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Earning 100k and above
Rank: Elder Joined: 10/4/2006 Posts: 13,823 Location: Nairobi
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hamburglar wrote:Guys. There is a lot of "dirty" money floating around Kenya. Most people commenting here are "squares", working stiffs doing 9-5, which is very honorable, but there is a demographic that's making more money than god every day in this Nairobi. I've had the pleasure or displeasure of meeting quite a few young guys who are making so much money every day and investing it in real estate. Right now I know a 30 something year old guy that is erecting apartments in Kileleshwa and says that he already has buyers and knows that some of the units will be rented long term. He needs somewhere to invest his money and what better place than buying real estate. If you are not part of the "clique" you will always be wondering how some things are possible, but you would all be surprised to see the bank statements of some of these relatively young guys around this city. Not everything is black and white like how us regular joes think, the former CJ called this a bandit economy and he knew exactly what he was saying. This country has its owners, the rest of us are just passing by. the question is HOW MANY ARE THESE PEOPLE? 10k, 20k, 30k PEOPLE? All Mushrooms are edible! Some Mushroom are only edible ONCE!
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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There seems to be some kind of denial that we are indeed a poor country. We are. "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: 12/17/2011 Posts: 887
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masukuma wrote:hamburglar wrote:Guys. There is a lot of "dirty" money floating around Kenya. Most people commenting here are "squares", working stiffs doing 9-5, which is very honorable, but there is a demographic that's making more money than god every day in this Nairobi. I've had the pleasure or displeasure of meeting quite a few young guys who are making so much money every day and investing it in real estate. Right now I know a 30 something year old guy that is erecting apartments in Kileleshwa and says that he already has buyers and knows that some of the units will be rented long term. He needs somewhere to invest his money and what better place than buying real estate. If you are not part of the "clique" you will always be wondering how some things are possible, but you would all be surprised to see the bank statements of some of these relatively young guys around this city. Not everything is black and white like how us regular joes think, the former CJ called this a bandit economy and he knew exactly what he was saying. This country has its owners, the rest of us are just passing by. the question is HOW MANY ARE THESE PEOPLE? 10k, 20k, 30k PEOPLE? Probably less than 1k people.
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Rank: Veteran Joined: 4/27/2010 Posts: 951 Location: Nyumbani
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There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs.
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Rank: Elder Joined: 3/19/2010 Posts: 3,505 Location: Uganda
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having worked within payrolls of several large Kenyan organisations I can confirm that very very few Kenyans hit 100k.if you are there, thank God.normally,in organisations with 500 permanent employees less than 25 will get 100k punda amecheka
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Rank: User Joined: 8/15/2013 Posts: 13,237 Location: Vacuum
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kiash wrote:There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs. Matusi ndio utaacha If Obiero did it, Who Am I?
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Rank: Elder Joined: 2/26/2012 Posts: 15,980
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kiash wrote:There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs. 5M Kenyans funding the govt, 35M complaining of services not delivered "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: Elder Joined: 7/22/2008 Posts: 2,723
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murchr wrote:kiash wrote:There are things i find very peculiar in Kenya. Am in a group where they propose apparments and houses for 8M to 15M.The same types of appartments where i am goes for around 15M and on a mortgage of not more than 2% and yet the minimum salary for a guy doing menial jobs is around 150K a month.
I think those houses /appartments are so overpriced and the market will one day correct itself most of the people who buy are not in the formal employment.
Who remembers the number of Kenyans who paid PAYE tax last year , or is it this year.
Its not more than 5M , in a country of more than 40M people.This tells you that there are many people in the informal sector who are hiding from the tax system and since there is no control,they take everything.They are the jamaa fulanis who whenever you need a sevice you give them a call. These are the people who make the cost of doing business to be so high.They make easy money and a lot of it and at times
through fraud or funny businesses they are brokers and all.
Most of these people are easy spenders since the money is easily made.They might make a high % of those taking Bond 7s ,some of them rarely save and thats why end month is always an issue.
Another thing , the saving culture is still not that heavily adopted in Kenya, just like the reading culture.
The problem is there are lots of people in the formal employment who are there coz of job security.They will also hustle on the sides of the official jobs. 5M Kenyans funding the govt, 35M complaining of services not delivered Is it any wonder that government work is referred as "mkate". You go around campaigning to be given the "work of governing" yet you see it as a loaf of bread.
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Rank: Veteran Joined: 3/16/2009 Posts: 1,464
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Rank: Member Joined: 12/17/2011 Posts: 887
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