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Saturday, September 19, 2020

Ndindi Nyoro: Why employment may never make you rich

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Ndindi Nyoro Latest: Today, our country is soaring with universities and other institutions of higher learning more than any other time in history.

Kenya probably has the highest in per capita concentration of universities in Africa. This is driven by the demand side with many Kenyans having a voracious thirst for higher education. But, the pertinent question is, are our students in a sincere quest for knowledge or just papers to get promotions at the workplace?

Success has been associated with a good career, a well paying job, a big house in the ‘right’ estate and a big car to crown it all. This definition of success is laudable.

However, do these things complement each other and follow in quick succession? Let us get to the figures.

Evelyn Shuku: How I partnered with my hubby to own a house, build wealth

Whereas it’s a personal ambition for every young Kenyan to own a house, a prestigious car, catch an annual exotic vacation, become a popular name in the hood and to move up to the apex of social and economic ladder, let’s break down the possibility of both a good car and job for the young person today.

It is practically not as easy. To own a second-hand car, probably a Prado, it would go Sh3.5 million whereas a bare piece of land in a middle-class residential estate would cost around Sh5 million per quarter an acre; in total Sh8.5 million for both.

Many desire to climb to these standards before their 30th birthday. Let’s assume a fresh graduate aged 24 gets a job with a net salary of Sh100,000 a month, which is hard. The much they can save is around Sh50,000. This translates to around Sh600,000 per annum.

To save enough money for a big car and land, at a cost of Sh8.5 million, they need around 14 years holding all other factors constant. Meaning he/she will be 38 and definitely with more obligations that cannot warrant that kind of saving.

And even if it were possible, the big car will be parked on a bare piece of land. The lesson is that there’s no way one can be able to live large while employed. Kenyan youth must embrace entrepreneurship early in life.

To those who aim to be bankers, it’s time to aspire to be bank owners. To those who seek to be doctors it’s time to think about how you’ll own a chain of healthcare facilities. To those who feel teaching is their destiny, owning a school can be faster than you think.

And to those who wish to become news anchors in future, you too can own a media house. But while at it, we must take that first step and build from there. Ndindi Nyoro Latest.

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