FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 In the New Vision of 30th September 2024 there was an article in which a program called Emerging Leaders Program(ELP) was introduced by the university and government officials. It is aimed at nurturing youths who form majority of the country(over 70% are below 30 years) into responsible and productive citizens. I believe that this is a very timely intervention. In the same article it was mentioned that youths face various challenges such as gambling and a number of them have dropped out of school. It should be noted that neglecting the youths is equivalent to destroying a nation's potential and prosperity.  In the past there were less pockets of crime than it is today. Today it is very common to hear that someone has been murdered and many people lose their property too. The wave of insecurity can be linked to lack of access to dignified employment opportunities for youths. Just this year 2 youths were involved in the murder of a prominent business man. This is not to suggest...

 I met a certain youth who "cursed" why he went to university. He noted that he spent a lot of money and sleepless nights reading but has not yet met his ideal job. Is he alone in this state of affairs? I highly doubt. In a nation where universities churn out over 400,000 graduates per year it is the norm to find frustrated graduates on the street. This is not to say that our universities are not doing a great job. Universities have undergone a lot of transformation in their teaching methods. Many have introduced internship placements for students so that they acquire work related skills while still at university.  The essence of this article is to scrutinize whether an academic transcript is an automatic gate pass to a job for a graduate. Today we  have so many graduates with good degrees but without decent work. Could the problem be attributed to the quality of education or other factors that are beyond the academic institutions. In his book After University What Next, ...

 I met a graduate who blamed his degree as the reason why he is not employed . There have been major debates among academicians, policy makers and development practitioners about the major causes of youth unemployment in Uganda. The truth of the matter is that a lot has been done by the stakeholders such as government in ensuring that the education system is reformed to meet the ever changing needs of society. In the past Artificial Intelligence was not a big deal and one would graduate without taking keen interest in ICT. Today technology is a competitive edge for any university student.  In his informative book called After University What Next, Ambrose Kibuuka challenges the reader to dissect the nature of their degree program. He mentions that in the past Music Dance and Drama(MDD)  was a despised course and very few students would apply for it. In the United States of America Holly Wood stars are some of the most highly paid personalities. Isn't it a matter of perspe...

 One of the biggest dilemmas that youths face is the high rate of unemployment. Over 70% of Ugandans are below 30 years and with over 50 universities graduating about 300,000 graduates per year the job market is really limited. In order to cope with life a number of youths have resorted to short term mechanisms for survival. Some borrow from loan sharks to survive, other resort to gambling and others have sold off their property to go to the Middle East in search of greener pastures. It is no wonder that I met a group of " disgruntled youths" who said they no longer believe in education. The government and other stakeholders are playing a critical role in creating a conducive role in ensuring that the youths who form the majority in the country can cope up with life. The interventions include Parish Development Model and reforming the education system. Having been in the financial literacy space of training youths, I have realized that the youths have a lot of potential but m...

 We all appreciate the role played by women( who are the mothers of the nation ) in economic development. Women play a critical role in the Micro Medium and Small Enterprise Development in Uganda. We need to remember that more than 50% of Uganda's economy is dominated by MSMES. If one wants to validate it he or she juts needs to visit down town Kampala and he or she will not be disappointed.  Women led enterprises face a lot of challenges and one of the most cited is lack of access to affordable finance. In most cases formal financial institutions require collateral security while providing loans to women. The banks are justified since the regulator Bank of Uganda is very strict when protecting customer deposits. Unfortunately though many women a hardworking entrepreneurs some of the cultural stereotypes prevent them from accessing traditional collateral such as land title and sales agreement. This leaves a number of them financially excluded. A close analysis of the recently ...

A certain youth noted that life was tough especially financially. It is a common saying and it is true. This shows how central money is in our daily lives . Despite the hard economic times we have to survive. Without money one can easily die because of lack of access to good health services. Without money one can die of hunger since he or she may lack what to eat. With a hike in school fees, parents are finding it hard to pay school fees for their children. There is a lot of pressure in society. So what is the remedy to this state of affairs? Hard economic times call for different measures to cope up with them. Mental well being is closely linked to  financial issues. I remember during the Covid 19 period there were two cases of Ugandans who burnt themselves because they had failed to contain their financial pressures. Crime normally increases when youths can not find alternative sources of income. I have seen a positive difference in the lives of Ugandans who have embraced financi...

 I met a certain graduate who told me that he has no hopes of finding a job. That is a serious statement from a person and it can not be taken for granted. It is true that jobs are scarce in today's rapidly changing society where we have over 50 universities producing over 300,000 graduates per year yet the number of jobs are about 70,000.  The major emphasis of this article is to attempt to discuss how the issue of potential is abused in our society. In most prisons there are many young men that have been imprisoned for defilement and other crimes. Due to ignorance of their potential a number of youths waste away their lives in unproductive ventures. Dr. Myles Munroe noted that with ignorance of potential purpose is abused . I have met a number of graduates who have little faith in their education or transcripts. In fact some "curse" the courses they pursued and the universities that they went to. In his book After University What Next, Ambrose Kibuuka challenges the ...

