Ndindi Nyoro Riches: Entrepreneur Ndindi Nyoro, who is the founder and head of Investax Capital Limited, Afrisec Telecoms and Sahara Capital, dispenses five key lessons he has learnt about money on his way to wealth creation.
Lending money: We work hard making money… then freely part with it without deep consideration. We have all lost money through lending. Remember, once you lend someone money, it is no longer yours. You will chase after it the way you first chased to get it. Stop competing with banks by offering friendly loans!
Saving money: Don’t save for the sake of saving. Money saved is the same as a car; it loses its value. Money should either be spent or invested. People must also understand that you can never get wealthy by saving money. You make no money by saving money!
Money and expenditure: Some of the most common advice we hear is to be frugal. I do not subscribe to this school of thought. Curtailing your expenditure only undermines your standard of life. Instead of cutting on expenditure, I have learned to come up with more income streams.
Money in joint businesses: If you co-own a business or an investment, I have learned that you must always retain considerable power on how your money gets spent. Your signature must be mandatory, which means that your say must reflect the money you put in.
Investing money: Never rush to put your money in an investment you don’t understand. The ‘timing’ and ‘what’ are the keys to making money through investments. Know all aspects of the ‘what’ you’re investing in. If it’s land, don’t take short-cuts. If it’s shares, don’t speculate. Always do your due diligence and don’t allow anyone to push you around, otherwise you’ll just keep losing as much money as you make. Ndindi Nyoro Riches.