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What is a "good salary" in Kenya?
okwonkwo
#1 Posted : Tuesday, January 15, 2013 5:52:14 PM
Rank: Hello


Joined: 1/15/2013
Posts: 2
Came across an interesting blog post on the Wall Street Journal where there was heated debate on whether earning an annual salary of $250,000 (approx 1.7m ksh p.m) makes one wealthy. That brought to mind the phrase 'earns a good salary" that is common in Kenya. Am sure each person has his own idea what this figure is and as argued by many on WSJ, it all depends on where you live and that 250k in New York is hardly middle class. But as pointed out by others, the median HOUSEHOLD income in the US is $50,000 (approx 355,000ksh p.m) and hence anyone earning 1.7m is riiich! The comments on WSJ make very interesting reading.

Whats your take wazuans? Is a household (2 person) monthly income of say, 200,000k net the figure?

Article: http://blogs.wsj.com/wea...-if-you-are-a-democrat/

Comments: http://blogs.wsj.com/wea...-democrat/tab/comments/
kripp
#2 Posted : Tuesday, January 15, 2013 8:00:19 PM
Rank: Member


Joined: 9/13/2006
Posts: 52
Okonkwo
Having benefited from the wisdom contained in "The power of financial education"thread, I would have to say that the "goodness"of a salary depends on how one uses whatever amount they are blessed to earn.
josiah33
#3 Posted : Tuesday, January 15, 2013 8:05:37 PM
Rank: Elder


Joined: 1/27/2011
Posts: 1,770
Live within your means and better still,that's if u can, live below your means and your salary would be just the right salary.
Mukiri
#4 Posted : Tuesday, January 15, 2013 8:16:57 PM
Rank: Elder


Joined: 7/11/2012
Posts: 4,385
A salary has a price. The higher it is the higher the price. How much are you willing to pay? Ultimate goal would be to gain skills and be your own boos.
Sometimes when I am bored, I go to the shamba, cover myself in earth and pretend I am a carrot
kiriita
#5 Posted : Tuesday, January 15, 2013 8:48:42 PM
Rank: Member


Joined: 4/20/2008
Posts: 437
okwonkwo wrote:
Came across an interesting blog post on the Wall Street Journal where there was heated debate on whether earning an annual salary of $250,000 (approx 1.7m ksh p.m) makes one wealthy. That brought to mind the phrase 'earns a good salary" that is common in Kenya. Am sure each person has his own idea what this figure is and as argued by many on WSJ, it all depends on where you live and that 250k in New York is hardly middle class. But as pointed out by others, the median HOUSEHOLD income in the US is $50,000 (approx 355,000ksh p.m) and hence anyone earning 1.7m is riiich! The comments on WSJ make very interesting reading.

Whats your take wazuans? Is a household (2 person) monthly income of say, 200,000k net the figure?

Article: http://blogs.wsj.com/wea...-if-you-are-a-democrat/

Comments: http://blogs.wsj.com/wea...-democrat/tab/comments/


Boss, things fallen apart or what? Two things - though I've not opened the link, am pretty certain the US income figures are per annum (not p.m); secondly,you omitted a zero when converting to KES - US$250k is circa 17m etc.
kryptonite
#6 Posted : Tuesday, January 15, 2013 10:23:35 PM
Rank: Member


Joined: 2/1/2010
Posts: 262
Location: Nairobi
kiriita wrote:
okwonkwo wrote:
Came across an interesting blog post on the Wall Street Journal where there was heated debate on whether earning an annual salary of $250,000 (approx 1.7m ksh p.m) makes one wealthy. That brought to mind the phrase 'earns a good salary" that is common in Kenya. Am sure each person has his own idea what this figure is and as argued by many on WSJ, it all depends on where you live and that 250k in New York is hardly middle class. But as pointed out by others, the median HOUSEHOLD income in the US is $50,000 (approx 355,000ksh p.m) and hence anyone earning 1.7m is riiich! The comments on WSJ make very interesting reading.

Whats your take wazuans? Is a household (2 person) monthly income of say, 200,000k net the figure?

