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  In life, there are rules and procedures that determine if you're destined for greatness. Financial discipline is the base strategy for becoming a millionaire. Such discipline should be preceded with a consistent approach guided by both your level of income and spending habits. Just get into the habit of saving, stay out of debt and invest wisely. To be a millionaire is not only about earning a lot of money, but it is about designing a concrete financial plan and sticking to it. How you can become a millionaire 1. Live below your means: Spend less than what you earn. You should strive to live below your revenue standard to pave the way for saving any extra money you get and this will ultimately broaden your investment avenue.  2. Increase your income, not your expenses: Your income should supersede your expenses by far so that you have additional funds for savings and investments.  Income - Expenses = Savings + Investment 3. Build multiple income streams: For you...

  Forget about investing in Gold, Nvidia, Microsoft, Google, Bitcoin, Tesla and think about the software that drives the existence of the market capped most valuable assets . Intangible assets play a pivotal role in spuring innovation, productivity and economic growth. Most common intangible assets include intellectual property, copyrights, patents, databases, research and development, trademark, computer software, organizational assets, and skills.  These assets are essential for modern businesses to remain afloat and being innovative boosts their monetary value. World's most valuable intangible assets 1. Time : Globally, time is the most valuable intangible asset. “Time is our most valuable asset, yet we tend to waste it, kill it and spend it rather than invest it,” Jim Rohn, the pioneer personal development once stated. Time is the only commodity that cannot be retrieved, and once wasted there's no recovery mechanism meant for any gainful purpose. Time is the only de...

  Photo : KICC, Nairobi Kenya Kenya's economy is towering the brink of total collapse as investors shun the country over punitive tax measures imposed by the government. Kenyans are glaring at tough times ahead, excerbated by increased cost of living, amidst a raging inflation that has seen the weakening of the Kenya Shilling against the US Dollar. Kenya's inflation Consumer Price Index (CPI) is at around 135.32 points. CPI is derived from the change in the prices of a basket of goods and services that are normally bought by specific household groups. Is Kenya really doing well economically? The question as to whether Kenya is doing well economically is a rhetorical one as the apparent answer is a capital NO . President William Ruto's regime developed an insatiable tax appetite that has left a majority of the country's populace seeking alternative ways to earn a living devoid of the government watch. A recent report indicating that most Kenyans are spending more time o...

Th e Government of Kenya, through KRA, is trying to deal loopholes that motivate tax evasion. From the political spectrum, President William Ruto has accused political bigwigs over their tendency of dodging the taxation net. Kenya Revenue Authority (KRA) recently launched a software with the ability to collect transaction data from individuals, traders and companies on real-time basis. In its attempt to broaden the taxation bracket and tighten tax cheats, KRA will rely on the 24-hour spying system.  The roll-out of the spying system come days after the suspension of tax reliefs and the desire to revamp tax exemption procedures. The suspension of tax exemption sparked controversy on the fate of People Living with Disabilities (PWDs) and low income earners. KRA defended its decision to rely on technology, amidst concern of data privacy, in her attempt to facilitate a seamless revenue collection process. According to KRA, "the Tax Invoice Management System will improve the efficiency...

  Elon Musk is currently ranked as the world’s richest man in the records of Forbes and Bloomberg real-time billionaires’ index. His net worth value is around $252 billion. He owns about 17% shares of Tesla – an electric car manufacturer. Musk’s debut in the world of technology emerged after he dropped out of a graduate class at Stanford University and launched two tech start-up firms in the 90s, including an internet software company and an online banking firm, later referred as PayPal, which was later sold to eBay in 2002 at $1.5 billion. Musk’s Journey to success The world’s richest man would later immerse himself into space exploration which conceptualized to SpaceX. Musk’s found SpaceX , a space exploration firm, acts as an alternative to Nasa in terms of lowered costs. He also launched The Boring Company and is a cofounder of OpenAI and Neuralink. Musk attributes his success to quality products and services rather than media publicity. “Other companies spend money on advertis...

  Internet is one of the many tools that can be deployed in making more money online. A one-time world’s richest man, Bill Gates once summed it up, ‘content is the King.’  Other than using your website in placing third-party adverts, you can as well create links containing referrals to earn amazing commissions when a user signs up using your referral link and transacts with the other end.  Create an enticing article and lure the reader’s eye to capture the products and services that can be availed by an advertiser that has pinned the items on the website. Affiliate marketing is one of the best ways of making money online without much hustle. Affiliate Marketing Websites I have made quite a lot of money on referrals from signups from webmasters intending to monetize their websites or portals using third-party advertisers like Popads, Popcash, Adsterra, Propeller Ads etc. The above sites offers publishers to monetize websites with low traffic network, particularly newly...

