Take risks for financial freedom

Maybe I have been keeping the wrong company of late. Every lady I meet wants to know how to get rich quick. Of course there are many ways of ‘getting there’ without much ado. For example, you can get into crime or set out to net a wealthy man and help him spend his money.

However, it is better to achieve the financial freedom you desire through legal means. It is noteworthy that this legal way is long and sometimes deflated by false starts and deadly mistakes that sap your energy. To start your journey towards this, you must decide where you want to be, say in five years, and work towards it.

The best place to start is studying the millionaires you admire. Write down at least four rich people whose lives you admire. Go to the library or Google their story. How did they make their first million? What was their breakthrough? What mistakes did they make? How did they handle them? How do they live after making it?

When you get answers to these questions you will be ready to scale the heights of prosperity sooner than you expected because you are most likely to come up with a strategic plan for that breakthrough.

At a recent finance seminar, one of the speakers talked about how Kenyan billionaires ‘opened their eyes’ and jumped ahead of the pack. I share a few of them to help you, dear lady, to walk with knowledge towards your goal.

They delegate: Unlike struggling business people, these billionaires employ talent to run their businesses for them compared to most who are directors, founders, managers, book keepers, secretaries and messengers in their small enterprises. While the millionaires derive varied experiences and knowledge from the pool of talent employed, the poor business people will be struggling with their own limited knowledge to make their businesses grow.

They take risks: They borrow money. In millions. It is like the banks were established for these people. Poor people open a savings or fixed account which in truth earns them peanuts in terms of interest. The rich run current accounts. The inflow and outflow of their accounts give them a solid history to get loans of whatever amount they need. The poor struggling businesswoman will fear taking a bank loan. Therefore, she saves her money and the rich gets the money she saves and invests. When such a client goes to the bank, he or she grabs all the attention. For you the saver, who cares? Queue and deposit your miserable Sh10, 000. The millionaire will come later in the day and borrow Sh100 million to boost his or her business. These rich people have many ideas and when credit is available, they quickly implement their ideas to astounding success, making more money and growing richer by the day.

They network: When they play golf, it does not mean they have now reached their peak and do not need more investment opportunities. Money is never enough. Investing does not end. As they tee, they are discussing business. At the end of the game, the already wealthy player has made a multi-million deal.

I have heard many ladies say, “If I get my own house, a car and a decent income, I will be happy with life.” Oh boy, the rich will see beyond this. They will think rental houses instead and a fleet of buses plying Nairobi-Malindi route. Their motto is; never settle for less. This should be your motto too.

They move on: If a business fails; which is rare, they move on. There is no point crying over spilled milk or spending years regretting an investment. Failure is a slight delay to their goal. They rise up, dust themselves and move on.

The rich are risk takers. If you do not take risks, you will not fly. I know, many ladies are averse to risk. ‘What if I fail to repay the loan and my land is possessed by the bank?”

But to make it to that millionaires’ club, you must be ready to take risks. Move from the comfort of the ‘safe’ Sacco loan and get really big money and do something big. You have what it takes to succeed. Just overcome your fear.