My Rent is due in a few months; How do I Triple my Cash Wealth in 6 months?

Two weeks ago, my very good friend, Dan, asked me how he could invest N500 thousand naira and get at least N100 thousand back. I asked him what was the purpose for him wanting to invest the money and get a fast yield to which he replied "to build wealth and pay my rent next year". His rent is N500 thousand and would be due in twelve months. So he wants to have that money work for him before he gives it out.

Now, for those of us who live alone and carry the burden of rent all by ourselves, we can attest to the stress that the payment of rent can cause. This is more pronounced in a situation where the due date is close and the money is not complete yet.

As a tenant and an Accountant, the topic of money is very crucial to me. It is important that bills are paid and that money is also left in reserve for other plans. I have tried many investments and saving plans. Some failed and some were a hit. The ones that made me smile to the bank are the ones we would look into today. This way, you learn the methods I used and apply them.

Here are 2 ways you can invest your cash and make more money in 6 months. Before we go on with them, do note that you will have to be diligent with the methods if it must work for you and make you rich.

2 ways to triple your cash wealth in 6 months

1. Start using a High Yield Interest Account

In the days of old people kept cash in a piggybank or carved wooden box that they only open when there is a life or death situation. The world has evolved and technology has made things better. We now have online piggybank platforms. There are institutions or companies that have been created to make your money work wonders for you. You save your money with them and they give you a higher interest than any bank will ever consider giving you.

No more keeping money in the the wooden box, which won't yield any more money for you! You can start using these platforms to give you more money.

• piggyvest.com

• cowrywise.com

2. Invest in Farm related Projects

Food is a topic that will never die. People will always eat food. Hunger is pain that only food can cure. And everyone gets hungry. For this food to come, seeds get planted to grow and become food, animals get taken care of to grow and become meat or fish. This is essential. That is, part of life. Why would you not want to invest your money in somethings that never stops growing? Do you know there are farmers you can invest in and get up to 30% return on your initial money? This is something I do. There are 3 platforms you can use for this.

• hervest.ng (this is for women)

• piggyvest.com

• farmcrowdy.com

You can get started by clicking on any of them and join thousands who have already begun.

How to multiply faster after Investing

• Do NOT touch your principal. This is the money you initially invested. Your first amount.

• DO touch the return on your investment. The money you are allowed to touch is the interest on your investment or the yield on your investment.

• Spilt the Yield into two and only take one part. Throw the other half back with the principal amount.

Let's see how Dan's story can change for good...

Dan decides to invest with piggyvest.com. He chooses the "Maize Farm in Ogun State" which has a tenure of 6 months and an interest of 24%. He decides to Invest 500 thousand naira. This means that he gets 500,000 plus 120,000 back in six months.

Following the steps above, he puts back the principal amount of 500,000 plus an additional 60,000 from his interest. Now he will have 560,000 to invest into another plan. Imagine he invests in the "Cattle Fattening Program in Yobe State" which has a 6 months tenure and an interest of 25%. This time he is going to have 140,000. He also has 60,000 to play with or save in a high interest yield account from his first investment.

Dan takes 30,000 out of his play money and saves in a high yield interest account like cowrywise.com

He stocks up his kitchen for two months and buys a new phone charger with the other 30,000. So he is not going to be hungry and his phone is saved from dying too soon!

You might have less or more money than Dan, still the principle works.