Connect with us
nairametrics
UBA ads

Financial Literacy

3 occasions when you should say no to freelance gigs

Published

on

Freelance jobs are quickly topping the chart on the most common job opportunities list recently. There are so many freelance gigs available and with the situation of the economy, workers assume that they say no to freelance gigs they see regardless of how unfavorable the working conditions may be. Making these decisions could be difficult but keep in mind that working for the wrong gig could make you miss an opportunity to work for the right one.

There are working conditions that you should never accept no matter how desperate for a job you are. Taking on jobs with unfavorable working conditions have a way of killing the passion and drive for work. No matter how hard you work you just don’t derive satisfaction from the job. It is in such cases that you definitely have to say an emphatic no. Let the person making the offer know that you are not willing to settle for less. Place value on your time and on your work.

Below are three such occasions when you should say no.

Low pay check

Most employers see freelancers as desperate and cheap workers; believing that they can get away with underpaying them. Don’t allow yourself to be underpaid for any reason. If the pay you are getting for the work you do is not able to fully compensate you for the job (with a little more for savings), then you shouldn’t be doing that job. Don’t be afraid to say no; they either make the pay worth the while or you carry your services elsewhere. Getting another gig shouldn’t be hard if you are good enough at what you do.

Abusive boss

When I say abusive, I don’t mean physical abuse (though that could be a problem), I mean verbal abuse and abuse of authority. It is fine for your employer to express his concerns about your job or chastise you for not delivering what he wants. It only becomes abuse when he overdoes it; sounding condescending or outright insulting. You are not under any obligation to serve a rude and arrogant boss when you could be working for someone else. Working overtime should be your choice not something you are coerced or manipulated into doing either. Don’t let anyone speak derogatorily to you or undermine your abilities; its abuse, don’t stand for it. Be firm enough no to freelance gigs that have abusive bosses.

GTBank 728 x 90

Dead-end gigs

There are gigs you do and within few months you can tell that it’s a dead end. If you feel like that gig has no future, trust your instincts and move on to the next thing. The truth is that if your gut tells you it’s going to collapse, then there is a 75% chance of it happening. Go with your gut instincts and start looking for new gigs. On the other hand, if you have ideas that could keep the business up and running, you could offer those ideas to the administration and stick around for the change that is to come. Be warned; if that change is taking too long, get moving.

Your job should be something that makes you feel satisfied and fulfilled. It should pay the bills today and allow savings for tomorrow. If the freelance gig you have now isn’t doing all that, it isn’t worth your time at all. Save yourself the trouble and say no to freelance gigs with the above characteristics.

Chacha Wabara-Ogbobine is a Legal practitioner with over 9years post call experience. A research Consultant, professional writer and a blogger at heart,owner of four thriving websites with well over 10years of experience. Totally in love with keeping fit and coaching weight loss enthusiasts. I love my quiet time, being with my kids, watching TV series for hours on end.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Investment Tips

Payback and Return on Investments

To calculate payback, the cash flow or return from the investment needs to be known.

Published

on

In previous articles, we have explored various methods of fundamental analysis, including cash flow and earning. Two key questions every investor asks are — How much will I make from this investment? How soon can I get returns? These questions are broadly Return on Investment (ROI) questions and there are lots of ways to calculate it, including Breakeven Analysis and Internal Rate of Return. Let us look at their ROI tools in detail starting with Payback

Payback is how long it takes for an investment or business to recoup its initial investment. With Payback, the shorter the number, the better. Look at it this way, if you got an offer to build a railway from Lagos to Ibadan and you will get payback in 5 or 8 years, which would you prefer? 5 of course.

READ ALSO: Difference between Clean and Dirty Price of a Bond

Payback analysis is useful where the investor wants to know if the project is work the time and investment capital it is also easy to calculate. A shorter payback also means the project has a shorter time to be exposed to volatility and risk however this does not mean it eliminates risk, it just determines time frame during which the investment is subject to higher volatility without a full return of invested principal. Payback is like Breakeven calculation, but payback is focused on time while breakeven is focuses on time as a unit.

To calculate payback, the cash flow or return from the investment needs to be known.  For instance, A company wants to set up an online platform to receive online orders. It estimates the project will cost N5m in total and will increase sales by N1.5m every year. The company projects that the equipment will be depreciated at 20% meaning it will last 5 years. What is the payback for this project?

GTBank 728 x 90

(READ MORE: Plentywaka raises $300,000, seeks partners as it launches operations in Abuja)

To calculate payback, we divide the total cash sum by the cash returns for the project. In this case, 5,000,000/1,500,000 that equals to 3.33. Note the company estimated the project equipment will last 5 years

Payback does not talk about profitability, rate of return or if the company investing will remain as a going concern. The calculations are simply focused on when the initial investment is repaid. From the example above, the N1.5 the earned from new project 1.5m is not profit, its cash received because of the new online ordering system. Payback does not also consider Time Value of money, thus again from our example, the Present Value of N1.5M received is not considered. This Payback is often used as a gateway analysis tool to determine if a project should be considered.

To enhance Payback calculations, many analysts will integrate time value calculation with discount rates to match the future cash flows to today’s cash outlay. This is known as Net Present Value (NPV) which is the present value of the cash flows at a discount rate compared to your initial investment. Thus, NPV compares future cash to today’s cash outlay to determine If project is viable. Eg you discount all future dividends from stock using a discount rate back to today and compare it with a market price to determine if you should buy the stock. If NPV is positive, then the project or investment is good, a negative NPV means the future cash flows are worthless, thus not a good investment. The main problem with NPV in my estimation is the assumption of the discount rate to use. A discount rate that too high or low will skew the results of the NPV and render the output false.

