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Eight foolish ways you could lose money in Nairobi

By NAIROBI NEWS REPORTER

It’s January, that time of the year when the average Nairobian is strapped for cash. It is when you should be even more vigilant about losing money. Here is a look into foolish ways you could lose money in Nairobi;

1. Buying land during the dry season – This is how it happens, it is the dry season and you find a very irresistible offer for land in the outskirts of Nairobi. The deal looks too good to wait. Once the paper work checks out, you part with your money and start putting up a house. Then it rains and you realize that your house stands right in the middle of a swamp. You would need to own a boat to live there.

2. Heavy tipping – The Nairobi man is the biggest culprit on this one. He will leave hefty bills at a restaurant in a bid to impress either a lady or a potential business ally. What most do not know is that by the time you get to pay the bill, the first impression has already been formed. No amount of tipping can alter it.

3. Internet scams – These are many. You will see a job advert online. Their requirements are low so most of the times, you will have qualified. They need you to come for an interview right away but there is a catch. They will need you to pay some money first either for registration or for a medical. If you do send this money, you might as well have shredded it.

4. Bad driving – Maybe it gives you an adrenaline rush or maybe it makes you look daring to your friends. What you might not have in mind is that every time you drive roughly, you shorten your engine’s life. This means you need to spend more on the car maintenance. All these are costs you would have avoided by just driving carefully.

5. Handshake contracts – This is how it happens. Your friend is having the business deal of his life and he needs half a million shillings tonight to seal the deal. Could you lend it to him? Being the good friend that you are, you rush to his rescue, give him his money. You shake hands and he promises to pay back. With interest. You might just have lost your money. If you are going to lend money in Nairobi, even to your friends, have a written contract. In fact, lend only money that you can afford to lose.

6. Unused subscriptions – So you have subscribed to the most expensive pay TV company not because you need all the channels but because you felt a need to look the part. All those unused gym memberships and sports club fees that you pay year after year is lost money.

7. Gambling – It is now big in Nairobi. Everyone’s doing it. If you indulge in gambling without first taking time to understand how it works and the odds that you are up against, then you are foolishly losing both your time and your money.

8. Multiple girlfriends – If you are a Nairobi man keeping a string of girlfriends, then you are throwing your money away. The average Nairobi woman is high maintenance. You keep a string of them for a while and you will realize that the only thing you will have gained from it is a dent in your bank account.