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How did you make your first Kes million?
Rank: Veteran Joined: 1/7/2010 Posts: 1,279 Location: nbi
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Imho, we should now move on to how did you make your first Ksh10m or Ksh25m. Its relatively easy to make a Ksh1m these days. Ksh25m is now the new ksh1m imho. The Governor of Nyeri - 2017
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Rank: User Joined: 5/3/2011 Posts: 559
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Maybe this should ashame me, I work in USA, 3 Yrs experience,26 yrs old, average annual aftertax take home pay $98,000, around $150,000, in savings with just over 2.5% interest,zero debt, The only investment is max retirement savings of 6% of my pay. I have not plan or thought of investing, I am about to blow away all my saving by investing in a top MBA program, cost apprx $120,000, remember, I will have to walk out of my job to get an MBA, am I crazy?
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Rank: Veteran Joined: 12/23/2010 Posts: 1,229
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Drunkard wrote:Maybe this should ashame me, I work in USA, 3 Yrs experience,26 yrs old, average annual aftertax take home pay $98,000, around $150,000, in savings with just over 2.5% interest,zero debt, The only investment is max retirement savings of 6% of my pay. I have not plan or thought of investing, I am about to blow away all my saving by investing in a top MBA program, cost apprx $120,000, remember, I will have to walk out of my job to get an MBA, am I crazy? Prospects after the MBA?
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Rank: User Joined: 5/3/2011 Posts: 559
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For Sport wrote:Drunkard wrote:Maybe this should ashame me, I work in USA, 3 Yrs experience,26 yrs old, average annual aftertax take home pay $98,000, around $150,000, in savings with just over 2.5% interest,zero debt, The only investment is max retirement savings of 6% of my pay. I have not plan or thought of investing, I am about to blow away all my saving by investing in a top MBA program, cost apprx $120,000, remember, I will have to walk out of my job to get an MBA, am I crazy? Prospects after the MBA? It is a risk I am taking with a calculation that I will be able to recoup my investment perpetually, I will also be sitting for CFA 2 in 10 days with thinking that if I combine a top MBA program and a CFA my chances of recouping my investment increases. Remember that few MBA program average starting pay can match my current salary that limit me to specific programs which are expensive and hard to get into.
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Rank: Veteran Joined: 4/16/2010 Posts: 906 Location: Nairobi
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You're in the hundred k club at 26? Which company are you working for?
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Rank: User Joined: 5/3/2011 Posts: 559
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Rank: Member Joined: 2/18/2011 Posts: 448
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drunkard CFA is more than enough.read somewhere mba is mile wide but a foot deep but CFA is mile deep and a foot wide.i guess it all comes down to what you want in future but if you were able to do a part time MBA and still finish the CFA you'd be un-touchable.come to kenya with its 34 chater holders of tz which has less than 10 and you shall build an empire by 32 max
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Rank: User Joined: 5/3/2011 Posts: 559
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@Mibbz.. you capture the anology well, the only problem is CFA can only help someone to a certain level, unlike in Kenya, in US and other developed markets, a better percentage of investment and wealth management professionals have CFAs, so CFA is something you'll be expected to obtain. In my company for instance, it is a norm that one has to have a CFA by their 5th year of service, otherwise you're out of the door, 80% of the investment, wealth and advising professionals have CFAs but few of them have MBA. An MBA for a good school is the biggest asset in business world because in western countries people are attached to their former schools and an MBA from good schools gives you a lifetime network because these schools graduants go out and become leaders in the business world and their degree give you exclusive access to those leaders, something a CFA don't do. Recruiting is also a big part of good MBA, unlike CFA that you have to go out to look for a job, MBA from a good school attract employers, you should see how recruiters pitch tents in these schools trying to recruit their students.
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Rank: Elder Joined: 7/23/2008 Posts: 3,017
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Most here have done amazing stuff at such young ages, congrats all. For me, I never really focused on milli the number but kept saving, through mortgage, sacco and shares. Recently quit shares and put down payment on second mortgage, First mortgage worth 3 m, paid it off in 3 years and had it recently valued for 6m. Embarking on second mortgage and the value of house has already gone up by 2.5m (based on current unit selling price) before I even move in. I intend to get rent and hold on to the first house. "The purpose of bureaucracy is to compensate for incompetence and lack of discipline." James Collins
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Rank: Member Joined: 7/9/2011 Posts: 730 Location: Nairobi
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IT'd wrote:My journey was kind of untraditional(in the typical kenyan scenario i.e) it happened online.I cleared high school and during that 1 year out I didn't go to any 'killing time' colleges,Instead I started visiting online forums,IRC channels and basically I became a very heavy internet user.I didn't have a computer at the time so the only way to access the internet was through my phone(it was a nokia n80).Eventually after seeing it all,I decided I also wanted to make money online like the people I used to interact with.Today I can say that am glad unlike most of my peers,I knew earlier that the internet was bigger than going to facebook to poke people and like status updates.So with that phone(you may chose to believe me or not)I created simple web pages that made me the 1st and 2nd payment as is in the screenshot below(read in an ascending order).  In those early days things were tough,I had sleepless nights,had to work like a horse,and nearly did give up(that first check you see of $215 which is ~ ksh.20,000 was for money generated over 4 months so technically I was making less than a maids salary working at times for upto 20hrs/day) Frankly I dunno what kept me holding on but as you can see my resilience eventually paid off.That screenshot right there is exactly my journey to my 1st million,I've already done my second and it's only been 8 months.Am becoming better at this and it makes me happy that am using my own talent to take myself to the top.I made a thread a while back about wanting to be a multibillionaire by 30 and right now,that doesn't feel unrealistic at all. in summary: -Keep a positive mind(this is everything) -A pure heart(when choosing who to bless,God doesn't look at your church attendance record,He looks at your heart,that's why you see very rich 'ungodly' people whom if you look closer turn out to be very philanthropic and very poor 'godly' people who haven't yet unlocked this secret...also here compassion is everything). - This I came to learn the other day,unless someone shows you a clear and precise manner in which they intend to repay you a debt,do not lend them anything....I've loaned out some ~100,000 and so far I've only been repaid sh.500 so you can imagine.-That is basically my story..gotta get back to work. - I feel you on this, before you lend anyone money if you have to, keep something they value as security. I have lost too much to so called friends our goals are best achieved indirectly
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How did you make your first Kes million?
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