Going through the ‘KILIMANI - HURLINGHAM’ thread, the below quote by @Mzeiya Flany got me thinking on what we define as wealth in Kenya.
What minimum Kshs. amount would you say makes one truly financially independent?
I’d say liquid assets of Kshs. 20 Million in addition to a primary home does it.
Interested to hear what others think.
This village is full of peasants and birrioneas. You will get very divergent views because of that simple fact. Anyone with 20M in assets and a house will tell you its nice but its not really “rich”. Another person with 56 bob kwa Mpesa living in a mabati shack will say that is enough money to retire and live happily ever after. You will never get a “right” answer because people are not on the same level.
Not really looking for a ‘right’ answer. Just interested in others’ viewpoints on the subject matter
Wealth is relative. I have observed a family that earns 150 combined but seem to live hand to mouth in a rental and the couple owns two cars. I have aslo seen a family where the man earns 30k but they live a comfortable life outside Nbi county. They live in their 3 bedroom bungalow (built in 7yrs) and they have a few milk goats, a cow, some chicken and two pigs. They have a pick-up and a motorbike.
They might be ‘comfortable’ until the inevitable emergency occurs. The phrase “floating middle-class” comes to mind here.
What amount (as assets and not monthly income) would you term as ‘reasonable’ for one to be able to withstand significant shocks should they occur?
Do you mean 150k
For me, I will consider myself comfortable when I havea networth or 50M / $500,000. And a monthly income of atleast 400k per month. While having one child to look after.
If I have 2 kids I’d need a networth of 70M and 400k per month. Why 400k? Because school fees will eat a chunk of this. Probably 200k per term for them both, leaving me with just 200k left. So actually 400k wnt be enough. I’d need 600k for two kids.
Are you in Kenya?
What will be your strategy to get to that level
Yes.
It largely depends on age. Consider the following monthly costs:
Leta template yenye huwa una manage nayo those stuffs,na usiseme ni download.Najua ziko…i just want to see
A life free of want is a wealthy life. Look for the works of Alan Watts.
Cryptocurrency and tenders
How will you spend your 50/70m? Or it will just make you happy being held in assets/banks?
Hii kijiji ppl like to throw around numbers on this topic. If you have 20M in liquid assets u are among ppl doing very well in this country. Not unless you have a coke habit. Huku watu ni champagne dreams and caviar wishes ndio mingi.
Sawa. My viewpoint of financial freedom in Kenya right now is anyone earning over a million bob per month in RENT (Not business or a career). Cold hard cash rolling in every month from rent. That is my definition of financial freedom. Kila mwezi the agent deposits above 1M in your bank account from your properties.
Watu hapa wana ujinga ya kuishi utopia. Basically kutorokea mashida kwa kuleta story nyingi za jaba hapa
I’ll buy assets and treasury bills and bonds
From your comments and threads, “that I’ve read”, this is the first one I see you acknowledging that people are on different levels.
:D:D:D the way you throw figures around…