Wadau sijui kama mnakumbuka when I lost my job. It was a gruelling time but thankfully I had some savings and my parents were more than willing to put me on a payroll until I got back to my feet.
My cousin works for a company that is closing down shop and things are not looking good. He has a child to support, loan ya furniture na household goods and pia gari is still owned by the bank. He knew beforehand as the company was doing a stint in the country but now hes running like headless chicken.
Since he has a kid, as a family we have to chip in, otherwise kigeumana.
Some companies have a business continuity plan. Making sure they have hard and soft copies of documents with some phasing out hard copy. Also in case the building burns down you can work from home remotely like nothing happened. Kama vile @Purple hufanya kazi ya mod akiwa USA na wenzake wakiwa wanakunywa uji moto Oyole.
Kwa wale wameandikwa ama watu wa biashara, what is your contingency when things go bad. For your family, business etc. Kama TLS duka ilifagiliwa juzi, pole sana daddy!!
tell him to MIA alafu atokee kama msee wa maindi choma huko kampala na madam na mtoto. hakuna mtu atajua alidowngrade. lakini akuwe anasave ya kurudi nyumbani kama amevaa poa. gari anaeza organize iibiwe iende kampala via tanzania.
lakini mbona kila kitu ni ya loan. ako na mbio sana atulize. you cant have everything at the same time.
Learn to invest in small small businesses here and there. Wife akuwe na salon huku, bora its pays the bills on its own na anapata yake ya mfuko. Best part is that she is busy. Fungua duka kwa plot, hiyo profit itakuwa ya kununua mboga na food. Weka shamba hapa na pale ya kusaidia every three months as it coincides with holidays and school fees. Nunua buloti hapa na pale upande trees. As you harvest every 5-7 years you can settle all bills for a year or two. Lazima ujipange my friend. Hustle and Tanga Tanga.
My plan has always been financial independence by saving at least 70% of my earnings per month. Right now I’m at 75% savings juu kuna ka loan nalipa, but it will go up to 80% by next year God willing. Those savings are then invested to generate a passive income which will match a comfortable standard of living.
The key is to live below your means and save, save, save. The greatest financial regret by most retirees is not saving or investing enough during their working years. If you think about it, the number of paychecks from your employer are finite. Kama saa hii tumelipwo naskia joto, but I have to be disciplined and squirrel most of it away for the future and emergencies.
Financial freedom only comes when things are under your control that is bizna… When I left salary my expenses are always catered by side hustles… Main hustle ni kurudisha kwa kazi as we move on
Yap, it is the story. But @Purple me and you both know why you can save 70%+ hiyo ni hard for majority of the population. I believe the guy was saving but considering hizo vitu analipia, the amount is minimal.
On the amount you save, make sure you dont get taxed since you’ll have maxed out your 401(k). Hope you have a good financial planner to benefit from tax loopholes.
I strongly believe that financial management should be taught in school as a compulsory discipline. People really screw themselves in their prime. It’s however never too late to learn. We can also play an active role by training our kids.
“Retirees who withdraw 4 percent of their initial retirement portfolio balance, and then adjusted that dollar amount for inflation each year thereafter, would have created a paycheck that lasted for 30 years.”
It can be done, save whatever you can even ksh 100 bob per day is still something to be proud of. Next, you wanna grow your income to the point where 70% savings is within reach.
I started huko chini, recently I got a second job ya ku baby sit to increase earnings. Plz young man, I admonish you to work very hard. Trust me, hakuna kitu mbaya kama kuzeeka na huna retirement nest egg.
@Purple saving that hard then ugongwe na basi ukufe, hata Mungu atakukataa. It’s as if you don’t trust him to be there tomorrow to provide like he provided today.
30% is hard saving, 70% is not normal especially to a female with no children. If you’re really saving that hard you have reduced your life to bare existence.