How To Make Money Work For You in Kenya

Being able to make money is the easiest trick in this generation.

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Practically, you don’t need to have money to make money. Neither do you need a degree to be rich…

Being able to make money fast enables you to knock off lots of stuff on your bucket list.

Be it spending more time with your family, or saving towards finally having that thing you have always wanted; having money sorts you out.

But once you have achieved that much desired financial FREEDOM, where do you draw that subtle line between working and retirement?

And afterwards, how do you make your money work for you to create more wealth while you rest?

In today’s post I will show you at least 9 ways to let your money work for you.

Are you exited to see my list?

How to make money work for you in Kenya

Before we dive into these interesting “make money work for you” ideas; let’s first dymistify this phrase, “make money work you?”

How to make money work for you?

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Turns out, making money work for you in Kenya isn’t rocket science. It is not something you have to ‘sell your soul’ so to speak, to achieve.

Here is what I found in my research:

To get money working for you, you have to get hold of your finances. You need to learn to control your spending by making informed decisions on what deserves your attention at that moment.

Now, with your finances under control, you can shift your focus into making sure you keep multiplying the income such as by adding new streams of income.

This way, you gain what experts call the financial stability and security. Called such because, at this stage, the money coming in is more than money going out. Thus you never have to worry again about missing dinner or defaulting on expenses.

To master the art of achieving financial security, use the following tips on how to make money work for you in Kenya.

  1. Sit down and develop a budget

Yes, I can see the sigh on your face, budget, budget, and budget.

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Everyone is talking about having a budget.

But let me ask you this, how many of us actually have the budget?

Heck, how many of us have and stick to their budgets?

You not alone, almost 8 out of 10 people do not have a budget and thus don’t know when to spend and when not to.

But hey, this ends now. If you want to make money work for you, you need to be conscious of your income and expenditures. To do that, you need to have a budget.

Having the budget makes you disciplined, consequently aiding in getting your finances under control.

Ideally, a budget helps:

  • Show you whether you are spending more than you earn or less than you can afford
  • Also helps to focus whatever available finances on the most important things, you know, things that matter the most, for example, paying bills, servicing debt, and saving for future goals.

Today, I won’t bore you to death with how a budget should look like, primarily because there are a ton of tools and tutorials on how to do the same.

Some of the popular free budgeting tools include Mint.

Otherwise, you can go the old school way with a spreadsheet.

  1. Consider an opening high-yield savings account

Everyone is shouting, save money!

Well, that is correct, but not the whole truth.

You see, you need to have enough money stashed somewhere enough to keep you going for at least six months without any income source (just in case something happens to your current source of income).

Don’t think you will never need money in future, thus no need to save.

If you go this route, you are setting yourself for fail later.

Even if you are doing great at the moment, be sure to put away part of your current income for the rainy days.

For you, it shouldn’t be just any other savings account. At least not the one giving you a 0.01% interest rate, you are better off stashing your money in a sock and use it as a pillow.

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But if this is not my recommended way to save, what is the best way to save while also making money on the stashed cash?

Go for High-yield savings accounts and get at least 1% interest rates on your savings amount.

Don’t take my word for it though.

Such interest rates, conditions, and fees vary from bank to bank. But what I found is that these banks that operate exclusively online are kind of a big deal.

They offer higher interest rates because they do not have many expenses such as maintaining branches.

Do your own research and see what fits your needs.

  1. Pay off your debt

How does paying off your debt help make money work for you?

Listen to this:

At some point, each of us have to deal with some kind of debt.

It can be a mortgage, student loans, or credit card debt among others. It is just the way life is, but the faster you get this burden off your shoulders, the faster you get hold of your finances.

Think for a second:

Every shilling you use to settle down the principal amount moves you away from paying interests on the same sum.

This means that you can be debt-free in a very short time than expected.

I guess what I am saying is that paying off your debt faster, puts money back to your bank account in the long run.

  1. Consider investing in stocks

I know what everyone thinks when they are told to start investing in the stock market, it requires a ton of capital to get started.

That is a common misconception, you are not alone.

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One of the best stockbrokers in the world, who made millions, William O’Neil at one time mentioned that you actually do not need millions to start making money trading stocks.

