While you may not have done much for your financial health in the first half, there is lots you can do in the second half.
1. Obtain shares in listed companies
Shares can be a powerful source of passive income if you know how to navigate the stock market. There are companies that are known to be very consistent in giving fair returns and would be a good bet for anyone.
Some have as high as a 25 per cent return. Identify a stockbroker and consult with them, so that they can walk with you and guide you on how to make money in the stock market.
2. Monetize your skills and talents
Everyone has some talent or gift that can be monetized. If it is writing, nowadays you do not necessarily need a publisher.
Getting one is good and you can make money from selling the physical copies, but you can also self-publish e-books online, like on Amazon at zero cost and then earn royalties without having to do a thing for the rest of your life, as long as people continue buying it.
You may also be good at planning and event organizing. Do it on weekends. Emcee at functions if you are blessed with gift of gab. You can make as much as Sh80, 000 per function if you are decent at it.
Take advantage of your talents and make some money.
3. Make a financial plan
People fail in life because they do not want to live their dream. If you have a vision, there are several known ways of achieving that dream.
However, if you just say, “I have a dream of having a big home,” and you do nothing towards achieving it, you will never get it.
You will be a frustrated person. People fail to achieve their dreams because they fail to set objectives, and when you are focused and you have solid objectives, chances are you will achieve what you are going after.
But if you just want to succeed and you do not know what you want to succeed in, you will fail. So if you diligently write reports at work, why don’t you find time to write one for your own life?
4. Don’t use one debt to pay off another
The cycle will never end. Also, sticking to minimum repayments will keep you in debt much longer. Consider increasing your repayment amounts. Stay clear of the top-up syndrome.
Every top up extends the loan and increases your debt. The sales agent will always try and upsell and tell you that you are eligible for more debt.
Don’t be tempted to consider that. Take only the debt that you need for your investment and not the maximum you are eligible for.
Use the cost of credit calculator, which is a recent development by the Central Bank and that is run by the Kenya Bankers Association. It helps you know how much you will really be paying once you borrow.
You can find it at www.costofcredit.co.ke.