 "How fast can I get a loan from the bank" is one of the most common questions that Iam asked during financial literacy training sessions . This question requires careful assessment because it has many leading lessons that we can learn from it. In a recent media article I read about beneficiaries of Parish Development Model money diverting the funds to unplanned ventures. Others regarded the funds as a political gift. This correlates with the observations that I have made in the many parts of the country where I have gone to train people especially the youths in financial literacy. There is a general tendency to think that the presence of money in the pocket is the only indicator of financial freedom . If it was the case we have seen many stories of leading sportsmen who had a lot of cash during their times and today are paupers. The lesson is we should be very careful when we have money in our pockets. There are so many demands that require the attention of our money.  Warre...

 A certain youth told me that he desired to get a job but he did not know what to do. He was at crossroads. I told him that there were people who were being head hunted by leading companies yet other youths have given up on searching for jobs. It is true that there is a scarcity of jobs. However this is not an excuse for giving up. It is only those people with hope for a better future that will keep on trying. The world blesses those who keep trying. As a financial literacy practitioner I get a rare opportunity of interacting with so many young people. They ask me interesting questions about finance and some of them have lost hope. A person who loses hope requires help.  The condition of our mind plays a critical role on our reaction to events in life. I remember during lock down a certain youth burnt himself because he could not cope up with life. Our mind determines our destiny but many times we disregard its importance. It is said that things are created twice. First in the...

 At a recent training there was a delay in starting the function. When I asked the cause of the delay it was mentioned that Africans do not keep time( Esawa yo mudugavu ). The English interpretation is "African Time" . I believe it is offensive to generalize that Africans do not keep time because there is a section of Africans who really respect and keep time. However there is a general disrespect for time and as a culture we know it. Some stereotypes such as poor time management have dragged the continent behind. In most of the books that I have read it has been emphasized that time is money . It is said that one would rather lose money than time. This is because money can be recovered but not time.  What has enabled certain countries such as the United States and China to develop? It is largely attributed to respect to time. I have observed that the most successful people in the world do not compromise time management. If there is an attribute we need to strive to emulate f...

 The internet is busy with countless number of people who want to improve their lives. One of the most important aspirations of human beings is that they want to improve their lives . In his great book Think and Grow Rich : A Black Choice, Dr. Dennis Kimbro cites various examples of Black Americans who were born in poor families and today are some of the most influential people in the world. A case in point was Dr. Washington Carver who developed over100 patents of sweet potatoes. He was born by an American slave to the extent that he read on candle. This did not deter him from pursuing his dream. Another example is Dr. Ben Carson who was born in a poor family but his mother believed in him. He is credited for having separated the Siamese twins .  The above stories should inspire us that no matter our circumstances we should never give up on our dreams. There is someone who is waiting for permission to pursue their dreams. It is said that it takes ten positive statements to u...

 Over 70% of Uganda's population is below 30 years. Many people are young and they need guidance. To our surprise students will spend more time reading to pass on their own without seeking guidance from their teachers or career guidance masters. In schools career guidance is treated as a one time activity and that is where problems start from. Last year there was a student who is alleged to have committed suicide because her parents forced her to study courses she did not want. There is a lot of mental anguish in a young soul when they are not consulted on which courses or subjects they want to pursue. A human being is more complicated that we think. Imposing on them choices may destroy their potential for good. Many times it is assumed that by senior six a student is "mature" enough to make their career decisions. In the end students will take the path of least resistance. They will choose courses that their favorite friends have told them. Others choose courses because ...

 Have you ever been on internet searching for a solution and you are not finding it. That is exactly what happens when we decide to discount our voices. Someone  out there may be  secretly searching for your piece of advice without your knowledge ( the power of internet). Imagine a world without books ( we might have failed our exams). Fear is one of the most important destroyers of destinies. One may want to write an article but doubt their capacity and end up not writing it. God created each one of us with a unique voice and purpose . No one will ever fulfil it for us. Throughout history change has been ignited by few and committed people. I read in Awaken the Giant Within by Anthony Robbins that Rosa Parks refused to get off her seat as a black woman. Little did she know that her act of  bravery  would ignite a revolution that changed the history of the black race. No one is too insignificant to make a difference in their communities. There are so many youth...

 I read about Professor Augustus Nuwagaba of Reev Consult about the fortune and impact that he has made out of his knowledge. His story appeared in the New Vision of 9th September 2024 . It got me reflecting on the number of graduates whom I have interacted with and they are looking for jobs ( I acknowledge that there are few jobs to integrate all the graduates) but Iam just trying to make the reader appreciate that even in the wave of job scarcity something can be done. Interestingly many university graduates have started to use their skills to start their own enterprises and we salute them. The importance of amassing knowledge is not to look for jobs but to create jobs. According to Ambrose Kibuuka in  his book After University What Next , he challenges today's youth to reexamine their beliefs about education. We are not mandated to just look at our academic transcripts and admire the CGPA but rather to challenge ourselves to ensure that we use the acquired knowledge to sol...

