32 Kenyan billionaires revealed by knight frank

A very good evening and welcome to Cajun

business my name is abby Agena, now we

start with a story that will leave quite

a number of billionaires trying to

figure out how they made it well. What

would you do with the 9 billion

shillings, this is the question that you

need to find out invest in land by a

company well there are 32 Kenyans today

whom this question is not just a fantasy

it is a fact of life they are ultra

high-net-worth individuals ,living in our

midst and if the latest wealth report by

the night Frank is anything to go by the

number could double by 2020 for kittens.

Adelaide Chango Lee has more

according to the fifth installment.

The Wealth Report

kanae is home to 115 out to reach

individuals with a net worth of more

than 30 million dollars or 2.7 six

billion shillings and thirty two people

from this list across their hundred

million dollar mark and I was at least

nine billion shillings there is more,

welfare and well-being created in more

different locations you know is drawing,

in the demands of luxury property with

the expected economic boom brought about

by infrastructure developments and the

rising foreign inflows into the country

the number of ultra-rich Kenyans is

expected to shoot up by 82 percent to

209 over the next ten years this is much

faster than the growth in South Africa

in Uganda but slogan Tenzin is 110

percent jump to 156 ultra rich,

individuals by 2024 as a number of

wealthy Kenyans and Africans increase it

raises the stakes in the local property

market which is a world's primary

investment of choice for the wealthy.

I can't tell you exactly what will

happen in terms of capital gains in

terms of v80 in terms of exemptions and

so on and so forth but until we get

clarity on those issues then we're going

to see people reluctant to to transact

but it is not just the rich will benefit

from the obscene in the economy

according to the report I think I will

triple the number of people in the

middle class by 2030 a fact that is,

already pulling luxury goods makers to

customise their product for the

distinctly different African markets

rolls-royce introducing luxury SUVs to

keep the reins and places as perhaps a

few more potholes and some of the other

markets so what is the biggest concern

for this ultra wealthy individuals taxes

goods are much more in where home is

held captive for Kenyan investors the

worry is a recent reintroduction of the

capital gains tax on the sale of

properties and shares in the market the

cost of transaction has an implication

on the value of the asset itself so if

you don't know what the cause the cost

of the transaction is then you don't

know what implication that has on the

value so people are holding off until

there is more clarity another huge

concern for the ultra-wealthy involve

succession plans specifically how to

ensure their descendants do not waste

their reaches on frivolities and how to

ensure their legacies leave on second

generation wealthy score about 30

percent of the wealth of their homes has

made the third generation pretty much

blow it all so it's really so we all

deserve my net worth individuals however

often they're well successfully idly ,

keychain business.

https://youtu.be/rhXk9ee68PU

10 Strategies to Avoid Getting into Debt

 

Budget and Save

No one tries to get in debt. It's just one of those things that happens without your notice, or may even feel as if it's out of your control.

It's just one of those things that happens without your notice, or may even feel as if it's out of your control.  However, staying out of debt is possible. Follow these strategies to avoid falling into a hole of debt.

