We find ourselves waiting for larger sums of money because we believe that is what is required to begin saving or investing. We believe that only with these enormous sums will we be able to make a substantial difference. And as we wait for these large sums, we often spend tiny amounts of money on a daily basis without realizing their value or the alternate uses of the money. Second, we are missing out on opportunities.
I believe that the cancer of rapid pleasure occasionally seeps into our saving and investment mindset. We want to be able to claim right now that we have Kes 50,000 to save, without realizing that it is actually tiny amounts over time that add up to Kes 50,000.
Today, we'll have a look at the Kes 5,000 power. Given that your bank account is usually empty by the end of the month, you might be asking where you might earn Kes 5,000. Do you easily spend Kes 170 every day without even realizing it? Would Kes 170 in your wallet be there at the end of the day if you left your house?
At the end of the month, you'll have Kes 5,000. You could spend it on lunch, snacks, or drinks, but you can choose to set aside Kes 5,000 per month. So, what exactly can this Kes 5,000 be used for?
With Kes 5,000, you can open a savings account. You can save this money by putting it in a savings account. Many banks will be able to help you with this, and some mobile service providers are now offering savings solutions as well. This account will have at least Kes 60,000 in it at the end of a year, plus some interest.
You may even invest this money into a SACCO every month and get dividends on the shares you've accumulated at the end of the year. Using one of my SACCO clients as an example, you would have earned Kes 6,000 shillings at the end of the year. This 6,000 dollars can be used to investment in anything else or to cover your utility costs for the month.
Your Kes 5,000 has begun to generate income for you. If you save this much money in a SACCO, you'll be able to borrow up to three times the amount you've saved.
With Kes 5,000 each month, you can invest in the stock market. The minimum number of shares you can buy on the stock exchange is 100, therefore you can invest as long as the price of the shares is less than Kes 50.
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