Article: http://blogs.wsj.com/wea...-if-you-are-a-democrat/

Comments: http://blogs.wsj.com/wea...-democrat/tab/comments/


Boss, things fallen apart or what? Two things - though I've not opened the link, am pretty certain the US income figures are per annum (not p.m); secondly,you omitted a zero when converting to KES - US$250k is circa 17m etc.


Okwonkwo's figures look about right and he states clearly it's annual salary (conversion is per month KSh)
The harder you work, the luckier you get
richdad
#7 Posted : Tuesday, January 15, 2013 10:39:02 PM
Rank: Member


Joined: 2/12/2010
Posts: 474
Location: Nairobi
Its what you keep or rather what you are left with that counts not your "salary". And maybe of more value is what you do with what is left.
Keep it simple
Am
#8 Posted : Wednesday, January 16, 2013 8:14:13 AM
Rank: Veteran


Joined: 2/21/2012
Posts: 1,739
Mukiri wrote:
A salary has a price. The higher it is the higher the price. How much are you willing to pay? Ultimate goal would be to gain skills and be your own boos.


@Mukiri.How true... Of Course all cannot be employers but this should be the ultimate goal for everyone.
Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
jaggernaut
#9 Posted : Wednesday, January 16, 2013 9:52:05 AM
Rank: Elder


Joined: 10/9/2008
Posts: 5,390
Some people say that someone should pay not more than 30% of their net pay for housing. For Nairobi a good stand-alone house with a compound in a good neighbourhood goes for 150-200K. Thus a net income (household, 2 person) of 450-600k per month could be considered good for Nairobi.
Moorings
#10 Posted : Wednesday, January 16, 2013 9:54:25 AM
Rank: New-farer


Joined: 1/3/2011
Posts: 62
Location: nairobi
Mukiri, well said. Skills + running your own show beats any sort of salary.
sentinel prime
#11 Posted : Wednesday, January 16, 2013 11:18:15 AM
Rank: New-farer


Joined: 11/12/2012
Posts: 92
jaggernaut wrote:
Some people say that someone should pay not more than 30% of their net pay for housing. For Nairobi a good stand-alone house with a compound in a good neighbourhood goes for 150-200K. Thus a net income (household, 2 person) of 450-600k per month could be considered good for Nairobi.


There are very decent houses for around 35-45k in good neighborhoods.

The problem with us is that we are never satisfied. There is a term for it called hedonistic treadmill.

If you are paid 500k and your colleagues are paid 700k, you will be very miserable even though you are paid way more than median.


tinker
#12 Posted : Wednesday, January 16, 2013 11:21:04 AM
Rank: Member


Joined: 11/15/2010
Posts: 157
Location: Nairobi
jaggernaut wrote:
Some people say that someone should pay not more than 30% of their net pay for housing. For Nairobi a good stand-alone house with a compound in a good neighbourhood goes for 150-200K. Thus a net income (household, 2 person) of 450-600k per month could be considered good for Nairobi.


The above suggested household income of 600k cannot be from salary, unless both of you are board members of a national commission (such as one investigating ADP. Waiganjo). FYI. the 10th House MPs were earning 200k p.m. as a salo, the rest were fringe benefits.
I believe majority of the 'well paid' kenyans earns from 60k-120k.
....He who began a good work in you will carry it on to completion..
wilyum
#13 Posted : Wednesday, January 16, 2013 11:39:41 AM
Rank: Veteran


Joined: 12/21/2011
Posts: 1,010
Quote:
I believe majority of the 'well paid' kenyans earns from 60k-120k.


na wanaishi wepi with this? n they r the owners of cars in nairobi,how?
kryptonite
#14 Posted : Wednesday, January 16, 2013 11:57:20 AM
Rank: Member


Joined: 2/1/2010
Posts: 262
Location: Nairobi
tinker wrote:
jaggernaut wrote:
Some people say that someone should pay not more than 30% of their net pay for housing. For Nairobi a good stand-alone house with a compound in a good neighbourhood goes for 150-200K. Thus a net income (household, 2 person) of 450-600k per month could be considered good for Nairobi.


