FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 A certain youth wondered where his money was and after certain days he remembered that he had spent the money. I do not know if you have ever experienced that situation but if occurs to many on a daily basis. The simple discipline of keep track of our expenses can change our financial trajectory. In the financial literacy trainings that I conduct there is a common question, that where should one get the funds to save? Part of increasing our savings is to mind our expenses. When we spend money without a budget we are on our way to financial ruin. How come a country such as the United States of America with all its resources has a budget? How come big organizations such as banks have budgets to guide their spending. We can learn a lesson as individuals from corporate companies. Near lakes there is a saying that they spend their money like fishermen. High spending patterns are likened to fishermen because before banning fishing on lakes they used to earn a lot. But when times change ...

 A certain youth informed me that he does not need to open an account simply because he is not working. I believe this is an excuse for not wanting to save. Children in developed countries start learning about money at an early age and by the time they are at university they are thinking of starting companies and buying shares in companies. That marks the difference. The question that I pose is how can a university student justify that they do not need an account? I normally tell university students that university is a place not to just read and pass exams but it is also a place to discover the world's realities. For so long the elite have been blamed for complicating real life issues including finances. Opening an account in a financial institution should be a simple process but it is a topic that can also be debated by the intellectuals. That is where the common man outwits us because when they are told to do something they do not over think. I have trained groups of boda boda a...

 I was asked by one of my mentees at university whether they can start with little money and end up wealthy? It was a good and reflective question. I do not have all the answers to the question because we are all on a journey but with the examples I have seen around it is very possible. The first thing to note is that life is tough and this means the road to economic transformation will be marked with tough choices and obstacles. Today we have a challenge that everything is fast paced and therefore we tend to neglect the process and focus on the outcome. We tend to see success only at the top and the preparation for the achievements is never fancy. Ask most of the youths including the university what their desire is and they will quickly inform you of the desire to get a good job, make a lot of money and enjoy life. These are noble aspirations. The question is the journey easy? The answer is no. However with the right attitude it is possible. Life without money is hell on earth. Li...

 The late Dr. Myles Munroe in his book the Power and Purpose of Vision noted that vision is a gift. Visionary leaders are the ones who have shaped society. Dr. Myles Munroe also noted that the wealthiest place on earth is the cemetery. This is because that is where projects that were not implemented reside. For a long time many of us have been victims of fear. We have grand dreams but the inner doubts inform us that we are not good enough. In most cases we quit. It is only those with courage that persist. Brian Tracy in his book The 100 Absolutely Unbreakable Laws of Business Success noted that doubt and fear are the greatest enemies to human progress. Many people have locked out their chances of financial advancement simply because they fear banks. Others have been influenced by their peers that they should stop being so ambitious. I am not trying to propose that we should always ignore advice . My only concern is whether we should only implement what we believe in as a result...

 Life is tough. So many times we set big goals but achieving them is an uphill task. The hope we have is that for as long as we are alive we can achieve any goal we set. However we must be intrinsically motivated to achieve it. In his book Think and Grow Rich : A Black choice, Dr. Dennis Kimbro gave countless examples of black Americans who were born in poor families but this did not stop them from achieving extraordinary feats in their lives. A case in point was Dr. Washington Carver who was born to slaves and he had to read on a candle. This did not stop him from becoming one of the greatest inventors during his time. What about Thomas Edison who failed several times but did not stop while inventing a light bulb. As a financial literacy trainer I get a chance of speaking to so many youths in groups across the country. But I realize that some of them do not believe in their dreams. Others fear approaching banks. Others fear to save simply because they are students. But regardless...

 We are all on different levels on our financial journeys. I witness it in the financial literacy trainings that I conduct. In fact no body knows it all when it comes to finances. This means that money is an equalizer. Even the wealthiest people require financial advice. This means if we are to advance financially we require the spirit of persistence. Sometimes our financial advancement is hidden in a books that we have refused to buy. Some times the step your next level of finance in the mentorship we have refused to embrace. The blog that we normally desist from reading may be our game changer. That is how life is. It responds to those who know what they want and pursue it with all the resolve. No situation is beyond redemption. Sometimes a person who is in a financial crisis just requires a word of hope. I have in most times used words of hope and encouragement in the financial literacy trainings and I have seen people speak with confidence and resolve to become better. Willey J...

 It may be far fetched question but is it possible for a first class degree holder fail to get a job? With the statistics presented about the status of youth unemployment in Uganda, it is worthwhile to ask such a question. Just recently it was reported in a media publication that over 500,000 university graduates were boda boda riders. In the past when we had one university(Makerere University) it was almost a guarantee for a university student to be handpicked even before completing studies. Today the pain of a student or parent is what awaits them after graduation. In fact Ambrose Mukiibi wrote a book called After University What Next . In this book he probes the status of university education and whether it is providing graduates with enough skills to be successful in today's highly competitive and volatile job market. As an advocate for youth employment, I have interacted with a number of university students to find out if they are adequately prepared for the world of work. Th...