READ ALSO: Nigerian LNG to increase exports, returns profits despite weak gas prices 

The last ROI calculation I want to review is the Internal Rate of Return (IRR). Technically the IRR is the rate of return that makes all cashflows rates of return equal to zero, in other words, it is the rate of growth investment is expected to generate annually. The more positive the better. IRR integrates the elements of payback and NPV and is also use in comparing different options and picking the option with the highest value.

app

Download the Nairametrics News App

Today, all these formulas are available on Excel sheets and financial calculators on our mobile devices you do not have to be a math’s geek to implement ROI, but I remain a useful tool in comparing projects.

Coronation ads
Continue Reading

MSME

GEEP provides COVID-19 palliative microloans to 87,614 traders

The loans were in line with the government’s policies to reduce poverty and boost productivity.

Published

on

GEEP provides COVID-19 palliative microloans to 87,614 traders, Nigeria SME, LAPO, More than 40 SMEs in Lagos shut down due to economic crisis

The Federal Government of Nigeria, through the Government Enterprise and Empowerment Programme (GEEP), has provided a COVID-19 palliative relief loans to about 87,614 traders across twenty states. This was disclosed earlier today through a brief press statement that was made available via the government’s official Twitter handle.

According to the disclosure, the microloans have helped to reduce extreme poverty and encouraged productivity following the easing of the lockdown. Part of the statement said:

In line with the vision of the Nigeria Government to curb poverty and boost productivity in different parts of Nigeria, GEEP has provided palliative microloans to 87,614 petty traders hit by COVID19 pandemic in 20 states of the country in the first phase of disbursement.

These palliative microloans have helped petty traders revive their businesses, as the government eases lockdown measures nationwide. The second phase of the disbursement will target 412,386 petty traders across the country.”

READ ALSO: How Nike rejection birthed sportswear industry in Nigeria

GTBank 728 x 90

READ MORE: Alcohol Taxes: Heineken may need to shelve plan to increase beer prices

The Federal Government also announced that the second phase of the loans would be disbursed to a 412,368 trader across the country in a bid to restart economic productivity as the government eases the economic lockdowns that have heavily affected the informal and formal sectors.

Download the Nairametrics News App

The palliative schemes under the GEEP scheme include FarmerMoni, TraderMoni, and MarketMoni.

app
Continue Reading

FEATURED

FG releases new details on MSMEs support scheme, budgets N200 billion for loans

The Bank of Industry will also join to coordinate the implementation of the scheme.

Published

on

FG releases new details on MSMEs support scheme, budgets N200 billion for loans

The Federal Government has released new details on the Micro Small and Medium Enterprises (MSMEs) support scheme being rolled out under the National Economic Sustainability Programme.

According to estimates provided, the sum of N50 billion will be used to provide payroll support, N200 billion for loans to artisans, and N10 billion support to private transport companies and workers

The government disclosed in a tweet on the official handle of the government, the support scheme will include a Guaranteed Off-take Scheme for priority products, and an MSMEs Survival Fund.

READ ALSO: Covid-19: Timeline of every pronouncement made by Nigeria to support the economy

GTBank 728 x 90

Modalities for the take-off scheme

The first track is a Guaranteed Off-take Scheme which will ensure continued local production and safeguard 100,000 existing small businesses to save 300,000 jobs.

Priority products include processed foods, personal protective equipment, hand sanitizers, face-masks, face-shield, shoe-covers and pharmaceuticals.

The implementation committee chaired by Ambassador Mariam Katagum, Minister of the Federal Ministry of Industry Trade and Investment, will collaborate with private sector MSME associations to verify and screen applications from bidding MSMEs, define quantity and price of products required, and also get participants to join in the procurements.

READ MORE: How to access new N75 billion Nigerian Youth Investment Fund

SME survival fund

With a budget of N15 billion, the SME survival fund is expected to sustain 500,000 jobs in 50,000 SMEs.

Major sectors to benefit from the SME survival fund include hotels, restaurants, creative industries, road transport, tourism, private schools and export-related businesses.

app

The committee will identify eligible SMEs and screening and verification for this fund will be based on company registration, and tax registration. The implementation committee will approve disbursements through microfinance banks and fin-tech credit providers.

MSMEs that are unregistered will receive support to complete registration with the Corporate Affairs Commission (CAC), and all participants will be expected to make payments based on signed agreements.

The Bank of Industry will also join to coordinate the implementation of the scheme.

Coronation ads

The scheme will last 3 months with Ambassador Mariam Katagum as Chairman, while Ibukun Awosika, Founder of The Chair Centre Limited (TCCL), and First Bank Nigeria will serve as the Vice Chairman.

More details are to be released subsequently from the Implementation Committee.

The Backstory

In July 2020, the Federal Government announced plans to roll out a N2.3 trillion stimulus package and survival fund for Micro Small and Medium Enterprises (MSMEs) to stay afloat amid the economic challenges imposed by the pandemic.

The Vice President Yemi Osinbajo, who also heads the Economic Sustainability Committee, announced it at the 2020 edition of the Micro MSMEs Awards held virtually in July.

GTBank 728 x 90

To benefit from the scheme, MSMEs would have to go through a rigorous and painstaking verification process which will be based on certain criteria.

MSMEs that have between 10 to 50 staffs are qualified for this fund. The businesses must make their payroll available to the government for verification while applying for the fund. Once qualified, the MSMEs will be eligible to have their staff salary paid directly from the fund for 3 months.

Continue Reading
Advertisement
Advertisement
first bank
Advertisement
Advertisement
Patricia
Advertisement
first bank
Advertisement
ccitraders
Advertisement
Heritage bank
Advertisement
beyondperception
Advertisement
devland
Advertisement
GTBank 728 x 90
Advertisement
Advertisement
financial calculator
Advertisement
Advertisement
deals book
Advertisement
app
Advertisement