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Money in Kenya: There is an abundance of tips and steps on how you can get rich or attain financial independence. This is not so farfetched. Money is at the heart of personal and communal development. But with this abundance, it is easy to get your finances twisted. Take a look:

To diversify or not: One of the most common nuggets of wealth creation that is propagated is diversification of investments. But Grant Cardone, a self-made millionaire and the author of The Millionaire Booklet says that you should not go the diversification way if you want to get rich quick. Instead, you should come up with a singular investment option that you have significant control over.  “The idea that you should diversify all your investments is spread by self-serving investment firms. Instead, it is wiser to learn everything you can about a particular investment space, go all in, and watch your investment,” he says. This is heavily disputed by Shark Tank’s billionaire entrepreneur Kevin O’Leary. “You should never have all your eggs in the same basket. The economy has multiple sectors that can create wealth for you. Spread out your income streams,” he says. Nonetheless, O’Leary points out that placing your eggs in different baskets has a caveat. “Always be mindful that an investment will only be as good as what’s inside the basket,” he says.

The big deal about saving: Saving money in Kenya is one of the key drivers in the journey to attaining financial freedom. But Cardone says that working hard to save money just for the sake of it is an exercise in futility. “The financial gospel says that you should save money for a rainy day, or the future, or the retirement. That’s the wrong approach. Instead, save for the opportunity that someday, you will make a mega, single and accurate investment that will reward you handsomely,” he says. He says that from age 25, he moved all his surplus money into future investment accounts that he could not access easily and that could guarantee him future wealth. “I saved money that would be available for investment at the time I’d finally have the knowledge and courage to correctly shoot at wealth,” he says. On the other hand, Forbes recommends that one of the better ways to save is by saving enough money to cover three to six months of your expenses, setting it aside in a savings account or an investment you can access if need be, then making the rest of every coin you make work for you. “Invest that cash so that you have a fighting chance against the rising cost of living,” says Forbes.

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The style drift: Too many people get swayed into an investment by the activeness, advertising or show off of an investment firm or professional advisor. This is not always the right move. “Don’t buy the hype that quality is a province of the big investment firms or most renowned money advisors,” says Forbes. Nevertheless, small investment firms are not always risk free. Financial and investment fraud expert Ken Stalcup says that if the adviser or investment firm behind a highly rewarding investment opportunity is new, small, or running an independent operation, you must pause to evaluate the possible losses that you can incur once you give out your cash. “For the most part, small investment firms and financial coaches are vulnerable to errors, irregularities or fraud, all of which can go undetected for some time,” says Stalcup. Above all, O’Leary says you should only heed financial advice that challenges your investment assumptions and preferences. “Only get a coach who can tell you the realities and percentages of the market,” he says.

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