 How fast can I get a loan is one of the most frequent questions that I face in the financial literacy trainings that I conduct.  This question is loaded with very many financial literacy lessons. Today I want to focus on preparation for financial advancement . I want to relate it to the construction of a building. Most buildings that collapse in most cases have a weak foundation. Those that have a strong foundation are normally strong. How is preparation related to financial advancement? In a fast changing world preparation tends to be neglected. In most cases in fast developing society people wants thing in the instant. That is why people especially the youths may be called for financial literacy trainings and they ask whether they will be given "transport refund". That is why we see an increase in gambling because some youths want instant wealth.  Training is a mark of preparation that should never be taken for granted. Today many times we only see success at the top ...

 As a financial literacy Trainer I have faced a persistent question from trainees. How can one increase their income?.It is not an  easy question to answer. This is because world over resources are scarce yet we need to survive. How can one increase their savings amidst resource constraints? I can assure the dear reader that there is no silver bullet to this dilemma. But what I know is that if we follow the right financial principles we can witness a better outcome. In a generation that exposed to instant get rich schemes where many have lost their hard earned funds, the message of painful savings may not be very appealing but it is the way to go. Normally anything that promotes instant riches tends to backfire. Let us take an example of Warren Buffet one of the wealthiest men in the world. He started studying stocks at a young age. Today he is one of the best investors in stocks in the world. This is a clear indicator that sustainable wealth is a long term venture. It require...

 A certain youth wondered whether he would ever achieve his financial goals. In worrying he is not alone. Thousands of people wake up every day to achieve their dreams. However it is not that simple. We are living in a Volatile, Uncertain Complex and Ambiguous world . No body exactly knows what the future holds. This is where a positive attitude and faith comes in. John Maxwell noted that attitudes determines altitude. A poor attitude towards financial advancement limits our financial potential and creativity. There are people who have given up on their financial dreams while still alive. But Colonel Sanders built KFC in his 60's.  I have met many amazing youths with incredible dreams of building world class companies . However their talk is not that convincing. They seem not to believe in their dreams. They seem to be waiting for external validation to make their lives count. All successful people did not wait for external validation. They worked hard in the private and today...

 A certain youth said he does not need to have an account in a bank. From a financial literacy perspective that is a heavy statement. In a nation where over 70% of the population is below 30 years, it is important to amplify the importance of financial literacy training. This is because the youths are the leaders of tomorrow and if their mindset towards money is wrong then the country is in trouble. I read a university publication where university students were being warned about the dangers of drug abuse and gambling.  This is an age group that is wired to spend on unplanned ventures than other age groups. This is because their risk appetite is high. Many youths are enticed to get rich schemes and they even borrow from loan sharks to fund their ventures. It is important for a young person to open an account in a financial institution regulated by Bank of Uganda so that their funds are safe . Banks have professionals who can advice the customers on the best way to utilize thei...

 In a financial literacy training that I conducted a participant noted that she feared approaching banks.   That is a heavy statement from a financial literacy perspective. All successful entrepreneurs world over in most cases have a close working relationship with a financial institution. This is because a financial institution has professionals who will offer clients with free financial guidance in the area of their finances. Having been in the financial literacy space for the last 4 years, I have seen the impact that mindset change can have on a client. In an instant someone who had a negative mindset towards formal financial institutions is now able to proactively negotiate for a loan. This is what seems to be missing in the real life of so many people. Some of the questions asked during financial literacy trainings are an indicator of fear among customers. Fear of failure has also made many youths and corporates to start initiatives that can create jobs for the many ...

 A vision refers to a clear and compelling mental picture of a desired state. It is a vivid and inspiring image of what you want to achieve or become. This is a very potent description and it is timely as we end the year. In my work as a financial literacy trainer for the last four years I have interacted with many categories of people whom I have been fortunate to learn from. There is this particular young man who attended a financial literacy training and his life transformed in an instant. From being jobless to starting farms and accessing credit from a financial institution was not a mean feat in a nation where many graduates are unemployed. The question that runs in my mind is , what enables a person who literally has no capital to succeed in the long run? Apart from luck on his side , what else can explain his or her progress? As an avid reader of personal development books, it is a common observation that there is no book that does not talk about vision and its power to affe...

 A certain youth asked a question whether his financial situation could ever change. Nothing is constant in life. Seasons change. We have seen entrepreneurs who had no capital build financial reserves in the long term. In his book Secrets of A Millionaire Mind , Harv Eker notes that each person has a financial blue print that drives their financial behavior . That is why it is important to master our thoughts especially when it comes to money. Unaware of their thought some youths spend more than they earn. Unaware of their thoughts a number of youths spend due to peer pressure and they wonder where their money goes. The rich and successful people think long term. When I read this statement by Harv Eker it hit me hard and I was humbled. From then I developed a long term view about money. The question that any youth should ask themselves, is what is their long term view about money? Without a long term view about money we are likely to prioritize spending over investing. The rich ...

