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A million shilings:Help!!
Rank: Member Joined: 7/7/2008 Posts: 124
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Dear Wazuans, My bank tells me I qualify for a million shillings loan to pay in six years at 16% p.a and no grace period!My loan calculator tells me that is a cool 24,318.06 shillings per month! Now the million dollar..ooh shillings is, where do I invest this money to cover for the interest and realize also some profit.I have no plot to develop and I won't trade drugs...miraa included! My only source of income is an emaciated pay slip that hardly covers my monthly running costs.I owe no one any debt,except unpaid dowry which is yet to be negotiated. Any practical ideas? 
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Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi
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miser wrote:Dear Wazuans, My bank tells me I qualify for a million shillings loan to pay in six years at 16% p.a and no grace period!My loan calculator tells me that is a cool 24,318.06 shillings per month! Now the million dollar..ooh shillings is, where do I invest this money to cover for the interest and realize also some profit.I have no plot to develop and I won't trade drugs...miraa included! My only source of income is an emaciated pay slip that hardly covers my monthly running costs.I owe no one any debt,except unpaid dowry which is yet to be negotiated. Any practical ideas? https://www.bullishtrade.../business-opportunity ..desire to succeed is always fighting with fear of failure..
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Rank: Member Joined: 4/24/2009 Posts: 72
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miser wrote:Dear Wazuans, My bank tells me I qualify for a million shillings loan to pay in six years at 16% p.a and no grace period!My loan calculator tells me that is a cool 24,318.06 shillings per month! Now the million dollar..ooh shillings is, where do I invest this money to cover for the interest and realize also some profit.I have no plot to develop and I won't trade drugs...miraa included! My only source of income is an emaciated pay slip that hardly covers my monthly running costs.I owe no one any debt,except unpaid dowry which is yet to be negotiated. Any practical ideas? This should be reason enough. Should be the other way round....get the idea, then look for the money
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Rank: Member Joined: 4/24/2009 Posts: 72
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maina20 wrote:miser wrote:Dear Wazuans, My bank tells me I qualify for a million shillings loan to pay in six years at 16% p.a and no grace period!My loan calculator tells me that is a cool 24,318.06 shillings per month! Now the million dollar..ooh shillings is, where do I invest this money to cover for the interest and realize also some profit.I have no plot to develop and I won't trade drugs...miraa included! My only source of income is an emaciated pay slip that hardly covers my monthly running costs.I owe no one any debt,except unpaid dowry which is yet to be negotiated. Any practical ideas? https://www.bullishtrade.../business-opportunity 
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Rank: Elder Joined: 3/29/2011 Posts: 2,242
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@ miser,if i were you, i would buy a plot for max 350k in a place which is habitable, build a house for max of 500k and reserve 150k for like 6 months to cover the period of building while renting. Once in your own house, utilize the rent savings to repay the loan. I did something similar some years ago and i cannot regret it. This sounds reverse,but saving some cash is as good as making it elsewhere. "Things that matter most must never be at the mercy of things that matter least." Goethe
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Rank: Member Joined: 4/18/2011 Posts: 459
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You could possibly explore the ups n downs of car hire, I see in the newspapers some companies offering 40-60 k, am sure Wazuans have experience with this.
A friend also talks rather positively about getting a 14 seater matatu managed by a Sacco, I haven't gotten a feedback yet about how his first matatu is doing.
A colleague also has a 14 seater matatu, she admits there r challenges but it still gives her money.
If u allow me to get personal, you may need to assess if you r living beyond your means, most banks offer loans after establishing that after repayment of the loan you r still able to meet expenses, there must be exceptional financial institutions though, beware of creating for yourself a comfort zone which will get u relying on employment for ever.
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Rank: Member Joined: 7/7/2008 Posts: 124
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Gathige wrote:@ miser,if i were you, i would buy a plot for max 350k in a place which is habitable, build a house for max of 500k and reserve 150k for like 6 months to cover the period of building while renting. Once in your own house, utilize the rent savings to repay the loan. I did something similar some years ago and i cannot regret it.
