In light of the new year, many individuals are eager to find opportunities to supplement their income. But what about those with aspirations to attain millionaire status? Even amid the current economic challenges facing the nation, there remain avenues for Kenyan citizens to accelerate their path toward becoming millionaires.
Wakenyaleo.co.ke has examined three straightforward methods for achieving this goal. It is important to emphasize, however, that while these strategies can potentially lead to substantial wealth, conducting thorough research is imperative before putting your hard-earned money at risk.
- Engaging in Politics: One avenue towards amassing wealth involves participation in politics either by running for an elective position or by forging relationships with elected officials. Kenyan lawmakers, as revealed by a British Broadcasting Corporation (BBC) investigation, rank among the highest-paid legislators globally. The Salaries and Remuneration Commission (SRC) sets the monthly pay for the President and Deputy President at Ksh1.44 million and Ksh1.2 million, respectively, while Members of Parliament receive Ksh710,000. Many career politicians in Kenya have become millionaires without venturing into corporate employment. A prime example is former Vice President Musalia Mudavadi, who disclosed a net worth of Ksh4 billion during his vetting for the position of Prime Cabinet Secretary in October 2022.
- Investing in Land: Another lucrative opportunity for Kenyans is to purchase land in emerging suburbs at a reasonable cost and subsequently sell it for a profit to real estate developers. Numerous individuals have amassed wealth by acquiring land inexpensively in areas such as Rongai, Kiserian, Joska, Malaa, and other regions in Kenya, eventually selling it for substantial sums. Alternatively, if you possess idle land in a prime location, leasing it can provide a quick source of income.
- Becoming a Tenderpreneur: Currently, various government tiers are offering numerous tenders. Individuals can bid for tenders at the county or national government levels. Deputy President Rigathi Gachagua, for instance, declared a net worth of Ksh800 million during the deputy presidential debate in July 2022. Gachagua’s wealth accumulated prior to his entry into politics, primarily through tendering with various government ministries. He also emphasized that engaging in the tendering process is a legitimate means of wealth acquisition. Private sector tenders are also accessible and offer opportunities for financial growth.
- Exercising Fiscal Discipline: Reducing expenditures, particularly on luxuries, stands out as one of the swiftest routes to financial prosperity. To achieve this, Kenyans aspiring to wealth should adopt careful budgeting practices. It is essential to lead a modest lifestyle that aligns with one’s means and avoid extravagant spending. A qualified financial advisor, Faron Daugs, recommends adopting the concept of “paying yourself first,” known as reverse budgeting. This approach prioritizes savings and expense goals over spending goals, thereby promoting responsible financial management.
In an article featured in The Atlantic, Derek Thompson encapsulated the mindset conducive to building a millionaire culture: “The poor allocate a larger share of their resources to basic necessities out of necessity, while the affluent invest more in endeavors that maintain their wealth because they have the means to do so.”
In conclusion, while the path to becoming a millionaire in Kenya may appear challenging, opportunities abound for those who are diligent, well-informed, and financially prudent. Engaging in politics, investing in land, participating in the tendering process, and practicing disciplined spending habits are all viable avenues toward achieving this ambitious financial goal.
