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Question: Pension vs SACCO
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Ngong
#11 Posted : Thursday, January 10, 2013 9:12:49 PM
Rank: Veteran

Joined: 11/17/2012
Posts: 1,461
Location: Ngong Forest
mwngptrck wrote:
I think i'll do both but i prefer to be more aggressive on the pension as it will ensure some liquidity in the future considering am not great in saving. i already have several pieces of land and plan on building on one next year
What sacco do you advice on; the ones i have heard of:
>mhasibu has that accountant requirement
>murata has funny issues and a hacked website
>muramati has changed


smile You are a lucky man @ 26,several plots,cash at hand and not good in savings!
Young man whatever you are doing currently find ways to improve on it fulstop! You are doing very OK!
Forget about shares and pensions,otherwise you will be miserable like the old guys I see during AGMs
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Mukiri
#12 Posted : Friday, January 11, 2013 11:03:32 AM
Rank: Elder

Joined: 7/11/2012
Posts: 5,222
mwngptrck wrote:
I think i'll do both but i prefer to be more aggressive on the pension as it will ensure some liquidity in the future considering am not great in saving. i already have several pieces of land and plan on building on one next year
What sacco do you advice on; the ones i have heard of:
>mhasibu has that accountant requirement
>murata has funny issues and a hacked website
>muramati has changed


I'd much rather aggression in a SACCO. At your age you can afford to make mistakes and learn from them. Moreover a business idea can one day come to you, you'll use what you have in the SACCO.

Check out Safaricom Investment Coop, UNAITAS (Former Muramati) and Kenya Bankers (Not sure if they allow non-bankers), check with your church also


Proverbs 19:21
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madhaquer
#13 Posted : Thursday, January 17, 2013 5:35:10 PM
Rank: Member

Joined: 11/10/2010
Posts: 281
Location: Nairobi
A sacco choice depends on how difficult/easy it will be for you to borrow when that time comes.
Some Sacco's insist you get guarantors while others will accept some collateral. ensure you know a few people who can guarantee you when you need that loan.
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blueman
#14 Posted : Wednesday, February 13, 2013 6:44:25 PM
Rank: Member

Joined: 6/12/2011
Posts: 237
It should not be a choice of two, Pension or SACCO as this presumes savings without possibility of earning additional cash from those savings beyond the usual dividends. Widen the scope, think NSE, Unit trusts (like Old Mutual's), aggressive land speculation. Of course some of these presumes you have saved enough in a SACCO to take a sizeable loan of like a million shillings.
We make or break our own tomorrows today!
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obiero
#15 Posted : Sunday, March 17, 2013 3:09:54 PM
Rank: Elder

Joined: 6/23/2009
Posts: 14,213
Location: nairobi
kiwaru wrote:
a wise person opened my eyes: to retire at 55 and live for another 20 yrs, assuming currently monthly budget is 60k you will need to have accumulated 60k X 12 X 20yrs = 14.4m
Now work backwardsto get how much you need to save currently 14.4 / (24yrs X 12) = 50kg. pm is the figure you need to save. Factor in inflation and occassional emergencies, add things like holidays and that figure grows like weeds
A good strategy is have the pension as a smaller component of your portfolio but build on other components to give cashflows and grow with inflation. Stock market and real estate come to mind.
A good idea to build savings when you are not good with cash is buy plots and shares then later sell as you build on others.
Dont forget to take insurance eg life; for protection (not growth or profit necessarily) esp if you have dependants

Trust in God and give every seed you plant time to grow

@kiwaru. good advice

KQ ABP 4.26
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Angelica _ann
#16 Posted : Tuesday, March 19, 2013 7:36:50 PM
Rank: Elder

Joined: 12/7/2012
Posts: 11,935
obiero wrote:
kiwaru wrote:
a wise person opened my eyes: to retire at 55 and live for another 20 yrs, assuming currently monthly budget is 60k you will need to have accumulated 60k X 12 X 20yrs = 14.4m
Now work backwardsto get how much you need to save currently 14.4 / (24yrs X 12) = 50kg. pm is the figure you need to save. Factor in inflation and occassional emergencies, add things like holidays and that figure grows like weeds
A good strategy is have the pension as a smaller component of your portfolio but build on other components to give cashflows and grow with inflation. Stock market and real estate come to mind.
A good idea to build savings when you are not good with cash is buy plots and shares then later sell as you build on others.
Dont forget to take insurance eg life; for protection (not growth or profit necessarily) esp if you have dependants

Trust in God and give every seed you plant time to grow

@kiwaru. good advice


Kgs of what?
In the business world, everyone is paid in two coins - cash and experience. Take the experience first; the cash will come later - H Geneen
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