The above suggested household income of 600k cannot be from salary, unless both of you are board members of a national commission (such as one investigating ADP. Waiganjo). FYI. the 10th House MPs were earning 200k p.m. as a salo, the rest were fringe benefits.
I believe majority of the 'well paid' kenyans earns from 60k-120k.


I know a couple whose net household income is circa 840,000 p.m. husband is an FD multi-national and wife is banker. They have no kids. Both native Kenyans.
The harder you work, the luckier you get
uzimalife
#15 Posted : Wednesday, January 16, 2013 12:29:04 PM
Rank: New-farer


Joined: 6/22/2011
Posts: 30
First deduct 39.6% as tax, then mortgage payment, Car note, utilities and family maintenance expenses and last but not least entertainment expenses. What you left with depends on where you are in terms of financial growth and planing!!!
Money Whisperer
#16 Posted : Wednesday, January 16, 2013 12:37:11 PM
Rank: Member


Joined: 8/7/2010
Posts: 728
Location: Wazuaville
The first question to ask is whether you are living in a good house. Good here is relative, but let me give you an example; Greenspan massionettes in Donii are good homes, now if the rent is within the 30% bracket then I think you are earning a good salary. In other words a Kenyan in Nairobi earning 120-150K p.m is earning a good salary. In the US a guy earning that kind of money (approx. 2K USD p.m can get by in the rural cities like Indiana and Ohio, but Boston, New York, such a guy is dirt poor)
"Money never sleeps"
FOsiemo10M
#17 Posted : Wednesday, January 16, 2013 9:01:25 PM
Rank: User


Joined: 1/5/2013
Posts: 66
Living within your means matters but it also matters how large your means are. Anything from 200k above, to enable you to stash money for your nest egg and retire early.
mawinder
#18 Posted : Wednesday, January 16, 2013 9:48:59 PM
Rank: Elder


Joined: 4/30/2008
Posts: 5,865
In Kenya,you may not get an answer.For instance a lecturer in Narok university earning a net of 180k a month lives a better life than a Nairobian with a net of 250k.rent in Narok for a decent 3 bedroom bungalow is 12k,water is from a borehole,food is cheap,salary for maid is 2k,lunch is 200,fuel expenditure is 200 daily coz work is nearby,plus many other benefits.For the Nairobian it is a different ball game altogether.
jaggernaut
#19 Posted : Wednesday, January 16, 2013 10:05:28 PM
Rank: Elder


Joined: 10/9/2008
Posts: 5,390
mawinder wrote:
In Kenya,you may not get an answer.For instance a lecturer in Narok university earning a net of 180k a month lives a better life than a Nairobian with a net of 250k.rent in Narok for a decent 3 bedroom bungalow is 12k,water is from a borehole,food is cheap,salary for maid is 2k,lunch is 200,fuel expenditure is 200 daily coz work is nearby,plus many other benefits.For the Nairobian it is a different ball game altogether.

And tusker is just 100 Bob.
jaco78
#20 Posted : Wednesday, January 16, 2013 10:35:36 PM
Rank: Hello


Joined: 3/6/2012
Posts: 8
jaggernaut wrote:
mawinder wrote:
In Kenya,you may not get an answer.For instance a lecturer in Narok university earning a net of 180k a month lives a better life than a Nairobian with a net of 250k.rent in Narok for a decent 3 bedroom bungalow is 12k,water is from a borehole,food is cheap,salary for maid is 2k,lunch is 200,fuel expenditure is 200 daily coz work is nearby,plus many other benefits.For the Nairobian it is a different ball game altogether.

And tusker is just 100 Bob.


I can vouch for this i was born and brought up in Nairobi & got really depressed when i was transferred out to the rural areas. However this has changed. Though i can't say i am very well paid, i live in a beautifully finished three bedroomed house on its own quarter acre compound where i grow maize & kales paying kshs. 5,500 pm as rent and i am 5 minutes walk from my place of work, meaning i can wake up at 7.30am & still be early to work. needless to say i comfortably save 50% of my income every month.I enjoy an enhanced quality of life.
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