Most Kenyans with ambitious plans invest their non-disposable income in buying shares and stocks from top-rated companies.  Available Investment Opportunities Investing in stocks:  For example in Kenya you can devote your capital in the Nairobi Stock Exchange Market (NSE). Stock Market is undoubtedly one of the greatest wealth creation tools. One can open a Central Depository System (CDS) account to facilitate the process of purchasing and transferring shares that can be traded at the stock exchange. CDS account can be opened with a stock broker or on phone through AIB Digi and G-Kuze trading apps. Alternatively, CDS account can be opened with your bank as most financial institutions offer brokerage services. Commercial Banks are eligible for application of a CDS account directly at the Central Bank of Kenya. In 2016, CDS unveiled a system that enables investors to securely track their shares portfolio using their mobile phones. How to choose the right stock broker Technology:...

A journey of a thousand miles starts with a single step. Many individuals would like to start their own companies in Kenya, but aren’t able to do so because they don’t know the procedure on where to begin. Owning a Company is one of the few achievements an individual can accomplish in life. Companies are key employers of many Kenyans as compared to other facets of job creation. Employing other people to work for you means that you will have time to work less and earn more money. An idea can be conceptualized into a startup, when one is conversant with the legal context to kickstart the registration process. First, ask yourself if your initiative is legitimate to operationalize in Kenya. Before starting a Company, seek to ascertain if it can offer solutions to people’s problems or improve their lives. 10 Commandments that Companies must obey to thrive Even before thinking about establishing a company, there are certain rules that must be obeyed to succeed in the corporate world. Below a...

Kenya will receive Kshs. 80.6B ($750million) from World Bank loan and Kshs. 44.1billion ($410million) from IMF by end of June as it focuses on debt repayment extension from its external lenders. CBK Governor Patrick Njoroge stated that the funds are meant to bridge budget deficit. He was speaking at a post-Monetary Policy Committee meeting on Thursday, where he disclosed that part of the money will fund post-covid19 recovery programs and the national budget. “Yes, Kenya is keen on any debt repayment extension, such arrangement will free up resources to be channeled to other purposes in the direction of helping the economy recover,” Mr. Njoroge stated. Most poor countries are subscribed to Debt service Suspension Initiative (DSSCI) to help them safeguard their livelihoods as well as concentrating their resources in fighting the global pandemic. The initiative was commissioned on May 1, 2020 and has offered over kshs.544.7billion ($5 billion) as relief to more than 40 qualifi...

Photo: LAPSSET LAPSSET roared back to life as President Uhuru Kenyatta commissioned one of the largest port facilities South of Sub Saharan Africa. Uhuru commissioned the functioning of Lamu Port on Thursday. The Port is set to spur rapid economic development in Lamu County. First three berths are ready for use, which include a container berth, a general berth and a bulk berth. Reports indicate that the Berth cost the government of Kenya about kshs.40 billion. According to State House , the president presided over the operation of the first berth of the 32-berth seaport.2  During the launch, the president was accompanied by CS National Treasury and Planning Ukur Yatan, Lamu Governor Fahim Yasin Twaha and LAPSSET chairman Titus Ibui among others. Lamu Port was the brainchild of Mwai Kibaki led government. Uhuru’s government has been so considerate in the transformation of the blue economy. Lamu Port becomes the second international seaport in Kenya after Mombasa, which w...

Photo: Kitale Bus Stage There was a recent report that categorized Kenyans as among the unhappy lot. One of the contributing factors to this report is loss of trust to the public transport system.  The public transport system in Kenya is one of the most disorganized and mismanaged service industries. Former transport Minister John Michuki once intervened and restored sanity in the public transport department. Michuki was hailed for limiting the number of passengers in a vehicle, introducing speed governors for Public Service Vehicles (PSVs), and requiring every driver and conductor to have uniform among other measures. Michuki also ordered all public service vehicles to install seat belts and have a yellow line. Passengers were supposed to fasten their safety belts while on transit. The no nonsense minister who served in former president Mwai Kibaki’s cabinet cracked down on thousands of vehicles that were not roadworthy. Interior Cabinet Secretary Dr. Fred Matiang’i an...