Friday, July 19, 2024

Daniel Mutuku: Why I switched from saving money in bank to saving in MMF

Daniel Mutuku is the managing director and career advisor at Career Point Solutions, a recruitment and job advertising business.

One of my greatest milestones is derived from what we achieved during the pandemic last year. When the pandemic struck, we decided to start free online training programs on employment and finding jobs amidst a pandemic.

We successfully held 42 consecutive webinars that benefited thousands of Kenyans. On YouTube, our training sessions were watched by over half a million people, pushing our subscription from 200 to over 14,000.

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In my little way, I am glad I was of help during a season when millions of people were losing jobs, income, and hope. In as much as we are striving to excel individually, we’d go very far if we learned to serve others during their time of need in our little capacities and abilities.

The initial plan will not get you to your career or business goals. You must constantly review your growth strategies to see what is working and what isn’t, and adjust by cutting off areas that are dragging you down. It is unfortunate that most people give up when the initial blueprint fails to work instead of adjusting and rewriting it.

Some time back, I developed a product that I thought the market needed. It turned out to be a major mistake. I had thought that since there was no career training for fresh graduates and final year students, I would strike a gold mine by developing such a platform.


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When I introduced it in the market, I realized that there was no need for such a solution, at least not at the time. People were not willing to pay for it and I incurred a significant loss.

In retrospect, I think losses are a good way of learning, despite the pain that comes with them. But it is better to observe, consult and attempt to avoid money mistakes by learning from others.


I have come to learn that there is no place for ‘middle ground’. If you are not growing you’re dying; if you are not moving forward, you are falling behind. This is why I would focus more on personal development, learning from mentors and coaches, reading more books and signing up for courses if I could restart my career all over again.

Learning is a lifelong process. For instance, I have seen a lot of personal growth since I adopted the ‘no graduation day’ philosophy in my career and finances.

I currently save in a money market fund. Every month, I have set an amount that goes to this fund. I use a money market fund to reap from both savings and the compounded interest.

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To ensure that I don’t miss my monthly saving target, I have set a standing order that automatically sends money to the fund at the close of every month.

Previously, I used to save money in the bank. The money was stashed in an account that didn’t earn any interest. If you have a bank account, check on whether it earns you any interest or if your money is just sitting there idle for borrowing by others.

Let no one tell you that money is not good. Go for money. Money is an enabler. The love of money is the root of all evils, not money. When someone tells you that money can’t buy you happiness, they either don’t have the money or don’t know where to shop.

Money will however only take you far if you have goals. I set a goal, create a plan on how to achieve it and then get to work to make it real.

This means that if a goal requires money, I will accelerate my savings to get to the capital I need. Set your targets, have a budget, roll your sleeves to work, and it shall surely come true.

A version of this profile feature on Daniel Mutuku of Career Point Solutions was also published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.

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