Top 20 Tips on How to Become Rich and Successful In Kenya
Kenya has three social classes when it comes to riches; the wealthy, middle class and the poor. However, most people are working tooth and nail every day to achieve a better status, maintain their net worth and others will work in just to afford food for their families.
Being rich does not come easily so one has to come out of their comfort zone. Many people would love to have a fancy luxurious life, well in the current world money “speaks”.
It gives you the freedom to travel the world and have earthly fan such as visiting five star hotels and you can buy that dream car that you have always wished for. However, if you want to be rich you have to engage in an honest and legal hustle/business.
You would not want to become filthy rich through doing illegal business like selling of drugs and stealing only end up being sentenced to jail for years.
Many people may want to become rich but are scared that they might not make it because they are either not educated or think that they don’t have the required skills to start a certain business. The good news is that no matter who you are you can always become rich with the right knowledge at your hand. Knight Frank
Becoming a Millionaire in Kenya is very possible but you should make a plan to achieve a certain goal. Below are tips you should consider:
1. Reduce the rate at which you spend money
Most of the people are very poor at saving. Are you the kind of person that will earn a good salary but end up spending to the last coin within no time? If you are and have a dream of becoming rich you have to cut down spending.
Firs, avoid buying things you don’t even really need for example you have four jackets in your and you pass by a boutique and feel attracted to a jacket instead you should consider saving that money to avoid something that you will not even wear. Secondly, avoid buying expensive things while you can save that money by buying another cheaper item with the same value such as buying fruits and blending them at home rather than buying juice which is more costly.
Some people are the kind that always spend money on their friends who wouldn’t even spend a coin to give you a treat. I’m not advocating for selfishness but you should be money conscious on how you spend every coin.
Learn to be a miser and always keep a record of how you spend. It might be hard when you start but once you adapt it will become a habit and you will forget about the spendthrift behaviors.
If staying with cash in your pockets drives you to overspending why not keep them in the bank where they can even gain interest.
2. Learn to invest
If you have discovered your talent, feel comfortable to use it to grow yourself (invest in yourself). In this current world, people even get rich by utilizing their talents for example in the music industry we see many celebrities who started small but are now Kenya’s millionaires.
You just need to know what you love or enjoy doing and be passionate about it. Apply your best of skills and be dedicated that is, being patient progress might take time but don’t give up because success doesn’t come with ease. It is also good to choose a role model somebody that you can look up to for motivation.
One can also invest in stocks. It is evident from the life stories of some billionaires used this trick to become filthy rich, a good example being our own Kenya’s billionaire Chris Kirubi.
You might wonder how this is possible, but here is the deal; in Kenya you can buy shares with a minimum of five thousand shillings which will make enough dividends to buy more shares in a year.
In conclusion, make an investment in your energy, time as well as money.
3. Be ready to take risks
When starting a business you should be increase your risk appetite. Instead of waiting to get more money to start you can just start with what you have. But still have a mindset that there are pros and cons, it can either be a success or failure.
However, risking is a big step as it is proof that you are ready to go to the world and start that business.
You can even start lending people money as loans with an agreement of refunding the money with an interest. It takes one to trust his or her customers so as to loan somebody since some people might even refuse to refund the money or may even overstay with the money. Yes I know that is risky but it is a path to make millions of money.
4. Build Networks
This is a very important step in your life generally, if you want to be a successful person you should mind the kind of people you associate with. The friends you have create great Impact in your life as the saying goes “show me your friends and I will tell you who you are.
One should surround themselves with people that motivate you, friends who would mention you when the see a job opportunity and ones that are ambitious just like you. Also create friendships with successful people; by frequently hanging out in luxury hotels, golf clubs to see how rich people carry themselves out this can lead you to friendships.
This will motivate you to be more focused towards your goal. Moreover, such friends can even introduce you to new business ideas that you can easily start pocketing from.
It is also important workshops, seminars offered by different institutions to enrich your skills and broaden your business ideas.
With such decisions you will end up with meaningful networks that will help you in future as you run your business.
5. Advertise you Brand
In the business world you have to create awareness to the people, targeting your ideal customers. Firstly, you should consider having a business idea that be a benefit to the society at large since that where you will get customer for your product. Once you plan what kind of business you want to start, it’s important create a market.
In Kenya there is an unemployment issue. Therefore, starting a private business for yourself is wise decision as it can make you rich quickly than you could imagine.
6. Make a plan of the kind of business you want to start
This is done by considering the availability of consumers in your location. Choose a unique field, one that is not congested that in order to have many customers. If you are a student or an employee but making less money you can get rich by putting your skills into practice by either joining online business.
In the recent decades many people all the world are able to access internet thus you can use it as an advantage advertise your brand or products since it will reach a wide range of people in a short period.
One can also engage in side hustle that will not affect your working progress at the place of work or even studies if he/she is a student. A university student can sell ‘mitumba’ to students after classes while a company’s employee can start a restaurant to boost his/her source of income.
Many people may want to become rich but are scared that they might not make it because they are either not educated or think that they don’t have the required skills to start a certain business.
7. Choose what you want to invest in
It is a big step to plan what you want invest you money and energy in. Make considerations that what you have choose to invest in will not decreases its value over a short period of time.
For instance, when you have a two options; to purchase a car or a land. The one who buys a land is most likely to become richer because land add it value as years pass by but if you purchase a vehicle as it gets old its service become poor as a the owner you might suffer losses.
Businesses that can be done as a side hustle to make more money:
a.) E-book writing
A student or business person who want to make some extra cash beside their salary can become wealthy by writing her/his own books and sell them online.