With just $500 to $1000, you can start and continue reinvesting back as you go.

How about learning how to trade?

Well, you don’t need to know everything about the stock market also.

Several ways are allowing you to become a passive investor.

Think of it as a ‘set and forget’ system which enables you literally to let your money work for you.

For example:

  • Robo-advisors – On thes platforms, you don’t need to pick stocks manually. Robo advisors work by using your goals to build an investment portfolio that will achieve the goals. Get all of these for a service fee of 0.25% to 0.50% of your total assets.
  • Exchange-Traded Funds (ETFs) – Instead of trading stocks directly, ETFs allow you to use the underlying index and make money.Such a popular program is the S&P 500. It comes with diverse investment opportunities. They are less risky, thus perfect for someone starting or those seeking less risky investments

Investing is the #1 way of making money work for you in Kenya.

  1. Own rental property

Real estate is the number one known way of joining the millionaire club in Kenya. Look at all the top earners in the country, I bet you they own some property somewhere that is generating income every month.

All you have to do is get a piece of land near a growing area, this can be a town, near institutions such as a college.

Build rental units, and set reasonable fees per month. Within no time, your property will be attracting tenants who will pay you every month.

And now you are wondering where to get the capital.

Well, if you have good credit, consider taking a loan with your local bank.

But only do that if you are sure the property will start earning as soon as it is complete.

Why? This is simply because the real estate is a cyclical market. Today there is high demand, tomorrow properties are being auctioned.

If you are considering this as your way of making money work for you in Kenya, timing is everything.

Also Read: – HOW TO MAKE MONEY WITHOUT MONEY IN KENYA

  1. Invest in real estate investment trusts (REITs)

If you consider owning a property too risky, or simply cannot afford the whole thing, REITs are your thing.

REIT is a company that owns and operates income-producing real estate assets. As an investor in such a company, you get a cut for any gains, income (can be a profit or loss), sales, and refinances in form of dividends.

All you have to do is purchase shares of such companies through brokers.

Here, you are owning a piece of the company that owns multiple real estate properties. As such, as an investor, you get paid through dividends. 

This is a perfect way to get a piece of the pie without sticking out your neck.

  1. Get annuities policy

An annuity is a type of insurance policy where you pay a lump sum premiums upfront.

Then, the insurance company will start paying you a specified monthly amount for the rest of your life once the policy matures.

It is the best thing you can do now to guarantee a great future, especially if you are having hay days now.

While this may sound very promising and perfect way to retire young and rich, why isn’t everyone doing it?

It turns out, annuities come with extremely low-interest rates and you get limited access to your money. That explains why people shy away from it.

But, it is for you if you can have enough patience and are a lot of nerve to take risks.

  1. Start a business

Before you brush this aside, hear me out.

Starting a business is the surefire way to make money work for you. Owning a business means that you can be making money while you sleep or while away.

But as you already know, not all businesses are built the same.

Some will always require you to be around or else operations will stall. Avoid such businesses.

What you need to focus on is a business that can work fine without you being around. You don’t need something that will turn out to be a fulltime job again or even worse.

With that said, find a viable business idea and get it off the ground. Once it starts generating income enough to sustain itself, move to the next venture.

If you can start at least three of such businesses, you have found how to make money work for you in Kenya.

Theoretically, any business can function without you, if you can find people skilled enough to run it on your behalf.

But again, it comes down to does the business generates enough revenue to cover its expenditure and remain with a surplus?

  1. Invest in startups

If you do not have the patience to see a business off the ground, consider being the ‘silent’ partner in a business.

Maybe you have a friend with an incredible idea, why not invest your time or money into the idea. When things get going, you will be generating money without actually doing any work.

In fact, this is the best way to make money work for you. It is one of those simple ways millionaires use to keep themselves rich, always.

The challenge here is getting that one revolutionary idea.

Sincerely speaking, you need only one successful idea to make you more money than you can spend.

Wrapping up

These ideas help you figure out how to make money work for you in Kenya. It is a goal all of us chase every waking day, while some get there fast, it doesn’t mean you won’t.

Just exercise patients, your time is coming.

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