Can You Get Rich Through Your Salary?

By Perminus Wainaina

Margaret, an office assistant at one of the companies I worked with many years ago always got me thinking about my spending habits.

When many of us at the office who were earning more than she was ran out of money, we would take ‘food loans’ from her, promising to pay on the next payday.

What surprised me most is when at one point, she mentioned that she and her husband were building a family home and she was still able to feed her family on her salary while running the food business.

I was working towards becoming rich, but would always end up broke before my next paycheck. Margaret on the other hand always managed to double what she had.

How?

Truth is, making money is one thing, but creating wealth that will outlive you is another. We all aspire to be rich. But how can you get rich from just what you have – your salary?

Is it possible for you to become rich through just your salary?

The odds are it won’t just happen overnight. However, by following some of the tips I have outlined below, you will be able to use just your salary, to create wealth.

1. Start Saving

As humans, one of our fatal flaws is the tendency to procrastinate. We put off saving, finding our dream job, or making changes that will bring us financial happiness because we feel as though we have all the time in the world to make these changes. 

However, the truth is, as a salaried individual, one of your most powerful assets in building wealth is time and you must use the time you have to its full potential.

Don’t push things off or spend money today thinking that you can just flip a switch tomorrow, next month, or next year and be well on your way to your future rich lifestyle. Start building financial momentum now by establishing money-saving habits, curbing your spending, and employing sound financial principles into your day-to-day life!

2. Start Investing

Investing works so well in the creation of wealth because it relies on what’s called compound interest.

This is important to note because Ksh1000 today will not be worth Ksh1000 in the future if you just let it sit under a mattress or in a checking account. However, if you invest, then you can turn your Ksh1000 into something more. When you invest, your money is working for you and hopefully earning you income.

Start by setting aside your money specifically for investing. Then, do your research and decide how you will invest your money. Finally, be consistent in investing. The payoffs are well worth it!

To get more tips on how you can get rich through your salary, please watch the video below. I am happy to announce that I have a new website that is dedicated to you! To remain up to date with the latest tips and news, feel free to visit the Perminus Wainaina website here.

Perminus Wainaina is the C.E.O and Managing Partner at Corporate Staffing Services, a leading HR consultancy firm based in Westlands. He assists mid-level and senior professionals get solutions to complex and challenging career issues that they are facing.