Connect with us

BUSINESS

8 IMPORTANCE OF HAVING A SIDE HUSTLE

Published

1 year ago

on

8 IMPORTANCE OF HAVING A SIDE HUSTLE

8 IMPORTANCE OF HAVING A SIDE HUSTLE

 

Are you planning to survive on your 9-5 salary?

Maybe that would have worked back in the day, but not this present economy! E too choke!!!

Ideally, one would think they do not need to get an extra job once they’ve secured a role within the corporate world. However, we’ve seen that it hasn’t been playing out favorably as the bills keep increasing, and it seems the money is never enough.

People keep complaining that their salary finishes the same day it enters, and it seems they are working to pay bills. But, sadly, they do not have sufficient money to cover some of their wants.

We’ve thought hard about how to help people in this situation, but we also agree that no one controls the economy. Therefore, the next best option was to look for a way to make extra income that would help subside their expenses. It is where the need for having a side hustle comes to play.

Many people in present society are not solely dependent on their salaries as they also tend to engage in various side hustles. However, we are not here to pick a side hustle for you, as it depends on what you can do.

8 IMPORTANCE OF HAVING A SIDE HUSTLE

But if you have had cold feet about engaging in a side hustle, read on and see why you need to begin immediately!

 

Why you need a side hustle

 

You might think that you do not need a side hustle. But remember that ‘sapa’ is no one’s mate!

 

So, some reasons why you need a side hustle are:

 

  • It helps to build your portfolio: Irrespective of your skill or what you’ve chosen to do as your side hustle, you would need a portfolio. It allows people to see your past works and proves your competency.

When we have conversations about building a portfolio with some people, they argue that they do not need it in their field. Unfortunately, some think having a portfolio is limited to writers and designers. However, it is best to remember that everyone needs a portfolio.

For example, let’s say you’re good at furniture making. However, you’ve not decided to engage that skills as your side hustle, and you’re still sticking with your 9-5. So how can you convince people that you know how to make furniture?

When you turn your skills into a side hustle, you can build your portfolio and show people what you can do. Soon, your portfolio would travel far and wide more than you have, and you’d see more people learn about your work. The more your reach increases, the more customers you’re likely to get.

So, if you’ve been hiding your skills, you should turn them into a side hustle today!

 

  • Creates a sense of financial stability: What do you imagine when anyone says you should get a side hustle? Of course, money is one of the first things to come to your mind. After all, having a side hustle means you’re not solely dependent on one source of income, and you can be sure that ‘sapa’ would not knock you down.

A certain sense of satisfaction comes with having a side hustle, especially when you know that you’ll not always be entirely broke. Yes, the economy might not be favorable, but your side hustle keeps you going.

Everyone craves and desires to have a sense of financial stability. Yes, no one likes to be like it is the end of the world because of monetary problems. But, if you’ve been experiencing difficulty sleeping because of thoughts of how to increase your finances, there is no reason why you shouldn’t have a side hustle. Or do you enjoy your lack of sleep?

The sense of security you’ll get from having a side hustle comforts you, helps you to reduce stress, and allows you to sleep better at night.

Keep in mind that you do not need to have overly unique skills before you can begin a side hustle!

 

  • It gives you more creative freedom: Let us remind you that creativity isn’t limited to a particular career or industry. We’ve seen some people argue that only writers and designers need creativity to carry out their roles, but that is false. Irrespective of your career, skill, or side hustle, you’ll need to have your creative juices flowing.

How do you feel when you have to work the same way every time? Of course, we know that it gets boring and you’d eventually get tired. But, then, things begin to move in a robotic nature, and you wish things were different. Sadly, most people experience it in the corporate sector, as there are rules and regulations for them to follow.

However, operating a side hustle does not have to get boring. After all, you are in charge, and you’re free to experiment and always do things differently. You’ll learn something new from the experience even if you fail with a method.

We love that people with side hustles say they do not feel caged or in a box. Instead, they can do things in ways that might not have happened in a 9-5.

  • Paves the way for a new career path: Sometimes, people do not know how good they are at something until they give it a shot. We’ve seen people who resigned from their corporate jobs to entirely focus on their side hustles as they decided it would be a better career path.

Some weeks ago, we spoke with a lawyer who has abandoned the industry and is now a full-time chef. His story began at school when he took his cooking hobby and turned it into a side hustle. He was always cooking for those who felt lazy to cook on campus, and he got paid for it. Soon, his business began to grow, and it continued even when he graduated from school.

