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DEAR WORKING PROFESSIONALS: WE SHOULD WORK TOWARDS PASSIVE INCOME

 It is the desire of every working professional to widen their income base. A number of working professionals wake up every day to meet their financial aspirations. The major question is, is this easy? Probably not. The cost of living is increasing every day yet we have to survive. This calls for extra effort. It calls for brainstorming on ways through which we can widen our income base. A few days ago I happened to be part of a discussion where a group of young working professionals were discussing the challenges that they face in the competitive job market. One noted that the cost of living is high and his salary was not enough to meet the expenses. So in this case what is the solution to this predicament. Rather than suffer in silence it is a wise move to candidly discuss the solution. The solution to the financial shortfalls that working professionals face is widening their income base through passive income. Passive income is one that a working professional earns while not phy...
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DEAR WORKING PROFESSIONALS: WE SHOULD BE COACHABLE IF WE ARE TO IMPROVE OUR PERSONALFINANCES

 Why is it that there are some working professionals who earn thrice what we earn? I believe with an intentional focus we can learn some clues from their journey and change our financial outcomes. Many times as working professionals we tend to stay in our comfort zone instead of exploring other means of widening our income. It is said that if we keep on doing the same things we shall always realize the same results. Today there are so many alternatives to life long learning. There are countless financial literacy programs that target individuals at work. These programs are meant to help us grow in the use of or finances and prepare for the uncertain future. The future is so unpredictable that it should be a signal to us never to be comfortable. I have seen many successful people seek mentorship from more successful working professionals. They do not allow to walk without guidance. This starts from developing a coachable or teachable attitude. No body knows it all in life and it is ...
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DEAR WORKING PROFESSIONALS : MOST OF OUR FINANCIAL CIRCUMSTANCES ARE BEHAVIORAL

 I spend a lot of time mentoring the youths who form the majority of the population in financial literacy and enterprise development. I should say that Uganda's youths are very enterprising and creative . However I have noted a growing trend about the misuse of personal funds. What explains a working professional who earns a lot of money but ends up struggling financially? There are so many factors that might lead to this and  some of them  are beyond our control such as some family emergencies. The focus of this article is on how our personal financial habits can sabotage our financial destiny. We have seen a number of sportsmen who used to earn a lot of money end up financially struggling after retirement simply because they did not take time to plan for their finances. The above shows that our financial journey can not be left to chance. We can not leave our financial decision making to the rest of society. We have seen working professionals who came from poor backgrou...
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DEAR WORKING PROFESSIONALS : WE SHOULD PERSIST IN RAISING OUR FINANCIAL AMBITIONS

 It is the dream of every working professional to achieve financial freedom. The question to ask is, is it an easy journey? Probably not. In trying to scrutinize why many of the working professionals struggle to make ends meet is also related to our way of thinking. This is a structural problem because right from childhood, many of us have a negative association with money. Most of the messages were hear about money are of lack and pain. In that way when we grow up many of us self sabotage our attempts to make more money. It is very common to find a working professional wipe out their hard earned money within a week simply because of focusing on the immediate. We need to know that amidst the prevailing "poor " money management habits there is a rare breed of working professionals who might be earning less than the majority but effectively plan on how to use their funds effectively. Some of them with meagre resources have started small businesses that supplement their income o...
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WHY SHOULD AFRICAN BUSINESSES COLLAPSE AFTER THE DEMISE OF THE FOUNDERS?

 I want to bring to your attention the important topic that is of concern to governments and family members of business empires that were big and after the demise of the founder the empire collapses. The impact of this include family wrangles and loss of jobs. We need to appreciate the role that family businesses play in the economic development of nations Some of the leading corporations around the world that span centuries were started by family business members and have employed millions of people around the world and contributed to taxes that have built roads and hospitals. With the above, it is evident enough that we should do all it takes to ensure that family businesses are run successfully and can run for generations. I am not saying that there are no African enterprises that have spanned generations. What I am trying to articulate is that many African businesses tend to collapse after the demise of the founder compared to businesses in the developed countries and Asia....
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HOW MENTORSHIP CAN HELP A WORKING PROFESSIONAL IN IMPROVING THEIR FINANCES

 It is the desire of every person to improve their finances. I have interacted with very many working professionals who have set resolutions to improve their income. This is a noble aspiration because without adequate funds we are bound to lead tough lives. There was a case of a sports professional who used to earn a lot of money but got injured and this ended his career. Today he is struggling to make ends meet. There are many stories of working professionals who earned a lot of money during their prime years but dur to lack of mentorship they made financial blunders that ruined their hard earned money. It is critical that we seek mentorship at an early age. A number of university students who are the next generation of leaders in business tend to manage their funds without the guidance of any experienced professional . In the end they spend their income on unplanned ventures and in most cases they make mistakes  HOW MENTORSHIP AIDS US IN MAKING BETTER FINANCIAL CHOICES ...
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DEAR WORKING PROFESSIONALS WE SHOULD NOT NEGLECT THE SMALL COINS

 Recently I met a young professional who noted that he will start saving when he gets large amounts of money. This is where trouble starts. We are living in a generation that neglects the small coins yet when consistently saved can accumulate large amounts of money. All the rich and successful people are not any different from any of us. The difference is that they think long term about their finances.  The fact that one is currently broke does not mean that is a life sentence. Without the right money principles we are bound to misuse the current resources. I have seen university students who have diverted their tuition to gambling. I have seen working professionals blow up their salary on unplanned expenses and end up struggling in the month. I have seen leading sportsmen struggle in their retirement because they were unable to grow and sustain it. A typical example of why we need to save the small coins is that if a working professional saves 3,000/= per day for 12months, he...
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