Louisa Wanjiru is the head of brand and marketing at Superior Homes Kenya.
I have struggled with learning to be dynamic. I have had to accept that my job description is not fixed but will keep changing depending on the tasks at hand. When we needed to furnish our show houses, our CEO delegated the task to me. Even though this was not my field of expertise, I excelled at it and it piqued my interest in interior design. My greatest career moment has been creating strategic partnerships that have enabled home buyers access financing at affordable rates and in turn grown the uptake of units at our various real estate projects.
Apart from real estate, I have previously worked in the financial sector. I was employed at an investment firm previously where I got the opportunity to learn and understand the importance of financial management and the various avenues of investment.
A few years back, I invested in a business that I had little to no knowledge about. That move made me realize that you will not always make profits from an investment simply because someone else is profiting from it. My new motto since then has been to only venture into businesses that I have an understanding or expertise in. When you are naïve in a certain venture, you are vulnerable to being held hostage by employees.
When I turned 18, my mum bought me some shares. This was her way of introducing me to financial management but as a typical young Kenyan adult, I spent all dividends paid out on luxuries instead of re-investing and eventually sold the shares. Now that I am older and wiser, I have started investing in shares and the money market.
In my 20’s, I saved in piggy banks, the metallic one with an opening at the top where one could insert coins or a note. I would not get to the end of the year before I opened it. I lacked discipline. I have since done my research and now understand that there are a number of channels that can help me save or invest my money which will accrue interest over a period of time without the temptation to make withdrawals.
If there is one thing that the Covid-19 pandemic taught me, it is to have several hustles that will enable me to have multiple sources of income. Certain industries were almost declared redundant and if one of these was your only source of income, then you were facing a serious financial crisis. Many people never recovered and some might never get back on their feet as a result of this.
I use the 50/30/20 rule of thumb to save. 20 per cent of any income I generate either from my monthly salary or my side hustle goes into savings accounts that earn interest. These are in the two Saccos where I am a member.
During your 8-5 job, give your employer 100 per cent of your time and effort. When you clock out, work on your dreams and passion with the same vigour. The monthly salary you get from your employer can be a good source for financing your dreams.
Spend money to make more money. This means spending on investments or your business in order to grow. When you have idle cash sitting in your bank account, you won’t feel the urge to look for money but when you are broke, in terms of liquidity, you’ll get resourceful on ways to make money. Use other people’s money to grow your own wealth.
Do not be afraid of taking loans. There is this misconception that loans put you in debt but what they do not tell you is that there are two types of debt; good debt and bad debt. I am yet to meet a wealthy person who does not have a loan. But do not take up loans to go and luxury items. BY DAILY NATION