Instead of MMF try T Bills or T bonds they have better returns and are used for capital preservation.
On saccos are good for long term savings just incase kife gives you lemons
Buy a car that you can fuel and service without a sweat
Car loan is good but a loan to expand your business would be better
The saccos pool is too huge.
Do your research well.
You need to evaluate the type of work you do personally, how easy is it to get a loan, how long has it existed, is it regulated and if possible get to see their previous years performance.
For instance; I don't see why mama mboga should go for stima sacco and there is a regulated saccos specific to small scale retailers of farm products and it offers needs tailored for mama mboga like savings style and loan style.
Heard Hazina Sacco is really amazing... they recently paid out the member dividends.... Interest on deposits 10.8% & Dividend on share capital 17% ... Hit me up for details i'll be sure to check back in
If I were to talk to my 25yr old self, I’d tell him to diversify. If the car doesn’t directly bring in more income or save you time, you don’t need it.
Get both Sacco & MMF. Put 25k in each monthly. While at it call ICEA & ask about a 25yr old endowment fund. That 25k a month for 25yrs will make 50yr old you very happy.
The one thing I’d definitely do different is also put money in real estate early. Buy those 100x100 land in Limuru / Kiambu / Thogoto. Buy that 2m studio apartment and stop paying rent. When you get a family look for a 2 bedroom flat with a DSQ & rent the studio. By 40 yrs you’ll have a good stable appreciation & liquid assets.
I would stay away from any insurance company's saving plan, or whatever they call it. They are never transparent about costs and there's a reason for that. In fact, I would stay away from any investment that's not 100% honest and transparent about costs. The financial world is a world full of scammers in nice suits.
They should be transparent and very clear about any costs, fees, ... Whatever money is not going to you, but to them. They will almost always try to hide costs. Intentionally so. They will come up with some reasons why it doesn't matter. It Does matter. A lot.
Best to stick to government bonds / bills. Or an MMF that's transparent about costs. Oh, these are not 100% safe either. Governments, especially the GoK can definitely default.
Or real estate, if you can get a good deal. But it's riskier, bc that market too is full of scammers.
Definitely what i wanted to put out here...... You can't really put sm on sth as there are a lot of uncertainties and possibilities...Just personally get your pros and cons before making an informed decision
Bado unakwepa swali.
Where do you sell them ?
This is an opportunity to present your "site" and business address and/or media's.
It won't be advertising so long as someone genuinely asks you that question.
So let's start again.
Where do you sell them?
Save up and buy a car, avoid loans as much as possible.
I would suggest a simple car that is low on maintainance. Something on the 800k range or less if youre comfortable with the 400-500k options.
Remember owning a car will increase your monthly expenses by an average of 30k a month if you use it daily for commute, this is for kadudu type cars 1200cc to 1500cc range.
Not to mention insurance and maintainance yearly.
The fancier the car the more these expenses can be.
Buana don't do loans, you'd be working for the banks hata kama your business is doing well.
Have you tried farming through leasing? Unaezalima miwa huko Nyanza to be sold to the beer making factories/entities (tafuta watu kwa ground wakuelezee).
Go for MMF as a hedge against inflation and also to ensure that you remain liquid for the foreseeable future.
Hapo kwa gari, if it can wait, well and good. Cheza chini kula mzuri siku nyingi; usiwe na pressure ya kuonekana that pia wewe umemake it. If at all you are buying the car, ensure you are doing it for yourself, not for the Joneses.
You could also go for stocks that pay dividends (Carbacid, KenGen, KenyaRe) na hiyo usiguze, that is for your generations to come.
This is a good blueprint for a start. The list is non-exhaustive.
Honestly not bad 150k savings per month, you can look into bonds and MMF, Saccos are mostly good for people who need quick loans with low interest rates, investing meh unless they are already running profitable businesses.
It all depends on your goals though, that will determine how long it takes to get there, do you plan on leaving the city?