1. If you can't afford it without a credit card, don't buy it.   One of the most dangerous approaches to having a credit card is living under the illusion that you can afford things you actually do not have the money to afford. One good rule to live by is if you can't pay for something in cash, then you can't afford it with a card.
2. Have a fallback emergency fund.  Emergency savings are very important for those “just-in-case” situations. Best practice when trying to establish an emergency savings is to have at least 6-month of your salary saved up. This will be something to cover your expenses if you lose your job, have an injury that prevents you from working, or for when you need money for an unexpected, but necessary, cost.
3. Pay off your credit card balances in full. The best way to keep your spending under control is to pay your credit card balance as you go. So if you make a purchase with your credit card, say to earn rewards, send your payment the next day before life gets in the way.
4. Cut-out the wants, focus on the needs.   There's always room in your personal budget to cut out unnecessary spending habits. This could be going to “Taco Tuesday” at your favorite restaurant only once a month, or cutting down on your online shopping. The more you shave away the wants and spend only on the needs the better your finances will be.
5. Everything is better with a budget.   By budgeting out your monthly expenses you can better track where your money is going and where you can afford to spend it. Every month, parcel out how much to put in savings, your 401(k), and how much extra you have left to spend on the necessities. So if the time ever comes where you need to do a major cut down of your expenses you will know exactly what to cut. Handy online tools, like Money Manager, can help you with a budget automate some of the budgeting process for you.
6. Do not use your credit card for cash advances.  If you need to use your credit card in order to have cash on hand, that is a sign that you are abusing your finances. Not only is the APR higher than regular purchases, but you'll likely also be charged a fee.
7. Limit the number of cards you have.  Multiple credit cards mean multiple payments and multiple cases of tacked on interest. This is a setup for the eventual need of debt consolidation if you cannot handle using the cards responsibly. The more charges accumulated on each card means more room to lose track of your spending and payments.
8. Master sheet of expenses.  Be sure to keep track of your expenses in a sheet that you are able to update on a month-to-month basis. That way if you have multiple accounts and cards you can ensure that you make full payments on all of them at the appropriate time. Money Manager can help you get a full picture of your finances - even accounts, credit cards, loans, and investment accounts at multiple financial institutions.    
9. In case of pay increases.  If the occasion arises where you receive a pay increase, live off the lower wage that you had before and store the extra funds in savings. After all, you've managed to make it so far off your previous wage, put the new funds in a place where they will work harder for you.
10. Collect coupons to save cash.   Groceries fall under a category of “must-have” when it comes to your budget. By using coupons to minimize the cash you have to use on those needs it will free up extra money that was inaccessible before. Stashing away the extra money will build you a bigger cushion against debt.

The hardest part in trying to avoid debt is limiting yourself. Spending has become one of the most popular temptations in today's society. Through these strategies you can cut-down on potential debt all the while still having room left in your budget for yourself.

10 Ways of earning Millions in Kenya.

There are different ways to potentially acquire millions of Kenyan shillings, but it's important to note that it usually requires significant effort, skills, and investment. Here are a few examples.

1. 
   
   1.Start a business: Starting your own business can be a path to generating millions in Kenya. You can identify a gap in the market and develop a product or service that meets the demand. You need to research the market, create a business plan, and acquire the necessary funding to start and grow your business.

2. Invest in stocks: Investing in the stock market can also be a way to potentially earn millions in Kenya. However, it requires knowledge and experience in the stock market. You need to research companies and industries, monitor market trends, and have a long-term investment strategy.

3. Real estate investment: Real estate can be a lucrative investment opportunity in Kenya. You can invest in rental properties or buy and sell properties for profit. However, it requires significant capital upfront, and you need to research the market and understand the regulations and laws.

4. Participate in tenders: Tenders are an opportunity for businesses to secure government contracts. You need to be registered with the relevant authorities, have the necessary experience and qualifications, and submit competitive bids.

It's important to note that there are risks associated with all of these options, and there's no guarantee of earning millions. It's important to do your research, seek professional advice, and be prepared to work hard and take calculated risk.

5. Online business: With the rise of e-commerce and online platforms, starting an online business can be a way to potentially earn millions in Kenya. You can create an online store, offer digital products or services, or become an affiliate marketer. However, it requires knowledge and skills in digital marketing, e-commerce, and online platforms.

6. Agriculture: Agriculture is a vital sector in Kenya, and it offers opportunities for investment and entrepreneurship. You can invest in farming, agribusiness, or food processing. However, it requires knowledge and experience in agriculture, access to capital and land, and understanding of the market and regulations.

7. Freelancing: Freelancing is another option for earning millions in Kenya. You can offer your skills and services online or offline, such as writing, graphic design, programming, or consulting. However, it requires skills, experience, and reputation in your field, and the ability to find and retain clients.

8. Lottery and gambling: While not a guaranteed way to earn millions, participating in lottery and gambling can potentially lead to large payouts. However, it's important to gamble responsibly and be aware of the risks and regulations.

It's important to note that earning millions usually requires hard work, dedication, and a combination of factors such as skills, knowledge, experience, and capital. It's also important to have a long-term strategy, be prepared for setbacks and challenges, and seek professional advice when necessary.

