Foreign currency earnings are important if you want to move from lack to plenty. Especially if you’re from a “developing” country. This basically means that you’re earning money in the currency of the more advanced, “developed” nations.
This involves working and creating value for people who are not based in your country. These people eventually compensate your efforts in their stronger currency. Now isn’t that wonderful? Believe you me it’s a wonderful feeling earning money this way. So if you’re sitting somewhere in Africa, Asia or Latin America then this post is essentially for you. One important way you can avoid poverty is by positioning yourself to earn foreign currency.
Earning foreign currency or foreign exchange is essentially what developing countries do. They export their products and services to developed countries who pay for them with stronger currencies. This helps to strengthen their economies. It’s obviously a sound strategy for individuals as well.
The benefits of earning foreign currency include:
Foreign currency values are substantially higher than that of most local currencies. For instance in Nigeria currently $1 equates to 360 Nigerian Naira, with 1 British Pound equal to 465 Nigerian Naira. While 1 Euro is the equivalent of 406 Nigerian Naira. And this is the same across most developing countries.
Imagine earning 1,000 Pounds Sterling for services rendered to a client in the UK. That equates to a whopping 465,000 Nigerian Naira! Now that’s an amount very few people earn. And that’s why foreign currency earnings can be the game changer in your wealth building journey.
No matter the volatility in the markets strong foreign currency hardly loses its value compared to local currency. In fact it is the local currency that is prone to value swings and losses from time to time.
This therefore means that the value of 1,000 Pounds in my local currency may be worth 465,000 now. It could be worth much higher in a short period of time. The stability in its value is what makes earnings totally attractive.
Saving earnings in foreign currency
A currency with a strong and stable value is excellent for the purposes of saving and investing. By saving in stronger foreign currencies the value of your money is less likely to lose value based on market fluctuations.
The U.S Dollar is currently the world’s strongest currency. Nearly $600 Billion worth of dollar bills are in use outside the U.S. 7 other countries have adopted the U.S Dollar while 89 others keep their local currency in a trading range relative to the dollar.
This means that earning and saving in Dollars is truly a wise investment.
Take advantage of opportunities requiring foreign exchange
International business opportunities will require funding in foreign exchange. Having to purchase forex for this purpose is usually expensive as currency sellers charge a premium fee.
This becomes all the more easier when you earn forex. You can immediately take steps to transfer the needed funds to your potential partners. There is no need for costly conversions of local currency.
Faster growth in net worth
Earning foreign exchange substantially affects your net worth, which is denominated in local currency. You thus begin to race faster towards your financial goals as your foreign currency earnings provides a major boost.
The development of a sound strategy to grow earnings in foreign currency will cause you to achieve your money goals faster. This translates to more funds in local currency to invest in assets that increase your net worth.
Now it’s one thing to want to enjoy these wonderful benefits. And knowing what to do to make this a reality is another. Let’s therefore go on to examine what it takes to earn foreign currency.
Becoming a foreign currency earner
The most important thing you need to know is that anyone can earn money in foreign currency. Yes, absolutely anyone. You only require the following – a product/service/idea. You also need a computer with internet access. A domiciliary account to keep your foreign currency has to be opened with a local bank. And then you’ll need an understanding of how to reach potential customers with your offerings.
Here are several guidelines for for earning foreign currency for several professions below:
Now if you’re a writer you could create a blog that appeals to a global audience. And then monetize it. There are also many freelance opportunities on sites like Upwork, or classified sites like Craigslist. You could also pitch to magazines to write for them directly. I remember pitching to Kenya Airways’ Msafiri Magazine some years ago. I was able to land a writing gig that paid me a 100 Pounds Sterling for a 600-word article. There are also opportunities to write a book and publish online. You can even sell it on Amazon.
Software specialists can also source for projects on freelance and classified sites. Once credibility has been built with the clients they can begin to contact you directly. You can also design an online course on udemy or coursera where people can pay to watch you teach them.
Musicians can shoot youtube videos showcasing their talent and build following to get the word out. The internet affords them the opportunity to reach out to international record labels and pitch their works to them. You just never know who might be impressed with your offerings and want to work with you. The growing content industry has also created massive opportunities for short video content that can cause one to build a massive following.
There are also loads of opportunities for fashion designers. Design and showcase your offerings on online platforms tailored to those living abroad. Utilise e-commerce sites where people abroad shop and promote heavily to your target audience. It’s mostly about creating unique designs that can appeal to your target market. These customers must be willing to exchange their foreign currency for your range of items.
Foreign exchange earning is not limited to entrepreneurs alone. Even company executives can get a slice of the pie. It all centres around how they make use of their spare time, and what their hobbies are. Company executives can set up side hustles where they can be involved in blogging, consulting, training, advising and motivating others. The internet makes it possible to be involved with several opportunities while still an employee.
The internet has contributed tremendously in making the world a global village. There are loads of opportunities to provide products and services to people you may never meet. And once they’re satisfied they will pay for them, most times in foreign exchange.
Nearly everyone can find one thing or the other that can be done online to serve customers. But I would be deceiving you if i said it’s that easy. You will have to continually improve and package your offerings in order to win clients.
So this post serves as a guide to let you know that it’s possible. Build further on the insights shared here by going on further research. You can creatively develop offerings for clients based anywhere in the world if you know-how.
Determine to create at least one income stream that earns you substantial foreign exchange this year and every other year subsequently. You’ll achieve financial freedom faster by incorporating this strategy.