Investment Hobbies making a killing in 2023
When we think of hobbies we think of passion activities, we think of things we do just for the fun of it. We generally don't care about how good or bad it turns out, the beauty of the project is in the doing. In the present, that definition of a hobby has changed. Ever since Vicki Robin and Joe Dominuguez published their book Your Money or Your Life in 1992, the term F.I.R.E (meaning Financial Independence, Retire Early) has become polarizing. The idea they exposed was that early retirement and financial freedom necessitated savings that will take care of you for the next 25 years upon retirement with a yearly withdrawal of 4% of your total savings. Achieving this mammoth feat demands unusual financial acrobatics. While it includes cutting financial waste, living frugally and investing in high-yield ventures, today's article focuses on solely on these high-yield investments and where they can be found.
If you read our blog posts regularly, you will be familiar with our number one caveat: only invest in what you can afford to lose and in ventures you understand. But the flipside of that advice is a question. What do I understand so well that I can do with minimal effort and finances and still make a profit from doing? Hobbies!
Here is a list of hobbies that are making a killing in 2023
NFTs: Creatives have found a new avenue in the crypto industry to make some money. The term NFT stands for Non-Fungible Token. This is a block chain verification system that ensures that duplicates of a file (token) cannot exist. This has allowed artists create digital versions of their art and sell over the internet for mouth-watering profit. If you're a digital creator such as a graphic designer, photographer or video editor, this is for you.
Metaverse: This space has seen more publicity over the past two years and has seen creatives making spurious cash by introducing their avatars to the metaverse. Paid concerts, sale of digital clothing, avatar buildings and vehicles are now being sold for profit on the metaverse. Again, if you are a digital creative this is for you.
Real estate: With Nigeria's projected housing deficit at 28 million residences, real estate is a huge industry and will generate returns almost instantly. If you are someone who is skilled or interested in building, refurbishment or even flipping houses, this is the perfect opportunity for you. You will need some understanding of the building market and the substantial amount to invest. Again please only invest what you can afford to lose and in what you already know about. What’s more? SmallSmall makes that journey to investing in real-estate shorter. We have several real estate investment vehicles you can take advantage of.
Education: The need to learn and the avenues to propound learning are now available at every turn. From multi-content platforms like YouTube, Instagram and Facebook to education-focused platforms like Brilliant, Udemy, Edex, Coderholic to name a few, it's now possible to teach a ready audience your art and science on a part-time basis and still earn from it.
Furniture making: With new houses coming on board and old buildings being repurposed for smaller living or business purposes, new furniture; custom designed and built for the new role of that space has become very important. Having an idea of interior decor and materials will be of great benefit to anyone who wants to invest in this space.
Baking: Baking has seen a resurgence in popularity as people are picking out bakers on social media whose niches appeal to them. Niches like healthy cakes, cupcakes, bread and whole wheat confectionery amongst others, have seen a lot of patronage lately. This is a great investment hobby for people with a love for baking as well as a flair for social media and communication.
There are a plethora of ways to make passive income from ideas you love and have some experience in. From our research, we got a lot of interesting responses that we will continue to explore in subsequent installments. We're still curious to know what investment hobbies you practice or what you what you intend to go into. Let us know your interests in the comments section.