Phyllis Wakiaga is the Chief Executive Officer at Kenya Association of Manufacturers.
Saving to build wealth: There is no better way to multiply wealth than by learning how to save. I learned how to save from my very first job. Back then, saving came in handy not only for myself but my close relatives. Importantly though, it inculcated the habit of saving right from the beginning. Always have something that is your own and commit to saving, not just for a rainy day, but for your dream and vision. One of the easiest mistakes you can make is to assume that you are either too old or too young to start saving, or that the amount you have is insufficient for saving, or saving in an easily accessible savings channel. You may also join a legal sacco, a community group, or form a small registered group where members can contribute small amounts, save, lend each other or even invest in assets such as land.
If I were to start all over: There is nothing I would do differently. Every step and stage I have passed through in my life has built me to whom I am today. The one thing that I thought I would have accomplished at this point is a PhD. However, I still have time to pursue this and I will. And that’s the secret with goals and resolutions. If you set out to do something, do not put it asunder simply because you haven’t accomplished it within the time frame you drew.
Biggest money mistake: Like many women out there, I have had problems with impulse buying. At certain points, I have acquired some things on impulse, without realizing that spending on impulse eats into my finances without a warrant.
Side hustle: Having an efficient side hustle will not only be a way to make an extra coin but will prepare you for the inevitable heady days after your scheduled employment period is gone. I believe that in every side business, you should try to see your retirement and how you’d want it to be. For instance, you will do well to commit the extra income you get from side hustles to your retirement fund.
Making it in the corporate arena: There is no doubt that the ground is presently not level for women to compete and capture all the available opportunities. Nonetheless, I have learned that this should not be the excuse that holds you back. I believe in knowing how ambitious you are willing to get, writing down the ambitions that will remind you the road you’ve traveled, and unlimiting your abilities within the corporate sphere.
