Lifestyle

How to Make Extra Money in Uganda in 2017

Making some extra money in Uganda is thought to be hard. Before it wasn’t but as we ended 2016 it became more complex.

Often people ask for some tips on how to make a decent part time income, some of these are decent students and others are hustlers just like us.

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.

1. Job

Job seeker - Spur Magazine

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.

2. Freelance or contract work

side hustle - Spur Magazine

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.

3. Blogging

Freelance blogging - Spur Magazine

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 a 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.

4. Sell off your old stuff

sell your old stuff - Spur Magazine

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 have.

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.

5. Basic Animal Rearing & Poultry

Pig farming uganda - Spur Magazine

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.

6. Invest in International stock

Invest in Online Stocks Uganda - Spur Magazine

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 that 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 you may not 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.

We 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 which are self automated to help you get the best trades or return.

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 because if you do, you’re bound to get burnt.

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Updated: 27th September, 2018

Lawrence

Lawrence writes about tech, lifestyle, politics, business, crypto and occasionally entertainment. He writes for Spur Magazine and Newslibre while consulting with numerous international companies on strategy, community management and marketing.

He has contributed to the journalism, open source, film, youth, web, Andela and Mozilla communities.

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4 thoughts on “How to Make Extra Money in Uganda in 2017”

  1. Hi Lawrence, i would like to know basic information on how to stock trade, other on line stock trading platforms that are genuine and has lower minimum deposit of say 10 dollars. i would be grateful if you can send me a pdf outlining key points to note and how to go about
    thank you.
    Jordan

    1. Hi Jordan, stock trading is a great investment but:
      1. You’ve to be very careful because it contains a lot of risk and you could gain big or lose all your money.
      2. I advise you to use eToro, Barclays, DFCU or Stanbic to trade because I know they are legit. Most other online stock trading platforms outside of US have numerous issues. Some won’t even remit your funds.
      3. Your lowest investment on most online trading sites will start from around $50 onwards. The best instruments to trade in are currency pairs, commodities like gold, platinum, oil and company stocks such as Apple, Alphabet, Amazon, etc.
      4. Etoro has a small academy on stock trading but so do many online educations sites like Coursera, Alison and EdX where you can even learn for free.

      Let me know if I can be of any further help. Goodluck.

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