Hi Nairalanders,

Pls lets reason together.

I am presently working in a challenging environment, though there is about 90% job security.

Sometimes i just wonder if could start a PLAN B now.

I mean start a side-business that require minimum surpervision (NOT Farming nor internet biz).

Why am curious is that am in my early 30's, am burning so much energy, time, etc working to get paid. However, i can't work all my life for an organisation.

I believe same is true for some people out there.

if you are in my shoes, what would be the next best PLAN B.

(Assuming your present income is about 100K)

comments please!

You could start saving, and investing what you save to grow your money faster.

Then. . .there's trading. It may not be everyone's favorite option, but trust me, it brings in cash. Depends largely on what you trade in.
You'll start small of course, but with time and determination, you'll have a flourishing business of your own, and you'll be richer than dem chubby, gold-toothed Alhajis in Abuja.

Will scout around for more options, but I had to suggest the above. A friend talked about it yesterday and it kinda made sense.

Do some brain-storming, yourself. . .what goods/services do people really need that you are in a capacity to provide?

@Cristalz,

Thanks for ur contribution.

my take home from what u said is trading (ie buying n selling).

ok.

i ll look into that.

love to see more post.
thanks.

Okay people, let's help this dude out.
Where are the bread-winners, the men? If you presently work for a company/organization/someone other than yourself, what's your plan B?

If you're not gonna work under someone forever, what options are you considering for yourself?
People will benefit from your ideas, trust me.

Share share share. . .

@Poster,
I think the first thing to do is fix a time frame as to how long you wanna work for money.

When that is done, u start n maintain a saving culture becos of the time frame u have set. While u are saving, u may also wanna split ur saving in 2 parts, the first part will be left untouched while the second part should go into investments like trade in stocks ( true the market is downm, but u can still do ur business if u get a good broker who will be honest with u when in comes to choosing stocks using certain parameters) and fix deposits, u may also consider annuity plans with Investment houses.

On the other hand, you can look inwards and find possible business areas that u have skills and character strength to manage, it could be in the area of sports, fashion, entertainment, public speaking, consultations, etc,

there are loads of stuff to do out there, all we need to do is to think, just one IDEA can make a world of difference,

Its a work in progress.

The other peeps have said it all.
When you're working for someone, try as much as possible to put something by, even if you don't know what to do with it at that time.
Then, as I have found, you should start up one or two things, first as a hobby, then expand it as things go by. Save, and invest securely, and stay away from those get rich quick scenarios. You can see how the stock market meltdown, as well as NOSPETCO, Sefteq, etc, have burned people in Nigeria

I have always done something related to my job, i.e. when I was a software engineer, I wrote software for people as PP, now I design solutions sometimes IT sometimes, not necessarily IT) , almost as a second job. I've never tried anything really adventurous like running a haulage business, or buying and selling, because that kinda stuff is capital and time intensive. Also, I'm not sure I have a good flair for buying and selling. Next year I want to start doing some kind of knowledge sharing, training of sorts. As I always do, I'll start it as a hobby, and see how it goes.

I don't know how other see it, but my goal is not usually to make a ton of money, so it makes it a whole lot easier for me when I do stuff. I remember, when I started doing PP writing software, it was more of a hobby, helped me improve tons in my day job, and made me a lot of spare cash. I remember I once wrote a very simple program for telecom dealers to process and print e-PINs (airtime), load PINs on POS terminals, or vend PINs on the web. It was fairly easy to do, and I actually sold the app for around 20 grand or so back then. I had a partner on the street who installed and provided support to these guys, and we sold to more than two hundred dealers all across naija back then. Made some good cash back out of it too.

There is too much uncertainty in this part of the world regarding retirement plan.
If you have the means please(is not easy but try) and have plan C.
I started out as a self employed person back in 2005 after my NYSC, i make an average of about 800k/year in the first and second year, I change plan(same business) and see how i can generate more funds as business has become more competitive. My planB was to be able to generate about 1million naira a year without stress,
this i needed very badly so as to survive. I strengthen my business so as to be able to support my new idea.
Year 2008 and 2009 i made about 8million naira which i invested in real estate business(though very challenging and rewarding ),As result of economic meltdown ,business have slow down, but atleast i am almost achieving my aim.
Mind you it was all through determination and God on one side,Am 34 and i will be settling down next year by God's grace.

im an investment banker and i intend to retire cos work hours sometimes can be killing and i wouldnt want my wife to be to leave me for someone else cos of ma work.

