In our previous post, we addressed the “why” for getting involved in the stock market. That gives us a firm foundation on which to build the “how’. To meaningfully participate in the stock market, three things are fundamentally necessary – a personal financial plan, a stockbroking agent and some research. Owing to its importance, we will talk about the personal financial plan here, and then…
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Last week, I was invited to speak to Rotarians at Technical University of Kenya about saving money. I spoke to them about 10 things to think about in your 20s, I will split it into two posts of five each. 1.Saving starts with earning some money (obviously). When you are a student, it is easy to postpone earning money until you are done with school –…
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When I was younger, I remember reading Robert Kiyosaki’s book Rich Dad Poor Dad and really liking that he took time to explain that the “why” for something is more important than the “how”. His argument is that once we have a compelling “why”, it will be much easier to commit to the “how”, even when the “how” is not as easy or as attractive as…
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It must have been in 1996. Just about to turn 30, I was the Chief Accountant for a parastatal that was doing well enough to have some excess funds for investment. Part of my ritual then included talking to Mr. James Murigu, a senior manager at the then Suntra Stocks Ltd to deal for us in the company’s bids for Treasury Bills from the Central…
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Which is the best SACCO to join if you want to save for a home? This question came from one of my Twitter followers. The reason why he asked about a SACCO and not an investment product is because he wants to access credit against his savings (which would then go towards the building). First of all, the government has some tax incentives for individuals who…
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It is that time of the year when we make plans (I prefer to call them plans, not resolutions) for the new year. As is the tradition for the third year running, the #52WeekChallengeTM 2018 is here! The Challenge has three goals: Nurture a savings habit by helping you set a savings goal, then working towards hitting it. Curb unnecessary and impulsive spending. In its purest form,…
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Last week, I had a week-long client assignment, and they had kindly booked me into a 4-star resort just outside Nairobi for this. As much as it was going to be a busy week of training, I was really looking forward to the simple pleasures of a great hotel stay. Even as I write this post, I want to believe that I was the exception to the rule,…
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There is a joke that every Kenyan has a side hustle, so this article is probably moot but I will write it nonetheless. In this age of passion, we are told that we should discover what we are passionate about and should we single-mindedly pursue that passion, we shall not only find financial success but personal fulfilment. Life is not that perfect though. Some people…
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Plane crashes are rare, so when they happen, they make the news. Authorities ensure that crashes are thoroughly investigated, causes established and that something is done to prevent them in future. Car crashes, however, are treated differently. While they sometimes will make news, we do not investigate much, neither are resources invested to ensure they are eliminated completely. We assume that car crashes are the…
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September last year, there was an accident aboard Harmony Of The Seas, which was the biggest cruise ship in the world at the time – I am told the same company has unveiled an even bigger one. The accident happened during a drill when one of the safety boats detached and fell tens of meters into the sea with crew members (who had been participating in…
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