  Life is tough. Robert Schuller wrote a book called Tough Times Never last But Tough People Do . This means that the journey to financial advancement is also likely to be tough. In a nation where over 70% of the population is below 30 years, there is a tendency for most of them to think that the journey to wealth creation is a smooth sailing. I spend a lot of time training youths even at university about financial literacy and some of their questions show me that we should amplify financial literacy training in all corners o f the nation. At one time a university student used his tuition for gambling. This student did not know that there is a another student wo was willing to go to university but their parents did not have tuition. Other youths are invited for free financial literacy trainings but they find it irrelevant to attend or even seek for transport refund. Such students may not know that attending a financial literacy training is one of the life changing moments. How is g...

 A certain graduate complained that she had failed to get her dream job yet she had a good degree. So the question i pose is, is the problem with the degree or should we blame the student ? For a long time our education system has graded us basing on the marks we get. Those who have passed highly are regarded as successful and those who "fail" are regarded as unsuccessful. This competitive mentality from the education system is also graduated in the real world of work where graduates want to work in isolation. Indeed some youths find it hard to relate with others at the work place because they did not develop interpersonal skills at university. By asking a question is your university degree a true measure of human potential?,  Iam not tying to discount the role played by universities in shaping the lives of future leaders. Actually universities play a critical role in promoting the development of a nation. However Iam trying to challenge the university students to have a diff...

 Just this week Uganda Registration Services Bureau has been providing technical assistance to business people in a certain part of Kampala. Out of curiosity I asked a certain trader whether he considered seeking technical advice from them. His response was that it will not be beneficial to his business. This has prompted me to write this article. Over 90% of Uganda's economy is made up of small and medium enterprises. This means that they are the heart beat of the economy. A large number of the micro enterprises have challenges such as being informal in nature . Informality makes them vulnerable and risky for formal financial institutions to lend to them. So a large informal sector means that such enterprises will find it hard to access affordable credit and they will struggle to remain afloat. why is it important to register a business? Though a number of entrepreneurs feel it is wise to operate informally it is also very dangerous. When a business is registered it operates freel...

 "I will not pursue my dream because society will laugh at me was a remark a certain person made recently". It  got me thinking how come when were still young we had the courage to dream big ? Is the lack of ambition one of the dilemmas that is keeping our society behind?  It seems a trivial matter but when you observe in society adults fear more than children. The late Dr. Myles Munroe pointed out that the wealthiest place in the world is the cemetery. This is because that is where unbuilt houses , companies reside. We tend to have so many doubts that limit our potential.  The youths who are the leaders of tomorrow and form the majority in society have been victims of the fear of failure mentality. This has made them to opt for get rich schemes. It is not surprising to find a youth pledging their property to gambling so as to make quick returns. Many youths have failed to set up projects because they are waiting for big capital to start. I interact them youths regul...

 The last time I checked Uganda had over 40 universities. That is a sign of development and we do not take it for granted. Education plays a key role in shaping a nation's development. It is also a fact that over 70% of Ugandans are below 30 years . It is also a fact that youth unemployment is a big crisis not only in Uganda but across the world. In his book After University What Next, Ambrose Kibuuka effectively diagnoses Uganda's education system and indeed some of the reforms that are being made are a step in the right direction. For a long time universities have been accused of producing graduates that are not relevant in the market. The question is, is it the universities to blame or is it the graduates? I do not have the right answer because unemployment has structural causes that have many dimensions for a single individual to correct. In a recent article in a media publication it was noted that over 500,000 university graduates were boda boda riders. Remember there was...

 A youth informed me that he had a business but was struggling to raise capital to expand his business. This is one of the countless youths who are struggling to make ends meet. The national statistics show that Uganda is one of the countries with the young generation. Over 70% of Ugandans are below 30 years of age.  This can be a blessing if most of the youths are economically active. The government is doing its best to ensure that the youths have access to dignified employment though it is an uphill task that can not be overcome in an instant. The private sector players are also playing a critical role in reducing unemployment. A number of banks have introduced youth friendly loans coupled with providing free financial literacy training.  In other wards every stakeholder is doing something and can do something.  I have been privileged to mentor a number of university students and  I should attest that Uganda's youths are very enterprising and are willing to le...