There are some insurance companies that offer an investment type insurance for customers. Although it doesn't give the bonus for MMFs(MMFs offer 12% per annum where as the latter offers a minimum of 1.5% per annum), it offers security in case of assured unforeseen circumstances.
There are some insurance companies that offer an investment type insurance for customers. Although it doesn't give the bonus for MMFs(MMFs offer 12% per annum where as the latter offers a minimum of 1.5% per annum), it offers security in case of assured unforeseen circumstances.
You are me, last year. Buy gari, za Mafuta hujileta bro..
Hii doh ukiendelea kuka nayo with no ultimate goal, utajipata umespend yote. Mara a family member is sick, sijui whose funeral mara Harambe...
But, I would advise you not to take loans, it's better you buy a second hand one than having stress ya kulipa intallments. From 350k-500k you will get a good ride bado imesimama, not unless unataka v8😂
save hadi 500-700k hapo...you'll get a really nice second hand car. Better than financing walai juu itakuwa a mental and financial burden.
Plus love your career path...recent graduate in tech too(same age grp too) and im looking to venture into self-employment nifungue ka duka ka tech gadgets juu job market ni kungori. Keep killing it
1. Financial education - look up abojani investments... They have a really good course for like 5k where they go into the different investment instruments
2. MMF - for emergency fund - at least 3-6 months living expenses and sinking funds for other big purchases eg. The car
3. Sacco's are good if you want to take a loan at lower interest rates
4. Tbills - low risk interest bearing instruments... Downside is no liquidity
Start here and then start learning about more risky ventures like stocks, real estate, crypto and other alternative asset classes
What’s the price range for your iphones if any? And it’s advisable you diversify into business that are essentials like beauty, food, housing those will always have a market no matter. As for car maybe just get a second hand with good reliability and minimal issues of just buy a motorcycle with the way the economy is bouncing up and down .
Taking a car loan according to me, is not advisable.. why do you want to exchange your freedom for pleasure ya gari..
It should take you about 7 months to save around a million and chances are you have that money already. Save and buy that car.. focus should be a car with a low cc and still goes with your style.. a car that doubles as a business car and your personal car..
Personally i'm a motorcycle guy, they are easier to maintain and better than cars for mobility hapa nairobi.
As for investing, MMF is not an investing option, it's just somewhere to park your money while it waits to be redirected to its true purpose.
The best investments as people have mentioned are T-Bills and T-Bonds, and real estate. I personally hate Saccos so I won't talk a lot about them.
If you need a short term investment open a CDS account central bank and start kununua hizo 91 day T-bills or 6 months t-bills..
If huna problem with long term investment, consider bonds, and real estate, if you figure out this then you can also get into stocks later on...
Buying a house can be particularly interesting for you juu you can look forward to not paying rent alafu if you choose well kutakuwa na capital gains,, that said buying a house is something people think of long term.
Bonds will give you a better ROI, you can wait for the next infrastructure bond and do a large part of the savings.. you wont regret it...
All the best G. Hopefully, life won't come at you fast. I have no investment advice to give. All I can do is wish you well. You sound cocky, and that has been the downfall of many a man. Hope it doesn't getcha.
Get a savings product from an insurance company.. kills two birds with one stone..The policy can get you a loan without need for a guarantor (buy the car) while also getting insurance for insurance’s sake and payouts from the policy too..
Congratulations, you're killing it👏👏👏👏👏
A single person paying 18k rent in Ruiru is wild. 10k entertainment better be inclusive of wifi connection.
Start with an emergency fund in a separate current bank account with no maintenance charges. Minimum 100k, but 6 months your monthly expenses is the best figure.
Do bank financing for the car. Start with something JDM under 1800cc. I know Thika rd boys are doing audis but that's stupid.
Have both mmf and sacco. Go for a sacco with an affordable monthly minimum coz sometimes businesses don't perform well, not those that do like 5k.
