Monday, May 27, 2024

Kariuki Ngari: 7 money rules you need to follow to start growing wealth

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Standard Chartered Bank chief executive officer Kariuki Ngari shared seven money tips that will set you on the path to wealth in this eye-opening interview that was hosted by Bizna Kenya’s associate Robert Ochieng who is also the chief executive officer at Abojani Investments:

1). Your money is hard-earned money. Be careful where you put it and be conscious of outsized returns. At times, be conservative with your money. In fact, look for an investment that gives you a consistently assured return. Standard Chartered Bank, for instance, is very clear on its dividend policy and is very consistent. This ensures that the dividend it pays, is sustainable. Consistency is vital, so be very clear about where you’re putting your funds.

2). Avoid outsized returns; they never come to pass. Sadly, so many people lose their money with the hope that their money will be doubled, prayed for, or invested in pyramid schemes. These are examples of outsized returns. Be aware of where you invest your money.

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3). Invest your money in a trusted name Trust is important. Invest in a trusted name that allows you to rest easy knowing that even if something goes wrong, that name will make things right. That name will do well. That’s important. Moreover, make sure that you can have conversations about your investment with relevant advisors so that you are clear on your risk profile.

4). Watch over the long term as the investment continues to grow, and then invest back Invest your money back, especially when you get good rates and compound the interest. Whatever your return, put it back, let it continue growing, and then make a conscious effort to put some money aside all the time. If you are salaried and happen to get a salary increase, don’t change your lifestyle completely. Instead, put money aside to save more. That’s how you start building for the future.

5). Always remember that tomorrow the sun will rise You may not see it, but the sun will rise. It has been rising for the last 4 billion years. So tomorrow, you can bet it’s going to rise. If you have a young child, in 15 years they’ll go to university, and they’ll require money, so start putting money aside. Don’t wait until school time. Just like the example in the sun, remember that when you have a child, they will grow. They will require more and more money until you attend their graduation.

6). Prepare not only for yourself but also for the next generation Lineage is one of the highest forms of success.

7). Focus on changing the world within your scope of influence before changing the world out there, with that focus, you will make a difference.

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