Financial Advice in SN on 14/01/23 Published on
"I got a salary increase: Should I buy a plot or car first? "My name Bright, 32 married with a kid. I got a salary increment from 70k to 100k net, this December. Kindly help me to plan and also come up with an investment plan. my monthly expenses are as follows; rent ksh 10000 (though relocating soon for a bedroom house of 15k), shopping 5000, food 6000, emergency saving ksh 5000, bills sh 5000, chama 2000,entertainment 5000 and parents 2000shopping, I bought a parcel of land with a bank loan in 2020 with a repayment period of 6yrs at 14000. I am planning to build a two bedroom house in this plot and also buy a car, kindly advise me which development is best and wise to begin with and how. Am very afraid to join any saccos. This is because the last sacco I joined collapsed with my 400k savings and have not been able to be refunded. Which are the best investments that can give me passive income or lead me to financial independence or What adjustments would you recommend I make