cheruiyotkb
@cheruiyotkb
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~ NSE ~ Insurance ~ Personal Finance ~ Retirement Planning ~ SACCO ~ Unit Trusts ~
Nairobi, Kenya
Joined October 2013
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Someday in this lifetime, I hope to retire to a 100-acre ranch, far away from the hustle and bustle of any city. Ideally in Laikipia, near a body of water and hills. Solar power, grow my own food, and fish. Drive to Nanyuki in my Ford Ranger (> 1 hours' drive) to buy provisions
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Sh100K in an ordinary bank account earns less than Sh100 per year.
Sh100K invested in a money market fund can earn over Sh8,000 per year.
Sh100K invested in SACCO deposits can earn over Sh11,000 per year.
Sh100K invested in infrastructure bonds can earn over Sh13,900 per year.
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@_falsi1ke
When you work, you are able to pay your bills. [Hand-to-mouth]
When you invest, your money works harder to pay your bills.
When you create several sources of sustainable income, you never have to worry about doing what you don't like.
Level up your skills for higher income!
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Our parents have never opened up how they schooled us, fed us, educated sibling/s up to university, housed cousins as they job hunted in the city, bought land and built, etc. All on a Sh 15,000 salary that we can barely balance today. It's more than just inflation, trust me.
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A newly employed 25 year-old should begin with the basics. These include having own space, basic furniture, kitchenware, good quality electronics, good clothes and shoes (office & casual), etc.
Once through with the basics, he or she should invest in further knowledge and
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The Power of Sh 6,000
Monthly savings of Sh 6,000 in your SACCO will accumulate to Sh 480,000 in 5 years at an annual interest rate of 10% - if all interests and dividends are reinvested.
Monthly savings of Sh 6,000 in a money market fund will accumulate to Sh 470,000 in 5
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Family gatherings discuss everything else but finances. That uncle who took your certs & a badly written CV many years ago & went mute is no longer the richest among you. The renegade brother whom everyone loves to hate is richer. All are too proud to ask him how he did it. >>
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Earning Ksh 100K a month and spending Ksh 99K is what keeps people broke.
Someone earning Ksh 50K a month but only spends Ksh 15K is richer.
Wealth is created by the gap between what you earn and what you spend.
It's not how much you earn, but how how much you save & invest.
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Money left the offices, it's now in the open spaces. Traditional highly acclaimed careers like engineering, law and medicine are no longer the highest paying. Instead, specialized farmers, craftsmen, street smart businesspeople & non-skilled brokers command the shilling.
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@_falsi1ke
Investing in your human capital is the smartest move you can make as a young person.
Education, skills, and personal development are your greatest assets. Don't rush, take your time to grow.
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How to build a low-risk portfolio on Sh 70K net salary:
As usual, we insist on 20% allocation to savings and investments, that's Sh 14,000.
~Put 9000 in an MMF
~Put 5000 in a SACCO BOSA
End of year 1:
MMF = 120,960 net average 12%
SACCO = 67,200 net average 12%
Total = 188,160
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Many of you aren't ready to talk about those men who get huge breaks in their early 30s and lose all before 40 due to a mix of hubris, toxic habits, lack of true friends - just fans and associates riding on their fortune then disappear when the skies fall on their star character.
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Interestingly, cash flow is more important than net worth. You can have Sh 1M net worth, but not enough cash flow to pay for your monthly bills.
You could also have enough cash flow to cover monthly bills & still be far from Sh 1M net worth.
Prioritize cash flow over net worth.
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An unpopular money hack is not changing the formula that is working.
▪Buy a good car and keep it as long as possible.
▪Buy durable household furniture and keep them as long as you can.
▪Replace phones only when they no longer work.
▪Keep the same spouse, divorce is costly.
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Build your portfolio, one brick at a time.
Every month, focus on ONE goal,
⚡Buy 400 shares of ABSA @ 5600
⚡Load your MMF account with 5000
⚡Buy 3000 shares of Kengen @ 6000
⚡Fund your SACCO deposits and share capital @ 5000
Whatever the situation, just keep growing 💫
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The same society that struggles financially will push you to think it's the right time to buy land and build a house when you start earning a salary. This societal pressure has put many people into difficult financial positions like loan defaults, unfinished houses, loss of... >>
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Hell hath no fury like the forces of nature. Rift Valley lakes are swelling beyond limits. This portends serious ecological disasters. Below is Lake Nakuru National Park main entry, before & after.
