Dear Entrepreneur, Become Rich With These 8 Simple Steps

Covid-19 has hit hard on people’s finances and some are worried that they may never recover when this is all over. It has affected every sector in Kenya and around the world. Businesses are shutting down; Thousands of people are losing their jobs daily.

Making money and becoming rich in Kenya is more than just saving, it’s about having the right mentality and mindset. It’s about beginning slowly but surely changing your destination.

Here are ways you can become rich by the time you hit 30.

Save to Invest, Don’t Save To save

Don’t save money just for the save of having some cash for a rainy day. What is the use of money in the bank if you are not earnings single cent from it? Think of a good investment and invest the money well if you are that king that has been saving.

Cut Down spending

Most of the time, we end up spending on things that we will not even look at the following day. Sometimes, it is good to know what expenses you don’t need and stop spending on them. Sometimes, some costs can even be substituted by cheaper options without much implication.

Follow The Money

If you want to become rich, find ways of increasing your income. You can do this by getting a part-time job or investing a part of your salary in a profitable small business that can be giving you something a day.

Invest In Yourself

Investing in oneself begins with simple things like being able to understand what you are passionate about. It is an era that it has been evident that passion pays. It might not pay right away but dedication and skills will surely do.

Avoid Debts That Don’t Pay

Make it rule in your life that you never take loans that won’t pay you. If it’s that money you are borrowing to buy something, make sure that that thing you bought helps you increase your income.

Start Developing your Risk Appetite

If you want to become rich in Kenya today, it is important to start growing your risk appetite. Start by taking up a small investment now and you need to have in mind that investors can either succeed or fail.

Shun the Idea That Being Poor Is Okay

Some of us don’t come from a rich family. It sucks when you just have enough for your basic needs. This has made us believe that being poor is somehow ok.

Build on Your Network.

If you want to become rich, it is good to associate yourself with people who are ambitious as yourself or who are ahead of you. In this connection, you will be able to create meaningful to help you in your side hustle and business.

READ: Dear You, Here Are 3 Simple Ways to Get Rid of Debt

Compiled By Getrude Matayo