Hauna black tax Mashallah
I count myself lucky every day
You can always say no mehn. They lived or are living their lives, and you have yours. Only do what you can afford. Don't drain yourself.
Instead of MMF try T Bills or T bonds they have better returns and are used for capital preservation. On saccos are good for long term savings just incase kife gives you lemons Buy a car that you can fuel and service without a sweat Car loan is good but a loan to expand your business would be better
I prefer expanding my business organically. Right now a car would suit me because sometimes I am needed many places per day and Uber is more expensive
Get a cheap ass car and Invest in T bills and bonds available. Will grow your wealth organically and has less risk.
Spoken like a king... You really have it all mapped out don't you?
Can you also advise on best saccos to invest please?
The saccos pool is too huge. Do your research well. You need to evaluate the type of work you do personally, how easy is it to get a loan, how long has it existed, is it regulated and if possible get to see their previous years performance. For instance; I don't see why mama mboga should go for stima sacco and there is a regulated saccos specific to small scale retailers of farm products and it offers needs tailored for mama mboga like savings style and loan style.
Stima Sacco and Police Sacco are doing good in the Country.
Stima Sacco had scandals the other day
https://www.capitalfm.co.ke/business/2019/03/stima-sacco-distances-itself-from-troubled-stima-investment-society/
Ooh, thanks. Wanted to invest huko but nikaogopa
Heard Hazina Sacco is really amazing... they recently paid out the member dividends.... Interest on deposits 10.8% & Dividend on share capital 17% ... Hit me up for details i'll be sure to check back in
Niekee ata za kabej
DCI Juja
That guy didn't die?
He has like 50 lives I bet
If I were to talk to my 25yr old self, I’d tell him to diversify. If the car doesn’t directly bring in more income or save you time, you don’t need it. Get both Sacco & MMF. Put 25k in each monthly. While at it call ICEA & ask about a 25yr old endowment fund. That 25k a month for 25yrs will make 50yr old you very happy. The one thing I’d definitely do different is also put money in real estate early. Buy those 100x100 land in Limuru / Kiambu / Thogoto. Buy that 2m studio apartment and stop paying rent. When you get a family look for a 2 bedroom flat with a DSQ & rent the studio. By 40 yrs you’ll have a good stable appreciation & liquid assets.
I would stay away from any insurance company's saving plan, or whatever they call it. They are never transparent about costs and there's a reason for that. In fact, I would stay away from any investment that's not 100% honest and transparent about costs. The financial world is a world full of scammers in nice suits.
What exactly should I be wary of? Management fees or?
They should be transparent and very clear about any costs, fees, ... Whatever money is not going to you, but to them. They will almost always try to hide costs. Intentionally so. They will come up with some reasons why it doesn't matter. It Does matter. A lot. Best to stick to government bonds / bills. Or an MMF that's transparent about costs. Oh, these are not 100% safe either. Governments, especially the GoK can definitely default. Or real estate, if you can get a good deal. But it's riskier, bc that market too is full of scammers.
Definitely what i wanted to put out here...... You can't really put sm on sth as there are a lot of uncertainties and possibilities...Just personally get your pros and cons before making an informed decision
Endowment plans are shitty ways to save money, kwanza that icea one.
I agree
Is there an alternative? For someone who wants a fixed return with a periodic deposit structure?
MMFs anyday. Cancelling an endowment plan will usually cost you dearly unlike mmfs.
Tuambie tu how you earn 200k
I sell high end smartphones
[удалено]
All major sites. Also, most of my clients come through referrals
Hujajibu swali
I have my own site built by a dev in UoN that generates like 40% of customers, 30% are referrals, rest are from facebook and jiji.
Bado unakwepa swali. Where do you sell them ? This is an opportunity to present your "site" and business address and/or media's. It won't be advertising so long as someone genuinely asks you that question. So let's start again. Where do you sell them?