Some years later, he saw that he would prefer a career as a chef rather than a lawyer. So, he dumped his wig and wore his cooking apron entirely.

Asides from this guy, there are similar stories of other people who eventually decided to take on careers from their side hustles. It is why we encourage people always to explore their skills and give them a try. You never know; it may be how you will eventually blow.  

 

  • It makes you happy: We are sure you must have heard many people praise how pursuing your passion makes you happier. Now, you may sometimes think they are exaggerating and wish they would stop talking once they begin. However, you cannot understand the joy they feel until you experience it yourself.

A side hustle makes you happy as you are doing something you love. We know that one would want to avoid combining a 9-5 with a side hustle they do not enjoy doing. After all, if you have to stress yourself and take on another job, it should be something you like.

Many people see their side hustle as a form of therapy. You’d see that they look forward to the close of their 9-5, eagerly anticipating when they can go back to their side hustles. So, wouldn’t you want to do something that makes you happy?

We are not saying that you should quit your regular job. However, it helps to have something else you can do on the side that makes you happy. We are sure that you will not regret the decision.

 

  • It lets you learn new skills: It’s almost the end of the year. What new skill have you gotten from your 9-5 this year? We can tell you are squeezing your face as you try to think if you’ve learned anything new this year. However, we know we would get an opposite reaction if we throw this question to an entrepreneur or someone with a side hustle.

It is impossible to have a side hustle and not learn something new every time, except you’re not poised for growth. When you have a side hustle, you’re looking at growing it to increase your revenue. Therefore, you are on the lookout for more things you can learn to help your business do better.

For example, you are into furniture making. However, you can acquire customer service skills through this side hustle. After all, every business needs customers, and you are poised to gain customers and retain them. Therefore, you’ll be looking at improving your people and communication skills.

We have also seen someone who took writing as a side hustle. From being a writer, she learned social media management and graphic design.

Having a side hustle helps people learn new skills that would be helpful to them in all aspects of life.

 

  • Helps to improve your saving culture: The topic of having a savings culture is dicey in present society. However, one of our core values at Mintyn Bank is to help people develop and improve their savings culture.

When you try to engage some people in the discussion of having a savings culture, they either laugh or get angry. But they all complain and ask how it is possible to have a savings culture with such a high economy. These people say they can barely survive with their salary, talkless of savings. They say it is practically impossible to save money in present society.

We’ve seen that most people with this argument have only one source of economy. So, yes, we understand how difficult it might get for them to save. However, saving would be more effortless when they have a side hustle.

With a side hustle, you’re getting an extra source of income. Therefore, you can take a little percentage out of it and decide to save. But, of course, the importance of having a savings culture cannot be overstated.

So if you have a side hustle and you’ve not been saving, you need to develop that culture and improve your saving habit.

 

  • Gives you a confidence boost: Did you know that you’d become more confident when you have a side hustle?

Depending on your 9-5 can be limiting as you believe you cannot improve your skills. The feedback you get about your skills is limited to only your office space, and you begin to think that you cannot do more. However, when you take the bull by the horn and get a side hustle, you’ll be in awe of what you can do.

We mentioned a lady who began a side hustle as a writer and gained skills in social media management and graphic design. She wouldn’t have believed it if someone had told her that such would happen before she began her side hustle. But now, she has many skills that help her have more income streams.

She is now so confident in herself and believes that there is nothing she cannot achieve if she puts her mind to it.

Yes, you may start on a small scale when you begin your side hustle. But all you need is consistency, and the results will eventually start to pay off.

We can assure you that you’ll not regret the decision you made.

 

 

You, yes you! You can have a side hustle too! Think of what you can do to bring in more money, and give it your best shot. Stop limiting yourself!

 

More from my site

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

BUSINESS

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

Published

3 weeks ago

on

By

Wisdom Kwati Smart City Ltd, a prominent property development firm based in Abuja, has launched a lawsuit against Adamawa Mortgage Bank Ltd, seeking ₦10 billion in damages. The legal action follows a breach in a joint venture agreement between the two parties for a 20.5-hectare property development in Sangere Village, Yola South, Adamawa State.

