How to create wealth using your current salary

Mugabo is considered by co-workers as one of the few suave enterprising workers at office.
You need a clear plan to achieve your wealth-building goals. (Net photo.)
You need a clear plan to achieve your wealth-building goals. (Net photo.)

Mugabo is considered by co-workers as one of the few suave enterprising workers at office.

Though he earns Rwf150,000 Mugabo has been able to start medium-sized general merchandise retail business for his wife, and owns three pieces of land in Kanombe.


Most of his co-workers say he is frugal, but the low cadre employee at a manufacturing plant in Kigali says he has been able to accumulate savings and invest in income-generating projects by doing away with unnecessary expenditure, among others.


Mugabo says accummulating wealth involves a lot of sacrifices that most people don’t want to take. The road to wealth building also requires a change of mindset.


Start right away

For young graduates landing their first job, there’s no better time to start saving than when you receive that initial salary. Experts say one should think of ways to use their earnings (the amount does not matter) to make more money.

Have clear goals

Ask yourself what your life would be like if you could make money work for you. However, one must create financial goals and work toward achieving them by drawing clear savings and wealth-creating targets and plans to help you realise these targets.


It is essential to understand that building wealth is not a short-term goal, and that it is achievable if you are committed to change the present financial situation.

Join savings group

Corporates are advised to take advantage of the savings schemes and co-operatives at their companies to accummulate savings for investment.

One can also borrow from such schemes to invest since they usually offer very low interest rates compared to commercial banks. These soft loans can be instrumental in helping you build wealth and secure your financial future.

Wants vs needs

For Doreen Gashuga, a business advisor at Business Development Fund, the most important step toward wealth-building is to first distinguish between needs and wants. Gashuga argues that things, like alcohol or cosmetics, are not essential to our lives and can be discarded and the money saved and later invested to build one’s wealth portifolio.

Have a working plan

Getting on the path that leads to wealth begins with a thoughtfully created plan, know all of the elements affecting your financial life and start eliminating some of them says Aline Kamikazi, a Kigali-based business advisor. She says embracing a culture of savings can be difficult, but “it’s worth sacrificing to be able to improve your financial health”.

Check spending habits

Kamikazi says it is important to review your financial plan and spending habits so that you do away with unnecessary expenses and save more. She says examining your current expenses and personal budget gives you an idea of what items to remove or reduce so that you can save the money you would have used to buy them. This, she notes, sets you on the road to savings accumulation that guarantees your financial future.

Engage financial advisor

Kamikazi says one can always engage a financial advisor to guide them on how best to cut costs, save as well as how to stick to their financial goals. Therefore, as you make more money, investing a portion of it should be your number one priority. Buying bonds and shares can give it a chance to grow.

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