 A certain youth reached out to me and opened up that he had struggled to get a formal job for the last 3 years. This is not a strange phenomena in today's  world. Indeed the unemployment statistics are glaring. Research shows that over 70% of Ugandans are below 30 years. One of their biggest challenges is access to meaningful and dignified employment. This  is recipe for disaster because no nation can be safe when its youths lack access to a source of living. In a recent media publication it was pointed out that over 500,000 university graduates are boda boda riders . Gone are the days where a university students were assured of a job before graduation. Prestigious courses such as Law and Medicine are no longer shortcuts to direct employment and wealth creation. Despite the above situation the youths can change the narrative. A lot is being done by the government through programmes such as Parish Development model and other youth livelihood programs to empower the youths...

 Equity Bank started as a small building society in Kenya and today it is one of the biggest financial conglomerates in Africa. When one follows the story of Equity Bank and its impact on the socioeconomic prosperity of over 15 million Africans he or she is inspired to take action on their dreams.  Every African has dreams but many of our dreams not not realize their potential due fear. The founders of Equity Bank had a clear vision and they took small steps to make it a reality. Today we see a gigantic financial conglomerate that is giving dignity to countless Africans. As a practitioner who speaks to various youths including university graduates I am concerned that a number of them do not believe in their dreams. They speak about them in a "small way" or without conviction. The world has changed. There was a time when Uganda had one university and a university student was guaranteed of a job even before graduation. Today the narrative is different. With over 40 universities...

 As we come to the end of the year someone may ask,  what have you achieved ? Ask yourself in relation to who and what? As one asserts that they have not achieved their goals, have they made an initiative to visit Mulago hospital to see patients who are in a critical situation? People who make plans to leave home to achieve their goals only to perish in car accidents. What about people who are dying in war torn countries. Our  current challenges may seem small if we are to compare them with a person who is on death row in Luzira Prisons.  As a generation we tend to be discouraged when we do not achieve the material things. But then in the grand scheme of life everything matters. The gift of life matters. The fact that yo have a job matters a great deal. The fact that you have a family is important. The fact that you can read and write matters. As we grow we realize that the things we had taken for granted matter in adult life. We need to have a grateful heart and dis...

 Just last year a senior six student failed to sit his final exams . The reason was because the parents failed to raise fees. That is how many dreams are shattered. Life is full of uncertainties and risks. Just this year we witnessed a fuel tanker burst into flames and killing over 20 people. What about the Kiteezi land fill  tragedy? What about the  accidents that happen on  a daily basis? The worst thing that  is a tragedy happening when we are not prepared for it. Lives have been lost in hospitals simply because the patient did not have an adequate insurance cover. Lack of insurance also directly impacts our saving culture .This is because the little we earn is likely to be diverted to emergencies. Who remembers the torrid time we went through as a nation and the world during Covid 19 and lock down? As developing countries we are so vulnerable to a number of shocks compared to the developed world. According to John Ssebaana Kizito in his book, Insurance Basic...

 While training members of a certain Savings Credit and Cooperative Society a certain youth asked me how a budget could  assist in financial advancement. A personal budget is a plan for the coordination of income and expenses. Take an example of a building if it is built on a weak foundation it will collapse. In the same way if our financial lives are built on weak foundations they will not stand the test of time. In a recent article in the media it was shown that some youths had diverted Parish Development Model Funds from the intended use to unplanned expenditures. This was an indicator of lack of adequate planning on the part of the borrowers. A number of young people say that they only plan for funds when they have enough but my assertion is that it is too late.  A budget enables a person to forecast their income and expenses . A budget can be for a day, week, month or year depending on the circumstances. A budget can be for a person, family or business. A budget shou...

 Iam privileged to be in a space where I give hope to the youths who are the majority in this country. Recently I saw a youth who noted he could not get a loan. So chances are that this youth had given up on his dream. Hope is one of the greatest currencies in life . A person that is devoid of hope has almost lost the battle. Even with the best medicine if a patient does not have hope he or she might not get healed. Patients have been given medical reports about cancer and have refused to accept the reports and used their faith to get healed. There is power in human potential. What we are currently manifesting is not even half of our potential. This is a mystery that most people do not understand. We can become more than what we think. This is "beyond motivational speaking". We can become more than we currently manifest. Who knew that Dr. Ben Carson who was always the last in class could become a neurosurgeon? Who knew that the late Nelson Mandela who was imprisoned for 27 ...

 The most successful people are daring. From the late Steve Jobs of Apple and Bill Gates of Microsoft they all listened to their guts. I recently visited the university students who were showcasing different products at Makerere University Entrepreneurship Expo at Freedom Store. I was impressed with their level of innovation and creativity. Some of the questions that I asked some of the students was whether their businesses were registered. The answers were not very convincing because it seemed most of them were still in mentorship stage and I do not blame them because they are still students.  My major point is that we need to reach a point where students jealously protect and test their ideas in the real market. I have often told Business Administration students that they should be the leaders of Uganda's economy since they study business courses but I have been surprised for a business student says he or she lacks a job. If they lack jobs then it is an opportunity for them ...

 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 C...

 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 negativ...

 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...