Earning money is an important objective in our everyday life. This makes it one of the most topic to talk about. The following are ways of getting more money to live comfortably:
1. No-risk matched betting:
Hands down the quickest way to make a lot of money (well, without breaking the law). Lots of students have genuinely made Ghc1000s from this technique. This way is completely legal, risk free, tax free, and anyone can do it. It works by taking advantage of free bets regularly offered by betting sites through ‘matching’ them at a betting exchange. Matched betting eliminates the risk (you are betting both for and against a certain outcome). This leaves you being able to squeeze out the free bet, which can be as much as ghc1000! Multiply this by how many betting sites there are and you can quite easily come away with a profit of a few thousand cedis.
2. Start Your Own Website:
If you’ve ever seen the film "The Social Network" then you’ve most likely had your brain spinning as to what website you can start-up to make you billions. And of course there are lots of stories out there about successful students who have started a site while at university, or even bought a domain name and later sold it for 1000s.
3.Savings Account:
The most basic form of investment, having a savings account is one way to store up the little contributions made for a better and wealthier future. In Ghana, banks and savings companies have been empowered by the Constitution to store and protect the monies deposited by account holders. The added feature of flexibility, that is, having access to the account also makes this a very attractive option. Having a savings account also comes with the least risk. However, the interest accrued from savings can be quite little, with rates between 2 to 10%.
4. Treasury Bills And Bonds:
Investing in T-Bills and bonds are the safest ways of earning extra money because they are 100% risk free. The interest rates are very higher than the interests on Savings Accounts.
5. Fixed Deposits:
The banks’ version of treasury bills, a fixed deposit is an investment account into which money is deposited for a fixed period, while the interest remains the same. Fixed deposits have a fairly low financial risk. Fixed deposits come in 30-day, 60 day, 91-day, 182-day and 1-year, two year periods respectively. Interest ranges vary from bank to bank and is averagely 15 year per annum. The good deal with this is, you can negotiate for better interest rates depending on the amount and period chosen. Fixed deposits can also be discounted, meaning cash can be redeemed before maturity, albeit at a fee.
6. Mutual Funds:
A mutual fund is a professionally managed type of collective instrument scheme. It involves monies pooled from different sources that is then diversified into different money market instruments. The risk for mutual funds is relatively high due to the uncertainty of returns.
7. Shares/ Stock Exchange:
Shares or stocks are investments made in a company in return for dividends. In Ghana, the Ghana Stock Exchange regulates this transaction. Stocks are volatile, as such, they assume the greatest investment risk. Investing in stocks need the guidance of an expert called a stock broker, who will guide you into making the right decisions.
8. Selling Unused Property:
You can earn some money by selling your old books, phones, Clothes, Electronics, Cars and any other property lying idle. You can sell them using marketing websites online or by dealing with people who already sell those properties.
9. Tv Or Radio Panelist:
This form of work can be done on part-time basis. You will earn extra money by selling your knowledge and experience on the radio or Tv.
10. Part Time Lecturing/Seminars:
You will earn extra money by lecturing on part time basis and also by Organizing Seminars and other public Educative platforms.
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