How to make extra money in Kenya
Get paid weekly, be your own boss, and choose when you earn.
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Keep reading to discover how you can make extra money in Kenya by sharing your car on RIDE
- Put up rentals
In Kenya, this is one of the most popular sources of passive income, and it is with good reason – it tends to be a very stable source if you are able to mobilise capital and build residential houses. One of the hurdles is usually that the capital outlay needed is huge, but that can be overcome. If you cannot afford land of your own, you can rent space and build semi-permanent, pre-fabricated structures. You can have a lease agreement of say, 12 to 15 years, during which you can make a substantial amount of money.
2. List your personal car on car sharing platforms -RIDE
This is the next frontier in Car sharing/rental business. List your car on Ride and this being a platform ,they will present to you pre-vetted car renters near you. They allow you set your own price , buy instant protection plan to cover your car incase of a physical damage and allow you full control of your car availability.
You can read more from https://www.riderentals.co/ride-launches-neighbor-to-neighbor-car-sharing-in-kenya
See below the reviews on their website:
“As a chama, we were looking for a way to grow our empire when our friend referred us to Ride. We now have 13 cars listed on Ride .I have referred my friends too to list their cars .”
Sheila , Family Lawyer group
3. Uber & Airbnb
The biggest taxi company in the world owns no vehicle, and an impressive accommodations firm like Airbnb owns no house. Apps like Uber have been some of the most disruptive technology to arise, but one of the best ways to make money for the money-smart. You can buy a vehicle specifically for Uber, or you can use your personal car that lies dormant from 7am to 7pm. With Uber, your car can be a cash cow and you can decide to get a driver who picks up your car between those hours while you are at work, make money during the day and bring it back in the evening. You can also rent out spare rooms in your house on Airbnb for travellers looking for places to stay for short periods.
4. Bike Sharing
Offer your Mountain bike for bike sharing to your neighbor families and events
See below the reviews on their website:
Rona Cyclist:“I joined cycling during Corona lockdowns. As a family , we bought 4 MTB bikes that we rarely use but we are not ready to sell them. Hearing that we can make some cash hiring them out to our neighbors is an amazing opportunity. ”
You can be the RIDE freelance sales person /Broker and recruit your friends for a pay.
5. Treasury Bills and Treasury Bonds
The government borrows from its citizens, and pay it back with some interest. They are good because returns are guaranteed. The guarantee means they are low-risk and therefore the returns are not as high as from other sources, but they are 100 per cent secure, and you get extra money without having to do anything extra.
6. Shares in listed companies
Shares can be a powerful source of passive income if you know how to navigate the stock market. There are companies that are known to be very consistent in giving fair returns and would be a good bet for anyone. Some have as high as a 25 per cent return. I always recommend training and mentorship from someone who knows the ropes, in order to get maximum returns from it. You can identify a stockbroker and consult with them, so that they can walk with you and guide you on how to make money in the stock market.
7. Monetise your skills and talents
Everyone has some talent or gift that can be monetised. If it is writing, nowadays you do not necessarily need a publisher. Getting one is good and you can make money from selling the physical copies, but you can also self-publish ebooks online, like on Amazon at zero cost and then earn royalties without having to do a thing for the rest of your life, as long as people continue buying it. You may also be good at planning and event organising. Do it on weekends. Emcee at functions if you are blessed with gift of gab. You can make as much as Sh80,000 per function if you are decent at it. Take advantage of your talents and make some money
8. Fixed deposit accounts
For the very risk-averse, putting money in a fixed deposit account can give you about 7 to 10 per cent interest per year. Saving in a sacco is also just as good or even better, because all saccos pay dividends at the end of the financial year and in addition to that, saccos act as an investment vehicles and allow you to borrow at friendly interest rates.
9. Mutual funds, unit trusts and other endowment products
Investment groups (chamas) and other investment vehicles that use pooled resources to invest in one thing are seeing powerful returns. What you choose depends on how much cash-flow you need, as some are more of a long-term investment which bring in good cash in the long run, while others bring in cash.
10. Block-chain technology
The emergence of cryptocurrencies like bitcoin and ethereum have provided new forms of investment. One makes money by, say, buying bitcoins and then disposing off some units later when their prices rise. As with most investments, they have a risk aspect to it, but the returns are good.
