Sisi Sio Wazungu! Mwalimu Racheal Regrets Investing Millions On Holiday Home In Malindi That She Sleeps Twice A month
Deciding whether to buy a holiday home, especially in your 30s, involves considering various factors related to your personal circumstances, financial situation, and long-term goals.
Before making a decision, weigh these factors carefully and consider seeking advice from financial advisors, real estate professionals, and other experts. Owning a holiday home can be a rewarding experience, but it’s essential to approach it thoughtfully and responsibly to ensure it aligns with your goals and financial well-being.
Homeboyz Radio presenter Mwalimu Racheal recently confessed how it’s a bad idea to buy a holiday home and that she regrets doing it.
The former NRG presenter said she went and bought herself a fancy holiday home down in Malindi after taking advice from a friend and it quickly dawned on her that it was a bad idea. Now, she’s filled with regret over dropping all those millions on it.
“I’m kicking myself over that holiday home in Malindi. No second guesses there,” she spilled in an interview with Nairobi News.
“It stings knowing how much cash I threw away on it.”
Mwalimu says that she rarely spends more than two nights in the house.
“It’s a massive place, and I’ve barely used it. I’m seriously thinking of selling it off,” she confessed.
“Just thinking about it makes me feel sick. All that money tied up in something I hardly use.”
When asked where the money came from, she said it was from gigs she did back in 2018-2019, cobbling it all together for what she thought was a smart move.
“I had a lot of money I think but that money is sleeping somewhere. It was from several gigs and I put together the money around 2018- 2019,” she said.
Mwalimu Rachel in 2020 explained how she managed to build four housing units while sharing tips on personal financial growth. According to her, to build her first two houses, she had to top up her car loan and construct the other two units with the rent money coming in as well as her savings and side hustle money.
She further states that during that period, her salary and side hustle money was paying off the loan.
Noting that it takes a lot of discipline when it comes to money, saying all the cash she collects for rent goes into a Sacco. “I do not touch that rent at all. Discipline.
“I then got another loan from the Sacco to upgrade my car. Now, the initial car loan that I had topped up to build the units is being serviced by my salary (which bear in mind has also increased with time), and my current Sacco loan is being serviced by my four houses,” says Rachel.
Rachel encourages youth to start saving and investing early, saying, “10 years from today you will thank yourself for doing these things that don’t make sense to many people.”
