In a space where the next income is not certain but is largely dependent on how well you can negotiate and how fast you can deliver high-quality jobs, investing is most likely not an option, or is it? A young freelancer, Ayomide Ajetomobi, thinks it is.
Ayomide has worked with a number of top financial brands as a freelance photographer and motion designer, Cowrywise being one of them. He shares with us the day-to-day struggles of being a freelancer, apt survival tips for the gig economy, managing barriers that come with being a Nigerian freelancer, and of course his investment strategy.
His responses serve as a guide on how freelancers can invest.
How would you describe your experience so far?
Well, as a freelancer I get to work with as many brands as I want at the same time, I am not tied down to one particular brand or company. So, in a way, it’s multiple income streams from the same source. Despite this beautiful aspect, one part I struggled with at the beginning was underpayment, and one that keeps rearing its ugly head is the struggle with data connection when I have to deliver jobs to my clients. Asides from the fact that data can really get expensive, in this line, it can also disappoint at needed times. When this happens, I just take a walk to cool off — I need a good heart to live long and enjoy my investments, so I avoid stress. (Laughs)
How do you overcome the hurdle of underpayment?
I have three key suggestions to help tackle this:
1. I am always in search of ways to upgrade my skill set. I challenge myself to always learn something I never knew existed from time to time.
2. Though I learnt the hard way that not everyone is my client, it was a good lesson. It helped me define my target clients properly and position better to attract them.
3. I discipline myself not to take more than what I can handle, it’s better to work with 3 clients than to work with 5 and mess your deliverables up. Taking up only jobs you can handle might not earn you much at the start, but that choice will earn you respect and as that compounds, you can begin to demand higher payments.
How do you manage the nationality barriers that come with seeking out gigs?
It’s really something! Most people out there have trust issues due to past experiences with fraudsters, so it takes patience to commit time and prove that you are different. You will have to make some sacrifices such as offering free gigs so as to build your portfolio. Building trust is similar to investing, with time your little actions compound into amazing results. Once you can prove you’re genuine and ready to work, it’s easy from then on.
As a freelancer, your income streams, however many, can be irregular. So how do you invest?
Given that I have worked with a couple of finance firms, it was only natural for me to think more about the long term, and I am glad about that. With my first investment, I was able to get an important gadget for my work and now I am investing in owning a studio. Once that is settled, I’ll start a retirement fund before I invest in other projects.
I’ll advise that freelancers can invest by doing the following:
- Break down their goals. Which goals are immediately important to success in your chosen field? Pick the two most important ones and save money towards them. Once they are settled, set up a retirement fund before any other goal. Commit a set percentage from investments to this every time you set aside cash to invest.
- Join a Savings Circle
- Get an investment account that allows you to put in any amount as you earn — NGN1,000 today or NGN100,000 tomorrow. I currently use Cowrywise for this, with my Cowrywise account I set up save-as-you-earn plans that allow me to top up my investments at any time. No stress.
- Invest any increase you get.
- Invest at least 20% of anything you earn.
Don’t just work hard to make money, let your money work hard to make more money for you. — Ayomide Ajetomobi
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Does Cowrywise have 2FA on its app?
Yes Deji. https://cowrywise.com/blog/two-factor-authentication/
This is an amazing article, Cowrysiwe. Kudos to everyone who worked on it.
Really nice article, keep it up Cowrywise and thanks for the awareness.
Thanks for these eyes openers.
Guys you are the best always
But,you should have resolved Funmi’s complain before she made it public.so,was the court order gotten?If it took forever for a funmi to get her funds back, what happens to people without clout?
Let me explain. While Obama was at a rally, someone from the crowd shouted at him about how immigrants were been deported. The issue was that these were illegal immigrants who were working honestly but contributing to America’s workforce, and hence it’s development… But it was tough, they are still illegal immigrants, right? So Obama replied: We [America] are a country of immigrants, yet we are a country of law. How do these two things cohabitate? The answer is: reasonable compromise.
It might be hard to explain to you that it wasn’t the clout that made her get her money, it was months of hard work in tracing the suspected thieves and following the law. The funds were transferred in a normal way any funds will, and the best thing was to work with Funmi to get the money back… By following the law. Unfortunately it took more time than Funmi’s patience, but eventually.
As a Software Engineer myself, one requirement is to always think and be ahead of the intruders… But you’d be surprised that as much as we try to make things for consumers that make their lives easier, there are people somewhere who’s purpose is to destroy that work. It’s tough but possible. We can stop them, or at worse, recover our stolen funds or losses… Even Twitter and other famous website gets gamed or hacked. Is this a justification for Funmi’s case, no. It’s just a point to help you understand, these things are tough. And we all have a role to play.
But we’d hold your hands all through. Trust us.
Impactful and mind opening
Funmi made our cowrywise even stronger?
Thanks for the eye opener. Does cowrywise have 2FA.
Yes we do now, Ifeoma https://cowrywise.com/blog/two-factor-authentication/
Nice one
My account was flagged because of a transaction I made and my 2000 is hanging. How do I get it back????
Thanks for your patience. A flag is initiated when we suspect a transaction, and it is designed to keep you safe. Have you filled out the verification form we sent, please?
My account was flagged I don’t know why and my 90000 is hanging. How do I get it back????
My account is flagged ?and I send a send to be open back I fill the forms and everything? It a week now till eating ,I need the money for business pls u guys should help me ,I can’t even send massage for help ,it only show before massage and she is not reply am getting scared already
This is enlightening. Cowrywise, thanks to your team.
Thanks cowry wise. For a more detailed information on this issue. Thank you.
Insightful and Enlightening. Thanks
Why do I need to my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
Why do I need to add my bvn to cowrywise, I don’t feel that is necessary since have already linked my atm card
With your BVN added, we can ensure that withdrawals only go to your bank account.
how do i unflagged my account?
This is a very insightful article. Thanks.
Thank you.
Please I have been asking and begging to unflage my account and no attempt from you please I will still be pleading again unflage my account so I can top up my savings I have sent emails upon emails chart on charts but no attempt to unflage my account was made please unflage my account
un flagg my account why is that flagging thing just common. now i cannot withdraw my saving when i have plannned to use to t
o buy a system
Good insight from Cowrywise team
More win ?
Is it working
Hi ope, I want to withdraw my savings but I am finding it difficult because they keep asking me to put another maturity date which I don’t want to extend that very savings. This is my first time of withdrawal on cowrywise.
This is super enlightening. Thank you Cowrywise ?
I learned a lot from this kudos to the writer