9. Partnership and collaboration: Partnering with other businesses or individuals can be a way to leverage resources, expertise, and networks to potentially earn millions in Kenya. You can identify complementary businesses or individuals, such as suppliers, distributors, or investors, and create mutually beneficial partnerships or collaborations.

10. Innovation and invention: Developing a new product or service that meets a significant need or solves a problem can be a way to potentially earn millions in Kenya. However, it requires innovation, creativity, and knowledge of the market and industry. You also need to protect your intellectual property and secure funding to develop and market your invention.

It's important to note that there are different paths to earning millions in Kenya, and it depends on various factors such as your interests, skills, experience, and resources. However, it usually requires a combination of hard work, dedication, knowledge, and investment. It's also important to consider the social and environmental impact of your activities and contribute to sustainable and inclusive economic growth.

Money Habits That keeps you Poor.

I have spent the last decade of my life immersing  myself in the field of finance and money. Through a  

degree in finance ,a qualification in accounting  and then a career in Investment.

 Banking and one  

of the most life-changing skills I have learned , through it all is how to handle my own finances . 

Recognize my bad money habits and break free from  them so in this video I'm going to share with you,  

nine of the most common bad money habits that  hold people back and tips on how to break out  

of them.

 Number one paying yourself last I first  heard of this in the book Rich Dad Poor Dad by  

Robert Kiyosaki and it's one of the blueprints in  achieving Financial Freedom Robert explains that ,

the way people pay their bills can be broken down  into two types the first way is the Poor People's  

habit and that is through paying yourself, last  so as soon as your paycheck comes in you then  ,

pay your rent your phone bill your subscriptions  you find your social plans and then you'll save.

Whatever's left over if there is even any money  left to save the second method he talks about is ,

the rich people's habit and they do the complete  opposite they pay themselves first and that is  

what you want to do take 10 minimum and put that  into your savings account the minute you get paid  

treat it like paying a bill this is so important  and by doing this you're guaranteeing that 

is when you take that 10 and put it away your mind  will think of ways and structure your spending and  

structure your finances to last for the whole  month and you won't even realize that you're  

buying their things before you pay yourself the  second bad money habit is getting comfortable  

with bad debt it seems that debt these days is  actually the norm people are using debt to by  

the smallest of things to buy presents to buy  clothes I have a straight wall that is unless  

I can afford to pay for that thing outright and  cash I shouldn't be buying it with.

 

Any form of 

debt remember credit card companies want you to  be bad with your finances because that's how they  

make money from this the average credit card  interest rate is 22 which cancels all kind of  

benefits and rewards these credit card companies  are providing if you're not able to pay them off  

interest debt as soon as possible number three  is not having a stockpile this ties into Point  

number one which is about paying yourself first  and essentially it's saving enough so that you,  

this six months of buffer it's through that paying  yourself first start putting that 10 away and once  

you have your stockpile then you can start using  the additional money you save to building into  

your investment fund and looking at Investments  number four is not knowing your income or expenses  

properly until you know what your starting point  is how do you know where you want to be there's  

something called lifestyle inflation and that is  your spending will rise as your income.

 Rises the  

more money you make the more you spend and it's  a cycle make more money buy a bigger house buy a  

financially they know their assets they know their  liabilities they have a clear goal on where they  

want to go financially and all this all the steps  they need to take to get there are more likely to , 

get a lot of money and build wealth compared  to people who just fantasize about money but  

have no idea how to go about it how they plan to  acquire it or how to manage it just being mindful  

of their stuff and seeing those numbers in black  and white will trigger you into action fifth bad , 

money habit is having expensive Hobbies a lot of  people like to shop and I guess yeah part of this  

the psychology or fear of missing out really well  where constantly bombarded them marketing messages  

about where we should be in our lives what we  should own and then we receive messages on what  

we should wear and where we should be going  on holiday avoid those situations or rein in  

skills or experiences or education people can't  take that away from you these are developing you  

as a human and these extra skill sets that you  can then use later on to get a higher pay and  

add more value and generate wealth in the long  term next up we have focusing purely on saving.