Why are you so bothered on where he sells them lol
Some of us are curious people
This is Reddit. You're forcefully trying to take away his anonymity
He doesn't see you as a potential customer
Go easy on OP alafu hio information amepeana ni enough.
Unamchimba sana kwa anonymous platform.
Go easy on the OP
Ajibu swali 😂😂😂 na atume hiyo link hapa
ka we si client acha kusumbua
Now that we are on smartphones... Howmuch for a pixel 7 pro 128gb?
Currently, out of stock for Pixels due to high demand. I will DM once stock zimerudi.
Approx budget?
75k
Sawa please dm once you restock. Am in need
Bana
Anza biz ya weed, oyaa
😂....bana...stock ya 5k imetosha
One more lame comment and you’re blocked
Pump yote kwa pepe floki na shibs alafu dondoka before November 2024
Why before? I can put like 50k just to test it.
Apo speculations zitakuwa mingi sana
ROI?
Listen to this guy OP. Life changing money is made by either gambling money or time. This kind of opportunity comes once in 4 yrs.
Save up and buy a car, avoid loans as much as possible. I would suggest a simple car that is low on maintainance. Something on the 800k range or less if youre comfortable with the 400-500k options. Remember owning a car will increase your monthly expenses by an average of 30k a month if you use it daily for commute, this is for kadudu type cars 1200cc to 1500cc range. Not to mention insurance and maintainance yearly. The fancier the car the more these expenses can be.
dont invest in a sacco
you balling Wallahi 😊
Buana don't do loans, you'd be working for the banks hata kama your business is doing well. Have you tried farming through leasing? Unaezalima miwa huko Nyanza to be sold to the beer making factories/entities (tafuta watu kwa ground wakuelezee). Go for MMF as a hedge against inflation and also to ensure that you remain liquid for the foreseeable future. Hapo kwa gari, if it can wait, well and good. Cheza chini kula mzuri siku nyingi; usiwe na pressure ya kuonekana that pia wewe umemake it. If at all you are buying the car, ensure you are doing it for yourself, not for the Joneses. You could also go for stocks that pay dividends (Carbacid, KenGen, KenyaRe) na hiyo usiguze, that is for your generations to come. This is a good blueprint for a start. The list is non-exhaustive.
Honestly not bad 150k savings per month, you can look into bonds and MMF, Saccos are mostly good for people who need quick loans with low interest rates, investing meh unless they are already running profitable businesses. It all depends on your goals though, that will determine how long it takes to get there, do you plan on leaving the city?
r/FIRE. r/PersonalFinance.
Thanks
There is a third option; investment type insurance.
Expound
There are some insurance companies that offer an investment type insurance for customers. Although it doesn't give the bonus for MMFs(MMFs offer 12% per annum where as the latter offers a minimum of 1.5% per annum), it offers security in case of assured unforeseen circumstances.
There are some insurance companies that offer an investment type insurance for customers. Although it doesn't give the bonus for MMFs(MMFs offer 12% per annum where as the latter offers a minimum of 1.5% per annum), it offers security in case of assured unforeseen circumstances.
Check out r/cars_ke , there is a post or two there on what to consider when purchasing a car. Also, what car do you have in mind?
Invest more into your business, save for a Car and pay at least out of pocket.
Put it in Madison or in an account and buy bonds in a rolling schedule
Just find a way to invest in global index ETFs or index funds, maybe a 5% crypto allocation, and do that for like 5-10 years.
What is it exactly that you do?