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Making money is an action,
Keeping money is a behavior,
Multiplying money is knowledge.
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Investing Sh 40,000 monthly in a money market fund will accumulate to Sh 528,000 in a year (at 12% annually).
In two years you can withdraw Sh 1 Million and invest in a treasury bond earning at least Sh 160,000 annually. You will receive Sh 80,000 every 6 months.
Repeating this
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If you cannot pay it in cash, you cannot afford it.
If you cannot buy it twice, you cannot afford it.
If you cannot afford it, you should think twice about buying it.
If you are going to borrow money, it better be for something that makes money or grows in value, or both.
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When you buy a share that is Ksh 15, you own an asset.
When the company pays you Ksh 1 every year for owning this share, the Ksh 1 is dividend income.
When you sell this share for Ksh 20, the Ksh 5 is capital gains.
Create opportunities for such passive income in your life.
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You are just fine driving the same paid off Toyota AE100 to your Uthiru home; and drinking a weak mix of water, milk and a floating teabag but invested Sh 1 million in a treasury bond, received Sh 200,000 SACCO dividends, and expecting Sh 50,000 from your NCBA stocks.
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~A job will pay your bills.
~A business will make you rich.
~Investments will make you wealthy.
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Savings 101
Anyone who has studied & hustled in Kenya knows that it takes no less than 5 years before one finds stability in their chosen careers at an entry level position. Time is lost for savings & investments. One will need to make up for the lost time by aggressively..
>>2
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Many people would not suffer from depression if they had money.
Money may not be everything, but it ranks up there with oxygen.
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The ages between 25 and 35 are the most critical years of horning skills to financial independence. Many people start earning money in this period.
This is the phase where many financial mistakes are made e.g getting into bad debt, marrying a wrong partner, and lifestyle creep.
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Let's do our finances differently in 2023. Financial independence is within your means. A little change of attitude towards money - an abundance mindset - even on moderate income should help you develop a healthy savings & investments habit. >>
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Rich is measured in currency while wealth is measured in time.
If you have a lump sum of Sh 200K in cash and your expenses are Sh 20K a month, your wealth is 10 months.
How long you can survive without actively working is how wealthy you are.
Being wealthy > being rich
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7 stages of wealth:
1. In debt
2. Hand-to-mouth
3. Some savings
4. 3+ months of expenses savings
5. Some investments
6. Passive income covers expenses
7. Financial freedom
Your goal should be to progress until you attain stage 7. The wealthy don't have to trade time for work.
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James has Sh 300K he doesn't intend to use now until August for his wedding reception expenses. Jane, his bride-to-be, wants to use the cash to shop for the event clothing and engage a planner. The total cost amounts to Sh 1.2M and includes a honeymoon trip to the Seychelles. >>
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Life happens. People have lost their jobs at 38/39, sold their houses and cars, all personal projects stalled, struggled to take kids to school, wife has a salary but the home is inhabitable - constant reminders of who's providing.
You flew too close to the sun and melted in
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Building healthy savings habits require discipline & consistency. Structure your savings such that if you spare Sh 15K - 5K goes into a SACCO, 4K to a money market fund, 3K to an endowment insurance cover & 3K to an ordinary bank account. These plans don't ask too much of you.
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If you can get one client, you can get thousands.
Stay focused. Great week ahead!
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Money gives you the ability to walk away from people and situations that threaten your peace of mind, self-respect, values, morals or self worth, toxic environments, etc. Strive for such independence - secure the bag.
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Your millionaire friend probably earns less than Sh 1.5M a year.
But he pays himself first by fully funding his investments.
He grows his emergency fund savings too.
Then has some fun with the rest.
Much less fun than non-millionaires.
Wealth is created from boring habits.
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Every man should have a stash of cash that's not entangled with a woman's. Whatever the state of a relationship, there should be yours besides "hers and ours" 🙄
There are enough miserable situations that make it necessary. Even your grandfather had some cows among his friend's.