This sounds reverse,but saving some cash is as good as making it elsewhere. Thanks.Unfortunately the nature of my work and by extension my employer's policy is to work away from home;anywhere in the country.So I will keep on paying rent till I resign,get sacked,retire or die!And my current rent is only 5k-dont mind I could be living in an hovel;bora nirauke kazi!
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Rank: Member Joined: 5/7/2010 Posts: 282 Location: Nairobi
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miser wrote:Gathige wrote:@ miser,if i were you, i would buy a plot for max 350k in a place which is habitable, build a house for max of 500k and reserve 150k for like 6 months to cover the period of building while renting. Once in your own house, utilize the rent savings to repay the loan. I did something similar some years ago and i cannot regret it.
This sounds reverse,but saving some cash is as good as making it elsewhere. Thanks.Unfortunately the nature of my work and by extension my employer's policy is to work away from home;anywhere in the country.So I will keep on paying rent till I resign,get sacked,retire or die!And my current rent is only 5k-dont mind I could be living in an hovel;bora nirauke kazi! RUN brother RUN!!! Unless you NOW know where to invest the money and immediately start an income stream. Otherwise, it will EAT your payslip DRY. Explore the suggestions here and make the decision and accept the consequences.
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Rank: Elder Joined: 7/11/2012 Posts: 5,222
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miser wrote:Dear Wazuans, My bank tells me I qualify for a million shillings loan to pay in six years at 16% p.a and no grace period!My loan calculator tells me that is a cool 24,318.06 shillings per month! Now the million dollar..ooh shillings is, where do I invest this money to cover for the interest and realize also some profit.I have no plot to develop and I won't trade drugs...miraa included! My only source of income is an emaciated pay slip that hardly covers my monthly running costs.I owe no one any debt,except unpaid dowry which is yet to be negotiated. Any practical ideas? How does the above work?
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Rank: Elder Joined: 7/11/2010 Posts: 5,040
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banks have become this aggressive! do not be lured into this trap. six years is a long time, if u cabdont have a super investment idea. you will regret for five years after enjoying year one. The investor's chief problem - and even his worst enemy - is likely to be himself
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Rank: Member Joined: 7/21/2010 Posts: 249 Location: nairobi
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Aguytrying wrote:banks have become this aggressive! do not be lured into this trap. six years is a long time, if u cabdont have a super investment idea. you will regret for five years after enjoying year one. very true, infact, they have a VARIABLE interest rate,thats the contract. Nobody will show u this. down the line they will say CBK rate has changed, ooh Economy and adjust upwards...Its a rat race, am trying to quit but its late.... by the time you clear the loan, you will have paid over 60%principal as interest. If u dont have an urgent need for the cash, pls leave it. save any coins you have in a sacco, its far much better...their rates are more less fixed at 12% and predictable. ..desire to succeed is always fighting with fear of failure..
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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sky5 wrote:miser wrote:Gathige wrote:@ miser,if i were you, i would buy a plot for max 350k in a place which is habitable, build a house for max of 500k and reserve 150k for like 6 months to cover the period of building while renting. Once in your own house, utilize the rent savings to repay the loan. I did something similar some years ago and i cannot regret it.
