Kenyan moneyFive Major Financial Mistakes made by middle-class earners in Kenya
- There are very many mistakes that middle class earners make in Kenya
- These mistakes put them in a lot of difficulties in life
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.