Friday, March 29, 2024

My 7 ways of handling money and creating wealth

Purity Kagwiria is the Executive Director at Akili Dada, a leadership incubation organization for women and girls in Africa.

My money mistakes: I have made several money mistakes, especially when I started earning. I didn’t start to save early enough. I love clothes and shoes, and my first salary after paying my bills was always spent on buying clothes and shoes. If anything was left, I’d give it to my mother who had just been diagnosed with a potentially terminal illness. Being the first person in a few generations of my family to complete high school, go on into university and get good jobs meant that I had immense financial responsibilities, which I’d meet often out of guilt. However, I later learnt that there are limits to giving to your family even when you’re financially blessed. I learnt to say no, not to feel guilty of my accomplishments, and not to make financial decisions based on how guilty a relative made me feel. And I taught my mom how to budget so that there would be less calls mid-month asking for money.

Must Read: Complete Business Guides/Plans on How to start 41 Profitable Businesses in Kenya

Biggest career lesson:  Life will always give you a chance to learn lessons the easier way; if you don’t recognize and learn, you will end up learning the hard way. In my first job, I got caught up in gossip, and unhealthy and toxic work relationships. I would judge people based on hearsay and for a long time I didn’t know the line between being friends and being workmates. I expected that if I am friends with my boss, she shouldn’t question what I am doing or not doing, if she did I felt that our friendship was not strong. Since I have worked in the NGO sector my entire career, the lines are also not always clear. I didn’t take feedback well and always saw it as a personal attack. I eventually quit this job, became jobless and very broke for two years.

Saving and giving: I save together with my family. We include our savings in our monthly budgets. In the past, I would assume that I knew how I spent all my income, but I didn’t.

For instance, when my family tracked our monthly expenses over a period of time, we learned that there were things we spent money on that we actually didn’t need. For example, we spent at least Sh. 5,000 on juice monthly. We cut this expense off and opted to go for water. I also reserve 30 per cent of my income or expenses for giving to needy children’ homes.

If I were to start again: I would believe more in myself and explore the world more believing that I am the right person at the right place and at the right time. I would get a mentor, invest in my growth based on my strengths, and especially get to know myself better especially in my 20s.

Where women get it wrong in life: Conforming to rigid cultures that box us to either a wife or a mother. These are not the only things a woman can excel in. I have come to learn that as women, we should be able to tap more into who we are and bring it out into our careers or business. For example, the more I have learned to trust myself and approach the world using my strengths, the better I have become.

Secret to building wealth: I certainly think we tend to think of wealth largely in terms of money. I think wealth is in the quality of life you live, which can be done with lesser money than we think. I am still building wealth. I have a little boy who I would like to have richer experiences in his life so I am building wealth of friendships and a support system for my child so that he always knows there is more than me and his dad who believe in him and his dreams (no matter how weird or ‘out there’ they may be). I am building wealth by investing my time and talents in girls and young women across Africa because I believe when given a chance they change the world. I think this will translate to networks that will last more than a lifetime.

Entrepreneurship versus employment: I think it depends on the person; employment is not for everyone, entrepreneurship is not for everyone. I would say try both and see where you fit best. I think anyone can be anything they put their mind to. I think we grow up in a culture that says being employed is the best thing ever. However we have seen more and more people quit their jobs to start businesses. We therefore need to change our thinking around employment. We can be the creators of the jobs that are needed in this country. White color jobs are fewer and not the best fit for us all. I think we need to change the narrative to see entrepreneurship as employment. Each employer was a start up at some point and if we see ourselves more as employers, I think we will solve quite a bit of the unemployment state we have. I think whether employed or running your own enterprise, one can make money. Both require discipline to work, save, invest and be patient. No one gets rich overnight regardless of what you choose to do.  I think as Kenyans, we can focus less on the government employing people and be the people who create the jobs.

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