Managing money, investing fiat and making life work

Lately, we've been spending a lot more money than usual but that's been mostly on house stuff that we'd need to get anyway. Surprisingly, most of the money has come from Splinterlands and that shows the importance of gaming.

Despite our inflated spending in recent times, our plan has always been to stick within a spending limit. Technically speaking, we didn't exceed the limit by so much, especially since most of the items that took the money were not consumer goods.

We're still adjusting to our new place, so we've spent the majority of the money on arranging our house. For example, after getting office furniture for myself, we also added one more ergonomy chair for the missus because we can't risk her back.

We also got ourselves some new furniture in the form of side stools, shoe racks, some plants and a bunch of other stuff that's not in my head. The point is, we're making progress in our house arrangement.

Starting a business

Once again, we're back to this conversation about starting a business and it's something of a recurring theme in our life. After giving it a proper thought, we decided that we'll start a business in our area.

We've been playing with different business ideas, and consumer goods will probably be the fastest-selling. There's a lot of competition but yeah, there's also a big market that will absorb the entire supply.

One of the business ideas we're thinking of is to open a wine shop. They have a longer shelf life and require less maintenance to start. Also, drinks sell really fast around here because, well, why not? Alcohol isawesome.

We're not settled on that idea of course, because, well, you have to make plans, contingency plans and contingency plan for the contingency plan. So, we'll be looking at selling household goods and items like that.

Generally speaking, our focus is to start a business that hits the ground running. We want a business that will have little hassle to manage and will have high demand.

Demand for life

The type of business we eventually pick should be something that won't interfere with the quality of life we'll live. Earning through crypto has given us a sense of comfort and a lot of free time, adding a business will definitely encroach into our time.

Sadly, due to the political climate in Nigeria, you simply can't get too comfortable with anything you're doing. I always feel like the government is one retarded decision away from crumbling our only source of income, so diversifying into a fiat-based business is a good idea.

Of course, this doesn't mean I'll stop doing what I love doing. On the contrary even, because if we have a fiat paying business that experiences some level of success, we'll not have to sell off crytpo to fund our lives anymore.

This will take quite some time and hard work to achieve, but it is very possible. What we're going to do now is raise the required capital to start and get the business to a decent position where it can at least sustain itself.

After that, the next checkpoint will be for the business to sustain us. So, to make sure these checkpoints are achieved in rapid time, we'll have to ensure we do all our homework, and then hopefully, lady luck shines upon us as well.

Doing more with profit

So, at the end of the day, all we can do is work with our resources. Also, we're not taking any loan, so the entire project will be bankrolled from profit that was taken from other ventures.

This means that our timeline for execution will vary with the market. However, since it's a priority, we'll make conscious effort to raise the funds.

Our initial amount of money we belive we should raise is about $4000(roughly 2 million Naira). We believe that with this money, we'll be able to get the business rolling.

Subsequently, there'll be more investment into the business but right now, we just want things to get started. This initial budget should cover rent, certifications, aesthetics, marketing, and stocking of goods.

It will be a small operation at the start and then we'll grow the business by reinvesting any proceed we make from initial sales into it. It's possible that we'll inject more capital into the business but that will only happen when the business has started showing prospects.

So, we'll be keeping our fingers crossed and take life one day at a time. We'll make plans for the future but never forget to live in the moment because life is happening now.

Managing money, investing fiat and making life work

Starting a business

Demand for life

Doing more with profit

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