By Michelle Wanjiku You may think that the more money you make the wealthier you become but this is not the case. When it comes to building wealth, you will need more than just a hefty paycheck. Whether you become wealthy or not depends on your financial habits. How do you spend the money you make? Are you investing? There are some habits wealthy people have that set them apart from everyone else struggling financially. Here are some of those habits you need to start cultivating. Wealthy people ensure they have more than one source of income. You never know what might happen. You could lose your job and end up having no income at all. But with multiple streams, you have something to fall back on. Try and find a way to build passive income. Be it through starting your own business, freelancing, investing in stocks or something. This will ensure that no matter what happens you will not have to go through a time when you have no income at all.
How to make money online from home
There’s no simple answer — or a single way to do it. In fact, almost everyone can find at least one way to put their money to work. Read More : We asked financial planners for their favorite high-yield savings account, and almost everyone said the same thing. These accounts are usually available at online banks, which keep costs down by forgoing brick and mortar locations. Passive income is the term colloquially used to define any money earned with little to no effort expended, according to Investopedia. Once you’ve set it up, passive income streams earn you money while you sleep. Sounds too good to be true, right? Retirement accounts such as k s and IRAs are investment accounts, meaning your savings are invested in the market and have the potential to grow exponentially. You don’t want to give away free money. When you turn 65, it turns into an IRA and you don’t get penalized for using it for other costs — you can pay Medicare costs and long-term care premiums. Being in the markets is not the same as trying to time the markets: Pulling money in and out to take advantage of favorable fluctuations and minimize the loss when the market dips is a strategy most experts advise against. Over time, Gould says, worrying dips in the market should even out, resulting in an overall gain. To take advantage of this effect, though, you have to leave your investments alone. Sitting in comfort is not a good way to make money.
2. Develop streams of passive income
Remember the quails business in Kenya? Heard about desi schemes and recently, organo gold coffee pyramid schemes? There is more to it as you read down. I am not going to tell you about any unsustainable or illegal ways of making money online or offline but rather, practical, evidence-based best practices on how to make a sustainable income in Kenya. Who would not want to make extra money anyway? There is a tendency to look far, wide and high for ways to make money. A lot of us in Africa believe that you cannot make money unless you become successful in school, get a good paying job — OR, become a politician. Formal education is not for everyone. We all cannot be politicians. There is something for everyone… and you could do it right here in Kenya. Their business model is based on that fact that cheap Chinese products are not for everyone. There is a huge market in Kenya who would rather pay a little more for a quality product than to buy single item several times in a year — from China. Not all items from China are of poor quality. It depends on the target market the items were manufactured for. Jumia has both affiliate program and a reseller program. They also have field delivery crew who makes money when they deliver an item and customer pays on delivery. This about this as the Uber Taxi Model. How many word articles can you write? Not so many people knows how to make money writing content online about specific topics. Not so many people knows how to make money uploading videos on YouTube and other social media websites. It is simple! How does a TV station or a radio station make money? By selling advertising to businesses. By selling advertising space to businesses. You may have seen advertisements on almost every website you visit.
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About James Keru
Making your money work for you 3. Well, we reckon that learning about money and personal finance are really important skills for all young people let s face it we pretty much use money every day of our lives. You may well have a bit more money than you thought as the government has set up a new savings account called a Junior ISA.
All looked after children who have been in care for over 12 months will have put into their own Junior ISA savings account by the government. This amount can be added to and could grow a lot larger.
Once you reach 18, the money is available for you to use in whatever way you like. That s why it s so important to understand how to manage your money and even grow it more! This resource has been developed to help you think a little more about how you use your money and the decisions you may need to make in the future.
What do I need to look for from a bank account? How much should I spend and save? How can I make my money work for me? This resource book has been split into five separate sections: Jenya your money out Making sure that you are able to buy the things you need and want, with the moey that you have available. Where does it go? Sometimes it can be easy to lose track of how much money you have left, and how much you have already spent. There always seems to be something that you need to be planning.
Where is the best place to put kennya savings? We take a look at how to go about making the right choices for you. It can be very useful to be aware of these changes to make sure you re always getting the best deal. Each section has an info monry followed by two activities.
The info page gives you bits of monet information about the money topic, and the activities let you use this in a way that helps you learn more about it. Don t worry the activities aren t trying to catch you. They ve been designed to be fairly quick, not have too yuor writing involved, but also to get you thinking about how you approach your own personal finances.
Many of the activities will help you look at your own thoughts and ideas on money, but a few have answers than can be checked in the back of the book. If you want to find out more about money and finance issues, including the Junior ISA, why not ask your carer or teacher?
Tell them they can look at or for a guide for themselves! Making your money work for you 5. Have you ever run out of money? Are there things you want, but never seem to have enough money to buy? Most of the time it can feel a bit of a struggle to keep your spending in check with the money you have available. Whether it s food on a day out with friends, or your favourite comic or magazine, there always seems to be something that you need money to buy.
This is exactly the same for most people who have to manage money; they have to make some tough choices on how to spend wisely. Gok Wan and Lindsey Lohan are two fashion conscious celebrities that have been known to buy second hand clothes.
