Every week, Zikoko seeks to understand how people move the Naira in and out of their lives. Some stories will be struggle-ish, others will be bougie. All the time, it’ll be revealing.
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What’s your earliest memory of money?
Secondary school. I attended a boarding school, and my parents gave me ₦1k – ₦2k for about half a term. This taught me how to manage money, as I learnt to spend only ₦100 or ₦200 from it each time to stretch the money until I returned home.
What was the financial situation at home like?
My dad was a medical doctor who owned his own clinic, and my mum was a nurse. While we were mostly comfortable, there was the occasional struggle.
It wasn’t like I was swimming in money, though. Even in uni, I only got money from home when I was in school. And it wasn’t regular because my private university provided food and internet. So, for my parents, it was like, “We’ve paid for your fees, your feeding and the hostel. What more do you need?”
So, I only handled cash if I needed something and asked my parents for money to get it.
Do you remember the first time you worked for money?
Yes, 2013. For my industrial training at the 300 level, I worked at a petroleum company. I earned ₦30k/month and was supposed to work there for five months, but I ran away after three months because of the stress.
Also, I had wanted to work in the IT department, but they posted me to human resources. The staff was just using me to run errands, and I didn’t learn anything. So, I ran away.
I spent the last two months of industrial training at a tech company that paid me ₦15k/month. It was closer to what I wanted to do. I was something of a tech nerd, and it helped me gain experience in programming and software building. I stuck with it after the IT period.
In my final year, I created a BBM channel on BlackBerry where I talked about tech stuff and shared updates from the tech industry. It was a relatively successful channel with really good numbers. My work with the channel set the foundation for my career after I finished uni.
How so?
Post-NYSC, I tried to get a job as a developer at an e-commerce company. They thought I was better suited for social media because of my work with the BBM channel. So, I got the social media intern role, which kickstarted my transition from web development to marketing.
My starting salary was ₦50k/month. Six months later, I was promoted to social media associate, and my salary increased to ₦100k. Not long after I got promoted, everyone else on the team got salary increases, but my employer said I wasn’t eligible because I had just received a promotion raise. I had to wait another six months for a 10% or 20% raise.
It didn’t make sense to me, and I concluded that corporate growth was too slow. So, I worked there for only two years and left in 2019.
Did you have a plan?
I decided to be an independent talent. I should mention that I took on side social media management gigs while I was still at the company. I worked with influencers to grow their accounts and manage their social media presence, which brought me around ₦70k/month.
My work with influencers opened my eyes to how many people doing marketing campaigns with influencers for big brands made so much more than I did, even though they weren’t as skilled. I knew I had the potential to earn more, and becoming an independent talent was my chance to explore that.
I made ₦250k the first month after I quit my 9-5.
Love it! Did you do anything differently?
I became a consultant. I wrote proposals to brands, explaining how I could get influencers and run marketing campaigns for them. When the brand paid me, I got the influencers, managed the campaign and submitted reports.
I also managed influencer platforms and had a stint growing my own page as an influencer. I made some money promoting brands on my page before the account got suspended. Between 2019 and 2020, I made an average of ₦250k – ₦300k monthly. Then COVID came and things stalled a bit.
We can all relate
Brands stopped spending money, and most of the influencer contracts I handled were cancelled. I had to think about pivoting again and extending my reach to brands outside Nigeria. So, I joined freelance platforms like Upwork and Fiverr to hunt for remote jobs.
I found success on Upwork and am still an independent talent with the platform today. I offer social media and influencer marketing strategies, content, and SEO. I pitch clients, and if they like my proposal, we jump on a call to agree on a contract.
When I first started, I charged $15/hour, but now my rates are $30/hour. I work between 10 and 30 hours per week on most projects. Social media marketing is a recurring job, unlike writing an article once and getting it over with, so I often get long-term clients, usually around six months.
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When did you get your first big break on Upwork?
Upwork money isn’t bulk money; it adds up the more jobs you get. But the first time I knew I could really make money with the platform was in 2022.
I tried my luck and pitched $25/hour to a client who accepted without negotiating. He could’ve negotiated, especially as he could see my profile and notice I earned $15/hour on average, but he didn’t mind. Also, the job itself shouldn’t have taken me more than 1-2 hours per week, but the client gave me a contract of 15 hours per week.
It was crazy money for less work compared to my other projects. I made close to $20k in four months working with this client.
I told myself, “If I can earn this much from one client without doing so much, I can increase my rates and find clients willing to pay me.”
Upwork is my biggest lead generator in terms of foreign clients, and my total accumulated earnings since I started have racked up to about $130k, minus Upwork service fees.
