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Laid off but with KShs 800k in savings
Tamuyeyo
#1 Posted : Wednesday, July 15, 2009 3:56:00 PM
Rank: Member

Joined: 7/11/2009
Posts: 8
Guys help me............have been laid off but I have Shs800k in savings. I need to do something quickly as I look for another job so as to provide for my family. Will really appreciate your advice guys. Thanks
Sober
#2 Posted : Wednesday, July 15, 2009 4:33:00 PM
Rank: Elder

Joined: 11/27/2007
Posts: 3,604
If the laying off was abrupt i have this to tell you. Go home and take a deep breath,i mean relax before involving yourself in anything. This is because you shouldn't make such crucial decesions in haste,panic or under pressure.

A likely impossibility is always preferable to an unconvincing posibility.
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
Tamuyeyo
#3 Posted : Wednesday, July 15, 2009 4:56:00 PM
Rank: Member

Joined: 7/11/2009
Posts: 8
Thanks Sober.

Yeah actually it makes sense for me to relax first and not to rush in to a decision. I am just trying to think ahead of time for any business ideas so as to find an alternative source of income as I look for a job. Thanks for your advice.
kyt
#4 Posted : Wednesday, July 15, 2009 8:12:00 PM
Rank: Elder

Joined: 11/7/2007
Posts: 2,182
car hire is a very nice business and i can say i have seen two people get in to it and have gone 50% returns in the first 3 months in business. that is their luck though. September is coming and ICT should open up imense opportunities. try upgrading your shags for starters. better still provide unlimited calls for a limited fee monthly. the latter requires expertise though but think over it.

hasta la vista
LOVE WHAT YOU DO, DO WHAT YOU LOVE.
jerry
#5 Posted : Wednesday, July 15, 2009 8:12:00 PM
Rank: Elder

Joined: 9/29/2006
Posts: 2,570
Buy a car and give it to a car hire company.

Hotels will always serve the fruits/vegs of the season. In stocks,ur duty as a trader is to identify the HOTshare of the season.
The opposite of courage is not cowardice, it's conformity.
Tamuyeyo
#6 Posted : Wednesday, July 15, 2009 10:50:00 PM
Rank: Member

Joined: 7/11/2009
Posts: 8
Jerry and Kyt thanks very much.

I have actually been working in the US now and will be heading home soon should the situation persist. Personally,I have had to hire a car while at home fo vacation and I liked the business. The only worry is the security as one will have to give it to a stranger hoping that they are good people and will return the car. I know one way of dealing with this is to take an insurance cover. I understand risk is part and parcelof every business but do you think this is something that may need a lot of thought? Also,what about starting a taxi business,is the situation in Kenya now good for such kind of investment?

Thanks guys.
Waria
#7 Posted : Thursday, July 16, 2009 5:50:00 AM
Rank: Member

Joined: 10/11/2007
Posts: 213
For someone working in the states 1000usd in savings is peanuts.

Dont come home as u have better chance there. When you get ua next job,tone down on the lifestyle and invest heavily in real estate in kenya


Me first,U next
Chaka
#8 Posted : Thursday, July 16, 2009 7:20:00 AM
Rank: Elder

Joined: 2/16/2007
Posts: 2,114
@Waria,

800k is 10,000 USD
adept
#9 Posted : Thursday, July 16, 2009 7:36:00 AM
Rank: Member

Joined: 12/8/2008
Posts: 359
800K is USD 10K not USD 1K. And I do not agree with @Waria on his summary dismissal of Kenya. There are opportunities in Kenya too. Of course luck (read opportunity) beckons to those that are prepared so your biz ideas,skills,qualifications,experience,and/or capital will determine alot.

Above all you must do your homework with assistance from relatives and friends on the ground back home. In summary,your decision whether in the US or Kenya should be well informed. I like it that you have not hinged your plans entirely on either side (Us or Kenya) as having either serve as a Plan B in case things go bust is fundamental.

There is more to life than being employed so all the best.
mkristo
#10 Posted : Thursday, July 16, 2009 8:09:00 AM
Rank: Member

Joined: 9/7/2007
Posts: 168
Location: Nairobi
you need to finance your monthly budget for at least three months with your savings.

Three months will be useful to think through and know exactly what you want to do,either find another job,or go into business,whether in Kenya or USA.

After you've financed your monthly budget for at least three months,talk to people both in USA and Kenay to know what opportunities are available for you.

If you choose business,you will need enough working capital to get it started,and if you need it to pay you a salary every month,then you must factor that in keeping inmind that the business must aslo retain its income for growth.

If business does not seem vaible,I would encourage you to agressively seek employment bearing in mind that you will need to continue servicing your monthly budget.

800K could start a small business in Kenya,I dont know about USA. Examples at home are: a Cyber cafe,a phone accessory shop,car hire,buying and selling of designer cloths for both men and women,you could try MLM for credible companies.



each day is a gift from God; I dont know if I will be here tomorrow; should I be,I'll make the most of it for God's glory; should I be not,pick up and keep the legacy
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