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Time is a key asset, especially in your 30s. So much happen at once: raising a young family, further education, leveling up skills, corporate upscaling, assets acquisitions, etc. Take it all in easy strides. Before life begins at 40, you will have a reason to look back and smile.
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The wealthy are able to maintain their wealth for many reasons. An often unrecognized fact is that they spend much less than the average Wanjiku. For instance, they buy a pair of shoes at Ksh 10K that lasts 10 years, averaging Ksh 1K annually while the poor spend... >>
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If you have lost something, be glad it wasn't much.
If you have lost much, be glad it wasn't everything.
If you have lost everything, rejoice in the fact that there is nothing more to lose.
Get back to work!
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Nothing beats a man who takes his personal development seriously.
When you focus on building your body, mind, and wallet, you become not only a force to reckon with, but also attractive.
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If you invest Sh 20K annually with 10% returns, starting at age 19 and stop further contributions at age 26, you will have Sh 10M+ by age 65.
If you choose to wait and start at age 27 up to 65, putting Sh 620K more, you will end up with Sh 1.5M less.
That's compound interest 📈
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Cash flow will make you live wealthier than net worth.
Your first Sh 20K a month in passive income (real estate, treasury bond interest, etc) will pay for your lifestyle.
Your Sh 2M net worth will look good on paper but won't put food on the table - it may comprise idle assets.
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Use your active income to buy fixed & liquid assets.
Use your assets to create passive income.
Your passive income will equal your active income someday.
That's the definition of financial freedom.
Be open to learning investments.
There is something that works for everyone.
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There is nothing wrong downgrading your lifestyle when your finances are not adding up. It's important to do a personal lifestyle audit every once in a while.
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Three things:
~Skills elevate you,
~Savings save you,
~Investments liberate you.
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Payslips are largely treated as classified information in the private sector. Your workmate's payslip can get you the shock of your life. You can hold the same position, have the same responsibilities but still get paid less. Know your value and negotiate accordingly.
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Twenty-somethings? There's nothing wrong living on a budget:
1. Move to a lower living cost area.
2. Rent a house for under Sh 6000.
3. Learn to prepare cheaper but healthier meals, and eat out less.
4. Don’t spend money to impress other people. They don't care.
5. Cancel
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Things that you would do at different stages in your life:
25-34
Start investing.
35-44
Find a better work/life balance.
45-54
The decade that is most productive. Make the most of it.
55+
Shift to low risk (conservative) investments that guarantee income in your retirement.
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Some "bad" financial decisions:
1. Taking a loan for a wedding.
2. Buying a vehicle you cannot afford to maintain.
3. Getting a loan on behalf of other people i.e for a partner or a family member (it rarely ends well).
4. Taking a loan because you are pre-qualified, not because
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My investing strategy is quite simple:
Top up MMF, SACCO BOSA, and accumulate dividend stocks, every month; for the long term.
Transfer Sh 100K every few months from MMF to new bond positions.
That's all. It's boring, but it works.
What's your investment strategy?
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We’ve been raised on questionable financial advice.
- Loans are not good.
- Renting is throwing money.
- Land is the best investment.
- Keep all your money in the bank.
Instead of,
- Buy what you value.
- Allocate your money based on your goals.
- Take risks that are aligned
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When you hit your 20's, build yourself first. You will not miss out on anything. Focus on yourself - learn a high earning skill, find a mentor, eliminate unhealthy habits like betting, and overcome alcohol addictions. Cut off unnecessary hangouts. You must get your life together.
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If you find yourself really interested in an expensive car, hire it for a week or two.
If you still think it would greatly improve your life long-term, maybe it’s worth purchasing.
In most cases though, you would realize that the running costs do not fit into your income level.
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Your first Sh 200K is hard since it comes mostly from painstakingly saving money from your job.
Your next Sh 200K is easy since it comes from compounding (your money making you money).
The journey to Sh 1M+ net worth is a roller coaster of interests, dividends & capital gains.
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The old measures of success:
• Salary
• Job title
The new measures of success:
• Remote work
• Mental health
• Physical health
• Work-life balance
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EAC common currency loading...
1 SHF [Shilling of East Africa & Franc] equals US$ 0.76
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1M shillings in an MMF may yield Ksh 120,000 (net of 15% withholding tax) annually.