Find a topic to write about for example; Agricultural Business, lifestyles, fashion among many others. Writing e-books is advantageous since it a long term business as it is not seasonal, people of this generation are almost entirely using internet.
However, with the advanced technology many people would rather access books online than buying physical books which are even more expensive and bulky.
This is another way to make money online in the modern society. This business calls for patience as it can take up to 6 months before you start earning but after it blows up it is a rewarding business.
With good writing skills, passion and be ready to work hard without giving up since it can be time consuming and tiresome. However it is important that you choose a niche that will you will enjoy working on.
Also consider employing other writers to help you write article to ensure that you are writing enough articles consistently.
c.) Online writing
Instead of staying idle you can make pocket some good cash through writing articles. You can use your writing skills and make money as a; student in an university, a business person with a low income well as a graduate who has tarmacked to avoid wasting years while you even specialize in writing. If you got connections go ahead and make use of that opportunity you could end up rich.
d.) Selling Second hand clothes
In Kenya, many people buy the mitumba clothes because they are very cheap and more unique compared to Boutiques and other ready-made clothes.
The good thing about ‘mitumba’ is that you can start with a small capital as little as Kshs.1, 000. An individual who wants to start such a business will just go to mitumba biggest markets such as Gikomba and choose nice clothes at a very cheap price and re-sell them to targeted customers on a profit.
For example you can buy a 20 denim jackets from Gikomba at Kshs.100 each and sell them at your home market at Kshs.250 each, from that you will have made your extra Kshs.3, 000.
Now you can imagine expanding your mitumba business with your investments by even getting a good place where many people can access your good with ease and become a Kenyan millionaire.
e.) Selling women products
Women love staying fashionable and beautiful. However, with good connections to get your products at a good price and sell them at a profit. A business person can buy items in markets like Uganda as well as Eastleigh, Kenya where supplies are cheap.
Then you can sell them by even marketing your product on social media platforms such as Facebook, Instagram and Whatsapp.
f.) Making dividend investments
An individual can purchase shares from a company and from the profit made in the business with the money that you invested the company pays you in dividends. However, being entitled to dividends yearly makes you a shareholder.
One can become a big investor in order to make more money you can purchase more shares and reinvest the dividends.
g.) Olymp Trade
Olymp Trade is a trading platform which has two assets namely; currency pairs and commodities.
The platform has basic training materials on how to do your first trade. You have to invest before in the trade before starting as small as 10dollars which is small compared if you trade correctly you earn almost 95% of what you deposited. Joining the trade with a new account you are offered training courses for 10, 000 dollars.
Moreover, it is convenient since you can trade in this platform from anywhere within Kenya. An individual can trade for only 45 minutes and pocket the least amount being Kshs.2, 000 in a day. You can do the calculations if you are doing it in a week you pocket a handsome pay of over Kshs.12, 000.
As a student it is important to be seriously choose a course that will enable you to acquire a job with big salary considering that you will not have to tarmac. Careers that pockets one millions of money within months include:
Accounting and Finance Professionals
This is one of the highest paying jobs not only in Kenya but all over the world. A graduate with a Bachelor’s degree can pocket up to Kshs.100, 000 every month depending on the company one works at.
This is one of the best paying profession in the globe. Unfortunately, training to be a pilot is expensive as it is unaffordable to any Kenyans, in the Kenya Airways it costs 8.5 million to be trained as a pilot. Although in the end one earns a good salary from Kshs.120, 000 to Kshs.500, 000 depending on once experience.
Civil Societies professionals and NGOs
This is a place that you can get a cash in a six figure salary as a top official. The Non-Governmental Organization include; United Nations, Open Society of East Africa among others.
Since Kenya is a developing country there is need for engineers in the country therefore there is an assurance that you won’t tarmac before getting a job. They get contracts in which they get a handsome pay.
The modern world is increasingly growth in the Information Technology sector with the use of internet services being common in many parts of the world. However, IT experts are in demand in Kenya as a developing country. They can earn an estimated salary of Kshs.500, 000 per month in Kenya.
An entrepreneur can become a CEO by founding his/her company such as Joseph Karanja the CEO of Keroche Breweries company, Brookside Dairies which belongs to Uhuru Kenyatta. However, top executives gets a monthly six figure salary. The late Safaricom CEO, Bob Collymore earned up to Kshs.9 million in a month which is excessively higher that the president’s salary.
Medicine is one of the course that university drop out from thus it’s not an easy one. With a bachelor’s degree an employed doctor can pocket a big payment. In Kenya, an intern can earn up to Ksh.50, 000 during entry and later 100, 000 while a qualified doctor and medicine specialists earns an estimated amount of Kshs.200, 000 – Kshs.300, 000 every month.
However, journalism depends with your exposure and skills because there is an alarming gap between the highest paid individual and the lowest earning personality.
News anchors earn a salary above Kshs.450, 000 including the Citizen TV presenters, Lilian Muli and Janet Mbugua. Further, radio presenters also earn good salary.
In Kenya, politics is a well-paying being the second highest paying for Members of Parliament in the globe after Nigeria.
Actually, from analysis done by the International Monetary Fund and Independent Parliamentary Authority which is based in the United Kingdom they made conclusions that MPs in up to Kshs.740, 000 per month not counting the allowances.
Moreover, our Speaker of the National Assembly earns Kshs.1.4 million, Uhuru Kenyatta pockets a salary of 1.75 million while the William Ruto earns Kshs1.488 million per month.