Get premium membership and access questions with answers, video lessons as well as revision papers.
Got a question or eager to learn? Discover limitless learning on WhatsApp now - Start Now!

Money matters: The difference between a millionaires and a poor man


Date Posted: 11/5/2012 12:51:15 AM

Posted By: fly1234  Membership Level: Bronze  Total Points: 15

Every one wants to live a good, adequate and satisfying life. Unfortunately, most of us are not willing to leave our comfort zone, to start doing things differently, so as to achieve different results. People have always come to me asking what the secret of running a successful business is, my answer; Discipline and determination, in fact when you fail, laugh at your failures and move on. I always say.

A strategic road map, that a company has, helps to guide it's line of operation to ensure maximum profitability in the next 4 to 6 years down the line. If you want to make your financial dreams come true,how about aiming at making a concrete financial plan that will see you generate more cash in the coming years.

If you aren't saving anything today, you better think about it. If your current plan accommodates a saving of $100 a year, plan doubling the amount in the next year. But how do you attain this goal?

To make personal goals is to make personal achievements. Don't rely to much on your boss to raise your salary because he may or he may not do that. The more you wait, the more you delay reaching that destination.

Justifying your salary raise or a bonus

Lets say, you realized that you needed to change your ride, a perfect mansion to live in, or better still, the best education for your kids. In order to do this, you needed a monthly saving by an excess of $200 per year on average, for the next 4 years. Would it make sense if you left these plans to be determined by your boss? Certainly not.

You need a more strategic plan on how to do this. One is to re-evaluate your performance at your work

place to help you negotiate for your salary increment. The ever increasing cost of living is not sufficient enough a reason to prompt a salary raise. Instead, you could base your argument on your consistent performance at the company. For example, the ideas that you discussed with your boss that helped the company to generate more profit the previous year. That is one of the surest ways of winning his/her favor.

Increasing your earning potential

You need to take your financial matters to the next level. Ask yourself what are some of the skills that can help you enhance your career, what do you need to learn to trigger a different result as far as your finances are concerned. Perhaps it is time you put your entrepreneurial skills to practice.

If you are an expert in an area, lets say in the medical profession, you could start a blog on that field. If you are are crafty person, you could collect mango seed pods and make stunningly beautiful pieces of African earings. You could sell them to your co-workers for some cash.

So if you are willing, start by getting out of the comfort zone and taking charge of your life. Follow the route map of your decision with discipline,solid actions irrespective of what others are thinking or saying about you.

Next: Challenges faced by small and medium enterprises in Kenya
Previous: The first job hunt after graduation in Kenya

More Resources
Quick Links
Kenyaplex On Facebook

Kenyaplex Learning