On average, SACCOs may pay Ksh 130,000 on 1M shillings depending on allocation sizes to both share capital and deposits.
But 1M shillings in StanChart stocks now yields over Ksh 140,000 a year.
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When it comes to housing, a lot of people default to "buying is better"
You need to crunch the numbers. Renting can be surprisingly attractive in more situations than some might think.
A Sh 3M IFB investment, at 13.98% p.a will earn you Sh 35K monthly & pay your 25K rent.
>>
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As your income rises, it’s tempting to also increase the amount of money you are spending.
Suddenly your TV, refrigerator, and kitchenware look so early 2000s and the crave to also upgrade to a nicer car, trendy clothes, upmarket neighbourhood, etc. makes you restless.
Don’t
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Just a reminder that no matter how much you may like your job,
The day will come when your body and mind will say "That's it, I'm done here" 🤷
Your investments will never experience that exhaustion.
They will continue working for you long after you've thrown in the towel on
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Your first Ksh 100,000 will be a result of YOU working hard.
Your first Ksh 1,000,000 will be a result of your money working harder for you.
Put in the work upfront so that your investments can do the work for you later.
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Marrying right and having aligned goals remains a powerful hack to wealth creation. When couples read from the same financial page, two incomes are a sure pathway to amplified wealth.
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Sh100,000 in ordinary bank accounts earn less than Sh100 per year.
Sh100,000 invested in a money market fund can earn over Sh12,000 per year.
Sh100,000 invested in 🇰🇪 treasury bonds can earn over Sh16,000 per year.
Sh100,000 in own business has unlimited potential, but your
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If you have lost something this year, be glad it wasn't much. If you have lost much, be glad it wasn't everything. If you have lost everything, rejoice in the fact that there is nothing more to lose; and that you can start 2024 anew.
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Ruthless financial teachers:
▪ Debt
▪ Poverty
▪ Marriage
▪ Unemployment
Add more 👇
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Be aggressive when MAKING money but be patient when GROWING money. Investing is like watching paint dry, or grass grow.
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Your parents are not your emergency fund.
Your children are not your retirement fund.
Build your own wealth.
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If you are in your 20’s, 30’s & even 40's defined benefit retirement schemes won’t be around to save you. And NSSF benefits are too meagre to think about.
Save yourself:
-Save aggressively
-Invest wisely
-Learn a high-income skill
Turn your ideas into a profitable side hustle.
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Being able to have money and not have a constant urge to spend it is the highest level of discipline and personal relationship with money.
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There were days when all you wanted was Sh 100k. And then it became 500k, 1m, 2m and it keeps rising. Greed and fear of the unknown.
The pursuit of money is such a humbling adventure that every level you hit, joy lasts a minute, and the feeling of underachievement sets in hard.
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Quit anything that is draining your money and energy.
•Quit drugs
•Quit obesity
•Quit laziness
•Quit weakness
•Quit promiscuity
•Quit pornography
•Quit procrastination
•Quit excessive alcohol
Quit anything else that's limiting your growth.
Be unstoppable in 2024.
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Every single Sh 1 you invest into fixed deposit or MMF accounts, stock market, treasury bills, bonds or SACCO deposits - gives your employer a little less power over you.
The goal is to build passive income streams that will eventually replace your salary.
Keep pushing.
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Must have documents and accounts to take advantage of opportunities:
°National Identity Card
°KRA PIN Certificate
°Driving License
°Passport
°Shares CDS account
°Ordinary bank account
°Treasury bills/bonds account
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@Kimuzi_
1/4 plot at Kabarak - 10 years ago at 250K. Saa hii ni 2M. Namalizia kujenga retirement home 🎉
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@Asamoh_
I would buy a 1.5M car, build a 3M house (assuming I have land already), and invest 3.5M in a treasury bond, to earn 280K every 6 months.
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A higher income plus zero desire to impress anyone is a powerful combination for building vast amounts of wealth. Don't attract negative energy.
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A reminder that there are six ways to wealth:
1. Inherit money
2. Marry into money
3. Get extremely lucky
4. Own a successful business
5. Exploit a unique skill or talent
6. Invest in great companies long term
#MondayMoney
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Why you should prioritize cash flow over net worth:
You could have Sh 2M net worth, but not enough cash flow to pay for your monthly bills. Your Sh 2M could be hidden in undeveloped plots, idle machinery and own residence.
