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Showing posts from July, 2022

Chachanomics Personal Financial Advice Published in Saturday Nation on 9th July, 2022

  Reader's Question My name is Naomi. I'm 44. I take home Sh.100,000 after deductions. My budget is as follows: Wi-fi: Sh.3,000 Netflix: Sh.1,100 Post-paid line: Sh.1,000 Fuel: Sh.12,000 Food: Sh.15,000 Domestic cleaner: Sh.4,000 per month (she comes once a week) Car loan: Sh.45,000 (exactly a year to clear) Sacco savings: Sh.5,000 monthly Sacco saving: Sh.750,000 Personal savings bank account: Sh.120,000 Spouse support: Sh.25,000 monthly plus family home, school fees and service charge catered for Miscellaneous: Sh.10,000 In case I left employment today, I'd have about Sh.450,000 at my disposal. What investment plan can I make at this time in my life? Can I buy land to put up a holiday home that I can rent out? Chachanomics Financial Advice At age 44, you are remaining with 16 years before you reach the mandatory retirement age of 60 years if you are a civil servant. This means that you have reached a critical age bracket (40-50 years) which is usually known as the stage o