Should I use my savings to build a home or start a mitumba business?
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A 37-year-old single mother and primary school teacher in Laikipia County has saved Sh415,000 and owns a Sh400,000 plot of land, aiming to choose between starting a clothing business or building a home by her 40th birthday.
I am 37 years old and a secondary school teacher based in Laikipia County. I am a single mother of one boy who is in elementary school. I have saved up Sh415,000 in my bank salary account. I have also managed to buy a 50*100 plot of land near the school I currently teach. The plot is worth about Sh400,000. I bought it three years ago at Sh300,000. I initially bought the plot on the hype that it would appreciate quickly, but I have since fallen in love with this place. Life is affordable here, and I feel at peace and content, so I don't intend to move elsewhere. Now that I have some money in the bank, I am torn between building a semi-permanent home or starting a small clothing business at our shopping centre. For the business, I have been thinking about mixing mitumba clothes and new clothes sourced from Eastleigh. Is this a good business idea? At home, I have been wondering whether it is possible to build and move in on my 40th birthday.
My main expenses are as follows: Rent Sh12,000 Shopping & groceries: Sh15,000 School fees per term: Sh18,000 Personal care & salon: Sh10,000 Please assist me with your advice.
