The Road to Financial Independence With Enid Kathambi

In my previous episode, where I talked to Kenyan on Fire about her personal finance journey, I mentioned the importance of sharing our experiences with money. Of course, everyone has a unique relationship and experience with money. But we can learn from them. So, in this episode, I share the top 5 mistakes in my mistakes. I talk about the importance of having a budget, financial goals, and savings accounts, even if you don’t know what you are saving for yet. Hopefully, you can learn something even if you are past your 20s.

You can also read more about this on the website.

You can catch on the latest articles via my website: www.enidkathambi.com

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I host my first guest, Kenyan on Fire, in today's episode. She shares her personal finance journey on Instagram. Seeing her progress as she works toward financial freedom has been a joy. Not forgetting the financial nuggets and lessons learned along the way. However, today we will be focusing on her journey in investing in cryptocurrencies. Investing in cryptocurrencies has become very popular over the years. I am sure you will not scroll through any social media page without seeing a post about it. 

But understanding every investment product you want to get is important. The same goes for Cryptocurrencies. Kenyan on Fire takes us through her investments, how she got into Cryptocurrencies and how it has affected her investing perspective and overall portfolio. If you are thinking about getting some cryptocurrencies, her experience will help you learn a thing or two.

You can also follow her journey on her Instagram Page, Kenyan on Fire. 

You can catch on the latest articles via my website: www.enidkathambi.com

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We rarely think about financial self-care when pampering ourselves with all the self-care routines. But caring for your money is important, too. This is more than tracking your bank balances at the end of every week or month. Financial self-care entails all other actions that ensure you are working towards financial success and independence.

In today's episode, we explore some of the common financial self-care routines you should have, including building an emergency fund and taking the time to learn more about finances.

You can also read more about this on the website.

You can catch on the latest articles via my website: www.enidkathambi.com

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We pile praises for Saccos and how they have helped advance financial security for many. And they have. Saccos are an excellent saving and investing vehicle. Most importantly, Saccos are not biased toward the ‘unemployed’ when it accessing credit.

However, one can never be too careful with financial institutions. You must always watch your money like a hawk, and this includes being ready to jump ship when an institution is exhibiting a lot of red flags. I am sure you have heard or read of Saccos in Kenya collapsing with millions of member savings. Many have lost their life savings in such rogue institutions. Although regulators are making efforts to regulate the industry, knowing when to leave a Sacco could save you before it is too late.

In today's episode, we explore some of the red flags you need to watch out for in your Sacco.

You can also read more about this on the website.

You can catch on the latest articles via my website: www.enidkathambi.com

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Is Black Tax a burden or not? This is a huge debate and the answers vary. But, there is no denying Black Tax has an impact both positively and negatively.

Black Tax refers to money Black and people of colour pay to support their immediate and extended families. For instance, you could be paying for your sibling’s education, helping your parents back home, or even funding a relative’s business venture. Among other issues that hinder us, young people, from financial success, including poor planning, was the Black Tax. It affects one's ability to save and invest, create generational wealth, plan and prepare for retirement and even leads to mental health issues. It is okay to help your kin. In fact, it is great to help them and ensure they do not become a financial burden later in life. But at what cost? 

In today's episode, we explore all these effects of the Black Tax and what you can do to shield yourself. 

You can also read more about this on the website.

You can catch on the latest articles via my website: www.enidkathambi.com

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SACCOs have grown over the past few decades and become the go-to saving, investment, and borrowing vehicles for many. So, why are SACCOs gaining so much popularity in Kenya? Are they worth putting your money in, or should you be worried?

It’s not hard to see why Saccos are so popular. Apart from encouraging saving, access to credit is pretty easy compared to borrowing from traditional banks. But theft and mismanagement have led to the collapse of many Saccos, leading to loss of money by members. Still, Saccos are an excellent saving, investment, and borrowing vehicle to help you work towards your financial independence.

Today, we talk more about the pros and cons of joining a Sacco. We also dive deeper into factors you should consider when choosing a Sacco.

You can also read more about this and how to protect yourself as a guarantor on the website.

You can catch on the latest articles via my website: www.enidkathambi.com

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Let’s talk about scams today, and how you can easily spot an investment scam. Have you fallen for any scam before, even if it wasn't an investment scam? I recently paid a professional for a particular job and what was delivered, after being ignored for close to a month, was nothing short of a disappointment. Since then, I have seen a few other people come forward to complain about the same individual. 

It reminded me of a particular scam I feel for when I was a desperate graduate looking for a job. It also reminded me of the many investment scams we have heard about that make many people lose faith in investing. 

But, just because someone is out to look for a quick buck doesn't mean we have to walk on eggshells. The truth is, there will always be such individuals, even if it is nothing to do with investing. However, when it comes to investing, this is the only way we can create wealth. Saving money in a current account or leaving it under your mattress might be safe, but, it is not compounding in value or beating inflation. 

I hope you can use the highlighted tips to protect yourself from investment scammers after your hard-earned money. 

You can learn more about the types of investment scams and warning signs to watch out for in this blog post. 

You can catch on the latest articles via my website: www.enidkathambi.com

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One of the most secure investment assets is government bonds. I have received a few questions regarding investing in Kenyan government securities, especially after doing this post on investing in an infrastructure bond that the CBK is floating.

Now, this looks like an investment opportunity meant for the ultra-wealthy and big investment firms. But contrary to popular belief, government securities are easily accessible even by the common Mwananchi. If you're looking for a short-term investment opportunity, Treasury Bills (T-Bills) are available weekly and have a maturity period of less than one year. 

On the other hand, Treasury Bonds are more of medium to long-term investment opportunities that can help you save and plan for retirement or your kid's educational purposes. For instance, let's say you have a kid joining the university in the next 15 years. You can invest some money in a 15-year bond. You will be receiving your annual or semi-annual interest payments for 15 years that you can use for their shopping and school fees during their primary and secondary education. And, after the 15 years when the bond is maturity, you will get back your initial investment (capital) that you can put towards their higher education tuition and other expenses. 

I'd also want to remind you that you must have a CDS account and a bank account before investing in any government security. It is also important to always read the particular prospectus the CBK releases regarding any security they are floating. 

You can also learn more about investing in Kenyan government securities from this post.

You can catch on the latest articles via my website: www.enidkathambi.com

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When is the last time you closed your eyes, trusted yourself and took a leap of faith? In today’s episode and my first podcast ever, I talk a little about leaping into the unknown.

I went into full-time consultancy and freelancing after leaving corporate. What initially started as a break to study and take a breath from corporate is starting to feel like something I would probably want to do forever.

This episode is a little about encouraging you to go for things that you want to do and love. It’s a scary thing to do, especially when it touches on your finances. But, how far are you willing to stop letting fear get in the way?

You can catch on the latest articles via my website: www.enidkathambi.com

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