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Financial Planning Varies by Income Level, Says CEO Dr. Esther Muchemi



In an insight into the world of financial planning, Dr. Esther Muchemi, the CEO of Samchi Group, emphasized the importance of tailoring financial goals to individual income levels.

Drawing from her extensive experience in business and finance, Dr. Muchemi shared her views on how financial planning evolves as one’s financial situation changes.

“Many years ago, my financial planning revolved around when to buy shoes, dresses, and jewelry,” Dr. Muchemi recalled. “Today, my priorities have shifted towards planning for new constructions or starting a new business.”

This shift in focus highlights a fundamental truth about financial planning: what you plan for largely depends on your financial ranking. For those at lower income levels, even basic necessities like buying shoes or clothes can be significant financial considerations. As income levels rise, the focus often shifts towards larger investments and long-term financial goals.

“It’s important to understand that we are all at different financial levels,” Dr. Muchemi advised. “The lower your level, the more important it is to plan even for basic things. Refuse peer pressure on money matters and stay true to your financial goals.”

Comparing oneself to others can often lead to unnecessary spending or financial strain, Dr. Muchemi cautioned. “As long as your financial ranking is different from someone else’s, what you plan for will and must be different.”

Dr. Muchemi’s perspective as the CEO of Samchi Group, a successful business conglomerate, offers valuable insights into financial planning and management. Her advice underscores the importance of setting realistic financial goals, prioritizing spending based on needs and wants, and avoiding peer pressure when it comes to money matters.

In conclusion, financial planning should be a personalized journey tailored to individual circumstances and goals. Whether you’re planning for basic necessities or aiming for larger investments, staying true to your financial priorities is key to achieving long-term financial stability and success.

Journalist/PR Practitioner who seeks to tell the African stories in an African way. Be it on Politics, Sports, Business, and Current News the story will be told. Twitter @kmajangah

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