  

If you want to improve your financial position you  can firstly save more of your existing income or  

you can make more money and create more income  streams and the ideal combination is a mixture  

of both you can't build wealth if you're making  more money and spending all but you also can't if  

you're just focusing on the saving side because  there is a cap to how much you can save using  

those cashback sites will only get you so far so  to truly build wealth you have to think of both  

sides of the equation both how you will save a  larger percentage of your income but also how  

you will make more money saving money side has a  cap the making money side does not it's infinite  

there is unlimited potential upside whether it's  investing in the stock market asking for a pay,  

rise starting a side hustle you want to break the  bad money habit of thinking about saving money  

is going to massively increase your wealth number  seven paying too much in taxes taxes are going to  

be the single biggest expense in your life whilst  everyone has to pay tax a lot of people just  

wealthy they have knowledge of illegal corporate  structures that come with tax advantages they hire  

tax advisors that help them minimize their tax  bills so if you want to get one step ahead one of  

the best ways to increase your wealth is through  understanding tax rules in a way that's stack up  

in your favor for example investing through  an Isa or a Roth IRA which is an investment  

account that shelters your dividend and profit  from taxes or operating under a business instead  

of an individual if you're a solar printer the  tax savings are incredible if you are a company  

holder and I'll go into these in another video  but all of this stuff is absolutely legal and  

if you are someone who disagrees with this and  prefers to pay more taxes regardless of whether  

or not you can reduce it legally then it doesn't  hurt to understand the tax rules and reduce that  

tax bill so that you can instead use the money  to give back to things that directly align with  

your values instead of letting someone else decide  where that money should be going if you want me to  

make a video on tax I was planning to I already  have a summary on what I want to include but I  

have been a bit skeptical about whether to release  this it's a topic that can go either way so let  

me know in the comments below if you want to see  that number eight waiting too long to invest when  

you start having savings you have that stockpile  that buffer that we spoke about then you want to  

start looking at investing that money so that  your money starts working for you and you want  

to diversify those Investments so you can weather  different situations operations that come around  

in life but you want to avoid leaving that money  in a bank account because inflation is a thing  

and it means that you're essentially losing money  every year so I have a mixture of safe Investments  

of riskier Investments that I'm willing to lose  as well start looking at different investment  

strategies once you've saved up enough don't leave  any additional money more than you need to in a  

bank account.

 I have another video and what you  can be doing with your money in times like the  

current recession and I'll link that here for you  as well there's always going to be reasons why  

you can't invest because you don't have time you  don't have enough money you don't know where to  

start but the longer you put off investing the  harder you will have to work to get that same  

level of Financial Freedom as someone who starts  investing earlier and the ninth bad money habit is  

not caring about finances if you don't care about  something you're not going to do your best at it  

and most people don't care about finances and even  worse than that is people who think that finances  

Master this and immerse yourself in this world  where you can learn to use your finances in a way  

that gives you freedom and the Independence that  you want it may just be finding the right person  

or the right tools that help you resonate with  your finances in a way that most appeals to you  

whether that's through an employee perspective an  entrepreneur perspective someone who is a less of  

a risk taker someone who is more of a risk taker  but there will be someone who kind of matches  

your investing style more closely thank you so  much for watching if you like this video you  

may also enjoy another one that I've linked here  on Building Wealth and making money work for you.

https://youtu.be/Q0uXGQu55GM

Five proven ways of earning Money in Kenya.

 1. Copy writing 

Copywriting: You don't have to be an expert writer to earn money from writing. Many companies will pay people to write articles on various topics for their websites. As long as what you write is interesting and well-researched, you can earn a decent amount of money per article, even if it isn't grammatically perfect. 

There are hundreds of local and international websites always hiring new writers - you could pitch to them directly or create an account at freelance websites such as Upwork and get linked to companies looking for writers. The upside of working through freelance websites is that your income is guaranteed - a client cannot shortchange you as opposed to dealing directly with them. However, you will have to part with a percentage of your earnings to enjoy the service.

