Ndindi Nyoro on Wealth Creation: The MP and financial expert outlines his three-step approach to building wealth.
Step One:
Pay Yourself First.
No matter how you earn your money—through employment, business, or side hustles—make sure you allocate a portion of your income to yourself. The reality is, most of us work for others without realizing it.
If you use your income to pay rent, you’re essentially working for your landlord. When you get your hair done, you’ve spent that time and energy for your stylist. Every time you fuel your car, you’re making money for oil companies like Shell, Total, or Kenol.
So, start by honoring your own effort. Save at least 2 shillings out of every 10 you earn—without exception. Whether you’re making KSh 10,000 or KSh 1 million a month, this habit should not be skipped. It’s simply what people call saving, but it’s much more than that—it’s rewarding your own labor.
Step Two:
Control Your Spending.
It’s surprising how many people, regardless of income level, find themselves constantly broke. Someone earning KSh 300,000 monthly may be just as financially strained as someone earning KSh 5,000. While financial responsibilities differ, most people end up with empty accounts. CONTINUE READING
0 $type={facebook}:
Post a Comment
Note: Only a member of this blog may post a comment.