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I HAVE A FAIRLY GOOD SALARY- ADVICE ME ON INVESTMENTS OPTIONS
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Jamani
#41 Posted : Thursday, July 21, 2011 8:45:06 AM
Rank: Elder


Joined: 9/12/2006
Posts: 1,554
Cde Monomotapa wrote:
GITHUKUSM wrote:
By the time you are discovered by a "miner" and you find you can not save a penny you will have covered some financial distance.

Take heed...

and be very careful some "miners" have objects to unearth everything at lightening speed....
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mashaa
#42 Posted : Thursday, July 21, 2011 9:06:11 AM
Rank: New-farer


Joined: 2/7/2011
Posts: 20
Location: Uganda
Wazuans, am truly overwhelmed by your support. I must say, reading all your comments has got me FOCUSED. Basically, i have distilled your advice to:
1. Save cash for emergencies.I have set aside an amount that would sustain me for more than four months without any income.
2. Buy land. Land is king. I am scouting for a piece of land for development and/or speculation.
3.Stocks: I will be putting small amounts into stocks by end of next month.
4. I intend to use one piece of land to build my own house. I have a little experience in construction. I will keep clear of mortgages.
5. Education: I still consider my job the biggest investment i have at the moment. Therefore next year will be going back to school. :)
6. Last. I will put a small percentage in trust funds or bonds. That should take care of the future cost of education and kids

Wanyuru,Rupollet,Kwanini,anika66,sparkly,craig,kariukiM,Majay,MachG,Kenyan Oracle,Cde Momomotapa and all wazuans...Thank you for sharing!
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Cde Monomotapa
#43 Posted : Thursday, July 21, 2011 9:25:52 AM
Rank: Chief


Joined: 1/13/2011
Posts: 5,964
Jamani wrote:
Cde Monomotapa wrote:
GITHUKUSM wrote:
By the time you are discovered by a "miner" and you find you can not save a penny you will have covered some financial distance.

Take heed...

and be very careful some "miners" have objects to unearth everything at lightening speed....

Laughing out loudly a buddy of mine told me the racket is so elaborate that they have friends in banks so they do due diligence, LOL!!
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Jamani
#44 Posted : Thursday, July 21, 2011 11:51:29 AM
Rank: Elder


Joined: 9/12/2006
Posts: 1,554
Cde Monomotapa wrote:
Jamani wrote:
Cde Monomotapa wrote:
GITHUKUSM wrote:
By the time you are discovered by a "miner" and you find you can not save a penny you will have covered some financial distance.

Take heed...

and be very careful some "miners" have objects to unearth everything at lightening speed....

Laughing out loudly a buddy of mine told me the racket is so elaborate that they have friends in banks so they do due diligence, LOL!!

Laughing out loudly Laughing out loudly Laughing out loudly Laughing out loudly
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young
#45 Posted : Thursday, July 21, 2011 12:14:02 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria
@Mashaa,

A lot of ideas given to you take time to analyze and shortlist.

On the emergency fund there is no point keeping purely on your local currency. It is much better to keep at least 70% of it in hard currency.

They are easily convertible and always outperforms the local non convertible currencies on the long term.


If you have Kes 120K, it is pays you better to convert to USD1,000 and circa Kes 30K !!!
It now acts for emergencies and a hedge. In my own case since I am retiring in a few years time my emergency fund is split into local currencies, USD,Sterling and Euro. You do not need a basket load of money to do this. What is important is starting small and being consistent.

The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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young
#46 Posted : Thursday, July 21, 2011 12:35:27 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria
young wrote:
@Mashaa,

A lot of ideas given to you take time to analyze and shortlist.

On the emergency fund there is no point keeping purely on your local currency. It is much better to keep at least 70% of it in hard currency.

They are easily convertible and always outperforms the local non convertible currencies on the long term.


If you have Kes 120K, it is pays you better to convert to USD1,000 and circa Kes 30K !!!
It now acts for emergencies and a hedge. In my own case since I am retiring in a few years time my emergency fund is split into local currencies, USD,Sterling and Euro. You do not need a basket load of money to do this. What is important is starting small and being consistent.






Do not rule out real estate investment in Uganda since you are on ground there, but due your due diligence. As a suggestion take a look at the following websites :-

www.jomayi.co.ug
www.akright.biz

You will find them cheap for now in Ksh terms but some millions in Ugx.

The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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Cde Monomotapa
#47 Posted : Thursday, July 21, 2011 12:57:58 PM
Rank: Chief


Joined: 1/13/2011
Posts: 5,964
young wrote:
@Mashaa,

A lot of ideas given to you take time to analyze and shortlist.

You do not need a basket load of money to do this. What is important is starting small and being consistent.


Real talk...
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incognito
#48 Posted : Thursday, July 21, 2011 2:08:31 PM
Rank: Member


Joined: 6/29/2011
Posts: 233
young wrote:
@Mashaa,

A lot of ideas given to you take time to analyze and shortlist.

On the emergency fund there is no point keeping purely on your local currency. It is much better to keep at least 70% of it in hard currency.

They are easily convertible and always outperforms the local non convertible currencies on the long term.


If you have Kes 120K, it is pays you better to convert to USD1,000 and circa Kes 30K !!!
It now acts for emergencies and a hedge. In my own case since I am retiring in a few years time my emergency fund is split into local currencies, USD,Sterling and Euro. You do not need a basket load of money to do this. What is important is starting small and being consistent.




Young splendid advice.Pray Allow me to ask.Which is best way to keep the emergency funds in hard foreign currency? Open different accounts for Dollars, Euros and pounds? Wont that be costly to maintain. How do you do it?
Excelsior
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young
#49 Posted : Thursday, July 21, 2011 2:35:52 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria
@incognito,

I do not know what is obtainable in Kenya as I am writing from Nigeria.

Here from one account you can open an interlined multi currency account.

As an illustration :-

34512000001 Local currency a/c
34512000002 USD A/c
34512000003 Euro A/C
34512000004 Sterling A/c

The widrawal charge is 0.5% of what you witdraw so it is minimal. The interest is 2% per annum

But it is worth the trouble if the charges is higher in Kenya. Afterall you pay 2.1% for transactions in stock ?

What is important is the concept and to be consistently consistent. Often times you are not expected to witdraw.
I first started with USD and then opened Euro and then "graduated" to sterlings. You can open all at the same time. With say 5,000 bob per month can fetch you 30 dollars, 20 Euros and 10 pounds, you can gradually top up higher with time.

I tell you what I told a close Kenyan friend early 2010 about this saving idea of emergency funds in strong currencies, he bough USD at 65 Ksh, 75 Ksh and the highest he bought in 2010 was 79 Ksh. Even this year May he bought some at 82Ksh, You know what it goes for now ???
Mind you this is currency saving concept not currency trading.

Best of Luck my friend.

The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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young
#50 Posted : Tuesday, July 26, 2011 1:28:42 PM
Rank: Elder


Joined: 6/20/2007
Posts: 2,037
Location: Lagos, Nigeria


If you so prefer you can safe in only one of the convertible currencies. The point remains it will always outperform the local currencies on the long term.
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .
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