Why Starting Early Can Be More Powerful Than Saving More Two cousins Kevin and Martin received a surprise gift of KSh 50,000 each from their grandmother after graduating from university. She encouraged them to use the money wisely. Kevin decided to put his gift into an investment account that earned interest. Every month after getting…
When Peter’s business started making more money, the first thing that changed was not his investment portfolio. It was his lifestyle. He moved into a more expensive house, upgraded his car and became more comfortable spending on restaurants, holidays and other things he had previously considered luxuries. From the outside, it looked like success. A…
On the 25th of the month, Brian opened his M-Pesa app and stared at the balance for a few seconds. He wasn’t waiting for money to come in. He was trying to understand where the money that had come in three weeks earlier had gone. His salary was not particularly small. Rent had been paid….
“Can I really buy shares with KSh 5,000?” Mary asked the question while having tea with her cousin in Nairobi. She had heard people talking about shares, dividends and the NSE, but the whole thing sounded like something meant for people with serious money. Her cousin laughed. “You think you need a million bob to…
The loan officer looked at James and then looked back at the computer screen. “So, you have been running the business for how long?” “Almost four years.” “And the business is doing well?” “Yes. We have grown quite a bit.” James had come to the bank feeling confident. He wanted financing to buy another vehicle…
The Month She Finally Asked Where Her Money Was Going “Surely I should have some money left.” That was the thought that crossed Akinyi’s mind one Friday evening as she checked her M-Pesa balance. Her salary had come in less than three weeks earlier. Rent had been paid. She had sent money to her mother,…
On the evening of the 25th, James opened his M-Pesa app for the third time that day. He had been paid earlier in the month. The rent had gone out. He had sent money home, cleared two bills, bought groceries and paid his loan instalment. Nothing unusual had happened. Yet the balance on his phone…
“Most Kenyans don’t fear taking a loan. They fear hearing the words, ‘Uko kwa CRB.’” Introduction: The Phone Call James Never Expected James, a 32-year-old electrician in Nakuru, had every reason to believe his loan would be approved. His business had grown steadily over the previous three years. He had secured contracts installing electrical systems…
When the money finally starts accumulating By the time Peter looked at his M-Pesa balance that Friday evening, he had KSh 180,000 sitting there. It was not money he had received overnight. For almost two years, he had been putting something aside whenever his salary came in. Some months it was KSh 5,000. Other months,…
The Plot Was Almost His “I have found the place.” That was the message Daniel sent to his wife one Saturday afternoon. He had spent months looking for land. The plot was outside Nairobi, in an area where new houses were coming up and roads were slowly improving. The seller wanted KSh 1.8 million. Daniel…
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