Comedian and Radio presenter Mwalimu Rachel explained how she managed to build four housing units and shared tips to her fans on personal financial growth.
In a lengthy post on social media, Mwalimu Rachel explained how she got to build her four bedsitters.
“I have four housing units, I topped up my car loan to build my first 2. With the rent money that came in, plus savings, my salary and side hustle money was paying off the loan. I got into a Sacco and the rent collected from the 4 units, I put in that Sacco. I didn’t touch it to get another loan from the Sacco to upgrade my car.
“Now the initial loan that I had topped up to build the units is being serviced by my salary. Which has gone up with time because I kick ass like that and currently my Sacco loan is being serviced by my 4 houses. It may be a bit confusing but like I said, monopoly. Studying and understanding money. This is what they should teach in schools instead of algebra.”
Rachel also took opportunity to explain how bought her first car, saying:
“My first car Toyota RunX I bought on a part loan, part savings. My salary was paying for the bank loan monthly. I could handle it because the salary was steady. A car is a liability right? But time is money and if I spend less time fighting matatus and jams the more time I have attending meetings so that I am in the rooms where business and money is made, that car that facilitated that to happen, becomes an asset. Plus sometimes in business it’s all about perception. Not all debts are bad debts.”
Her advice to Kenyans on investments:
“I’m sharing my journey knowing very well that this isn’t a one size fits all formula. What is working for me may not work for you but there are basics that cut across that will work for you if you take it seriously and passionately. I’m sharing this to show you it takes time, patience and failure. I’m sharing this as a substitute to the tea and bickering that people serve here on a daily basis that doesn’t help the youth in any way,” she concluded.
