INCOME - January topic wrap-up.

This blog post aims to summarize and catch you up on the tools and information shared on our platforms in the month of January.

When is it too socially awkward to wish someone happy new year?? Probably in late March😅….HAPPY NEW YEAR!!!!! May this New Year bring you success! May you achieve all your goals! May you grow and become better in all aspects of your life!

To help us share more organized and wholesome content, we decided to try something new this year. To have monthly topics. The topic for January was INCOME.

Late last year we shared information on emergency funds and sinking funds. Something that come across through interaction after sharing the content was that, emergency and sinking funds are a luxury to some.

It is very unrealistic to expect someone to have a travel or Christmas sinking fund when they are struggling to put food on the table.

So we decided to go back to the drawing board and start from the actual start, sourcing the finances.

The topic coincides very well with the start of the New Year. Get it? 😏

Income is the tool one uses to build wealth. Increase in amount &/ number of streams of income, comes with increase in financial reserves and wealth.

Reducing your expenses plays a big role as well, because, it increases the funds you have available. Example; reducing your entertainment expenses by Ksh. 5000 ( ≈ USD. 50 ), reducing take out, opting to walk instead of daily motorbike or taxi rides. However, that won't do much to build wealth. At least not the kind of wealth we want to build here.

Income: Money that a person or business receives in return for working, providing a product or service, or investing capital. A person's income may also derive from a pension, government benefit, or a gift.

We covered types and categories of income. This information helps you to categorize your current income and gives ideas to streams of income you can explore.

Categories of Income

1. Active Income

2. Portfolio Income

3. Portfolio Income/ Capital gains.

Types of income

1. Earned Income

2. Profit Income

3. Interest Income.

4. Royalty Income

5. Dividend Income

6. Capital gains

7. Royalty Income

8. Gifts, Inherited income, support.

Some people want to start side hustles, businesses but don't know where to even start from. Here is a link to a WhatsApp group that shares business ideas and very valuable information that one can use to set up a source of income.

Since a number of people have jobs and small businesses as side hustles we shared some tips to help balance the two

1. Automate!!

2. Delegate and outsource.

3. Schedule time to work on your business.

4. Frequent check - ups and updates on your business.

To wrap up the topic, we had an interview with singer, songwriter, and guitarist Enoque Wambua. The interview aimed to explore music as a source of income. It was also a good opportunity to learn about the music industry, in turn appreciating different players in the industry.

We discussed; Over 5 streams of income that Enoque gets from his music career. "Any rich person will tell you that having multiple sources of income is the best way to become wealthy."

Some challenges associated with different streams of income. "Royalties in Kenya is a joke, a big joke."

Costs Enoque incurred in the making of his second studio album, which will be released soon.

And much more.

Click HERE to read the interview.

Thank you to everyone who engages with our content, be it liking, sharing, sending direct messages and commenting. Thank you! Thank you!

It is our hope that you learnt a lot in January, We are really looking forward to sharing information and tools under February's topic.

We are also working on launching a product in February, so stay tuned for that as well 😊.

Please follow us on Instagram to engage with us on a daily basis.

Thank you for your time.

Wangui Nzele

Founder & lead strategist,

Finance on Command