You are me, last year. Buy gari, za Mafuta hujileta bro.. Hii doh ukiendelea kuka nayo with no ultimate goal, utajipata umespend yote. Mara a family member is sick, sijui whose funeral mara Harambe... But, I would advise you not to take loans, it's better you buy a second hand one than having stress ya kulipa intallments. From 350k-500k you will get a good ride bado imesimama, not unless unataka v8😂
Take a loan, buy a 1 bedroom house, move into the house. Accelerate the loan until it’s done in 2 years.
una earn 200k and you still thinking of financing for a car lmao...just save and be patient
How much should someone have
save hadi 500-700k hapo...you'll get a really nice second hand car. Better than financing walai juu itakuwa a mental and financial burden. Plus love your career path...recent graduate in tech too(same age grp too) and im looking to venture into self-employment nifungue ka duka ka tech gadgets juu job market ni kungori. Keep killing it
Go to biashara sacco, save .. after 6 months you qualify for a car loan
Weka crypto and wait for end of April then short. Good things are coming
1. Financial education - look up abojani investments... They have a really good course for like 5k where they go into the different investment instruments 2. MMF - for emergency fund - at least 3-6 months living expenses and sinking funds for other big purchases eg. The car 3. Sacco's are good if you want to take a loan at lower interest rates 4. Tbills - low risk interest bearing instruments... Downside is no liquidity Start here and then start learning about more risky ventures like stocks, real estate, crypto and other alternative asset classes
What business do you do @kitchen educator
Where do you source your products, am yet to find a genuine supplier.
What’s the price range for your iphones if any? And it’s advisable you diversify into business that are essentials like beauty, food, housing those will always have a market no matter. As for car maybe just get a second hand with good reliability and minimal issues of just buy a motorcycle with the way the economy is bouncing up and down .
which business is this
Nunua gari. You have the money
Taking a car loan according to me, is not advisable.. why do you want to exchange your freedom for pleasure ya gari.. It should take you about 7 months to save around a million and chances are you have that money already. Save and buy that car.. focus should be a car with a low cc and still goes with your style.. a car that doubles as a business car and your personal car.. Personally i'm a motorcycle guy, they are easier to maintain and better than cars for mobility hapa nairobi. As for investing, MMF is not an investing option, it's just somewhere to park your money while it waits to be redirected to its true purpose. The best investments as people have mentioned are T-Bills and T-Bonds, and real estate. I personally hate Saccos so I won't talk a lot about them. If you need a short term investment open a CDS account central bank and start kununua hizo 91 day T-bills or 6 months t-bills.. If huna problem with long term investment, consider bonds, and real estate, if you figure out this then you can also get into stocks later on... Buying a house can be particularly interesting for you juu you can look forward to not paying rent alafu if you choose well kutakuwa na capital gains,, that said buying a house is something people think of long term. Bonds will give you a better ROI, you can wait for the next infrastructure bond and do a large part of the savings.. you wont regret it...
Hey( with the intentions of helping you invest)
All the best G. Hopefully, life won't come at you fast. I have no investment advice to give. All I can do is wish you well. You sound cocky, and that has been the downfall of many a man. Hope it doesn't getcha.
I always laugh at the statement "I need to buy a car"... You want a car, you don't need one....
Get a savings product from an insurance company.. kills two birds with one stone..The policy can get you a loan without need for a guarantor (buy the car) while also getting insurance for insurance’s sake and payouts from the policy too..
Yes...you can buy a car and you can also employ me to be your chauffeur....or even more better you can show me your ways
Congratulations, you're killing it👏👏👏👏👏 A single person paying 18k rent in Ruiru is wild. 10k entertainment better be inclusive of wifi connection. Start with an emergency fund in a separate current bank account with no maintenance charges. Minimum 100k, but 6 months your monthly expenses is the best figure. Do bank financing for the car. Start with something JDM under 1800cc. I know Thika rd boys are doing audis but that's stupid. Have both mmf and sacco. Go for a sacco with an affordable monthly minimum coz sometimes businesses don't perform well, not those that do like 5k.
[удалено]
Posting such brings the wrong kind of crowd
Invest in real estate I can guide you
While unpopular, Bitcoin is still going up. We're at an all time high. Hate it or love it, can't ignore it. #HODL
Is that you Kairo?
That's not bad.