Wazua
»
Market
»
Pennywise
»
How to live comfortably
Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
|
A few things I've learned from knowledgeable individuals that I'm now practicing and happy. Pay off your debts starting with the smallest. Even the bible says that a debtor is a servant of the lender. Don't accumulate more debt as nobody gets out of a hole by digging dipper. If you spend more than 60% of your earnings you're eating away your pension. Get some assets. Your house, land and car are not assets. If your house is earning less in rent than the monthly mortgage you pay then it is a liability unless another of your assets is supplementing. If your are paying more than 20% in rent then you are trying to keep up with the Joneses. Live like no one today so you can live like no one tomorrow. Teach your kids about money so they are not dependent on after you retire. Never lend money to family and friends, if you must then give it to them and ask them to pay at their convenient. Never lend money to your Husband or wife because your money belongs to both of you, discuss what you want to do with it and decide. I'll add more with time but pse feel free to add2012 attached the following image(s):  comfortrv.jpg (19kb) downloaded 8 time(s).
BBI will solve it :)
|
|
|
Rank: Elder Joined: 4/22/2009 Posts: 2,863
|
House and land are not assets? Pliiiiiiiiiz!!!! IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
|
|
|
Rank: Veteran Joined: 12/9/2010 Posts: 894 Location: Nairobi
|
hehehe, this is a 2010 joke. ati land and building are not assets? what r they Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
|
|
|
Rank: Elder Joined: 5/30/2009 Posts: 1,390
|
Don't lend to friends n relatives?who should i lend to?strangers?enemies? What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
|
|
|
Rank: Member Joined: 8/29/2008 Posts: 571
|
KADONYE:Lend to companies in form of IPOs,rights,etc.Lend to govt in form of Treasury bills and treasury bonds.And lastly,lend to your bank in form of deposits.But NEVER to your friends and family.
|
|
|
Rank: Elder Joined: 5/27/2008 Posts: 3,760
|
If its not an asset, then its a liability, therefore land is a liability.
|
|
|
Rank: Member Joined: 10/26/2007 Posts: 31
|
Guys, please read the book The Millionaire next door by Thomas and William Danko. A few of the above issues are raised but more so it points out lifestyle of millionaires in the US . Though i do not hope to be a millionaire very soon . I admire the lifestyle those guys led.
|
|
|
Rank: New-farer Joined: 12/10/2010 Posts: 19
|
Anything that doesn't give u cash at the end of the day/week/month/year on a regular basis is not an asset, by my understanding. Rented out houses and land with farms on them ARE assets.
|
|
|
Rank: Elder Joined: 8/10/2010 Posts: 2,264
|
Tommy wrote:hehehe, this is a 2010 joke. ati land and building are not assets? what r they the only asset you ought to have is a beer belly  Politics is just things to keep the people divided and foolish and put your trust in men and none of them can do nothing for you...
|
|
|
Rank: Veteran Joined: 12/9/2010 Posts: 894 Location: Nairobi
|
@mpobiz a beer belly is a huge liability. though at times it fools others to the imagine that u have money, are those the few instances that it becomes an asset? Don't wait for the Last Judgment. It happens every day. ~Albert Camus, The Fall, 1956
|
|
|
Rank: Member Joined: 11/6/2006 Posts: 276
|
build a company from scratch.. expand and be the best in the business...
then ask the public to give you more money to expand the company even further.. and like merali pay dividends when you feel like..
always talk.. valuation this.. valuation that..
|
|
|
Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
|
mwenza wrote:House and land are not assets? Pliiiiiiiiiz!!!! Yes, the 5million bob home you've build for your family is not an asset. You pay for power, watchman, electricity, water, service charge and the loan on it plus you cannot sell it because of the sentimental value you'll have attached to it in 5yrs. As someone said, if it's not putting money in your pockets then it's a liability. The piece you bought for 300k to grow tomatoes that earn you 1k per annum after deducting your costs is not an asset either.
BBI will solve it :)
|
|
|
Rank: Member Joined: 4/7/2010 Posts: 130
|
While i admire the courage of this posting, the truth is there are no universal principles of success and indeed happiness as well! These are deeply personal concepts and what may have worked for Roberty Kiyo"sucky" and the other "self-made" millionaires is by no means a global standard formulae.....my 2cents!
|
|
|
Rank: Member Joined: 5/27/2010 Posts: 324 Location: nrb
|
Yes you buy land at one M., speculating with it, by the time you need to sell it its fetching half M. the real moneymakers know that is not a definite asset. but to your evryday ordinaires, it is a great asset worth dying for.
|
|
|
Rank: Elder Joined: 5/30/2009 Posts: 1,390
|
2012 wrote:mwenza wrote:House and land are not assets? Pliiiiiiiiiz!!!! Yes, the 5million bob home you've build for your family is not an asset. You pay for power, watchman, electricity, water, service charge and the loan on it plus you cannot sell it because of the sentimental value you'll have attached to it in 5yrs. As someone said, if it's not putting money in your pockets then it's a liability. The piece you bought for 300k to grow tomatoes that earn you 1k per annum after deducting your costs is not an asset either. My house may not bring chapaa into my pocket,but it does save me rent You still pay for elec,water n security if you dont own but you rent a house So IMHO, Home=Asset What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
|
|
|
Rank: Elder Joined: 12/9/2009 Posts: 6,592 Location: Nairobi
|
kadonye wrote:My house may not bring chapaa into my pocket,but it does save me rent
So IMHO, Home=Asset @kadonye, Indulge me kidogo for argument sake. If you work for govt and they give you a house to live in during your term of service, would that be your asset? Saving you rent means you get to increase on your savings but if you invest that money then the money is the investment. Your home is not an asset and neither is your personal car.
BBI will solve it :)
|
|
|
Rank: Elder Joined: 4/22/2009 Posts: 2,863
|
If a house is not an asset then this sort of thread is what @qw...... calls " the most useless thread"IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
|
|
|
Rank: Elder Joined: 4/22/2009 Posts: 2,863
|
2012 wrote:mwenza wrote:House and land are not assets? Pliiiiiiiiiz!!!! Yes, the 5million bob home you've build for your family is not an asset. You pay for power, watchman, electricity, water, service charge and the loan on it plus you cannot sell it because of the sentimental value you'll have attached to it in 5yrs. As someone said, if it's not putting money in your pockets then it's a liability. The piece you bought for 300k to grow tomatoes that earn you 1k per annum after deducting your costs is not an asset either. I disagree. IF YOU EXPECT ME TO POST ANYTHING POSITIVE ABOUT ASENO, YOU MAY AS WELL SIT ON A PIN
|
|
|
Rank: Member Joined: 11/6/2006 Posts: 276
|
an asset.. puts money in your pocket...
if a house saves you money.. may be it put money in your pocket..
not all houses are assets..
mwenza if this matter perturbs you i think you missed out on reading a very important book.. rich dad poor dad by robert kiyosaki.. and that was only his first book..
so this is not the most useless thread.. it is you who needs to go back to investment kindergarten
|
|
|
Rank: Elder Joined: 5/30/2009 Posts: 1,390
|
2012 wrote:
@kadonye,
Indulge me kidogo for argument sake. If you work for govt and they give you a house to live in during your term of service, would that be your asset?
Of course this one is not an asset!If I build my house on my land, why would this be a liability?Bear in mind the rising rents...I have read Rich dad poor dad and I'm still not convinced.Just 1 hse sio hao kila place. What a wicked man I am!The things I want to do,I don't do.The things I don't want to do I find myself doing
|
|
|
Wazua
»
Market
»
Pennywise
»
How to live comfortably
Forum Jump
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.
|