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Are you a middle-class earner in Kenya? Here are the major financial mistakes you make unknowingly
By Fay Ngina | Updated Jun 01, 2018 at 13:54 EAT
Middle-class earners make many financial mistakes

Middle class earners in Kenya often end up either filthy rich or immensely broke

This is because they make wrong decision the minute they get money

Here are some of the major financial mistakes middle-class earners in Kenya make:

Buying things they do not need

It is common among middle earners to buy things that they do not really need. They will buy what meets the eye the second they receive their paychecks. Impulse buying is a big problem among middle-class earners. Remember when you buy things you do not need, you will end up selling things that you actually need.

Not saving at all

You will find a person in his thirties who does not have a single coin in the bank, and if they do it is the minimum balance required by the bank. If you are a middle-class earner, start saving from the moment you earn your first salary, it will save you on a rainy day.

Trying to live a lifestyle they cannot afford

A middle-class earner will eat, dress, and live like a millionaire just to impress other people. They will spend almost all their money to buy drinks for friends during a party to look nice. Honestly, when you are broke, all these people you are trying to impress will be nowhere near you. Live a life that you can afford.

Living in debts

You cannot be 28 years old and have one or two million debt with the bank simply because you wanted to buy a car. Try and calculate how many years you will take to pay it back. Take a loan because you are investing in something that will bring back profit. Try and see if what you buy with that loan will become a liability or an asset.

Relying on one job

There is no way you will survive in this economy relying on one job especially if you are earning about Sh50, 000, you need a side hustle. Having a side job will ensure that you are able to save for your future and make other investments. In addition to saving and investing, you need a second job for security in case one goes south, anything can happen in Kenya.

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