From servant to master of money

Wilson Malaba, 32, is one of Nairobi’s most successful marketers and entrepreneurship consultants. He owns a marketing and business management firm, Real Concepts, with branches in Uganda, Tanzania, and Rwanda.

Describing himself as a staunch Christian, he is an alumnus of Lenana School and holds several advanced and graduate diplomas in public relations, sales and marketing, computer studies, and Christian leadership and theology.

Working with a team of young, dynamic, creative, and dedicated people, Real Concepts offers experiential marketing and product launches.

Among Malaba’s top achievements are playing major roles in several social awareness projects, including Pamoja Youth Initiative, which is funded by the Ministry of Youth Affairs.

Other projects are the Chora Bizna fund, which empowers youths across the country in their businesses. Malaba is also a personal consultant on risk and entrepreneurship management. He talks about his fame and fortune.

How much money do you have in your wallet right now?

Not sure, maybe about Sh3,000.

Do you use credit cards?

I did but stopped, they are cumbersome and lead to impulsive buying.

Are you a saver or a spender?

For the longest time I was a spender, but with maturity, I am trying to save better.

When was the last time you were hard up?

In 2007, things were really hard for most of the year. Being in business sometimes can get you in tough, although temporary, financial situations.

What is the highest amount of cash you’ve ever used to entertain yourself and friends at one time?

About Sh50,000 in one evening.

Did the global credit crunch affect you?

It definitely affected many businesses and companies including ours, especially when you work with international and multi-national companies.

What are you driving now and how much did you spend on it?

I drive a Toyota Litace that cost about Sh900,000.

What made you get into business?

The need to bridge the gap between manufacturers, distributors, and consumers with creative and unique marketing and communication strategies.

Do you own property?

I do in person, as a company, and also with family.

What was your first job?

I worked as an election clerk with the then Electoral Commission of Kenya.

What is the most lucrative job you’ve ever done? Did you use the money for anything special?

Several. I invested the money in developments, including cars, land, and housing.

Are you better off than your parents?

I don’t think so, but with time I will hopefully surpass their wise investments. They say a student becomes better than his teacher.

Do you invest in shares?

It’s tricky but I seldom do.

What is better, property or pension?

Property is much better since it appreciates in value as time goes by.

Your best investment in life?

I’ve had several but I think I value what I have invested in human development and life in Christ most.

Your worst investment?

A printing firm. I lost almost everything. Also cars and electronic gadgets that did not give value for the money spent on them.

Do you manage your own financial affairs?

Yes, but I consult financial managers often.

What is your money weakness?

Priority spending.

What is the most important lesson you’ve ever learnt about money?

It is a shrewd master but good servant, one should not let money be their drive for success but let success drive money to you. It can corrupt and also free you, it all depends on your relationship with it.