It is known that banks have made millionaire in Kenya. These individuals know the best products to invest in so that they can be rich.It is possible to be a millionaire in Kenya through a bank, and here is how to make it.
Real Estate development
The easiest way to become a millionaire is by investing in real estate sector. When you have a bank account in one of the banks in Kenya, you are eligible for a loan. You can decide to take a mortgage loan where you buy a home and then let it to other people so that the house can repay the loan. Alternatively, you can choose to take a loan to build apartments to let.
The best thing to do is to take a loan to build apartments to let. In this scenario, you must buy land and present the title deed to the bank, then the bank will build apartment of your choice and collect a certain percentage of rent until the loan is exhausted. After the loan is completely paid, you will be given your title deed and the house.
Loan for farming
You can also decide to take a loan to do farming. The first thing to do is identify fertile land, then the best crops to plant and finally approach the bank for a loan.
Farming is very profitable in Kenya and if you utilize the loan well, you will repay within a short period.
Buy Shares and stock
There is nothing good when you buy a share today at Ksh 10 then after 1 year, you realize the same share is going at Ksh50.Investing in shares is what has made countries like USA and UK to progress.
If you want to be rich, approach investment banks like CFC Stanbic and Barclays bank, buy shares and wait to make millions.
Shares and bonds are some of the financial instruments which can earn you crazy profits. If you invest in a profitable company and be patient for at least 5 years, you will smile all the way to the bank.
Fixed Deposit Account
If you are earning, say Ksh 50,000 per month, you can take part of the salary to a bank, and in this case a fixed deposit account is ideal for you.
Instead of having your money in a current account, you can open a fixed deposit account and it would earn interest of up to 10 % of your savings.