. With that being done for 3-5 years, you are already in money and you can then think about something big.
Fixed the Money in Bank
People no longer do this again, and if they do… Only few Nigeria does that now. What is the essence of fixing your money for years with only few interest. And not only that, some banks will even fold up when they failed to meet the CBN policy.
Buy a Car
Few people really do think weird. Buying car with 500,000 isn’t bad but the decision is future-less and its exposes you to different things untimely. Car never appreciates in value, it only depreciates. For a start, it will make life easy for, turns you to a bigger boy or girl but will at the end turn to liability for you when you start using it over time.
So, it is purely advisable for one to do what will bring fortune to your human-hood in the long run.
What do you think one can do with 500,000 in Nigeria without turning the money into liability. Let help ourselves invest rightly into our future.