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.
How To Become Rich In Kenya Today
There are many avenues to get rich except the get rich quick schemes which can make you serve a term in jail. 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.
Below are some tips to become rich in Kenya Today:
1. 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.
Before taking a student loan, ensure that the degree you are pursuing guarantees the earning power to pay that debt back.
2. 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.
3. Create multiple income streams
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.
5. 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.
6. Increase your knowledge by reading books
Rich people read self-development or business-related books daily to increase their knowledge and become rich.
If you want to become rich, start reading; it’s that simple!
7. 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.
8. Make a plan and follow it
Poor people don’t have a plan. They are not planning to become rich or better off financially; they are just stuck in life doing what they feel like without any hope of moving forward.
Make a plan and follow it! You must know where you want to be, five years down the line, ten years. Twenty years whatever your choice is.
Following a plan will help you quickly become rich in Kenya. It will also keep you motivated and focused on what you want: to be rich in Kenya and live the life that everyone else around you is living.
9. 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.
10. 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