As the new year begins, many people are looking for ways to earn extra money. But what about those who aspire to become millionaires? Despite the challenging economic conditions in Kenya, there are still ways to quickly become a millionaire. This article examines three simple methods towards achieving this goal.
Firstly, getting involved in politics can be a path to becoming a millionaire. Kenyan lawmakers are among the highest-paid legislators in the world. The monthly pay for President and the Deputy President is Ksh1.44 million and Ksh1.2 million, respectively, while Members of Parliament take home Ksh710,000. Many career politicians in Kenya are millionaires without having ventured into corporate employment.
Secondly, investing in land can be a profitable venture. Kenyans can buy land in an upcoming suburb cheaply and sell it for a profit to real estate developers. If you have idle land in a prime area, you can lease it and make quick cash instead of selling it. Many Kenyans have made a fortune by leasing their land to large-scale projects such as the Ksh 200 billion Mwale Medical and Technology City (MMTC) in Butere.
Thirdly, becoming a tenderpreneur can be a legal way of acquiring wealth. Several tenders are being dished out by different tiers of government, and one can bid for a tender from the county or the national government. The majority of Deputy President Rigathi Gachagua’s wealth was through tendering with different government ministries. One can also bid for tenders being availed in the private sector.
Finally, cutting on expenditure is one of the fastest ways to get affluent. Kenyans who wish to become wealthy must lead a simple life, stay within their means, and avoid splurging. Getting into the practice of paying yourself first, commonly referred to as reverse budgeting, is another approach to reduce your spending. Reverse budgeting is when your spending and expense goals are used as the basis for your budget rather than your savings goals.
In conclusion, while the above strategies can help you become a millionaire, it is important to do your research before putting your hard-earned money at risk. It is also worth noting that most millionaires have careful spending habits, and leading a simple life can help in achieving financial success. As Derek Thompson summarizes the mentality of creating a millionaire culture, “The poor spend relatively more on what will keep them alive, because they must, and the rich spend more on what will keep them rich, because they can.”