 I have failed to get a job is one of the most remarks of most youths today. It is a fact that jobs are scarce but we have to create the jobs as a means for survival. In a National Council For Higher Education booklet that I recently read it had over 50 universities. This is a tremendous development in Uganda's education sector. However Uganda's universities produce over 300,000 graduates per year. That means there is a huge gap in job creation. Where as there is a lot of unemployment there is no scarcity of work. With an education system that hard wires us to be job seekers rather than job creators, it is not any wonder that the first option of any graduate is to look for a job and not create one. A number of youths due to lack of adequate mentorship under utilize their skills and only wait to use them when they acquire formal jobs. Unfortunately that is too late because even the interview panel will ask the potential employee how they have been utilizing their skills without ...

 How fast is it possible to acquire a loan? A bank uses customer deposits to lend to able customers. This is a fact that is ignored by a number of borrowers. As a financial literacy trainer I have to show the way to the public about best practices in money management so that they make responsible financial decisions. Making responsible financial decisions requires adequate preparation. I meet a number of youths who have " given up " on turning their lives around. Simply because one did not get the loan first time does not mean that he or she is a "failure" . In life we have to improve every day. We should have hope . One can not become an overnight success. We are living in a generation where young people want to become billionaires overnight. Most of the successful billionaires have a long term outlook to life. They make long term financial decisions. They treat every coin as a seed for prosperity. They believe in the power of compounding. The coins if saved and in...

 Wayne Roony was 16 years when he was summoned to the English national team. He used the chance to contribute to his country. By the time of His death Jesus was around 30 years but he transformed the world. Ben Carson was branded an academic dwarf in school . This same black American doctor went on to separate the Siamese twins. All these examples show us that age is just a number and should not limit our God given potential. As a financial literacy trainer who spends a lot of time speaking to youths I find that many of them are unaware that being young is an advantage in life. Some misuse their time in drugs, gambling and other unproductive ventures. I have witnessed youths die due to drug abuse. What is required in a nation  where over 70% of the population is below 30 years is to enable them to discover the productive use of their time. We are living in a generation that wants wealth in an instant. I was surprised when I went to a certain training and the youths thought tha...

 Education is a tool for social transformation . That is why it is one of the most regulated sectors. This is because the quality of education that citizens receive determines the fate of a country. While reviewing the National Council for Higher Education Exhibition catalogue for 2024, I realized that Uganda has over 50 universities and other tertiary institutions. They are all doing a great job in enhancing the potential of students. Indeed most of the leaders that we have today are products of Uganda's good education system. The main focus of this article is to highlight the fact that the rate of change in the world is outpacing education system. The emergence of Artificial Intelligence(AI) and globalization means that students can not afford to only focus on Uganda's environment. The days when a student focused on reading to pass exams are long gone. Education now has to focus on building critical thinkers who will use their knowledge to address social problems. Luckily U...

 A certain youth said that he worked very hard but money eludes him. He is not alone. The question we have to ask ourselves is why is it that we work so hard but money is elusive to the extent that some people give up pursuing their dreams? Iam not denying the fact that looking for money is tough. What Iam trying to investigate is that what contributes to this struggle of looking for finances?. As a Financial Literacy Trainer I have witnessed the pain and agony that people go through when discussing money issues. However I want to focus my attention to the issue of mindset . There are people whose lives have been altered financially after attending a financial literacy training and have thanked their mentors for changing their mindsets regarding money. There are other people who do not believe in mentorship and they believe that on their own they will solve financial issues. In studying about finances the issue of a growth mindset and fixed mindset applies . A growth mindset is on...

 One customer was discouraged because he had failed to get a loan the first time. We all experience rejection differently. However a negative attitude towards circumstances can destroy our dreams. I have read about countless people who have made wealth despite being raised from humble backgrounds. In his book Think and Grow Rich :A black Choice , Dr. Dennis Kimbro cites out different black Americans who were born in poor families and today they are influential and wealthy people. These include Oprah Winfrey. Today we may appreciate her status but she was born in a poor family. What inspired her dream was that small voice in her while she was still young was  that one day she will become great. There are very many people in Uganda who have the potential to do great things as others have done in all sectors of the economy. Unfortunately the word impossible dominates their mind. We need to learn from those successful entrepreneurs who did not wait for a lot of capital to start th...

 "I can not have peace without money was a statement that a youth made recently". As a Financial Literacy Trainer I pondered on its full meaning and relevance in today's society. The truth is that without money life becomes tough . Money plays a critical role in solving most of life's puzzles. The question that I want to put across is whether without money one can not have a peace of mind. We need to know that money is just a piece of paper. When we allow money to dominate us we are likely to become its slave. Imagine giving some one who has never handled big sums of money one billion shillings he or she is likely to become restless. Without peace of mind we can not even attract the amounts of money that we want. A peace of mind enables one to remain calm and collected during financially tough times. Life will never always be smooth and this is a scenario that we tend to forget. There will always be situations of lack. The question is, what is our reaction when these ...