DEAR STUDENTS: WEALTH CREATION BEGINS WITH THE LITTLE YOU HAVE.
Dear Students, Wealth creation does not begin when you land a good job. There is never an opportune time to learn how to make money, save, invest, or budget.
Wealth creation begins with the little you have.
When ‘billionaires’ tell you they started their businesses with an egg, or just a knife and now they own a chain of businesses. Or they started selling groundnuts with zero capital and now they own multiple factories (how tiring are these narratives though?) but best believe them.
The moral of all their stories is you can start with the little you have.
One lesson adulting is continuously teaching us is no one owes us anything. The sooner you students realize that, the better.
After graduation, you’ll be expected to cater for yourself. Adulting begins. No one ever gets used to it. You can easily fall into a debt cycle. Unlike in campo where you can use a HELB loan for parting, buying furniture, and food, adulting will require you to budget efficiently.
You will need to ensure you never run out of tokens, pay rent on time, clear your water bill and buy plenty of food.
Best believe when they say adulting is a scam.
You will always need more money. Everything sometimes seems too costly.
The only way to hack this is to start with the little you have.
You don’t have to re-live these ‘self-made billionaire’ tough experiences; a beautiful wealth creation story can be told after reading this. (Obviously without exaggerated details)
Here’s how you can learn wealth creation as a student.
1. Learn Financial literacy.
A lot of financial coaches are sharing content on Instagram for free. Take advantage of this to learn. An example is Financially Fit Africa, Susan Wanjiku, Finance bar, etc.
Learn your money personality type, money behavior, and how to be financially fit.
Research on saving methods, budgeting, and investing.
2. If possible, stay out of debt.
We do not determine where we are born, but we have the opportunity to shape what we become.
If the education loan is going to help you through school, take it.
If you can do without it, stay out of debt.
I have seen students take loans for their small businesses, they had an idea about investing and ensured their businesses flourished.
Some decided to take loans and waste them on leisure. The loans are deducted from their paychecks every month. Imagine servicing a fruitless debt?
Not all debt is bad but if you can stay out of debt, the better.
3. Learn how to save from the little you have.
One aspect of wealth creation is; if you cannot budget and save from KSHS 1000 you cannot figure how to handle KSHS 1000000.
Steve Down says if you can walk around with KSHS 5000 without spending it on anything, you are financially fit.
Save from the little pocket money you are given.
Save, start a business from it. Identify a need and cater to it.
4. Apply for scholarships and grants/ volunteer.
One regret people often voice after getting into the job market is failing to use their free time well while in college.
To be more productive, apply for scholarships to further your education. Volunteer in community-based non-profits, take up learning opportunities.
Keep abreast of the trends in the marketplace.
Network, and create meaningful associations.
5. Start Investing early.
As a student, increasing your cash flow should be a priority.
The most risk-free investment you can partake in is starting a business.
A netizen tweeted that he was looking for services on CBC training. What that meant was someone who would help his children with doing homework.
Look out for such opportunities.
Sell a service (delivery, personal assistant, virtual assistant, call center) or start a business ( thrift shop, go the Azziad way, etc)
