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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Good evening, my question to you please if open an account today in naira his the money will converted to us dollar to running the account
If you are investing in a dollar fund, yes.
Can the funds be traded rather than investing to increase gains?
What if your money is in cash(Dollar)
Please I already have an account, will I have to re-open another account before investing in dollar?
Can I invest in the next eurobond using dollar (cash)? If yes, will my returns be in dollar as well or it will be converted to naira??
Hi Helen, you can invest in Eurobonds at any time. However, we only accept naira deposits at the moment. Also, your returns accrue in dollars.
So which is best to earn the second way or first?
Focusing on returns will be better
Hi, what is the minimum amount you can invest with.
Hi there. You can invest the naira equivalent of $100
Hi Ope, does that mean I’d need two accnts to operate the fund, I.e a naira account to put in the naira funds which is d only 1 u currently accept, then a domicilary account where my returns would accrue in?
I want to invest in your Eurobond.
I have re-installed your new app an still can get the eurobond plan?
How much is the minimum equivalent dollar for a start?
Can i get an overview of all the benefits and rules of this plan?
***and still can’t get the eurobond plan?
Do you allow people from south Africa
Hello, my question is if I invest in the dollar mutual fund how do I get the returns?
Will it be in naira or in dollars and will I have to open another account for the returns to go into
Can’t you go down to 50USD
Hello Nsikak, currently the minimum is $100 but we we are looking at a possible review in the future.
The new minimum is $10
Hello will I have to re-open another account before investing in dollar?
luckysolomon444@gmail.com
I have invested in dollars mutual fund… It means I Will get my return in one year
Hi Jonathan,
How is the return/interest on your investment from November 27,2020 so far??
No you don’t have to, just click on invest in mutual funds, you will see the options there. You can navigate and alot with your account.
If I invest in the euro bond, it is expected that my return accrues in dollar, right? And how do I withdraw the dollar? Do I need to convert it to naira, if yes, how can I convert my dollar to naira on the app. Lastly, how long do I need to leave my investment on cowrywise? Or can I withdraw anytime?
Am interested. Let’s say I put in a $1,000. What the ROI…within 1 year.
Your interest is 6.6% then calculate it for one year, I think so
Hello,
As a Nigerian, can I save my money in dollars even though I don’t want to invest in a dollar mutual fund?
Pretty soon, yes!
If l invest in naira am l going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Am going to save in naira am going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Hello ope pls how much is $10 in naira
How long does the investment last.i.e when can I get my returns
I will give BIG CONGRATULATIONS to the entire Management of COWRYWISE for this wonderful opportunity to be a good investor with simple and sound education on various investment opportunities an investment can be done with little and grow within a short period period of time
God bless
Thank you so much ?
Now if I put 100$ in one year what is my return
If my return will be in the current dollar rate at the time, when i am investing and when am getting my returns, what exchange rate do u use? Black market rates or the bank rates – please verify in each case. Thanks.
Hello please if you can create the one we can start with the minimum $1 we’ll be happy ??
I just started investing in eurobond funds on cowrywise. So far so good, it has been a good platform to invest money and earn back. Kudos to the team behind this platform