Prosperity is more than just a mirage for most low-income Kenyans. However, it is not just behind the door, either.
Here are three tools you should harness in order to improve your potential for financial success in Kenya’s economy today. Long-Term Mindset:
One of the key factors which may be hindering your ability to build wealth is the instant gratification mindset. As humans, we tend to engage in hyperbolic discounting—prioritising immediate benefits over long-term ones, no matter how much greater the latter may be.
Instead, a future-oriented mindset allows you to build long-term wealth, avoiding instant-loans at unreasonable interest rates and structuring a long-term plan through a savings account. Not only will this make you less vulnerable to unexpected shocks, but it should also be an important source of income through accumulated interest over time.
This is why the Saccology community is propelling a lifestyle founded on solid principles of wealth creation such as; habitual saving, smart loans and wise long-term investments. Yaani, we are refusing to be broke!
Staying informed:
In order to translate your future-oriented mindset into long-term wealth, you will need to have a good understanding of the financial opportunities available to you. This mainly means two things.
Firstly, you should have a basic understanding of the key financial instruments you will be involved with (savings and loans, at the very least). This should allow you to keep track of your assets, controlling the risk you are exposed to at any point in time.
Secondly, you should stay up to date with trends and opportunities in your industry. Whatever sector you work in, there will likely be changes due to the rapid digitising of markets, and your ability to benefit from these will depend on your receptibility to change and your awareness of such trends.
Turning time into skills:
Finally, time-management is key in your path to building wealth, allowing you to direct your resources towards learning and enhancing your skills. There is always more to learn, as those who say otherwise have yet to find out.
Want to move from words to actions? Join the Saccology community, and master the art of wealth creation A.K.A refusing to be broke!