wazua Thu, Jul 31, 2025
Welcome Guest Search | Active Topics | Log In

Debunking spending myths
muganda
#1 Posted : Sunday, December 06, 2009 4:52:12 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,906
You know those things that have come to be accepted as common sense but you are not so sure or journey of life has proved otherwise... Thought I'd list some controversial ones and get your ideas

01. Old CArs: After every 3 years, you should change your car as it becomes too expensive too maintain. Funny thing here is if you bought your car for say 500,000 after three years it has depreciated some. When you perhaps come to selling it for say 350,000 you find you end up buying another car of now 800,000.

People forget to factor in aspirational desires. When you change the car you want to upgrade hence higher cost of purchase, higher cost of insurance, higher cost of repair [to maintain sleek look], etc.


02. Starting a Business: Everyone I meet seems to want the freedom of business. It's seen as the courageous thing to do; even Rich Dad Poor Dad reinforces. I've seen though that differentiating factor is whether you're the best in your Employment or the best in Business for that case. Mediocre Business is debunked hands down by good employment.


03. Moonlighting: It seems a no-brainer; use your skills to earn you some money after the 8to5 job. Maybe even some network marketing gig. But when the main job is lost all falls apart - why? There's an exception to every rule, but in most cases I've only seen this lead to mediocre / distracted performance in employment. It just makes more sense to try advance in chosen path or try get another job.

The list continues...
muganda
#2 Posted : Tuesday, December 08, 2009 4:09:54 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,906
Okay thought I'd share another controversial one, as I await your comments:
04. Idle Money: Once in a while you run into some extra money and it's all in the bank. Then you receive a call from the bank asking to put it in a savings account, or you get the urge to buy shares, or to do something with the money - anything.

My opinion is the fact that you've done something with the money doesn't mean you've got it right. What's wrong with it sitting a couple of months as you WAIT. As @mukihia intimated "I'll know it when I see it" but what happens then, your normally not liquid then the opportunity passes.

Come to think of it, reminds me of a time I was in our parks observing a lioness at high noon under the shade of a tree, standing attention. It just wouldn't move, why waste the energy during the hot day when no animal was near enough - but watch out, nigh time was soon coming...
anasazi
#3 Posted : Tuesday, December 08, 2009 5:44:20 PM
Rank: Veteran


Joined: 6/8/2007
Posts: 675
I must say... very interesting. Let me digest this before giving a response.
Form is temporary, class is permanent
muganda
#4 Posted : Wednesday, December 09, 2009 8:20:33 AM
Rank: Elder


Joined: 9/15/2006
Posts: 3,906
@anasazi, any fresh thoughts today morning? Wazuzusss, was keen keen to hear other controversial ones. Thought we could come up with our own 'Richest Man in Babylon' edict
muganda
#5 Posted : Wednesday, December 09, 2009 2:25:00 PM
Rank: Elder


Joined: 9/15/2006
Posts: 3,906
We wauzuzus, sirrrrry! This is beginning to feel like a @KK [max respect] post. Am I that off-base. Okay one more myth...

05.Work Smart Once shared Henry Ford's saying "for every minute of work, there should be an hour of thought" with a mentor. And he said, "What imperialist bullshit is that? How would the Kenya railway line have been built or the Ford assembly line for that matter?"

So every so often, we feel like we're working too hard and convince ourselves people successful people or leaders don't work that hard - MYTH. Those guys work much harder than you do, only difference is there doing another kind of work. Higher up the ladder, the more the work. The more the money, the more the work. Or maybe not, and that's why it all disappears.

