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I started my 2024 on a very rough patch. But one of the things I am grateful for is ensuring that I have the right insurance policies. Risk management is an integral component of your personal finance plan. It allows you to evaluate your risks, making it easier to plan and get the necessary tools to manage those risks. And one of those tools is insurance policies. Especially health insurance plans.
Don't let illness turn your finances into a rollercoaster in 2024! Health insurance is your best friend for unexpected medical bills!
In this episode, we will talk about the important factors to consider when searching for health insurance in Kenya and the benefits of having health insurance, including your peace of mind, financial cushioning during illnesses, and reducing your tax liability.
🏥 Your health is an investment
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Losing one’s source of main income can be devastating, whether it catches you by surprise or not. The current economic conditions have not been very favorable to many businesses. That, and the ever-changing dynamics in businesses, like tech advancements.
If I have learned anything from my experience, it is always to have a backup plan. Especially when it comes to my finances. There are steps that you can take to prepare yourself financially for a potential job loss, even when you don’t expect it.
But when it unexpectedly knocks on your door, it can cause a panic-induced attack. What would you do then? There are also some steps you can take to manage your finances as you get back to job hunting.
In this episode, I talk about why it’s important to create a new budget or revise the one you currently have, budgeting tips you can use during this period, and strategies you can start using to prepare yourself financially for a job loss event.
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Shop our available finance planners here on the website shop Shop the Ultimate Annual Budget Spreadsheet or Ultimate Monthly Budget Spreadsheet that have a debt Snowball/Avalanche tracker, savings trackers, and a Priority Worksheet. Or the EPC Budget BookYou can also catch the blog article about this on the website
You can catch on the latest articles via my website: www.enidkathambi.com
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In this episode, we explore the available strategies you can use to make the most out of your employment opportunities in your pursuit of financial independence.
While we talk so much about having a side hustle or having a business on the side, it’s not usually a possibility for many people. And it’s okay not to want to explore these options. Honestly, they are quite demanding. Plus, if you love your job and career, it’s totally okay to keep pursuing that.
However, you must find ways to make the most out of any situations in your employment that allow you to earn more or save money. That money can go into savings, debt repayments and investment opportunities that can help you earn passive income.
I hope you enjoy this episode and learn something from it.
If that’s the case, don’t forget to rate and leave a review for my show. This will help me keep supporting more people in their quest for financial independence.
Rate, Review & Follow me on Spotify, Google Podcasts & Apple Podcasts
Don’t forget to click the Follow button for updates!
You can also catch the blog article about this on the website
Shop our available finance planners here on the website shop
You can catch on the latest articles via my website: www.enidkathambi.com
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Mother’s Day is a special occasion where we get to celebrate our mothers and other mother figures in our lives. In deed, we get to learn a lot from the experiences and stories carried out through generations. So, I have dedicated this episode to honouring our mothers.
I will be honest; there have been difficult days over the years, even for my mother. But all the experiences, both positive and negative, have been a source of education about many things in life, including money management.
So, in this episode, I talk about the top 5 money lessons I have learned over the years from the women in my life, from my mother to my aunties and close friends.
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What have you been made to believe about money management and investing as a woman? Is it that the men in your life are better at it than you, so you end up leaving that task to them? Is it that you are bad at math and cannot understand the jargon in the world of financial markets?
The truth is that all of these, and so many more, are just myths about women and money. Whether it’s investing, risk-taking or spending where men are perceived to be better at it than men, it’s all lies. Money management and investing have nothing to do with one’s gender. But your money script, personality and overall behaviour around money have a significant impact on your finances and financial success.
In this episode, we talk about the top 4 myths about women and money and solutions to get you out of that mindset and ready to achieve your financial success.
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You can catch on the latest articles via my website: www.enidkathambi.com
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Sometimes, money and emotions go hand-in-hand. Unfortunately, emotions are unavoidable. And they can cloud your judgment and decision-making, which can be detrimental to your financial success journey. I, for one, have managed not to let sadness and anger drive my financial decisions. Because in the past, I’ve turned to impulse purchases and liquidating investment accounts in reaction to sadness and anger. Now, I tend to retreat to things that help me calm down and take it all in, e.g., binge-watching and listening to music.
Knowing how to control your emotions around money will give you better control of your money usage and any financial decisions. By the end of this episode, I hope you have a ‘small self-meeting’ and evaluate your emotions and how they might have affected previous decisions. Then, look for ways to manage these emotions and their triggers, and create a financial plan you can always refer to making any financial decision, especially when you are faced with negative emotions.
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You can catch on the latest articles via my website: www.enidkathambi.com
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In this episode, we go back to one of the basics of personal finance planning — creating an emergency fund. The rule of thumb is to have 6-months of your living expenses saved up in a liquid account for emergency spending. But building a full emergency account is not easy, especially if you have debt. That’s why it’s recommended you start with a quick start emergency fund. A quick-start emergency fund is the secret to working on getting out of debt or building a full emergency fund without worrying about unexpected expenses. This episode guides you through the steps of creating a quick start emergency fund, with recommendations for the best budgeting method to use and how to save money from your spending.
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You can catch on the latest articles via my website: www.enidkathambi.com
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Sacco vs Money Market Funds? This is probably a never-ending debate you will hear or see around. But which is better for you? A Sacco account can help you save for both short and long-term goals, thanks to the ability to borrow against your savings. If you have guarantors, you can borrow as much as 3 to 5 times your savings, depending on your Sacco’s rules. Plus, the funds are not easily accessible. This is an excellent way to buy assets, start a business and grow wealth. With Money Market Funds, you are able to access your funds within a short period, with most institutions wiring the funds within 72 working hours. This, plus the high returns compared to fixed deposit accounts, MMFs are ideal for short-term financial goals. So, which is better for you?
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Catch the episode on red flags to watch out for in your Sacco
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Getting your finances in order and working toward your financial success requires using certain tools. One of those is a budget planner. Budget planners help you track your transactions, stay organised and create healthy financial habits. There are several types of planners to use, either a spreadsheet, digital PDF or a physical book. I recommend using either of these. You can try them all and finally settle on one or two that make budgeting fun. Because it doesn’t have to be boring.
If you are looking for a planner, check out my online shop (click on the link below)
Shop our available finance planners here on the website shop
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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Life is unpredictable. Anything can happen and leave you in ruin, not just emotionally but financially as well. But do you know how vulnerable you are financially? If a sudden illness hit or thieves broke into your house, how far back will it set you? In this episode, I take you through how you can stress your finance. It will help you identify areas in your financial plan that need work.
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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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.
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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.
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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.
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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.
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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.
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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?
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