12 Secrets on how to get rich at a young age in Kenya

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In Kenya you can be a young millionaire if you know the secrets of making money while young. There are a number of Kenyans who became millionaires aged 20 by simply following the right steps.

More than 90% of Kenyans aged below 30 are not rich and they aren’t sure of the strategy they will employ to become rich. Below are the main secrets of becoming rich at a young age in Kenya:

  • Start a business that solves people’s problems

People have several problems, some want money, some want to be healed from chronic and terminal illness, some want to travel abroad, some want to become more beautiful. All these problems can be solved. If you come up with a way of solving one of these problems, you will become rich at a young age.

People are always willing to pay any amount of money so that their problems can be solved .With a solution at hand, you will attract all the money into your side.

  • Take risks

When you are aged below 40 years, you are allowed to take as many risks as possible. I am saying taking calculated risks especially in business. Set up a business anywhere in Kenya while aged even below 20 years. By the time you get to your 30s your business would have taken root in your area.

Start as many businesses as possible and settle on one that works for you. Then perfect in that one business.

  • Save before you spend

Learning and implementing the habit of saving before you invest will greatly impact on your financial management habits. If you make Ksh 100,000 monthly, learn to save at least Ksh 20, 000, then spend Ksh 80,000.In a year, you will save over Ksh240, 000.

If you don’t save before spending, you will go for impulse buying leading to wastage of finances.

  • Don’t be too generous with your money

One mistake young people make is that once they make money, they spend it on anyone. They will give it to friends, girlfriends, family members and whoever seeks help. This generosity will bankrupt you unless it’s checked. Don’t be in a hurry to give, focus on yourself.

  • Avoid women and alcohol

Women have led to the fall of kings, they can finish your money within no time. If you want to become a millionaire at a young age and be able to retain your money, avoid women and alcohol.

  • Start a YouTube channel

In future there won’t be many white collar jobs, money will be online. YouTube is one of the platforms that will make you rich quickly. While in college or immediately after college, start your own YouTube channel and post videos in the channel. The channel will grow pole pole and by the time you hit 25 year, you are making over Ksh 100k monthly. Invest this money to multiply your wealth.

  • Become a social media influencer

Kenyan youths have all the energy to run up to 6 social media accounts. They can take up to 5 years to grow their pages to get millions of followers.

Social media influencers are now millionaires, they are driving big cars and living in posh estates.

  • Live below your means

One problem with Kenyan youths is to live beyond their means. Someone starts making Ksh 200,000 per month, he moves to an apartment paying Ksh 100k, he buys a fuel guzzler and starts partying. With this kind of lifestyle, you can’t be rich.

  • Invest wisely

Invest your income for things that generate passive income. Buy land and build your own home, build apartments, invest in shares, buy bonds, invest in Unit Trusts. All these investments will generate wealth for you.

  • Avoid gambling and mobile loans

Gambling is only good for people who win jackpots, but winners are few. Avoid gambling by all means because it will drain your resources. You should also avoid taking mobile loans especially when you don’t have business that can be boosted by the loans. These two things may lead you to a financial hole which you cannot come out of.

  • Network with the right people

Your network your net worth. Look for the right people to hang around with, people with ideas and connections. They can connect you to high paying jobs .You can also get tenders through them.

  • Seek opportunities abroad

Since you don’t have a family, this is the right time to seek opportunities abroad. Go to USA, Australia, Canada or UK and get a well-paying job which will help you to invest locally. You can also secure employment in the Gulf.

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