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Retirement plan
oga.meno
#1 Posted : Saturday, October 03, 2009 8:24:00 AM
Rank: Member


Joined: 3/30/2009
Posts: 50
With 15 yrs to go,what shall one do to ensure that at exit age 3 kids go through sec sch and to college,get a good house,and invest for those sunset days? Net monthly income is 22,000pm. Rent=4,000pm. Food et al=8,000pm. Fees=6,000pm. Miscell.=4,000.
In simple terms I find it hard to save. If this trend continues my future is doomed. I must do sthng now,but what and how? Please advice.
@GG,
Sacco deductions so far is 206,000. I have nssf deductions. My nse portfolio worth only 40k now. I bought when prices were high and forgot about it in this bad economic times. I had just entered nse for first time-what a bad start it was. May go to 70k to 80k when market recovers.

...the proverbial tortoise and hare...
oga.meno
#2 Posted : Saturday, October 03, 2009 8:56:00 AM
Rank: Member


Joined: 3/30/2009
Posts: 50
The only investment made so far is purchase of a plot on which I need to establish a home.

...the proverbial tortoise and hare...
Gordon Gekko
#3 Posted : Saturday, October 03, 2009 1:22:00 PM
Rank: Elder


Joined: 5/27/2008
Posts: 3,760
Net monthly income is 22,000. Net after what? Are there SACCO deductions? Pension deductions? NSSF? If so,those are all savings. If not,you are in trouble. Own any stock?
se7en
#4 Posted : Sunday, October 04, 2009 5:47:00 PM
Rank: Member


Joined: 11/27/2006
Posts: 108
I ask like GG,do those deductions include what he just said? if not,maaan! but all is not bleak... some people done woke up at 30,40 hail even 50 and still caught the bus... thing is you need to be super aggressive now... literary,WAKE UP! do you have something on the side? if not,there's no time like the present child...! save any extra buck and (there was a post on business ideas,there were some pretty good capital non-intensive,time non-consuming ones) hit one or 2,alternatively,look for opportunities where you're working i.e. to add onto what you're already doing then go present your case for a promo/pay hike) you're last and final option - probably gather the family,stock up on supplies (Lottery tickets included) and wait for IT :)
Seriously tho,its not ALL bad...

if you can not be kind,at least have the decency to be vague
speak softly and carry a big stick, you will go far... Theodore Roosevelt
Kamaa
#5 Posted : Sunday, October 04, 2009 8:40:00 PM
Rank: Veteran


Joined: 10/6/2007
Posts: 1,177
Location: Nairobi - Kenya
@ oga meno

majority of us are not that open minded,we dont appreciate the reality; as it is,we live other people's lives and by the time we begin to live our lives it is already to late to take a recourse...

as for you,i think you've begun to confront your life at the right time,15 yrs to retirement coupled with a set of realistic strategies can turn around things... even though 22k seems meagre esp with 3 demanding kids,i believe you can make it - so long as you maintain the momentum...

going by the breakdown of your expenses,(Rent=4,000pm. Food et al=8,000pm. Fees=6,000pm. Miscell.=4,000),i am not sure what you can do away with or what you can reduce to boost your savings,may be you will have to consider discussing with your employer for pay reviews,or switching for greener pastures as well as thinking outside the box...

the latter being,utilizing the 206k in the sacco contribution.... if you can get the guarantors you can secure over 600k and invest it in low risky investment vehicles that will possibly generate fixed incomes higher than the sacco dividends (if any) after covering the interest charge,you could also contemplate investing in plots in prospective areas and you could end up reaping some good profits ...

and BTW what does you spouse do for a living? may be she could be the missing link to your successful life...


When you run so fast to get somewhere,you miss the fun of getting there... Life is not a race,so take it slowly....
When you hear what I say, you will not understand. When you see what I do, you will not comprehend
Swenani
#6 Posted : Wednesday, July 13, 2016 1:04:48 PM
Rank: User


Joined: 8/15/2013
Posts: 13,237
Location: Vacuum
How is it going with less than 8 years to go?
If Obiero did it, Who Am I?
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