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“Don’t Spend More Than Your Income,” 3 Money Tips From Chris Kirubi


“Don’t Spend More Than Your Income,” 3 Money Tips From Chris Kirubi

In article dubbed How To Become a Billionaire by age 25, MSN Money lists Mark Zuckerberg , Michael Dell and others as some of the youngest people to make their first million dollars before the age of 25.
“Among the traits they have in common are vision, smarts and determination,” reads the article.
Maybe your goal is not to become a billionaire at 25, maybe you just need some money tips on spending, saving, starting your own business and maybe getting out of debt….How do you do that?
Speaking to young Kenyans through #AskKirubi forum, successful entrepreneur Chris Kirubi shares several money tips which will do you some good.
1. Learn To Live within Your Means
We are sure you’ve heard of this common advice. Chris Kirubi insists on it by adding that most people regardless of how little they earn, they want to first buy a Blackberry or an iphone.
“Everybody loves some luxury but it all depends with the level of indulgence,” he says.
He adds that it’s unwise if you are making say 1 million in interest (if you have your own business) yet you are spending 2M in luxury.

Read also: Kenyan Multi-Millionaire Chris Kirubi’s Valentine Message to all Lovers

“Don’t spend more than your income,” he adds that there is need to have a budget where you set aside a portion for saving and spending.
“This way you will not be in big debts. You should never borrow what you cannot repay,” he opines.
2. Save, save save!
“Save before you have the appetite to spend,” advices the business mogul who adds that young people should move from poverty and dependency by becoming better savers.
He insists that there’s no need to buy a car which you cannot fuel while you continue to live with your parents.
“There’s nobody worth his/her salt, when they continue to live in their parents house for donkey years,” he terms this as unacceptable adding that you should start generating your own future, “your parents would like to see you succeed better than them.”
3. Spend wisely.
It’s not just about spending but doing it wisely. Do you have friends who make you spend more than you are willing to? Listen up.
“If you have very pricey girlfriends, who want to go to the most expensive dining, and who want you to buy them car or beautiful watches and clothes, it’s not possible that you can succeed,” advices Kirubi who adds that you have to make a choice.
“Do you become a spender or a generator of wealth?” he poses.
For those who are lucky enough to have inherited money from their parents, the business mogul quips that, “A lot of young people, even when their parents pass on and leave them money, they squander it within a very short time,” he attributes this to the lack of not knowing how to utilize wealth as a base of creating more wealth.
“Don’t depend on your parent’s wealth to indulge into luxury. All that wealth will disappear and you go back to square one.”

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