The moment you get a job in Kenya, there are important things to do if you want to have a successful future. In most cases, people tend to forget their predicaments immediately they secure employment, to the extent of falling for things that have zero contribution to their lives.
Assuming your starting net salary is Ksh50, 000 what can you do with this cash?
I know, money is sweet when spent on luxurious items. When it comes, your plans take a back seat as you indulge with friends. When the cash is about to be exhausted, that’s when the thought of saving and investing crops up. It’s due to this scenario that you should seriously consider setting up financial planning strategy, but before you make that decision, we shall help you come up with a concrete but realistic plan.
Immediately you secure employment, do the following.
- Reduce the number of friends
People, especially women will smell money from a distance. These individuals are mostly fake friends who will disappear when you go broke. The moment to secure employment, reduce the people you call friends to a maximum of 3.
When you reduce friends, you take full control of your life and consequently limit your spending.
- Advance your education
The second thing to do is to advance your education. Normally, when money started flowing, people tend to forget education. But one thing they forget is that as they continue slumbering, other people are advancing and when time for promotion comes, you won’t have any added advantage.
If you are in a busy organization, like a bank, you can register for online courses.Coursera is one of the institutions that offer thousands of marketable online courses(Coursera link).The institution offers courses up to master’s level. You can also pursue online short courses offered by Udemy.
The good thing about these courses is that you are allowed to learn at your own pace and without disrupting your normal schedule.
- Don’t buy a car, buy land
I have seen many new employees preferring cars over land, which is wrong. The greatest mistake you can make is to spend your first salary on a car, unless the nature of your job demands that you have one.
Since land always appreciates, it’s the best investment to make when you’re young.
- Don’t spend more than a quarter of your salary on rent
Another mistake most people make is to spend a significant proportion of their salary on rent. When doing so, you may think you’re pleasing the surrounding, when you are actually ruining your future. Make sure your monthly rent does not exceed a quarter of your salary.
Immediately you secure employment, start investing. Since money is in your hands, you have thousands of investment options to make. But I will recommend investing in land, Unit Trusts and real estate.
It doesn’t matter how much you earn but as long as you are saving something, it will mean a lot to you in future.
- Reduce/stop alcohol
I know alcohol is sweet but I also know the millions of people this drink has ruined. The best decision you can make immediately you secure employment is to quit alcohol.
In Kenya,6 in every 10 workers are heavy drinkers. Out of this proportion, only 1 is not affected by alcohol—the rest are regretting.
If you want to accelerate your financial progress, you should consider quitting alcohol.
- Plan your retirement
Employment is like a bribe, which you are given to continue doing a favour to those who need to progress. When you secure employment, start planning immediately how you will retire. You will plan by having a side hustle, such that when it becomes self-sustaining, you will quit your job to make your side hustle an empire.
Research shows that people who retire early have ample time to secure their children’s future.