2. Flipping Clothes

Flipping Clothes - Kenya's economy has been growing over the past couple of years, and with that growth has come more potential customers. If you have clothes lying around that will fit Kenyans, why not sell them on Facebook or at a flea market? Depending on how appealing it is to the target customer, you can make a significant amount.

 

3. Delivery Services

Kenyans, especially since the pandemic, have become very receptive to the idea of allowing others, that they have never met, to run errands for them. The business of deliveries has thus become very popular over the last two years. 

Using various means including door-to-door marketing or on social media, or setting up a brick-and-mortar company, you offer to deliver items at a fee. You are responsible for the logistics of getting the thing to its destination, but it can be almost anything. 

The possibilities are endless. You can help people move things around town or even across the country without paying for shipping or gas. You're helping others out and making money at the same time.

4. Taxi Services

Offering taxi services in Kenya is a great way to make money fast. Many taxi companies need drivers, and they're willing to pay well for drivers who can accept credit cards. You can also drive if you own a vehicle and sign up for taxi-hailing apps such as Uber and Bolt. 

Note that the taxi business is complex with the rising fuel prices, the need to service car loans with fidelity, and some taxi apps may have low margins that may not meet your needs.

Nevertheless, when well run, a taxi business can guarantee a daily income with a very low barrier to entry which makes it one of the easiest ways to make money fast in Kenya. 

5. Cleaning Services

Office space in Nairobi has expanded significantly over the last decade which birthed the need for professional cleaning services when the idea of hiring a permanent cleaner became less viable. 

Domestic cleaning services have always been in demand with mama fuas running the show on a much, much smaller scale in low-income neighbourhoods. Given the option of a more professional, structured cleaning service provider, many will buy in - especially in middle-income homes that have more specialised needs. 

Being a service that thrives in high trust, you have to spend some time brand building, possibly choosing a niche area or niche service, and start onboarding customers who will be your ambassadors. Setting up a formal cleaning company is the best way as opposed to advertising an individual. 

7 Tips On How you can save Money in Kenya.

 

1. Cancel automatic subscriptions and memberships you don’t use.

Chances are, you’re paying for multiple subscriptions like Netflix, Hulu, Spotify, gym memberships, trendy subscription boxes and Amazon Prime. It’s time to cancel any subscriptions you don’t use regularly. And make sure you turn off auto-renew when you make a purchase. If you cancel it and decide you can’t go without it, subscribe again—but only if it fits into your new and improved budget.

2.Buy generic.

Hands down, one of the easiest ways to save money is to give brand names the boot. In most cases, the only thing that’s better about name-brand products is the marketing. I mean, look at that box! The logo is so fancy! And that’s about where it ends. Generic brands of medicine, staple food items (like rice and beans), cleaning supplies and paper products cost far less than their marked-up name-brand friends—and they work just as well too.

3.Spend extra or unexpected income wisely.

When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out.

If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund—you know, for emergencies.

4.Adjust your tax withholdings.

Speaking of extra, unexpected income—if you get large tax refunds every year, it’s time to adjust the tax. This way you’ll bring home even more money each month. Plus, you don’t want to give the government any more of your money than you have to, right?

5.Reduce energy costs.

Did you know that you can save money on your electric bill just by making a few tweaks to your home? Start with some simple things like taking shorter showers (nope, we didn’t say fewer), fixing leaky pipes, washing your clothes in cold water, and installing dimmer switches and LED lightbulbs.

While new, energy-efficient appliances are a great way to reduce energy , they’re expensive! But if you work it into your monthly budget, you can save up and pay cash for those improvements over time.

6.Lower your cell phone bill.

If your monthly cell phone bill competes with your monthly grocery budget, it’s time to find ways to cut back.  By getting rid of extras like costly data plans, phone insurance and useless warranties. And don’t be afraid to haggle with or completely switch your provider! It might require a little persistence and research, but the savings are worth it.

7.Save money automatically.

Did you know that you can save money without thinking about it? Yup—you can set up your bank account to automatically transfer funds from your checking account into a savings account every month. If that sounds scary to you, you can also set up your direct deposit to automatically transfer 10% of each paycheck into your savings account. Boom!

