How to become a millionaire in Kenya: Getting rich and becoming a millionaire is a taboo topic. Saying it can be done by the age of 30 seems like a fantasy.
Here are the 10 steps that will guarantee you will become a multi millionaire by 40. How to become a millionaire in Kenya:
1. Follow the money.
In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that. Start following the money and it will force you to control revenue and see opportunities.
2. Don’t show off — show up!
I didn’t buy my first luxury watch or car until my businesses and investments were producing multiple secure flows of income. I was still driving a Toyota Camry when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.
3. Save to invest, don’t save to save.
The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income).
4. Avoid debt that doesn’t pay you.
Make it a rule that you never use debt that won’t make you money. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
5. Treat money like a jealous lover.
Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
6. Money doesn’t sleep.
Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. Never try to be the smartest or luckiest person — just make sure you outwork everyone.
7. Poor makes no sense.
I have been poor, and it sucks. I have had just enough and that sucks almost as bad. Eliminate any and all ideas that being poor is somehow OK. Bill Gates has said, “If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake.”