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How Kenyans spend their money as opposed to investing

16th Aug, 2017

We can’t deny the importance of money in our society today. We focus mostly on spending it rather than saving it for a rainy day or improving our future. But, do we really know how to spend it wisely? Here are three main reasons why we spend our money on other things other than investing:

  1. Chasing the lifestyle

According to a report compiled by New World Wealth – a South Africa-based research firm, there are currently 8,500 high net worth individuals in Kenya. This group of wealthy Kenyans have at least Ksh 100 million in net assets, therefore, have more disposable income to pamper themselves with luxury living, spending their cash on expensive jewelry, classic cars, designer clothes, and so on.

More often than not, social media feeds are filled with the ideology that luxurious lifestyles are far more important than making investments. We are allowed to pamper ourselves but in moderation. Wealth is obtained through making wise investments rather than constantly splurging.

  1. Misplaced priorities

Materialism is the root of all evil. Some of us find inward peace, happiness and satisfaction through things like money, power and status. This might result in spending your money on irrelevant things in search of spiritual satisfaction. Your priority should be your future; is it promising endless opportunities for your children’s future? To get further advice on making investing a priority, KCB Capital offers financial advisory on investment related matters.

  1. Lack of financial education

The main reason we fail to invest is due to lack of financial education. We need a platform where we can fully understand the benefits and implications of investing. As aforementioned, KCB Capital offers financial advisory, among many other products and services. It currently consists of an Advisory Business as well as a Brokerage Business which targets small, medium and large corporations, National/County Governments, high net worth individuals, project developers, asset and cash rich companies, and shareholders seeking exit routes.

We, at KCB, aim to provide the necessary information that will help you make wise financial investment decisions. For further assistance concerning KCB Capital Advisory and other related investment queries, kindly contact us on kcbcapital@kcb.co.ke .

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