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

Adamawa Mortgage Bank Faces ₦10 Billion Lawsuit for Alleged Contract Breach with Wisdom Kwati Smart City

The joint venture was established to transform the Sangere property into a large-scale residential development, with work already underway and over 3.5 billion invested in the construction of over 200 housing units and on the estate’s infrastructures. However, tensions arose when Adamawa Mortgage Bank publicly withdrew from the agreement, and without appropriate notice or engagement with the firm, released a statement on The Cable newspaper on November 9, 2024. In its announcement, the bank warned prospective buyers, stating:

“This is to inform the general public that Adamawa Mortgage Bank Ltd is not selling its land at Sangere-Wisdom Kwati Smart City. Anyone buying land at the property does so at his own risk. Take further notice that the bank has withdrawn from the joint venture agreement with Wisdom Kwati Smart City. Thank you. Signed Management.”

Following this statement, Wisdom Kwati Smart City Ltd, led by Chairman Mr. Wisdom Kwati, filed for both an interlocutory and interim injunction. The lawsuit names both Adamawa Mortgage Bank Ltd and its Managing Director, Dr. Noris Giscard Stanley, as defendants, alleging breach of contract and reputational harm caused by the bank’s public renouncement.

On November 14, 2024, the High Court of Justice of Adamawa State issued an interim injunction, temporarily restraining the mortgage bank from further actions related to the property until a resolution is reached. The court has ordered the defendants to respond to the claims and appear before the court within 30 days of receiving the summons.

The implications of the contract dispute are significant, given the current stage of the project. According to representatives of Wisdom Kwati Smart City Ltd, the company has invested over ₦3.5 billion in construction and developmental costs on over 200 buildings currently under construction at the site, of which over 50 units are at the finishing level of construction, and infrastructural development that are well into the third phase of the company’s five-phase development plan.

Industry observers suggest that a swift resolution of the dispute would be in the best interests of both parties and their investors, who rely on the stability of the joint venture to secure their investments. The project, originally designed to develop 317 mixed housing units, is already well past its midpoint, making it highly unreasonable for a partner to withdraw at this stage.

Wisdom Kwati Smart City Ltd has expressed a commitment to seeing the project through to completion and ensuring that stakeholders are kept informed of any significant developments in the case. Despite the legal steps taken, the real estate company has reportedly made several attempts to resolve the matter through dialogue, but the bank has reportedly not been forthcoming.

More from my site

Continue Reading

BANKING

Afreximbank Acts as Joint Lead Manager on Ecobank Transnational Incorporated’s USD 400mn Senior Unsecured Note Issuance

Published

2 months ago

on

By

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

African Export-Import Bank (“Afreximbank”) (www.Afreximbank.com) is pleased to announce that it has successfully acted as Joint Lead Manager and Bookrunner on a USD 400 million 10.125% Rule 144a/RegS senior unsecured note issuance by Ecobank Transnational Incorporated (“ETI”) due in October 2029.

The proceeds of the note will fund general corporate purposes of the issuer, including refinancing of a USD350 million senior bridge-to-bond loan facility that was jointly coordinated by Afreximbank in March 2024.

The note issuance achieved peak orderbook oversubscription of 2.1x, backed by more than 70 high-quality and diverse investors comprising development finance institutions, asset managers, commercial banks and insurance companies from Africa, the UK, USA, Europe and the Middle East.

Professor Benedict Oramah, President and Chairman of the Board of Directors of Afreximbank, commenting on the transaction, said: “We are pleased to have supported Ecobank Transnational Incorporated (“ETI”) in placing the first public Eurobond issuance by any Sub-Saharan African financial institution since 2021, following our bridge financing support earlier in the year. This transaction underscores Afreximbank’s capacity and readiness to structure innovative market access solutions for our pan-African banking partners.”

Afreximbank’s Advisory and Capital Markets (ACMA) department acted as Joint Lead Manager and Bookrunner on the issuance, working alongside international and African partners.

Distributed by APO Group on behalf of Afreximbank.

More from my site

Continue Reading

BUSINESS

Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

Published

2 months ago

on

By

Meeting with JIBC

Japan: African Development Bank Celebrates Three Decades of Japan-Backed Trust Fund

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024

The African Development Bank Group (www.AfDB.org) has celebrated the 30th anniversary of the Policy and Human Resource Development Grant (PHRDG), a bilateral trust fund created by Japan in 1994.The initiative has contributed significantly to the development of Africa’s human capital, supporting over 100 transformational projects across various sectors.

PRST at Keizai group

PRST at Keizai group

Presenting a commemorative publication on the trust fund at the Ministry of Finance in Tokyo on Wednesday, 16 October, Dr Akinwumi Adesina Adesina, African Development Bank Group President said the publication highlights three decades of successful collaboration and the impactful projects funded by the Policy and Human Resource Development Grant, as well as the critical role the grant has played in Africa’s socioeconomic development.