i trade also; all kinds of trade. when the stockmarket was booming i, did all sorts of trading and i made plenty money from it and also got burnt when the thing started nosediving. I also import stuffs from abroad in collabo with electronic distributors in alaba and Ikeja computer villa. Just to make extra kicks

for now, i dont have a structured thing , i put ma money where i know their will be returns. as a matter of fact, i bet on football games , tht has also given me some money without raising a finger.

i can do anythn, the koko is to save up and start turning the money around.
No game plan to survive for me o till i retire and when im about to retire (5 years b4 that time), ill start making concrete plans

Its a good thing u wanna do this cos no employer will pay u to be able to afford everythn

Plan B? I won't tell but all is looking positive! 

Tkb417 just sold an idea to me  . . .but he is yet to tell me how much money he has made and for how long.

FBS
na wa 4 u o

tkb417:

FBS
na wa 4 u o

LOL ! Wetin I do?

I want to attend a course on OPEX!

FBS:

LOL ! Wetin I do?

I want to attend a course on OPEX!

u no serious

what do you do sef?
not seen you talk about your work b4, or which industry u dey

tkb417:

u no serious

what do you do sef?
not seen you talk about your work b4, or which industry u dey

lol. . .I'm serious ooo! but I hardly talk about myself no be only about work sef. 
I have 4 yrs of banking experience though. . .

Ok what do I do? you think say I go tell you? 

FBS:

lol. . .I'm serious ooo! but I hardly talk about myself no be only about work sef.
I have 4 yrs of banking experience though. . .

Ok what do I do? you think say I go tell you?

4 yrs bankin experience? cool!

u dont have to tell us, we don hear say u be manager for JP Morgan

hmmmmmm
Plan B
Depends on how much you wanna put aside monthly after all your expenditures.
Give us something to work with as per figures.
I'm not sure if the 100K u mentioned is solely for savings

barry06:

Hi Nairalanders,

Pls lets reason together.

I am presently working in a challenging environment, though there is about 90% job security.

Sometimes i just wonder if could start a PLAN B now.

I mean start a side-business that require minimum surpervision (NOT Farming nor internet biz).

Why am curious is that am in my early 30's, am burning so much energy, time, etc working to get paid. However, i can't work all my life for an organisation.

I believe same is true for some people out there.

if you are in my shoes, what would be the next best PLAN B.

(Assuming your present income is about 100K)

comments please!

I have a very lavish and unorganized lifestyle and I'm very weak in saving culture(pitiably, highly contradictory to my Economics training). If 100k is my monthly income, I'm afraid that wont cover my monthly expenditure, not to talk of saving, so I can't work with that figure. Even with a current monthly income that more than doubles that figure, saving has still been zig-zag.

I'm currently struggling with my saving and investment habit(owo t'omo kekere ba koko ri, akara lonfije), but I'm working on my financial discipline.
After getting things right, then I can talk of reasonable, organized saving. But my plan is to set up a business while still under this paid job. Different ideas come to my head at different times. I have thought of petroleum marketing business. I have thought of commodity distributorship business(rice, flour, etc). But no serious idea yet. The only idea I'm seriously considering now is real estate, putting up structure in my state(dare not try that in Lagos) and leasing same out. My Plan B is still haphazard and fluid now, but I have it in mind.

True. There's life after retirement but i dont think that everyone is cut out to be an enterpreneur. Its not easy to own and run a successful biz esp in 9ja and attempting that can be for some pple like throwing money into a moribund stock market!

For some pple, plan B could be growing that 100k income of yours and investing in safe areas. Like tkb417 said "the koko is to save up and start turning the money around". I once read a great book called "Ordinary pple, Extraordinary Wealth" by Ric Edelman, and its amazing how we can keep life simple and still achieve our financial goals post retirement.

Good to meet you!

I just saw this now.
In response, I think you can sell/ invest one of two things - money and/ or time.
What are you willing to trade? Your skill/ experience only or cash too?
Depending on what you are good at, there are honest Nigerian men, who come together (with legal documents binding) to provide capital backing to float a Coy they can over. I know of one such that provides Technical Services.
You can start that and look for others.
Alternatively, you can become an intrapreneur. Careful, though. It must be more PP (Private Practice) and on your own time.
I hope this helps.
If you need help fitting in, lemme know what EXACTLY you would like to do. I MAY be able to help more.


Good! Nigerians are seeing the future!!