Having an effective thought process around your money helps you ace your dreams,
~Save 10% in an MMF
~Use 50% on your needs & bills
~Spend 20% on debt repayment, wants & hobbies
~Invest 20% in sound investments for the future (stocks/ETFs, T-bills or T-bonds, SACCO, Real estate)
When you set a figure to invest each month and stay consistent, your money takes off on a journey of its own.
⚡Sh 5000 can buy 400 ABSA and Co-op shares monthly.
⚡Sh 5000 monthly in an MMF tops Sh 63,700 by April 2025.
⚡Sh 5000 monthly to SACCO deposits and share capital gives better leverage for capital investments.
Whatever the investment, just keep growing.
9 ways to ace your goals:
1. Pay yourself first. Put > 20% of your net income to savings and investments.
2. Keep 6 to 12-month emergency fund in an interest bearing account.
3. Budget using the 50/30/20 rule.
• 50% for needs
• 30% for wants
• 20% for saving & investing >>
PROCESS OF SELLING AND OR BUYING A SECOND HAND VEHICLE IN KENYA.
B) BUYING
* Shop around. do not rush. Two weeks of ground work is enough.
*Approach showrooms for repossessed units or get in touch with a bank for the same.
* Go with a mechanic who can and should give a sober overview of the car without any bias. Have them start off with the engine, gearbox then body in that order.
* Let the car idle for 5 minutes without racing it. if it vibrates and goes off avoid such.
* For CVT transmissions check the gearbox by using this simple trick.
- Press on the foot-brake
- Switch on the car.
- Remove handbrake
- Shift the gear lever from Parking ,Reverse to Neutral to Drive and back to parking all while pressing the brake pedal in . If the vehicle jerks or shakes as you do this then it probably has faulty transmission or worn out engine /gear mountings.
* Check body work for irregular paint work , non aligned edges and cracks. cracks indicate that filler was used on that part after an accident. lift the bonnet , check beneath it, how heavy is it ? a heavy bonnet is a sign of filler use.
* When doing test drives, switch off the radio to listen to any strange sounds coming from the engine bay, front suspension. on your way back seat at the rear seats to feel how the rear suspension rides. The driver should feel the steering rack and how it turns too.
* All cash transfer should be done via bank and nothing else for purposes of tracking payments and ensuring accountability. Make sure that the account owner is the name in the logbook. Do not send money to a different account or else you will sing "Luwere luwere luwere !"
* Sign the sale agreement in front of a lawyer and have them as a witness.
* Initiate logbook transfer immediately and immediately take possession of the original logbook. If the logbook is not in the name of the seller avoid such deals.
* Take out insurance cover in your name asap. The owner should cancel his insurance immediately. insurance contracts are not transferable.
* Buying a car should happen during working days and not weekends or holidays i.e when banks and lawyers are open for business.
* Keep copies of the sellers National id , KRA Pin together with the sale agreement duly signed and stamped by the lawyer who acts as a witness.
* Remove all tracking devices from the vehicle and install a new one. Some rogue sellers may track the car and have it stolen. This is Kenya , you do not trust anybody.
In extreme cases they should swear an affidavit that the car does not have any tracking devices on it(sounds petty but it will help)
Feel free to engage us on 0705030596 for more on buying and selling cars
I am sending you 1π! Pi is a new digital currency developed by Stanford PhDs, with over 47 million members worldwide. To claim your Pi, follow this link https://t.co/6ow6To5gQy and use my username (elgrecotales) as your invitation code.