I've seen a lot of misinformation as of late, so I wanted to contribute by putting together a very basic guide on how to invest with the specific goal to maximize passive income and reach financial independence, based on the investing strategy that I've followed for the past decade.
Note that everything I write in this guide is based on my own experience and opinion, so what worked/works for me might not work for you - use your head when investing

What is Financial Independence (FI)?
From my point of view, it's when your investments generate enough passive income that you can stop working. Passive income is any form of income that is generated without any expenditure of time/effort on your part.

How much money do I need to reach FI?
Calculate how much money you need to spend monthly (on average) to live a decent life and multiply that by 18 (12 months + 6 = average expenditure x 1,5). If you ask me, need to generate that much money in a year to consider retiring.

E.g. - "X" needs to spend 1000$/month to live a good life. 1000*18=18 000 $/year.

How does one generate that money?
My investment strategy is divided in 2 parts- passive income, and long-term investing
Passive Income - P2P lending
Long-term Investing - ETF investing & Crypto

P2P lending - You invest money in a company which is raising capital in order to lend it out. In any case, you earn excellent interest rates on the money you invested, up to 18% APY.
My pick & where I invest my money - Mintos, Lendermarket, Robo.Cash, Afranga (in that order of importance)

ETF investing - An ETF is a financial product which allows you to invest in a single title linked to either a specific index (which represents a basket of companies, for example the S&P500), or to a basked of companies that the ETF managers selected themselves.
My pick & where I invest my money - I use the app "Degiro", and invest exclusively in a couple of ETF such as the "Vanguard FTSE All-World UCITS ETF USD Acc", which went up 27% in a year.

Crypto - The field that one should pay the most attention to, if you want to actively trade on the market.
My pick & where I invest my money - I operate through the bank "PointPay Bank" (European-based crypto bank) and invest primarily in ETH, BTC and their own PXP token.

Note the possibility to generate passive income via crypto.

What results can I expect, year by year?
Passive income - I've averaged a 14.58% APY in passive income in the past decade, which is excellent.
Long-term Investing - The average has been brought up a lot by the last year and half; the Western indexes have gone straight up thanks to the massive financial injection done by the Federal Reserve (US) and the ECB (EU), with returns in 2021 up to 27%.

If you have any question ask away, I will answer to the best of my capacity.

NOTE - I am not looking to invest money in some scam offer or stuff of the sort. This is just my contribution to the financial education of fellow Nairalanders.

These Monero, lendemarket and othwrs, what's their average interest per annum or month?

Also, do you know of any brick and mortar (physical) investment platforms one can use to achieve atleast 13%?

Stephen0mozzy:
These Monero, lendemarket and othwrs, what's their average interest per annum or month?

Also, do you know of any brick and mortar (physical) investment platforms one can use to achieve atleast 13%?

Forgive me, I must be tired as hell - I mixed Mintos with Monero, which is a cryptocurrency.

So, I'll provide a quick list of the websites and my annual interest for the year 2020, which might differ a bit from the one advertised by the website (since that one is an average):
a) Mintos (https://www.mintos.com/en/) - 11.98%
b) Lendermarket (https://www.lendermarket.com/) - 14.83%
c) Robo.cash (https://robo.cash/) - 11.40%
d) Afranga (https://afranga.com/) - 16.2%

Brick and mortar that will generate at least 13%? I'm not Nigerian/in Nigeria so I couldn't suggest anything that is physically located in your nation, but I'd advise against investing in areas outside of the West as a matter of principle - the EU and the US take quite seriously investor protection, so I always suggest to invest through companies/banks located in those areas.

I add a screenshot of Lendermarket (with financially sensitive info blanketed, obviously), which is my favorite platform for its simplicity.

OAra:


Forgive me, I must be tired as hell - I mixed Mintos with Monero, which is a cryptocurrency.

So, I'll provide a quick list of the websites and my annual interest for the year 2021, which might differ a bit from the one advertised by the website:
a) Mintos (https://www.mintos.com/en/) - 11.98%
b) Lendermarket (https://www.lendermarket.com/) - 14.83%
c) Robo.cash (https://robo.cash/) - 11.87%
d) Afranga (https://afranga.com/) - 16.2%

Brick and mortar that will generate at least 13%? I'm not Nigerian/in Nigeria so I couldn't suggest anything that is physically located in your nation, but I'd advise against investing in areas outside of the West as a matter of principle - the EU and the US take quite seriously investor protection, so I always suggest to invest through companies/banks located in those areas.

I add a screenshot of Lendermarket (with financially sensitive info blanketed, obviously), which is my favorite platform for its simplicity.

Very insightful... Thanks alot for your response

I might not be able to suggest a physical investment that can achieve 13% per annum. But you can stake a stablecoin in crypto and earn about 19% anually on your investment.
This isn't yield farming where you're exposed to the risk of impermanent loss. It's pure staking.

If you'd love to get more insight about it, you can reach out on WhatsApp via: + 2 3 4 8 1 3 0 2 9 7 4 8 7

Stephen0mozzy:
These Monero, lendemarket and othwrs, what's their average interest per annum or month?

Also, do you know of any brick and mortar (physical) investment platforms one can use to achieve atleast 13%?