Loom money is now the Messiah of many Nigerians!
In the midst of poverty,
hopelessness, stress, violence, terrorist attack and a blooming rate of suicide many young Nigerians have decided to take solace in this new ‘Money Making Machine’. Many are not unaware of the previous crowdfunding schemes which existed before now, MMM, Ultimatecycler, Claritta, Twinkas, Get Help Worldwide, Swiss Golden, which eventually crashed. But they have chosen to defy logic, ‘who logic epp’ they just want something that would satisfy their feeling, something that would make them happy for a while just like smoking does to an addict. They are desperate and ready to do anything, ‘man must wack’ and ‘we cannot com’an go and kill ourselves, biko!’.
It is quite interesting
that this ‘ponzi schemes’ and ‘crowdfunding programs’ are involved in both by Christians and not Christians alike. It would be insensitive to say Nigerians are greedy or they are just desperate that is why they do all these. No! People are hungry, suffering especially with the economic downfall that has bloomed in the country for a while, however, does this justify the participation of Christians in these programs? Let’s find out.
Do Ponzi/Pyramid Schemes align with the Principles of the Bible?
- First of all the Scriptures states clearly that God is the one that teaches to make wealth. (Deut. 8:18) Therefore, every form of money making activity we engage in must be subject to the Word of God.
- The first principle of finance is that of sowing and reaping. Gen. 8:22″
- Ponzi Schemes don’t fall into the category of sowing and reaping.
- Ponzi Schemes are basically recycling of funds, there is no systematic way of making profits.
- Salary earning follows the principle of sowing and reaping, employees sow their time, energy and mental capacity to reap salary at the end of the month, the same thing applies to business owners.
- Every form of wealth acquisition either provides goods for people’s needs or render profitable services to them.
Obviously, Ponzi/pyramid schemes don’t align with Bible principles.
11 Alternatives to Loom money
Apart from Ponzi Scheme what are the other ways Christians can make money online?
- Google Adsense: This involves Google placing adverts on your webpages and posts. You get a particular amount when any of your visitors clicks on the adverts. So you are paid per click on any of the adverts. You can learn more about it here.
- Affiliate Marketing: This is a form of traditional marketing done online. You are required to help companies market their goods or services, you get commissions when a product/service you advertised is purchased. You can signup for either jumia or konga affiliate for a start.
- Forex Trading: This is a simple system of buying currencies and reselling at a different price which should be higher but its sometimes lower due to economic determinants. If you know how to predict the market well, you would make millions from this.
- E-Commerce: You can sale any of your products online and reach more people. Your products might be digital or physical, this is how Jumia and Konga make their money. You can easily integrate payment platforms like paystack into your website.
- Virtual Assistance: many young Nigerians have set up their virtual assistance businesses and they are making a whole lot from it. This requires you to have good power supply and constant internet access. You would be helping people perform some tasks online like, typing, data entry, picture editing etc.
- Content/Social Media Management: There are many startups in Nigeria looking for young persons to help them manage their SM pages. This is usually a virtual job role. You work from the comfort of your home.
- NNU: This site pays you to share their post and create posts for their forum. This is a way of increasing traffic and reducing bounce rate.
- Youtube: If you have a youtube channel, you can monetize it – you have to meet the requirement set by youtube. Once your monetization has been approved, you get paid for every advert that is watched on your channel.
- Surveys: There are hundreds of websites that would pay for filling online surveys. See some of theme here.
- URL Shorteners: You can also get paid from shortening urls, the more people click on the urls you created, the more money you make.
- Stock Images: Sale pictures on stock image sites like shutterstock, Getty images, fotoliia etc. It is easier to get approved on shutterstock.
The Security and Exchange Commission (SEC) has warned against Loom money. Read more about it here.
So you see loom money is not the ultimate, we would update this list when we discover more authentic alternatives. Kindly share this post with your friends on facebook or twitter.