Over the past three decades, Japan has contributed JPY 5.3 billion ($ 37.4 million) to the PHRDG, supporting 107 projects, with 96 completed and 11 ongoing as of September 2024. In recent years, the trust fund has seen a notable increase in contributions, underscoring Japan’s renewed commitment to fostering a climate-smart, resilient, inclusive, and integrated Africa.

Japan’s Vice Minister of Finance for International Affairs, Atsushi Mimura, said he was pleased the country’s partnership with the African Development Bank Group was going well. He pledged continued support, particularly for the African Development Fund, the private sector, and Japanese and African start-ups

“We look forward to deepening Japan’s relationship with the African Development Bank,” he said.

Mimura described the African Development Bank Group’s partnership with the World Bank’s plan to bring electricity to 300 million Africans (Mission 300) as a powerful narrative that draws attention to the continent’s energy needs.

Adesina commended Japan for its strong support of the African Dev?

elopment Fund, noting that the Fund has delivered impressive results. He sought the country’s support on a wide range of issues, including the 17th general replenishment of the African Development Fund, Mission 300 (http://apo-opa.co/3YcTfy2), Special Drawing Rights, the private sector, and start-ups, among others.

“We thank the people of Japan for standing in solidarity with the people of Africa,” Adesina said.

Since its establishment, the PHRDG has been a vehicle for Japan to share its expertise and experience in human resource development, empowering Africans to lead the transformation of their societies and economies. The grant has supported a wide range of projects aligned with Japan and the African Development Bank Group’s shared objective of human capital development. Officials said the projects have laid the groundwork for accelerated economic growth in Africa.

In a foreword to the Policy and Human Resource Development Grant at 30 publication, Deputy Vice Minister of Finance for International Affairs Daiho Fujii, expressed Japan’s pride in celebrating the 30th anniversary of the PHRDG.

“Japan is leading the international community’s efforts to overcome global challenges, particularly those affecting vulnerable populations. Through the PHRDG, we provide technical cooperation to develop the human resources that will drive Africa’s socioeconomic transformation. Our partnership with the African Development Bank Group is key to realizing a more resilient and prosperous Africa.”

As the Policy and Human Resource Development Grant enters its fourth decade, the African Development Bank Group and Japan have expressed eagerness to expand their partnership. With six new projects in the 2024–2025 pipeline, including initiatives in higher education, debt management, and climate-smart agriculture, the trust fund remains a critical tool for delivering impact across Africa, officials said.

Both parties pledged to continue to work hand in hand to unlock the potential of Africa’s human capital, fostering innovation and economic development for generations to come.

Japan–Africa Dream Scholarship Program: Investing in the Future

Among the most impactful PHRDG-funded initiatives is the Japan-Africa Dream Scholarship Program (JADS), launched in 2017. This program aims to develop Africa’s human capital by offering scholarships to high-achieving African students for master’s studies in fields such as agriculture, development economics, energy, and public health. To date, the program has awarded scholarships to 23 students from 10 African countries, two-thirds of whom are women.

Graduates of the JADS program have gone on to make significant contributions to their home countries. Alumni include Mary Yeboah Asantewaa from Ghana, who now works at SORA Technology in Accra, leveraging drone technology to control infectious diseases, and Glory Sibale from Malawi, who joined Tokyo’s Taiyo-Yuka recycling company, focusing on sustainable agricultural project management.

As part of his mission to Japan, Adesina also met with Nobumitsu Hayashi, the Governor of the Japan Bank for International Cooperation, to expand collaboration in key areas, including agriculture, healthcare, energy access, support for youth entrepreneurs, critical minerals, and regional corridors.

Later Wednesday, Adesina met with the leadership of the Association of African Economic and Development Japan, where both parties discussed potential collaborations for impactful projects. He continued with meetings with Kanetsugu Mike, Chairman of Mitsubishi UFJ Financial Group, and Ken Shibuya, Co-Chairman of the Global South Africa Committee of Keizai Doyukai (Japan Association of Corporate Executives).

The African Development Bank president invited business leaders to the 2024 Africa Investment Forum to be held in Rabat in December. Adesina also hosted representatives of the African diplomatic corps, development partners, and the private and public sectors, where they discussed leveraging co-creative relationships with Japanese companies and institutions.

Distributed by APO Group on behalf of African Development Bank Group (AfDB).

 

More from my site

Continue Reading

Trending