In the wake of the new year, the desire to generate additional income is prevalent among many. However, for those harboring ambitions of achieving millionaire status, despite the prevailing economic challenges in the nation, there exist viable pathways for Kenyans to rapidly accumulate substantial wealth…CONTINUE READING
Wakenyaleo.co.ke has scrutinized three straightforward approaches toward attaining millionaire status, acknowledging the imperative need for thorough research before venturing into any financial endeavor.
One avenue involves active engagement in politics, either by contesting elective positions or fostering connections with elected officials. Notably, Kenyan legislators rank among the highest-paid globally, as revealed by a British Broadcasting Corporation (BBC) investigation. The Salaries and Remuneration Commission (SRC) specifies monthly earnings for the President, Deputy President, and Members of Parliament, providing lucrative opportunities for those involved in politics.
Former Vice President Musalia Mudavadi exemplifies the financial success achievable in politics, declaring a net worth of Ksh4 billion during his vetting for the Prime Cabinet Secretary position in October 2022.
Additionally, cultivating relationships with elected leaders can lead to advantageous positions, as demonstrated by Cleophas Malalah, who attributed his success and opulent lifestyle to his association with the Kenya Kwanza administration.
Another avenue for wealth accumulation involves strategic investments in land. Kenyans can capitalize on the appreciation of land value by acquiring property in emerging suburbs and subsequently selling it to real estate developers at a profit. Leasing idle land in prime locations also presents a viable option for quick financial gains.
The entrepreneurial pursuit of tenders represents another lucrative opportunity. Government and private sector tenders provide avenues for financial growth, as evidenced by Deputy President Rigathi Gachagua, who amassed a significant fortune through tendering before entering politics. Gachagua emphasizes the legality of this wealth acquisition method, portraying it as a legitimate means of financial advancement.
Prudent financial management is also emphasized, advocating for reduced spending, particularly on luxury items. Leading a modest lifestyle within one’s means and adopting careful spending habits are underscored as effective strategies for accumulating wealth. Financial advisor Faron Daugs suggests the adoption of reverse budgeting, aligning spending and expense goals as the foundation for budgeting, contributing to the cultivation of a millionaire mindset.
In conclusion, while the economic landscape may present challenges, these strategies offer Kenyans tangible paths toward achieving millionaire status, contingent on thorough research and disciplined financial practices.
