We all want to become financial millionaires at a certain stage in our lives. This is because of both the social and financial status that comes with such an achievement. Despite this need, very few Kenyans make it to the millionaire level.

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However, the process of how to become a millionaire in Kenya has some key steps that are necessary if you want to achieve this goal. That is what I will be highlighting in this article. You can also read more on How to become rich in Kenya.

These steps have been tested over time by those who have already achieved this milestone. By following them, you increase your chances of becoming a millionaire in Kenya.

1.  Grow your savings

Growing your savings is the first step towards achieving the millionaire goal. This is because, through savings, you get money to invest. It does not matter how much you are earning to start savings. As long as you have an income, you should put some of it in savings.

One of the best ways to determine how much to save is using the 50:20:30 rule. It dictates that you should use 50% of your income on basic needs such as rent and food. 20 % Should go to wants such as entertainment while 30% should go to savings.

If you can’t manage to save 30%, ensure that you save at least 20%.  There are various ways to save your money. However, the key goal is ensuring to save in an interest-earning account or asset. These types of accounts are common across all the financial institutions in the country such as banks and SACCOs. Learn more on why you need to have a Sacco in Kenya.

Some of the other areas you can channel your savings include money market funds. The advantage of saving in these funds is they pay interest monthly and you can access your funds on need. Hence, it is up to you to choose what works better.

Finally, you need to put your savings in a place where it is hard to access. This helps with financial discipline and reduces the chances of using them.

2.  Get a rich Mentor

As an aspiring millionaire, you need to get a mentor who has already walked this journey. A mentor is key in guiding you to make the journey easier and faster.

A mentor should be someone whom you can easily access and engage. There is no need to reinvent the wheel as it may lead to failure or time wasting. You will be amazed that most mentors are ready and willing to offer guidance.

It is also a motivator to them by showing you recognize their achievements.

3.  Work hard

Hardwork is mandatory if you want to achieve this dream. Money is a reward for productivity. Hence, the more you produce, the more you make. Some of the things you need to expect in this process are working for long hours, waking up early, and working more than anyone else.

Everyone can work hard, it all depends on the will and dedication. It doesn’t matter what you are doing as any job has the potential of making you a millionaire. Whether you are in the formal or informal sectors, put in the work.

4.  Investments

Through investments, you can generate extra income which is key to achieving the millionaire goal. Investments can be in various forms. What matters is investing in what you are good at. Some of the key investment options include investing in real estate and government bonds.

There are various determinants the evaluate while choosing the best investment option. These include risk level and availability of capital. As a starter, you should focus to do those investments that have low-risk levels until you have adequate experience.

Low-risk investments have guaranteed returns such as fixed deposits, real estate, and government bonds. Learn more about investing in Kenya government bonds. investment options with a fixed return make planning easier as you know what you will earn and by when. The risk of loss is also minimal due to past experiences.

However, if your risk tolerance is higher, you can invest in assets such as the stock market and money market funds. These options have a higher reward but also are high risk.

Investment in real estate is capital intensive. A factor that could be limiting for starters. However, you should consider it as your savings and capital increase.

In the long run, the investment will accelerate your journey on how to become a millionaire in Kenya. The secret is to keep doing it bit by bit.

5.  Patience

No one becomes a millionaire overnight. It takes years of hardwork, savings, and investment to achieve this goal. Hence, you should be ready to work as long as it takes until you realize this goal.

Patience is even more critical for a starter. This is because your income might not be a lot. Hence, it could be discouraging to save small mounts. However, with time, this value can only grow if you continue savings.

The lesson here is don’t fear starting small. Many people have done it and succeeded in the long term.

6. Have a financial plan

A plan is critical in outlining your goals and the steps necessary to achieve them. A good plan should have both short-term and long-term goals. This way, you can focus on the immediate needs without losing sight of the bigger picture.

A short-term goal should be those actions that you can do within a year such as opening a CDS Account for those who want to invest in shares of government bonds. If you don’t know the process, please check my earlier article on how to open a CDS account in Kenya.

Some other objectives in the short-term plan could be reducing your spending by a specific amount or savings a percentage amount per month.

It is these short-term goals that help to realize the long-term goals. An example of a long-term goal is buying a plot of land for half a million shillings. It could be impossible to do this in a year but possible in three years. Hence, all your short-term plans should target making this a reality.


The above steps are key if you want to become a millionaire in Kenya. You should start implementing them immediately to achieve this goal. However, remember it takes time making patience a key trait you need to have.


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