Episode 91: How to turn a 6.5 hectare plot of land in Zimbabwe into a US$2.5 million (R36 million) business without taking on debt
In today’s podcast episode we talk to Wadzanai (Wadzi) Garwe, originally from Zimbabwe, she now lives in Rome, Italy; she is the founder of African Conversations with Self and an economist that works for the United Nations.
Wadzi is also a mother of 2 who takes us through her journey of building generational wealth for her children.
She starts off the podcast by explaining to us that in Zimbabwe, owning property is a right of passage to be considered an adult.
So when she got married and had kids, it was only normal that she would get property, but she and her then-husband decided to buy land so they could build a house and also turn part of it into a business.
They decided from the beginning that they were going to do everything cash and not take on bank loans.
They bought 6.5 hectares of land for US$13,000 (R186,462) from a British couple in the late 90s and negotiated a 12-month payment term.
As soon as they owned the land, they sectioned off parts of it for different uses. They started planting trees and other plants to make sure that the land was profitable from the very beginning.
They also build a 1 bedroom cottage on the property (they would later use this space to host and cater for events), and started building their house cash. The house cost them US$250,0000 to build in total - walls, foundation and finishings.
Over time they planted more trees and added more income streams and turned the land into a business with multiple streams of income. That business is now registered in Wadzi’s children’s names and is now valued at US$2.5 million (R36 million).
Her children are not yet 30 and they are already dollar millionaires because of the decision she made to utilize land to create generational wealth.
In this podcast, Wadzi shares how she was able to do all this without taking on debt and gives us tips on how we can also do it moving forward.
Get your pen and paper and click play because you’re in for a treat.
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