FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 I want to become a billionaire is a desire a certain university student had. Every person has dreams but many dreams die before they are implemented. Had Bill Gates given up on his dream we would not have Microsoft. Had Thomas Edison given up on his dream we would not have the electric bulb. Had the missionaries given up on setting up schools and hospitals, we would not have Mengo Hospital, Nsambya Hospital and so many others. Robert Schuller wrote a book called T ough Times Never Last But Tough People Do . Dr.John Maxwell wrote a book called Failing Forward . Dr. Dennis Kimbro wrote a book called Think And Grow Rich : A Black Choice. In Think and Grow Rich, Dr. Kimbro cites many black Americans who grew from rags to riches. He cites an example of Oprah Winfrey who was born in an abusive family but had that dream in her that kept her moving. Today she is one of the wealthiest women in the world. Her story continues to inspire so many people to keep dreaming. What about Dr. Ben Carso

 A certain youth asked me during a recent financial literacy training what he could do to increase his finances. That is a dominant question in majority of our minds. We can not have a good life when our finances are not in order. It is always a struggle to accumulate money. In fact the Bank of Uganda 2023 statistics show that only about 3% to 5% of Ugandans are able to make regular savings on their accounts. Harv Eker in his book Secrets of a Millionaire Mind noted that rich and successful people think long term. The key question is why do we as a society struggle with money? Could it be the structural nature of our economy? Could it be related to the education system? Could it be our culture? I do not have an adequate answer. But what I have observed from people who have altered their finances is that it starts with changing our mindset about money management. If a young child is beaten to death for taking 200/= then expect that when such a child grows up he will have a negative vi

 On 31st October Uganda joined the rest of  the world to celebrate the international world savings day. It is worth celebrating this day because savings play a critical role in developing individual, family , community and national lives. Without enough resources society is characterized by distress and there is an increase in mental health and crime.  According to Uganda Bureau of Statistics research 3% to 5% of Ugandans save their monthly earnings on a regular basis has a lot of implications on the welfare of Ugandans. Some of the questions to ask are, where do most of Ugandans save? What are the spending habits of Ugandans? Is there a lot of unemployment that prevents them from saving? During the Covid-9 and lock down period we witnessed two young men who burnt themselves because they could not cope up with life. If someone can end their lives due to lack of money ,then financial literacy training can not be ignored. The witnessing of so many jobless youths with a pale future in tow

 A certain student failed to sit national exams after seven years of toiling because the parents failed to raise 50,000/= for registration. Many dreams have stalled due to lack of funds. According to the Uganda Retirement Benefits Authority report of 2016, over 90% of Ugandans are without any formal old age social security or retirement benefit arrangements. This increases vulnerability yet life expectancy is increasing. These statistics reflect the importance of saving amidst financial challenges and a tough economy.  It is true that saving is tough especially in an environment where a number of youths lack access to dignified employment opportunities. However it is a discipline that cab be cultivated and is a critical base for growing an economy. The reason why our economy is so vulnerable is because of a weak savings culture that is prevalent in the society. The youths struggle to save and prioritize spending over saving. We can not talk of investment when the saving culture is stil

 As personal finance coach one of the most common questions that Iam asked is, how can one improve their finances? I should attest that I do not have all answers to this question. It is a noble question. As a nation we are grappling with means of survival. It is tough to survive but then there must be a solution to this dilemma. During the lock down there were two cases of young men who killed themselves because they could not cope up with life. Financial struggles have contributed to crime and mental health. Today Uganda is not a safe place simply because young people are looking for ways of survival. I have witnessed market vendors who do not earn a lot and have been able to build houses and pay school fees with their meagre income. On the contrary we have witnessed international celebrities who had a lot of money and become bankrupt. What is the missing link? I think it is related to vision. Without a clear vision for our finances we are likely to become broke in the long run. Toda

 I once asked a certain youth whether he had an account in the bank. The look on his face revealed to me that he was not interested in giving me an answer. I have observed that among the least talked about topics is money. For most groups I have interacted with the most common topics include football and politics. In fact some time  deaths have been caused by money issues. Money deficits have caused depression, land wrangles and even students have missed exams due to money. So the topic of money management can not be kept under the carpet. No one can be happy without adequate money. We have witnessed gangs beating up people to the extent of killing them in pursuit of money .In  an economy where jobs are fewer than the population the demand for money is very high. From government to Church, money is a currency of life. people have lost lives because of lack of funds. So the question is, despite the importance of money why is it that this is a topic that is given less attention in our