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.
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.
Unless you are born into a wealthy family, and a large inheritance is passed to you, you will likely have to become rich through time testing approach and financial diligence.
How can I get rich in Kenya?
Here are the 10 tips to become rich relatively quick in Kenya:
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.
“Some experts would contend that student loans are bad debt, but I disagree,” said Robert Johnson, chairman and CEO at Economic Index Associates. “I would categorize modest student loan debt as being; ‘good debt.’ In my opinion, student loans get a bad rap.”
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.
Making early investments assures you financial security during retirement. You can also invest with renowned companies that have interests in real estate.
3. 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.
For example, if you regular work is a PR job from 8:00 AM to 5:00 PM, you can sign up for a night shift job as a waitress or a customer service agent.
4. 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.
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. 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.
7. 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.
8. 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.
9. 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.
10. 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.
Get off the partying beasts and join the go-getters.
Getting rich is much of a behavioural. It is something that is learned. Embracing the above combination of tips will not guarantee you an overnight wealth, but it takes ardent effort and time. It will help you elude financial trouble and onboard discipline as the core driver in your journey towards prosperity.