Almost everyone in Kenya wants to have a big house and drive a nice car. More to this is taking your children to the best schools, eating in the best restaurants and going for holidays on the far-off islands. To achieve all these, you need to have deep pockets. Hence, that is why today I will focus on the top 5 secrets of becoming rich in Kenya.
Becoming rich is possible as long as you follow the right steps and processes. When you engage the rich people in the country today, you will find out that most of them have some common traits. These are the key ingredients that you need to propel you to riches.
Top 5 secrets of becoming rich in Kenya
Below is a list of the top 5 secrets of becoming rich in Kenya
1. Follow the process
This is perhaps one of the best pieces of advice I have received in the journey to becoming rich. Following the process happens by ensuring you are not taking shortcuts along the way.
The rush to make money sometimes results in using illegal means such as corruption and theft. Although these processes will give you short-term riches, they have a cost tied to them. Some of these include criminal prosecution that could result in jail time and losing all that you had made.
Hence, always follow the process as it’s the only way to create long-term riches. When you create wealth in the right way, you won’t need to worry about potential risks. It will also enable you to enjoy the riches peacefully.
Some of these right processes include working hard and taking risks.
2. Have the right mindset
Riches and poverty are all in your mindset. You need to start getting the right attitude and believing you can become rich to get off.
Only through this, you can start doing the right investments and taking the necessary risks to become rich. Having the right mindset will also enable you to think in the long term. As it is with many good things, they don’t happen overnight.
Becoming rich in Kenya is not different. You will need to focus on the long term with all the activities you are doing. If you are employed, it takes time to climb the ladder and start making more than average income. In business, it also takes time to expand and start offering bigger returns.
The mindset is also critical when things don’t go as planned. This is because if you fail, you can start again without giving up.
Growing your passive income is one of the top 5 secrets of becoming rich in Kenya. Passive income refers to income you earn without being actively engaged. This means you don’t have to work to make the income.
Some of the key sources of passive income include real estate investments, shares investments, and investments in government bonds. As your passive income grows, this allows you to focus on other activities without having to tie your time to active work.
4. Have an emergency fund
Even if you are targeting becoming rich in Kenya, don’t forget to have an emergency fund. This is because you have no control over the future. An emergency fund helps you bounce back when unplanned losses occur.
Some of the key uses for this fund is ensuring you are financially stable if the business fails or you lose your job. A good emergency fund should manage to cover your expenses for at least a year in case of these losses.
Remember there is no guarantee of success in business or work. Hence, you should always be ready to start over again when things don’t go as per the plan.
An emergency fund also takes care of other issues such as medical emergencies.
5. Get a mentor
The best way to learn the top 5 secrets of becoming rich in Kenya is by getting a mentor who has already gone through the process.
A mentor is someone who is already rich and accessible. Due to their experience, a mentor helps you shorten the learning curve by giving you ready dos and don’ts.
Some of the key things to get from a mentor are the type of investments to make and the right source of financing.
Below is a recap of the top 5 secrets of becoming rich in Kenya.
- Follow the process
- Have the right mindset
- Grow your passive income
- Have an emergency fund
- Get a mentor