For those wandering whether or not children are bad financial decision, the answer is yes. Why? Because they represent a long term liability like a mortgage. This doesn't imply that having children is a bad decision. People need to differentiate the two. But just like a car you drive isn't a good financial decision it doesn't mean getting one is a bad thing. It just means you need to prepare for these liabilities. Save up and live within your means. If you can not afford a CX5 but you can reasonably afford a Toyota vitz then that's what it takes. If you want to have 10 kids but you can reasonably afford 2 kids. Then that's what it will take. But most Kenyans don't want to have these conversations. It's all about taking on liabilities which you can afford to live by.
You only know you can afford to buy a certain car if you can pay 20% cash as down payment secondly the total no.of installments should not exceed 48 months and thirdly the monthly installments should not exceed 10% of your monthly income.
From $10K to $30K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family
Real estate is one of the investment opportunities that has stood the test of time, so using numbers without proper research or consultation can lead to poor decisions, and that should be emphasized. Investors need to rely on well-researched data and expert consultations. Additionally, when discussing investments and mentioning real estate, failing to highlight its strength as a buffer against inflation does a disservice to the audience. Real estate not only appreciates in value over time but also helps preserve wealth during periods of inflation, making it a crucial factor in any real estate conversation. The numbers you are mentioning fail to account for inflation, which is an important consideration.
Loved this. Especially like how he stresses on the importance of being clear on our personal goals then doing the math. My goals ultimately boil down to my need for security n freedom. While I'd love to own a beautiful home, liquid financial assets make much more sense at this point in time
This was fairly decent but Steve should have been more specific with some of the answers. Yea a lot of stuff “depends” but it would have been more helpful if he shared specific examples and scenarios. E.g., I was really looking forward to the portfolio question but the answer was disappointing to say the least. Could have shared examples of different kinds of people, like someone aged X and earning between X and X amount who’s just getting started with investments and is single could build their portfolio in this or this way. Same thing with the section on how should one live. Maybe the host should have been more pushy to get specific/helpful answers
Bought my first car on loan it was the best decision for my business. Am done with the loan and the vehicle is such an asset for the business. Look at what works for you. What works for you don't make the other a bad financial decision
Low class rentals have a better yield and an occupancy rate of 90% and more. In a low interest rate environment, bonds have very bad rates. Low class rentals are the way to go and do it in a big way. Instead of buying an apartment, build a whole flat
Crazy to see you here! Feels like just yesterday you were a class behind me, and now you're dropping knowledge like a pro. Proud of your journey-keep it up!
Buying a house will usually be cheaper than renting. If you want to buy a house and don’t have the full amount upfront, then taking a mortgage is better them paying rent for a house you will never own.
I'll start by saying that kids aren't a financial decision. Raising a kid is expensive, but financial reasons shouldn't be the main reason why you should or shouldn't have a kid. And he should have answered your question, nobody will come for him 🤣🤣🤣
Actually there are countries where a high cost of living has deterred couples from having kids esp in highly competitive societies (think of countries like South Korea) where the quality of life you give your kid affects their future prospects
@@jacquiekariuki1484True. if you compare an individual with 1 kid and the other with 5 kids assuming they earn the same, they are not the same economically.
@jacquiekariuki1484 so true. You might want to have them but socio-economic factors in your country will make life even harder with children especially when the government specifically has very punitive unsupportive policies that deter the existence of families. Nobody of sound mind wants to struggle alone then at the same time e also add a new person to add on to the daily struggle
The aggressiveness at which the insurance/school fee merchants sell is usually borderline harassment. This alone has always made me cautious of their intents. Kahome, I have read your books👍.
dealing with matatus and the issue of safety in cabs also just general convenience, take that car loan girl take it as long as its something affordable that you can manage take that car loan
Depends with the type of car whose value you're comparing with using Uber. I've been using Uber every morning to work for 3 months now and I have began toying with the idea of saving towards buying my first car - a locally used basic kadudu. I dread the fact that I'll be fully responsible for its maintenance and security (for instance, unlike an Uber, I can't abandon my car on the road if it halts) but I really need it. The recent digital taxis strike made me hate going to work in the mornings.
I took a mortgage of which I'm paying kes. 27,871 monthly for 15 years. I rented the house for ke. 22,000 monthly. And I'm living in a hse & paying 13k rent.
