The financial journey and ultimately freedom is like climbing a mountain. When you start out chances are that you probably won’t picture yourself at the summit but once you dig deep, persevere and make a few sacrifices along the way, you will undoubtedly be rewarded with a breathtaking view after the hard climb.
Everyone wants the financial success and comfort that come with building up savings, planning for retirement, and managing finances wisely.
Attaining financial freedom is however a daunting task to achieve especially if you are debt-ridden, lack savings or are living from hand to mouth.
Also read: How to Set Financial Boundaries with Friends and Family – 5 Areas
Despite all this, there are a number of ways you can build long-term financial success. With this in mind here are:
7 tips you can use to get ahead financially:
1. Spare a part of your income regularly
For investment options that give you returns above the inflation rate.
2. Look for clever ways of compounding your income
Choose options ike investing interest from treasury bills and bonds in money markets to compound it every 6 months in case you are invested in a 5-year or 10-year bond.
3. Budget your money using the 50/30/20 rule
50 per cent of each pay cheque or salary should be set aside for bills and necessary expenses while 30 per cent should be designated for day-to-day lifestyle expenses and 20 per cent should go into savings.
This is just an example and the more we save the better. Saving more than 30 per cent of our net income should be a good habit or at least a good target for our long-term financial wellbeing.
This rule allows you to pay bills, have fun and still be able to save. Having a balance is all about making the most out of your finances and your worth as a human being so that you can live the kind of life you want.
4. Reinvest dividends from Saccos, Stock markets and Chamas
By reinvesting your dividends, your money works for you and this is the height of earning money known as passive income.
5. Consolidate some of the hard assets that you have:
For example, if you own 5 pieces of land, you can sell some in your 30s or 40s and invest the cash in the money market or bonds to generate regular cash flow.
6. Replicate Rhythm of an Income Source
Once you have found a rhythm in one source of income, work to create a second one so that you have multiple sources of income.
7. If in business, work to increase the cash flows in your business
This allows you; over time so that you can pay yourself more and set aside part of this regularly.
Invest in your self-development by learning new skills to increase your ability to offer more value and earn more over time.
It is also important to invest in social and business networks where you are likely to access opportunities in your area of expertise or business.
#Financial Journey
CEO & Co-Founder, Abojani Investment
Robert Ochieng is a visionary entrepreneur and the co-founder of Abojani Investment, a leading financial education platform in Kenya that has empowered over 20,000 Africans to embark on their investment journeys. As CEO, he has demonstrated an unwavering commitment to financial literacy, successfully demystifying money and investments and making them accessible and relevant to individuals from all walks of life.
Running Thriving Investment Communities
Robert’s influence extends well beyond Abojani Investment’s core offerings. He has actively fostered a sense of community by running investment forums and groups with a vast following of over 300,000 Africans. These communities provide a safe space for individuals to exchange ideas, share experiences, and support each other on their investment journeys.
Vision for the Future
As co-founder of Abojani Investment, Robert envisions a financially empowered Africa. He strives to expand the reach of his financial education initiatives, enabling millions more to gain the knowledge and confidence needed to achieve their financial goals. His vision is to create a society where every individual has the tools and understanding to build lasting wealth and prosperity.
Professional Background
Robert Ochieng is a highly accomplished CEO at the helm of Abojani Investment, an investment and advisory firm in Kenya. He is a seasoned professional with over 14 years of experience in IT, Finance, and leadership.
His career includes key roles at prominent institutions such as Equity Bank, Gulf African Bank, Guaranty Trust Bank (GTBank) and Airtel.
Robert’s expertise has also been sought after by the National Treasury for consultancy on planning and budgeting systems, showcasing his exceptional knowledge and skills in the field. Passionate about driving meaningful conversations and collaborations between academia, industry, and the public sector, Robert actively engages in research projects focusing on digital transformation within the financial services sector. With his visionary leadership and strategic insights, Robert Ochieng continues to make a significant impact in the business world.
