When i started working i remember buying my first insurance policy, registering with a savings credit and cooperative (Sacco), opening account with a stock broker and even joining an investment club. Each month i would put aside a small portion of my income into each of these accounts for the future. It amounted to ksh 5000 in total spread over these accounts and i was very faithful in doing it.
Then i started listening to friends and family and them discouraging me on how my money was growing at a such a slow rate and how it was not wise and 5 years later i was closing up everything. I had caved in and they had won.
Today i would be having at least 840,000shillings stacked up somewhere without looking at the capital appreciation of the money. Also even if this money was earning me interest at 6% per annul it would be a cool 42,000 per year on top today.
Now imagine that the interest was double that is at 12% then i would even no longer need to continue with 5000 shilling deposit as my money would continue t grow on its own creating for me what i call passive income.
Clearly i lost the plot along the way and listed to everyone other than myself and today i have nothing to show for it except the fact i am still chasing the wind.
But today i made decision that it is not too late to retrace my steps and do the right thing. I am going to do what ever it takes to catch up.
1. Learn to put a little money aside each month and do not listed to the negative people as they will discourage you and make you leave the right path with giving you an alternative.
2. Do not focus on quick gains money put aside for old age should not be focused on quick gains but safe investments – slow but sure is the best way to taking care of your future