In Kenya, women and wealth is still a very touchy-feely subject as most cultural laws do not allow women to won or have wealth despite anything. Currently these norms are been fought off by women rights groups, as they should.
Women are living in a society where they should have everything and nothing atthe same time…a sad reality. But everyone wants to be rich and wealthy.
However, there’s a big difference between wealth and riches. Being rich is having money but wealth is investments. A wealthy woman basically knows how to invest her money in the right things so that in future she can sell it and turn it to cash. Most of us want to do so but not all of us have these secrets that will probably change your life.
1. Have a budget
Many people have a budget but usually they don’t stick to it. You know your weaknesses and what you usually spend your money on mostly, so it is up to you to decide what you actually want to forgo. Always have savings and an emergency fund, leisure and entertainment money is what you should calculate carefully and track yourself.
2. Try and not have unnecessary loans
I always say if you can save for something it is better than a loan. A loan takes time to pay back and on top of it you have to pay it back with interest. Only take a loan if you’re sure that you’re financially stable and that you have kept a job for at least one year to be sure of your salary.
3. Have savings for a specific purpose
There are banks that will help you keep on track, some will even set up an account for a particular purpose. For example, if you want to save for a house then you should definitely go to a bank and let them open a savings account for that purpose.
4. Buy shares
Once you have enough money make the right investments, buy shares from a profitable company and buy property and land. There are some plots that usually go for as little as 100k or apartments that are worth 3 million which is valid to take a loan for if well planned.
5. Take risks
Don’t be afraid to start a company or invest in a company that has potential because you don’t want to live in regret for the rest of your life.
As a woman, you need to constantly invest in yourself and most importantly you need to make sure that you are financially stable. Please do not invest in a man or anything else if you are not financially setup well.