Thoughts...
Waria
#6 Posted : Wednesday, December 09, 2009 4:17:54 PM
Rank: Member


Joined: 10/11/2007
Posts: 213
Couldnt agree with you more on point no 1.btw it seems only certain japaneese makes require often changing..id advise first time buyers to go european to avoid the 'new shape' epidemic

However on point 2 i differ having left the coporate world for 'jua kali'. That said its no easy feat and some point one is bound to question their decision esp if not well thot out.

point 3 moonlighting if there is no conflict of interest is a sureway of testing the waters. Look for an engagement that doesnt need your physical presence all the time


Point 4 TRue! but disipline required is tough. I suggest putting it in near cash like money market or joint ac and throw away the ATM card. But again the opportunities always have away of catching one off guard!
On the lioness- To qoute the rothschilds 'be catious but bold'. Make any sense?

Point 5: the power of a visionary- you cannot put a price on this one. all things originate from thought. Senior execs are paid 10 times their juniors for doing 'nothing'. Work smart



btw @muganda...any relation to matopesmile

anasazi
#7 Posted : Wednesday, December 09, 2009 9:37:29 PM
Rank: Veteran


Joined: 6/8/2007
Posts: 675
@muganda... about

01... i realise that as humans we like to have excuses to do things we want to do not for the good reasons we claim to do them... i.e who wouldnt want a new car! so if you can convince yourself its for the better... however, one should not allow the car to get TOO OLD in your hands. Those hours at the garage are better spent elsewhere.

02. Starting a business I think is also a personality issue. There are those who are more settled and content in employment. However there are those that are discontent, and go to business, but are no good in business..

03. The temptation to moonlight is like the temptation of a cop to take bribes. Once used to this little extra source of income, it can be hard to get rid off. However wisdom must be exercised. Balance is key, as one may end up being burnt out with not much to show for it. You should select your moonlighting activities wisely. Easier said than done.

04 About Idle money.... if you have nothing to do, dont do it with your money! I think its wise to study the market before doing any guesswork in the name of investment.

Form is temporary, class is permanent
Jacy26
#8 Posted : Thursday, December 10, 2009 6:35:11 AM
Rank: Member


Joined: 6/26/2008
Posts: 365
"...if you have nothing to do, dont do it with your money" That's a good thot to ponder this morning,d'oh!
If you have only one smile in you, give it to the people you love - Maya Angelou
muganda
#9 Posted : Monday, January 04, 2010 5:31:29 AM
Rank: Elder


Joined: 9/15/2006
Posts: 3,906
I see Wazua provided us with a myth:
The production of too many useful things results in too many useless people - Karl Max

Is it worth doing anything if we don't do it well? And isn't this the argument people had with industralisation, electricity, computerisation, machine farming etc etc?

Karl Max misses the point that things are used by human beings, hence making them more effective, consequently forcing their future efforts to find a new level of relevance.


poundfoolish
#10 Posted : Monday, January 04, 2010 7:24:07 AM
Rank: Elder


Joined: 12/2/2009
Posts: 2,458
Location: Nairobi
Point 1. I agree with. I still see Mercs Volvos and peugots as old as i am still strong.. while some fellas have been upgrading some cars for aas long as ive been around..

Point 2. Going into business Entrepreneurship is a calling like any
other vocation

Point 3. <<<<<,loading 5%>>>>>>

Point 4. I guess if you are in a position where you 'run into some extra money' i guess you already have non extra liquidity at all times... then why not make it run in the way of somebody else in form of investments.

Point 5. Ill stick with the 'Imperialist nonesense' cos the imperialist did the thinking and left the rest to do the 'other hours'...but who laughed all the way to the bank?
VituVingiSana
#11 Posted : Monday, January 04, 2010 8:18:48 AM
Rank: Chief


Joined: 1/3/2007
Posts: 18,223
Location: Nairobi
Haste makes waste... mau forest was excised with 1 minute of thought... even if that...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
Users browsing this topic
Guest
Forum Jump  
You cannot post new topics in this forum.
You cannot reply to topics in this forum.
You cannot delete your posts in this forum.
You cannot edit your posts in this forum.
You cannot create polls in this forum.
You cannot vote in polls in this forum.

Copyright © 2025 Wazua.co.ke. All Rights Reserved.