How To Be Rich In Kenya
Kenya might not be the ‘land of opportunities’ due to frequent economic crises, but there are self-made billionaires and millionaires who have built a name in various sectors of trade.
The entire ‘secrets’ of getting rich in Kenya take time and effort, and learning them will keep you on the right track to amassing significant wealth.
In this article Keweb.co tries to answer the question by publishing How To Be Rich In Kenya
Below are How To Be Rich In Kenya
Avoid or repay debt on time
Taking a loan is not bad as it is the use of the loans that counts! When you take a loan from a financial institution, make sure you repay on time to avoid the after-effects of huge interests. Student loans are recommended over personal loans because principal and interest rates are not excessive, and they help you pursue a lucrative career which has better pay.
Make good investments
Before venturing into any investment option, conduct market research and put your money in a legal investment system that works. Build your investment portfolio in assets that have high-interest rates, such as Treasury Bonds and Bills.
Making early investments assures you financial security during retirement. You can also invest with renowned companies that have interests in real estate.
Create multiple income streams
Successful business owners have more than one income stream to counter fluctuations and possible inflations. An extra income-generating activity will make you earn even if the other dries up due to market trends.
Work on your career
Invest in yourself through education. This will rapidly help you climb the corporate ladder, and the higher a rank, the more the money. Another way of advancing your main occupation is serving with diligence and hard work. Love your job. Your effort will determine whether you will be considered for promotion or dismissal. Make sure your impact and contribution are felt by your employer.
Money management is core
If your dream is becoming rich, cut the spending costs, especially on luxuries. Even though enjoying life is the goal, live a minimalist lifestyle. Spend intentionally within your budget.
In doing so, you will keep track of your spending and put your money to create a diversified investment portfolio.
Start your own company
You need to have entrepreneurial skills to identify a market problem and be in a position to solve it. Business owners have the freedom of tailoring their activities to increase profits. It is the profits that create wealth.
If you are successful in starting a successful company, you can partner with other enterprises to cast a wider net on consumers and sell the business later for bigger bucks.
Avoid toxic relationships
Learn to leave your personal life at home. Having a toxic partner can have a hard-hitting effect on team dynamics. Relationships are temporary, but your life is ‘permanent’ in some way, as what you do now determines your life and that of your family. Don’t lose yourself in chasing unions. Chase the money. Wake up with a success mindset and put in the effort. You will get rich.
Exploit your skill
We were all made differently. Not all are top 10 in class, but that should not make you feel like a failure. Utilize your skill and talent fully. There are entertainers and sportspersons who are rich.
If you are a pro at a particular field, reap considerable rewards out of it. For instance, if you are a writer, find an avenue to showcase your skills – a life-changing opportunity might be lurking.
Read books
Reading books will expand your knowledge. Not just books but good books that marry your ideas, sharpen your industry approach and boost your understanding of the basics of investing and the risks that tag along with it.
Some of the best-selling financial guides include The Little Book of Common Sense Investing by John C. Bogle, A Beginner’s Guide to the Stock Market by Matthew R. Kratter and Broke Millennial by Erin Lowry.
Build your network
To become rich, get close to people who do not necessarily buy into your ideas but share a common mindset. Your team should inspire growth for you to grow.
Ambitious people will advise you to go for whatever you desire because all is possible with determination and focus.
How can I make wealth in Kenya?
Approaches to Wealth Building as a Couple
- Talk About Money and Get on the Same Page.
- Combine Your Finances.
- Save for Emergencies
- Own the Walls You Live in.
- Live Within Your Means.
Which is the most profitable job in Kenya?
Here is our list of the highest-paying jobs in Kenya:
- Politician / Member of Parliament
- Medical Doctor
- Judge
- Lawyer
- Chief Executive Officer
- Chief Financial Officer.
- Pilot.
- University Professor / Lecturer.