You could also have enough cash flow to cover monthly
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"Earning Sh 100K isn’t a lot of money.”
That's true because you want to rent a Sh 40K house to prove that you are rich.
When in reality - earning that salary should guarantee you become wealthy by maintaining a decent cost of living and investing in a variety of asset classes.
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Three things that have a huge impact on your personal finances:
~The career you pick.
~The person you marry.
~The circle of friends you keep.
We are largely an end product of the people we interact with.
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If you can put aside Sh 300 a day, your savings would be Sh 109500 in a year.
If your savings can earn just 12% per year, you would have over Sh 410K in 3 years.
The interest you earn also earns interest. With time, more savings & better investments, money works harder for you.
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Getting married,
Having kids,
Buying house,
Acquire car,
No age limit.
Live your best life.
Don't associate age with things that aren't that serious.
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Invest massively in yourself. Work hard and build yourself.
Mingle with successful people in a field you develop interest.
There's time for everything and this isn't the time to start chasing the opposite gender.
They will be the ones chasing you when you have secured the bag.
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As a beginner investor, you should treat Sh 1000 the same way you would treat Sh 100,000.
Saving and investing is more about building the habit rather than the amount you invest.
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Retirement goals:
•Tons of cash, border pass and a touring motorcycle.
•A farmhouse on a 100-acre rural farm, a borehole, a dam, a tractor, and a wheat harvester.
•3-bedroom on a quarter-acre, suburban locale, tons of cash, an off-road SUV and a partly nomadic lifestyle.
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Diversification isn't hard, allocate:
30% to real estate.
20% to treasury bonds.
20% to SACCO deposits.
15% to money market funds.
15% to local/offshore stocks/ETFs.
Buy the dips, stay patient, and stick to your investment strategy.
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If your old man or lady has never done business, they shouldn't start at retirement, especially with pension. At 60, their energy levels have dwindled and they will be frustrated chasing debtors left and right. A Sh 3M lump sum payout should be invested in a treasury bond for
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No one wins a war by themselves.
You need to build an army of trusted lieutenants.
You need true friends, mentors, and the community.
That's social capital.
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What Sh 100,000 invested in these stocks at these prices last year would have earned you as dividends for FY'23:
Stock Price Shares Dividend
ABSA 12.00 8300 10790
Co-op 12.00 8300 12450
DTB 45.00 2200 13200
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A 30% return on Sh 100K is Sh 30K, while a 10% return on Sh 500K is Sh 50K.
When an investment works for you, increase your amount of invested capital.
As a farmer reaps more from increasing farmlands, investors are rewarded more from increasing capital than from returns alone.
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Nobody thinks they will succumb to lifestyle inflation.
Then suddenly the TV doesn't look crystal clear. The couch colour doesn't match with the walls. The coffee table looks 1960s. Then the sound system could just be a little better...
We all seek improvement, it happens fast.
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Seven rules of personal finance for 2024:
1. Educate yourself
2. Pay yourself first
3. Automate your savings
4. Spend less than you earn
5. Keep growing your income
6. Invest >20% of your earnings
7. Know the due dates of your bills
Financial independence is a human right.
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How to hack an elaborate savings plan:
1️⃣ Know how much you spend each month on basics and wants. Should sum up to 70% of your earnings.
2️⃣ Allocate 20% to long term investments like buying a plot, building your retirement home or higher education needs for your children.
3️⃣
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Below age 30, the number one priority should be increasing income through learning skills that can be monetized, either at the workplace or via a side hustle.
Money management options include joining a SACCO for savings and credit, and emergency fund savings via money market
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The "next of kin" title used in banks cannot be used to lay claim to a relative's funds in case of demise. But banks don't educate their customers on this. If there is no will, your money will need lengthy legal procedures to be released to your kin.
Avoid such situations:
1:
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The first of its kind.
A financial planning branch in 🇰🇪
Opening soon in a place near you.
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Do not use the years when you have access to higher credit to buy things that make you poorer. Use your access to credit to accumulate investments.
The 30s come with additional responsibilities- career and family. Past 35, you should have a clear direction of where you want to
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