If there is a question that many of us struggle to answer as soon as we hit 18 years of age, is how to become rich in Kenya. It’s a lingering question that most of us don’t have an answer to. Everything thing that we try to achieve in life is all connected to the idea that we will finally get our big break and be considered rich. Who would not want to be considered rich? Unless you are a monk or a nun? All the rest of us want money and lots of it to earn our places in society.
What do I do to 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.
If you are like me, then definitely this article will be of excellent use to you. We will 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, we all know that education is somehow overrated.
So join me on this journey as we discuss the ‘how’ of becoming rich in Kenya.
How to grow rich in Kenya
According to Knight Frank’s 2018 wealth report, there have been 180 people more added to the class of dollar millionaires in Kenya. This number is however expected to increase over the next ten 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
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 training being offered. The perfect example for anyone living in Kenya is the Centonomy program.
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 with. Each coin that lands into our account has to be passed on as immediate as it reflects in our accounts. 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 now!
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. 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 number. 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. The 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.
I hope this article helps you to work towards getting rich in Kenya.