 8. Spend extra or unexpected income wisely.

When you get a nice work bonus (way to go!), inheritance or tax refund, put it to good use. And when we say “good use,” we aren’t talking about adding that fancy new stamp to your stamp collection or even just putting it in the bank to camp out.

If you’ve still got debt in your life, you’ll be better off using those funds to pay off your student loans or the balance on your credit card instead of stashing that money away. If you’re debt-free, use those extra dollars to build up your emergency fund—you know, for emergencies.

Six Tips Of Becoming A Millionaire

How to become a millionaire start

thinking like one if you're worried

about money it simply means that you can

and should be earning more how are you

going to do it Brian Tracy.

You probably agree with the statement

that everybody wants to know how to

become a millionaire and get rich

unfortunately some people just don't

know where to start.

Would you be surprised to learn that you

can get rich in your own way starting

today ,the following tips will help you

visualize the road ahead of you and

enable you to set goals to make more

money than you've ever dreamed ,these six

exercises will bring clarity into your

life and help you figure out how to

become a millionaire and achieve

financial independence first start by

writing your ideas down by a spiral

notebook carry it with you if you

possibly can and write down every idea

that comes to you throughout the day

review this idea log on a regular basis

sometimes one idea that you have while

you're driving along sitting reading,

watching television or in a conversation.

May be the insight that will lead to the

start of your fortune if your goal is to

make more money write down all of the

ideas as to how you will achieve this

goal the rule is catch the idea and

write it down, if you don't write it down

fast you will very often lose it second

goal setting relax and reflect on your,

financial goals take regular timeouts to

relax and reflect on your goals and the

obstacles that are holding you back from

achieving them during these times of

relaxation ideas will often pop into

your head that can save you hours days

and sometimes years of hard work third

gain financial independence by using the

magic wand technique practice the

exercise of fantasizing on a regular

basis sometimes this is called the magic

wand technique imagine that you have a

magic wand and that you can wave it over

your current situation or problem

imagine that as a result of waving this

magic wand all the obstacles are removed

from between you and your financial

goals.

Fourth project forward and think back on

your financial goals imagine that your

goal is to build a successful business

in a particular field project forward

three to five years and imagine that you

now have a successful business in that

field what would it look like how big

would it be what kind of people would

you be working with what kind of

reputation would you have in the

marketplace well be your level of sales

and profitability how would you be

running the business and especially what

could you start doing right now to make

this future dream a reality.

Fifth practice mind storming on every

problem perhaps the most powerful method

of stimulating creative thinking is

called mind storming or the twenty idea

method more people have become wealthy

including brian using this idea more

than any other method of creative

thinking ever discovered in fact this

technique alone could enable you to gain

financial independence the method is

simple take any problem or goal that you

have and write it at the top of a sheet

of paper in the form of a question for

example if your goal is to double your

income over the next 12 months then you

would write how can I double my income

over the next 12 months you then

discipline yourself to write at least 20

answers to that question you can write

more than 20 answers if you like but you

must use discipline and willpower to

write at least 20 answers 6 save your

money and become a millionaire one of

the easiest ways would be if you were to

save a hundred dollars per month from

the time you started work at the young

age of 20 until the time you retired

at age 65 and you invested that 100

dollars per month in a mutual fund that

yielded you an average of 10% you would

be worth approximately 1 million 118

thousand dollars by the time you retired

chances are your discipline and your

resolve to continue saving at any age

year in or year out would have such an

effect on your character and your

personality that you would end up

earning far more than 10% per year but

at $100 per month anyone can become a

self-made millionaire.

Finally take action focus questions

stimulate your mind and provoke

creativity decide on a goal and then ask

yourself why am I not at this goal

already what is the main reason start by

practicing these exercises today to

start on your path to getting rich now

we'd love to hear from you so our

question is how are you planning to

become a millionaire leave a comment

below and we'll be sure to follow up

with you thanks for watching and as

brian says if you want to change your

future take action and take action now

if you enjoyed this video and feel it

was valuable subscribe to my channel

like this video and share this video

with your friends don't forget to click

the button on the screen for a free gif

thanks again for watching.

https://youtu.be/OF3Aqwpiu1Y