๐ช๐ฎ๐ฐ๐ต๐ฎ ๐๐ฎ๐ฎ ๐น๐ฒ๐ผ ๐๐๐ฝ๐ถ๐ด๐ฒ ๐๐๐ผ๐ฟ๐ถโฆ ๐จ๐๐ต๐ฎ๐ถ๐ท๐๐ฎ ๐ฎ ๐๐ถ๐บ๐ฝ๐น๐ฒ ๐ณ๐ฎ๐๐ผ๐๐ฟ ๐ฐ๐ฎ๐ป ๐พ๐๐ถ๐ฐ๐ธ๐น๐ ๐๐๐ฟ๐ป ๐ถ๐ป๐๐ผ ๐ฎ ๐๐ฐ๐ฎ๐บ?
Fraudsters may start with a friendly conversation before asking you to add them as a Shiriki Pay beneficiary.โ
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THE BEST FIRST INVESTMENT
As soon as you turn 18 years and start getting an income, you should join a reputable Sacco. Land, stocks, pension and other investments can wait.
You can use a Sacco as an investment plan, a credit plan, a savings plan, and a pension plan all at once.
As your deposits and share capital grow, your yearly payout grows. Save such that by the time you retire, your yearly payment from your Sacco is able to sustain you till the next payment.
10 Rules of Personal Finance
1. Personal finance is highly personal
Abdi may prefer to invest his savings in camels. Patel may prefer to save in a fixed deposit at 7%. Khadija prefers gold. Wekesa buys land. Retired Brigadier Joseph, looking for war thrill, buys Uchumi shares.
Personal finance isn't about being frugal or stingy. Allocate money & time for leisure, vacations, etc.
You can become wealthy while living a lavish lifestyle.
Enjoy yourself while still putting money towards your goals. Proper budgeting helps you design the lifestyle you want.
Be intentional about your money. Don't leave things to chance. Prepare saving, investing and spending plans before you receive your salary.
When money comes into your bank account, simply follow your plan. That's how you build financial independence and resilience in hard times.
SUNDAY NATION: Many retirees regret not managing their income more effectively during their working years, with a significant number wishing they had saved more.
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