This sounds reverse,but saving some cash is as good as making it elsewhere. Thanks.Unfortunately the nature of my work and by extension my employer's policy is to work away from home;anywhere in the country.So I will keep on paying rent till I resign,get sacked,retire or die!And my current rent is only 5k-dont mind I could be living in an hovel;bora nirauke kazi! RUN brother RUN!!! Unless you NOW know where to invest the money and immediately start an income stream. Otherwise, it will EAT your payslip DRY. Explore the suggestions here and make the decision and accept the consequences. Dont worry...Miser never makes mistakes from this thread http://wazua.co.ke/forum.aspx?g=posts&t=16738 you get a feel of the kind of person he is. Am sure his payslip can never go dry..not soon. Here is another http://www.wazua.co.ke/f...osts&t=1927&p=2 Sincerely speaking I like this guy "There are only two emotions in the market, hope & fear. The problem is you hope when you should fear & fear when you should hope: - Jesse Livermore
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Rank: Member Joined: 11/24/2011 Posts: 833
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Dont worry...Miser never makes mistakes from this thread http://wazua.co.ke/forum.aspx?g=posts&t=16738 you get a feel of the kind of person he is. Am sure his payslip can never go dry..not soon. Here is another http://www.wazua.co.ke/f...osts&t=1927&p=2 Sincerely speaking I like this guy[/quote] KUMULIKWA KINYAMA
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Rank: New-farer Joined: 1/25/2012 Posts: 15
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miser wrote:Dear Wazuans, My bank tells me I qualify for a million shillings loan to pay in six years at 16% p.a and no grace period!My loan calculator tells me that is a cool 24,318.06 shillings per month! Now the million dollar..ooh shillings is, where do I invest this money to cover for the interest and realize also some profit.I have no plot to develop and I won't trade drugs...miraa included! My only source of income is an emaciated pay slip that hardly covers my monthly running costs.I owe no one any debt,except unpaid dowry which is yet to be negotiated. Any practical ideas? Do your calculation again...24,318.06 at 16%, Repayment period should be 5 yrs Wealth, like happiness, is never attained when sought after directly. It comes as a by-product of providing a useful service - Henry Ford
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Rank: Member Joined: 7/7/2008 Posts: 124
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Aguytrying wrote:if u cabdont have a super investment idea... Jeez,was I not looking for this from you!
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Rank: Member Joined: 7/7/2008 Posts: 124
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@PROMANETT [/quote]Do your calculation again...24,318.06 at 16%, Repayment period should be 5 yrs [/quote]
Makes no difference:focus on giving the solution to the problem!
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Rank: Member Joined: 7/7/2008 Posts: 124
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murchr wrote:sky5 wrote:miser wrote:Gathige wrote:@ miser,if i were you, i would buy a plot for max 350k in a place which is habitable, build a house for max of 500k and reserve 150k for like 6 months to cover the period of building while renting. Once in your own house, utilize the rent savings to repay the loan. I did something similar some years ago and i cannot regret it.
This sounds reverse,but saving some cash is as good as making it elsewhere. Thanks.Unfortunately the nature of my work and by extension my employer's policy is to work away from home;anywhere in the country.So I will keep on paying rent till I resign,get sacked,retire or die!And my current rent is only 5k-dont mind I could be living in an hovel;bora nirauke kazi! RUN brother RUN!!! Unless you NOW know where to invest the money and immediately start an income stream. Otherwise, it will EAT your payslip DRY. Explore the suggestions here and make the decision and accept the consequences. Dont worry...Miser never makes mistakes from this thread http://wazua.co.ke/forum.aspx?g=posts&t=16738 you get a feel of the kind of person he is. Am sure his payslip can never go dry..not soon. Here is another http://www.wazua.co.ke/f...osts&t=1927&p=2 Sincerely speaking I like this guy I note your forte is archeology;nothing much to expect from you!However fortunes change and not always for the better!
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Rank: Member Joined: 7/7/2008 Posts: 124
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KUMULIKWA KINYAMA[/quote] Try to have a mind of your own;stop herd mentality!
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Rank: Member Joined: 7/7/2008 Posts: 124
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sky5 wrote:
Unless you NOW know where to invest the money...
Now,now is this not exactly what am looking for!
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Rank: Member Joined: 8/4/2012 Posts: 155 Location: Kenya
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@Miser, Now that in the meantime you don't have any investment ideas and in consideration of the fact that the rates are focused to drop further, you should probably look at what the bank is also telling you, that you have 24,318.06 shillings per month that you can save.  Put the cash in a savings account until you have some use for it. You will earn yourself some interest and will probably need less than the one million for your invesment If you don't want to go to plan B have a good plan A.
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