Being poor in Kenya is a curse. First, you will be part of the bottom of the pyramid population that survives from hand to mouth. Then, of course, you can only salivate as the moneyed people zoom past you in cars and others talk of multi-million investments.
This has kicked up a race among all Kenyans and that’s why perhaps we are seeing a rise in white-collar crime and corruption. But just how does someone become rich in Kenya without running afoul the law?
This article by Mary Nzioka on urbankenyans.com takes the point home: There is no shortcut to riches. You must have a plan and work it out, oftentimes losing money on the way and learn from those mistakes.
Read her advice below and thank her later, and Business Today, later.
So, how you become rich in Kenya?
As philosophers would argue out that becoming rich is relative. Some of us think that having a happy family with all the necessities in the provision that’s being rich. While for others, being rich goes beyond being able to afford basic needs.
It has the freedom to dine in Kenya and sleep in France. It’s ready to globe-trot without any worry of how much money you spend on each trip. This is the being rich that I would want to achieve.
We discuss those ideas that have not yet been discussed before. Here, we will identify opportunities that will enable us to be rich for generations to come. We will not just talk about education and leave it at that. No, we will discuss what kind of knowledge can make you as rich as Steve Wozniak. Most of us who have gone through the 8-4-4 education system successfully all know that education is somehow overrated.
According to Knight Frank’s 2018 wealth report, there have been 180 people added to the class of dollar millionaires in Kenya. This number is, however, expected to increase over the next 10 years. This report right here gives us hope as Kenyans that we can be able to make millions while still living in Kenya and using reasonable means. The emphasis here is on using honest means.
Making money and becoming a millionaire in Kenya is, however, more than just saving here and making an investment there. It’s about having the right mentality and mindset. It’s about beginning slowly but surely changing your associations. Do you only hang out with people with the same financial capability as yours?
Tips to becoming a millionaire in Kenya
1. Invest in yourself
The best thing about having to live in this age is that information and knowledge are easily accessible. Investing in oneself begins with simple things like being able to understand what you are passionate about. It is in this era that it has been evident that passion pays.
It might not pay right away, but with dedication and skill, it will surely do. Get books such as The Millionaire’s Mindset, get to learn from the wealthiest people all over the world.
If you don’t love books, Social media has a remedy for that as you may follow various rich people and learn from them how they got there. These days, things are even much more comfortable as there are very many financial management workshops and trainings being offered.
2. Cut down Spending
If you are a spendthrift like myself, you look for things to buy even when you don’t have money to buy them. Each coin that lands into our account has to be passed on as immediately. However, most of the time, we end up spending on things that we will not even look at the following day.
Some other times it may be that we are our friend’s banks. We can also borrow to lend our friends money which we will never get back. At the end of it all, we will end up paying for the money we had borrowed. Meaning this is a double loss on our part.
Know what expenses you don’t need and stop spending on them. Sometimes, some costs can even be substituted by cheaper options without much implication. Take, for instance: why would you need a Pick and Peel juice when you can buy fruits at an even less expensive cost?
3. Build on your networks
There is a quote that says you are an average of the five people that you hang out with. Psychologists also agree with this quote that the more you spend your time with a group of people you end up picking some of their habits unknowingly.
If you want to be a millionaire, why then not associate with people who are as ambitious as yourself or who are ahead of you. It is in these connections that you will be able to create meaningful networks to help you in your side hustles and business.
You might also benefit from the wealth of information that they have. Because a wise person learns from the mistakes of others and does not wait to learn from his.
4. Start developing your risk appetite
One thing about rich people is that they love taking risks. If you want to become rich in Kenya today, it is important to start growing your risk appetite. Start by taking up small investments now. Have in mind that an investment can either succeed or fail. And also understand that failure does not define you as a person; it just grows you.
5. Understand the power of capitalising your business ideas on the masses
Be able to come up with those business ideas that will benefit the greater community at large. Most of the Kenyan economy at the moment is grown by consumerism. Most of the rich people understand that if they want high rates of return, they must invest in large numbers. Learn this too if you’re going to get rich in Kenya.
Conclusion on how to become rich in Kenya
There are many ways to become rich in Kenya. There is, therefore, hope for young Kenyans to start believing in hard work and success and forget to get rich schemes. Live a life you can afford as you work towards achieving the life of your dreams. [ Courtesy of Mary Nzioka / urbankenyans.com ]
editor [at] businesstoday.co.ke