A Kenyan politician who makes millions from stock market shares 5 lessons he has learned about money
Money is for using, not saving.
The Kiharu MP has a sharp acumen for stocks having spent the better part of his life learning how to trade on the bourse.
Today he transacts business handling over Sh10 million ($10,000) daily, courtesy of CFC Financial Services through Investax Capital Limited.
The entrepreneur recently shared some key lessons he has learned about money on his way to wealth creation:
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Lending money
Mr Nyoro says offering friendly loans should only be done after deep consideration.
"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," he told the Nation in a past interview.
You must spend money to make money
The 27 year old disapproves saving money just for the sake of it.
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"Money saved is the same as a car; it loses its value. Money should either be spent or invested."
He argues that one can never get wealthy by saving money.
Have more income streams
Mr Nyoro advises people to avoid cutting on expenditure as it undermines one's standard of life. Instead, he advocates for coming up with more income streams.
Money in joint businesses
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"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."
Do not be in a hurry to invest
The politician discourages people against being in a hurry to put their money in an investment they 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."
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