This archive report was first published on 8 October 2019.
Breaking the Cycle of Poverty in Kenya ¶
Being poor in Kenya is a significant challenge, with limited opportunities for social mobility. However, with the right mindset and strategies, it is possible to break free from the cycle of poverty and achieve financial success.
According to Knight Frank's 2018 wealth report, there have been 180 people added to the class of dollar millionaires in Kenya. This number is expected to increase over the next 10 years, giving hope to Kenyans that they can make millions while living in the country and using honest means.
5 Easy Steps to Becoming Rich in Kenya ¶
1. Invest in Yourself ¶
The best thing about living in this age is that information and knowledge are easily accessible. Investing in oneself begins with understanding what you are passionate about and dedicating time to develop your skills.
Get books such as The Millionaire's Mindset to learn from the wealthiest people all over the world. Social media also offers a remedy for those who don't love books, as you can follow various rich people and learn from them how they got there.
2. Cut Down Spending ¶
Spending habits can be a significant obstacle to achieving financial success. Identify unnecessary expenses and stop spending on them. Sometimes, costs can be substituted by cheaper options without much implication.
For instance, why would you need a Pick and Peel juice when you can buy fruits at an even less expensive cost?
3. Build on Your Networks ¶
Surrounding yourself with people who share your financial goals and ambitions can be a powerful way to create meaningful networks that help you in your side hustles and business.
Associate with people who are ahead of you and learn from their wealth of information. A wise person learns from the mistakes of others and does not wait to learn from his own.
4. Start Developing Your Risk Appetite ¶
One thing about rich people is that they love taking risks. Start growing your risk appetite by taking up small investments now. Understand that an investment can either succeed or fail, and failure does not define you as a person; it just grows you.
5. Understand the Power of Capitalising Your Business Ideas on the Masses ¶
Be able to come up with business ideas that will benefit the greater community at large. Most of the Kenyan economy is grown by consumerism, and most of the rich people understand that if they want high rates of return, they must invest in large numbers.
Learn this too if you're going to get rich in Kenya.
There are many ways to become rich in Kenya, and there is hope for young Kenyans to start believing in hard work and success and forget to get rich schemes. Live a life you can afford as you work towards achieving the life of your dreams.
