Real growth is organic, it follows a natural process. We experience this every day, be it physical, mental, social, spiritual or emotional and we can experience it financially. This is what investments are all about; growth. The way to think about it is to relate it to our everyday experiences, for instance, we eat to sustain our physical growth, we read to sustain our mental growth, we create to sustain our social growth, we pray to sustain our spiritual growth and we “self-care” to sustain our emotional growth. That’s what investing is to our financial lives.
INVESTING IN A SACCO
What is a sacco?
SACCO stands for Savings and Credit Cooperative. It’s an institution formed by a group of people who have a common factor, usually profession, in order to provide a worthy return for their savings as well as empower their members by providing lower interest loans. It is a financial institution by the members, for the members
Low-interest rate loans, the high annual return on savings realized through a dividend payment, encourage ownership of assets such as land and houses as they offer them at discounts to the members, less bureaucracy in getting a loan.
These are SACCO specific, however, look out for the following: membership fees, minimum contribution required per month, transfer fees (if you want to transfer shares to/from another member), withdrawal fees (if you want to withdraw your savings from the SACCO).
How do I start?
By looking for a suitable SACCO, look for a SACCO whose membership is open to the public. Before you become a member, you must verify if your SACCO is legit.