There are a few tips below that might help the money you have go a little further: If there s something you want to buy, ask yourself do you eknya need it? Shopping around don t just buy from the first place you. Look in different shops, or the market. You might be surprised to find how different the price can be. Grabbing a bargain many shops will have offers and deals, especially at certain times of the year such as the Christmas period when they have their big sales.
If you can, try waiting a while until an offer comes up, or the shop has a sale. Buying second hand it may not sound like what you had in mind, but so many people are now buying second hand as a way of getting the things they want making your money work for you in kenya. You can buy second from charity shops, boot fairs, vintage shops, and, the most popular, online auction sites. Sometimes the things they sell are new or nearly new, but at much lower prices.
One of the most expensive items sold on e-bay was a baseball card which sold for 1 million in America in Making your woro work for you.
Yoru ve just had your birthday and have been lucky enough to receive a total of There are three items below that you have been wanting for a long time. Take a look at the deals that are available for each and see whether you can get everything you want for your Pair of trainers 30 There are three offers available.
Moneey would you choose? Write your explanation underneath. Sam is 14 years old and is always having problems with spending. Usually Sam spends far more money than he gets from his paper round and pocket money, and ends up having to borrow from friends, or asking for an advance on next week s money. Below is a yoou of the items that Sam likes to buy each week, showing how much is currently spent on each of.
Sam receives a sork of 38 per week from the paper round and pocket money. In the space on the right show how you would change Sam s spending so it at least matches the money received each week, so that he doesn t overspend.
Remember if you have money in your Junior ISA, you can t get it out until you re 18! There are some easy ways of making sure that you always know how much you. Do you know how much money you have right now? Can you remember how much you spent over the last week? It miney fairly easy but you d be surprised how many adults have no idea how much money they currently have and what they spent last week.
It is really important to know both of these things so you can begin to plan for your spending and saving. Keeping an eye on spending can be as simple as keeping a record of how much money you have and how much of that you have spent.
Sometimes people take a bit of a guess at how much they will spend over the next week or month, and try to stick to it. This is what a budget is. If you bought a can of wrok drink costing 65p every day for a year it would cost you Over five years this would be 1, Someone smoking a packet of cigarettes every day would pay a total of 45, over 20 years!
What could you do with that amount of money? How does a budget help? A budget shows how much money you think you ll have over the next week or month, and a best guess at how much of that you ll spend on certain items. Having it written out means you re more likely to think about it when you do spend, and hopefully help you to stick to your budget. Having a budget can help a lot with planning how you spend your money more wisely.
Activity 1, Jo s Diary. TIP You may find it easier to highlight the income in one colour and the expenditure in another before adding them up. Got given a total of 65 birthday money. Also got my 10 pocket money today bonus! Feels like I m rich. Kenyaa have to think about what to do with msking this money. I feel a trip to the shops coming on. Tuesday, 4 th August Bought two new PS3 games.
The shop had a deal on so I got both for 30 bargain! Met up with Tyler and Frankie and went to the cinema in the afternoon 8 for a seat and 4 on food and drink. Well expensive. Wednesday 5 th August Went over the park and kicked a ball around with Frankie for a. Bought us both one of those really big ice creams with strawberry sauce and sprinkles for only 5. Went back to Frankie s house and he paid me back 2. Thursday 6 th August Got taken to the theme park as my birthday treat.
Jocelyn my carer paid for me to get in, but I wanted to go on the arcade machines and ended up spending 12 on. Also spent 4 on some candy floss and a hotdog had to eat them out of sight of Jocelyn as she had brought a picnic! Friday 7 th August Can t believe it I got a late birthday card this morning with 20 in it!
Went round for Tyler and both went to the skate park. Bought a couple of drinks and a sandwich for 4. Walked into town and spent 12 on some new headphones no more crackling! Is here any money left over? If so, how much? Jo s Budget Using the information from Jo s Diary, have a go at completing the budget. Foor 2, Tracking your own spending. Use the table below to write in your own income and expenditure for next week.
For your expenditure, think about what you might spend on individual items in the week — write this in the Your estimate column. As you go through the week make a note of exactly what you did spend your money on, and how much you spent on each thing. So, how well did you do? Did you spend more or less than your estimate?
How to make money from home in Kenya
Do you need to get reasonable returns, worth your cash? Are you busy in employment but need an extra income? Have you received big money whose use you can’t decide at the moment, and fear to embezzle? Worry not. I have an answer. My Business teachers talked much about investment and saving schemes, including various banking products, like savings, Fixed Deposit Accounts, and Current Accounts. See Also: 10 modern ways youu make money online In Kenya I have grown, gone to college and working but after critical observation, Inn have realised that: bank savings, insurance policies, fixed deposit accounts are not the best for you, but business making catchwords. Ylu a Sacco, you can start investing with as little as Sh or. If you are working and poor at saving, the Sacco is for you. And if you’re salaried and your pay point wlrk the Sacco, the better! You can’t lack cash. Invest in a Sacco. Pay through check-off system via your employer, or pay in cash or through mobile or a bank standing order service. What if yo invested Sh, gour in a Sacco today? Isn’t it a good investment, especially when you have schools going children, and your only income is the salary, no time to do business? Supposing you saved 10 million? You get Sh1 million annually. Is that small money, when your job pays you less than thousand annually?
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