The best salary to earn in Kenya if you want to become rich is Ksh 300,000 and above. With a monthly salary of Ksh 300,000, you are able to save more than Ksh 100,000.
The Ksh 300,000 per month is subjected to tax, NHIF and NSSF deductions. Here is the net pay you take home;
| NET PAY CALCULATOR – 2019 | ||
| Gross Pay | 300,000.00 | |
| Deductions: | ||
| PAYE | 82,332.30 | |
| NSSF (Tier I) | 360.00 | |
| NSSF (Tier II) | 720.00 | |
| NHIF | 1,700.00 | |
| Total Deductions | 85,112.30 | |
| Net Pay | 214,887.70 | |
| PAYE Information: | ||
| Gross Pay | 300,000.00 | |
| Allowable Deductions | 1,080.00 | |
| Taxable Pay | 298,920.00 | |
The net pay is Ksh 214,887.70 after deductions.
Assuming you live in a rented house where you pay Ksh 30,000, deduct Ksh40,000 monthly expenses and Ksh 10,000 miscellaneous expenses, you will remain with at least Ksh120,000 to save.
The average cost of 50 by 100 piece of land in Nairobi is Ksh 1 million. If you save Ksh100,000 every month, in one year you’ll have Ksh 1 million to buy land. The second year you will save to build a three-bedroom house. It will take three years for you to settle.
After you have settled in your own house, you’d have solved the issue of rent. Then the fourth year, buy a car. From the fifth year, you’ll be saving and investing.
For a wise Kenyan,10 years are enough to make you rich with a salary of Ksh300, 000.For those earning more than Ksh300,000, you can get rich even within 5 years.
If your salary is between Ksh 50,000 and Ksh 200,000, chances ow becoming rich within a short time are slim unless your investments work out well.For married men,it’s even hard because you have a family to feed. The only way to become rich with a small salary is to start a side hustle to supplement your income.
