What's the worst decision you have ever made in your life?
- Thread starter Lordsavegery
- Start date
Graduated from campus last year and decided to calculate the total amount i've used on lanyes since i joined campus in 2017. I spent a whooping 80k shillings from 2017 to 2021. If only i could have saved that and invested it i would be a bit far. But anyway before i reach 30 i want to amend my ways and invest wisely. (I still love huge ass lanyes but I'm fighting that temptation to waste money on them
My biggest mistake was not tracking my YoY income. Maisha ya jua kali sio kama ya formal employment. With formal employment, your income is fixed and its easy to plan around it. Ukiwa Jua Kali in a dying industry you might delay making changes and suffer boiling the frog syndrome. I'm lucky I had enough cash to pivot but I should have pivoted at least 3 years earlier when I ran the math. I escaped by a whisker buana.
Ukiwa Jua Kali you must know your total income every year (not just monthly) ndio usijipate in a dead industry. Some of my former friends did not survive because they stayed hoping that things would get better - they didn't. Unapata mtu ameendelea na expenses za 2015 but now he earns less than half of what he used to earn. Eventually anakula savings bila kujua juu he has not been assessing changes in his income over the years.
Ukiwa kwa biashara always track your annual income so that you can pivot in time. The average business lasts less than 10 years so you must keep pivoting and evolving.
Ukiwa Jua Kali you must know your total income every year (not just monthly) ndio usijipate in a dead industry. Some of my former friends did not survive because they stayed hoping that things would get better - they didn't. Unapata mtu ameendelea na expenses za 2015 but now he earns less than half of what he used to earn. Eventually anakula savings bila kujua juu he has not been assessing changes in his income over the years.
Ukiwa kwa biashara always track your annual income so that you can pivot in time. The average business lasts less than 10 years so you must keep pivoting and evolving.
Basically, nilikaa kwa industry ilikuwa inaisha for 3 more years than I should have. If I had been tracking my annual income ningejua ni kubaya mapema nitoke earlier. Wenye waliendelea kukaa kwa hiyo industry wengi walisota juu iliflood. Kwa biz lazima ujue trend ya earnings juu income sio fixed kama salaried people. I wasted 3 years in a dying industry buana.
Between 2016-2018, I lost over 2.5m in Online Casinos. ...I used to work in a Multinational company in Industrial Area and my entire salary used to be consumed by those casinos....I gradually stopped after my house got locked for not paying rent for 2 consecutive months and accumulated debts which were channeled to the same vice..I later sold all my house items to clear the debts and moved to a bedsitter. It's a hole I would never wish to go back!
You should. Changes don't happen overnight. Let's assume that you spend half and save half. If your earnings decline by 10% every year, you will be living paycheck to paycheck by the fifth year bila kujua.
By the sixth year you will either have to dip into your savings to sustain the lifestyle, or downgrade significantly. Its just math.
By the sixth year you will either have to dip into your savings to sustain the lifestyle, or downgrade significantly. Its just math.