I also work with other brands and influencers (both Nigerian and international) outside the platform. Essentially, I pivot to wherever the money is. I consider myself a social media hustler.
What’s your monthly income like these days?
I currently earn around $3k/month from two projects. My income fluctuates based on the number of projects or clients I work with. For instance, I made $5k for a few months last year. But $3k is a good average, which is around ₦4.8m right now. The exchange rate also determines how much my income amounts to.
Speaking of, how do payments work?
I receive payments from Upwork in two ways: withdrawing directly into my domiciliary account or via digital payment platforms.
I use my domiciliary account to save larger funds because the wire transfer costs about $50, and it makes sense to pay that for sums like $5k or $10k. I use the payment platforms for regular monthly payments to meet my daily living expenses. Those ones allow me to open virtual USD accounts, so I send dollars there and withdraw the naira equivalent to my bank account.
The small disadvantage with the platforms is that they use their own exchange rates, and I can’t withdraw or send dollars to someone else, except another platform user. For instance, when I bought my car last year, I had to initiate a transfer from my domiciliary account to a black market BDC so I could get naira at the best rate.
But I think since this year, bank and black market rates have stabilised, so there’s not much difference. Also, the payment platforms have many competitors, so they try to give freelancers the best rate possible.
Interesting. How has your income growth impacted your lifestyle?
Oh, it’s been very positive. More money has allowed me to achieve certain things earlier than I thought possible. For instance, I thought I’d get married at 32, but I got married at 28 and have a child now. I found the right person and had the financial resources, so there was no point waiting.
I always try to live below my means, but as comfortably as possible. At least, I can provide for my family without overthinking the state of the country.
How would you describe your relationship with money?
I’m a big saver. I don’t think there’s been a period in my life when I’ve had a toxic relationship with money. I’ve always been very tactical with my spending. This has helped me as an independent talent in terms of financial security.
When I know I can make $5k this month and only $1k the next, or even nothing, I have to be tactical so I don’t blow it. I’ve been at this for five years now, and I feel like I’ve learned how to manage my money and save for the dry season.
What does your savings portfolio look like?
I have about $30k in savings, and it’s a good thing I started building my savings before getting married. I saved almost all that money while I was single. The increase in responsibilities, plus parenting, has made it a bit more difficult to keep money aside.
I have two landed properties that I’m trying to develop, in addition to my savings. I tend to focus on physical assets and savings because I’m wary of risky investments.
Walk me through your typical monthly expenses
I probably don’t remember some expenses, but my typical monthly expense is usually pegged at ₦2m. It’s more difficult to keep a budget since I’m married.
You’ve been an independent talent for 5 years. Do you plan to continue long-term?
Honestly, it depends on whatever life throws at me. The goal is to become better and maybe save up to start a business in about five years. I don’t like risks, so I just need to make sure whatever business I invest in is something I can get good value from.
Do you have a business idea in mind?
I think a digital marketing agency best aligns with my current trajectory. I’ve had to turn down several clients because I try not to have more than two clients at a time. An agency would give me more room for growth and higher earnings. There’s a huge opportunity there, but I’m sceptical. I prefer working on things I can manage, and building an agency would mean trusting other people to do their job effectively.
I did have a mini agency arrangement when I first started my career, with the brands and influencers, but this would be on a larger scale. So, I need to work out the kinks.
Is there anything you want right now but can’t afford?
Haha. That’s such a funny question. There are so many things I want but can’t afford right now. I want to build my own house and own a better car. I want a ₦500m home, but I can’t afford it. I still have a very long way to go. I want to travel with my family and do so much in this life. I haven’t even scratched the surface.
What was the last thing you bought that made you happy?
My car. It cost ₦27m, and it made me feel proud of myself. It was my first big sign that I could make big purchases and not drink garri the next day.
Curious, is there any aspect of your finances you’d like to be better at?
I’d like to become more willing to take risks. I’ve worked hard, and I like to keep my funds safe. That’s not a bad thing, but I think I’m at a point where I realise I need to be comfortable taking risks if I really want to grow wealth. Hopefully, I won’t fall into a hole when I learn to take risks.
I also want more stability in my earnings. It’d be great to earn around $5k – $7k/month consistently for the next year. Not that I’m making $4k this month and $1k next month — just a fixed, high, and stable income.
How would you rate your financial happiness on a scale of 1-10?
7. I’m comfortable, but I’ve earned within the same income range for the last two to three years, and I want to grow. It’d be a 10 if I got a full-time job that triples my earnings and comes with a sponsored visa to the UK so I can relocate with my family.
If you’re interested in talking about your Naira Life story, this is a good place to start.
Find all the past Naira Life stories here.
