Everyone wants to earn some additional money now that the new year has begun. What about people who aspire to become millionaires?
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Well, despite the challenging economic circumstances that the nation is currently facing, there are still ways for a Kenyan to quickly become a millionaire.
Wakenyaleo.co.ke examined three simple methods towards becoming a millionaire.
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It should be emphasized that even if the following strategies can help you become a billionaire, you must do your research before putting your hard-earned money at risk.
This entails getting involved in politics by running for an elective position or getting involved in politics through relationships with elected officials.
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Kenyan lawmakers are among the highest-paid legislators in the world, according to a British Broadcasting Corporation (BBC) investigation.
The Salaries and Remuneration Commission (SRC) pegged the monthly pay for President and the Deputy President at Ksh1.44 million and Ksh1.2 million, respectively, while Members of Parliament take home Ksh710, 000.
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Most career politicians in Kenya are millionaires without having ever ventured into corporate employment.
Former Vice President Musalia Mudavadi, in October 2022, while being vetted for the position of the Prime Cabinet Secretary, announced his net worth was Ksh4 billion.
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“If I take my investments in shares in some companies and also the properties that I own, I’d put my net worth at about 4 billion shillings,” Musalia told National Assembly Committee on Appointments.
There are also plum positions that one can get by having a close relationship with elected leaders.
On Sunday, January 1, Cleophas Malalah, currently not holding any political seat, posted pictures of his multi-million house and hinted to his close association with Kenya Kwanza as the key to success.
“Kenya Kwanza administration sits well for upcoming companies to deliver not just houses to Kenyans but jobs too,” the former senator boasted while flaunting his house.
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Investing in land
A Kenyan can buy land in an upcoming suburb cheaply and sell it for a profit to real estate developers.
There are Kenyans who made millions by buying land cheaply in Rongai, Kiserian, Joska, Malaa and other areas in Kenya and then selling the land for millions.
If you have idle land in a prime area, you can lease it and make quick cash instead of selling it.
Many Kenyans in Kakamega made a fortune by leasing their land to Ksh 200 billion Mwale Medical and Technology City (MMTC) in Butere.
Become Tenderpreneur
Currently, several tenders are being
dished out by different tiers of government.
You can bid for a tender from the county or the national government.
While appearing for the deputy presidential debate in July 2022, Deputy President Rigathi Gachagua stated he was worth Ksh800 million. The DP become a millionaire before joining politics, having been in public service for years.
The majority of his wealth was through tendering with different government ministries.
Gachagua also told Kenyans that tendering process is a legal way of acquiring wealth.
“If you have a tender, you win and you come to me and say I have this tender of Ksh20 million, I need Ksh15 million, can you lend it to me and I give it to you and you do the tender, when you are paid, you pay me back it’s not a crime,” the DP justified.
One can also bid for tenders being availed in the private sector.
Cutting on expenditure
Spending less, especially on luxury, is one of the fastest ways to get affluent. Budget carefully.
Kenyans who wish to become wealthy must lead a simple life, staying within their means and avoiding splurging.
Faron Daugs, a qualified financial advisor, recommends, “It is true that if you have more spare income, it’s simpler not to splurge, but it is also worth noting that most millionaires have careful spending habits.
Getting into the practice of paying yourself first, commonly referred to as reverse budgeting, is another approach to reduce your spending.
Reverse budgeting is when your spending and expense goals are used as the basis for your budget rather than your savings goals.
In a piece for The Atlantic, Derek Thompson summarizes the mindset of creators.
Derek Thompson, in an article published by The Atlantic, sums up the mentality of creating a millionaire culture by remarking, “The poor spend relatively more on what will keep them alive, because they must, and the rich spend more on what will keep them rich, because they can.”
