FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 Every person is unique. But we easily forget this and try to blend. No one can be blamed for this since we are social creatures. Iam not trying to say that we should defy society but it is critical to note that being different is also important. I spend a lot of time trying to mentor youths especially university students to become agents of positive transformation. In this journey I have seen so many youths that fear to stand out. That is why students have only decided to defend their contribution to society basing on their academic transcripts. Do not get me wrong. Academic transcripts are okay but placing all our faith in the marks awarded by human lecturers is missing the point.The other issue we need to note is that information is becoming obsolete at a very fast pace. So any student should never be comfortable with what they studied.  How come some of the leading entrepreneurs either dropped out of university or never stepped into university? It is said that most of the ...

 Many times we are products of our past. One time I asked a youth to explain to me what had caused him financial challenges. He was quick to give me several answers. Most of them were related to his past. It is a fact that many people have a poor past. Many were born in poor backgrounds among other challenges. We also have cultural stereotypes where some women are refused to work. So in many ways life presents bottlenecks to us as humans. Should we give up on changing our financial lives? The answer is no. We all have the potential to become better finance managers. I have had a privilege of reading some good books on success and one interesting thing is that a lot of attention is placed on mindset change. The simple step of seeking to change our mindsets about various areas of life is one of the greatest gifts we can hand ourselves. Harv Eker in his book Secrets of  A Millionaire Mind noted that each and every one of us has a financial blue print or mindset. There is a partic...

 There is a lot of excitement about the new year. Indeed it is a great achievement to head into a new year. Many things happen in a year. There is a reason to celebrate our lives. People perish in accidents and so many other things happen. So we thank God for the gift of your life. In this article I want to place my attention on what it takes to succeed in a new year.  A number of personal development books place their attention on the change of mindset. Countless books are sold and they all place their attention to thoughts. Even the Bible which is the word of God emphasizes the power of thoughts. Harv Eker in his book Secrets of A Millionaire Mind noted that rich and successful people think long-term. So the powerful question that Iam posing is , as we head into 2025 are we focused on thinking long term?  True we are heading into 2025 but without a deliberate change in mindset , we are likely to do the same things and get the same results. The biggest blunder we can ev...

 As strange as it sounds our expectations play an important role in defining what we achieve . We are products of our thoughts. The moment we put a lot of attention on negative expectations it does not matter how skilled you are but we might get negative results. There is a young girl called Grace Nanyonga who did not have school fees at university but decided to start selling fish as a way of getting tuition. She was laughed at and her course mates branded her "the fish girl". Out of her passion today Grace has a fully fledged fish business that is employing several women and is contributing to taxes. I wonder whether some of her friends who laughed at her at university are faring as well as she is. Why are financial expectations important? It is because they redirect us from our current realities. Even if one is submerged in debt if he or she does not change their mindset, he might not achieve his desires. Oprah Winfrey was born in a poor family but this did not stop her fr...

 One of the greatest fears of any graduate is to complete university and fail to get a job. We have to be realistic that without a job life becomes tough. In fact statistics about unemployment in Uganda are quite scary. Over 70% of Uganda's population is below 30 years. Universities produce over 500,000 graduates per year amidst a job creation rate of 90,000 jobs. We can see the mismatch here. In a recent media article it was noted that over 15%of the university graduates were unemployed.  In trying to assess the implication of the above statistics I have  focused the attention on the education system. Education is a powerful agent of transformation. In fact without education life would be very tough. We  thank all stakeholders who work hard to change the narrative of the education system. Despite the reforms in the education system we can not neglect the above statistics related to unemployment. Right from nursery a child is encouraged to cram and those that pass th...

 A certain youth had to sell off his property to pay off a loan from a loan shark. This was after a series of calls from this loan shark and due to intense pressure he had to do what he never wanted. So many people are facing financial pressure and in the end we make financial mistakes. In the desire to make abnormal profits many people have invested in get rich schemes where they have been badly hurt. Just a year back a certain company closed down shop after conning many Ugandans of their hard earned money. I saw scenes of pain on  media how people were expressing their frustration. Some of them used their retirement funds.  I have observed that during tough times such as scarcity of resources we tend to make bad financial decisions that we tend to regret later. That is when a youth will think of getting a loan without understanding the terms and conditions. In his book Tough Times Never Last But Tough people Do, Dr. Robert Schuller noted that we shall always face tough...

 It is every body's desire to change their financial circumstances. The question is it that simple? Probably not. As a Financial Literacy Trainer I have had a chance to interact with several Ugandans in the trainings and there are various views about finances. There are some people who have given up on dreaming about financial advancement and have left it to fate. But we all know that nothing changes until something changes. There is power in humble beginnings. I know of a certain youth of around 25 years who learnt about a financial literacy opportunity in a certain financial institution and attended it. He was able to get a loan and he has diversified his businesses and earnings. He deals in agriculture. The question that I want to pose is how many corporates have land and it is unutilized? How many youths have sold off their land to buy boda bodas in the already congested Kampala? How many youths have misused the little capital they have on unplanned ventures? Today we live in a...

 We all wake up to look for money. Money is a critical current of life. Without adequate finances life can be at a standstill. Why is it important for us to give money critical attention? We have seen stories of international sports stars who had a lot of money but they became broke . It is not a nice experience to have a lot of money then all of a sudden one becomes bankrupt. In today's world money is a really scarce resource and it requires proper planning.  Harv Eker in his book Secrets of A Millionaire Mind points out that each person has a financial blue print that guides them in how they use their resources. I have met some youths who justify that having a bank account is not necessary. I have met some youths who say that they have to spend what they have and the next day will take care of itself. In a recent media article it was pointed out that a number of Parish Development Model beneficiaries had diverted funds to unplanned ventures . This is an indicator that witho...

 As a Personal Finance Coach Iam privileged to interact with countless people and I appreciate the lessons that I have learnt from them over the years. The role of a coach is to challenge a person's beliefs about a certain topic. I should say that most of our limiting beliefs start in the mind. I have met people who even fear to enter the bank. I have met people who fear to come to Kampala. They prefer to stay in the same environment in which they were born. I have met people who dread reading personal development books yet there are a lot tips in such books that can transform their lives. The essence of these observations is not to castigate people because no one is perfect but Iam sharing my perspectives as a coach on what can inhibit personal progress( the truth always sets us free). I have a passion for mentoring youths into agents of positive transformation and I have interacted with so many university students. What I have found out is that many graduates are driven by their ...

  I have over the years heard descriptions given to January every year from various people from the time I was young . In general the way January of every year is described is not very optimistic in terms of finances. I want to relate it to the festive season. The festive season is a period where various families gather to celebrate and wind up the new year. This is noble because a year is such a long time. However since it is a period of spending sometimes caution runs out of the window. In the past we have heard of people who lost their lives due to excessive eating and drinking. This is an indicator of what happens during the festive season. Many things are done in excess. What this calls for is to embrace discipline especially in money management. As a Financial Literacy Trainer I have interacted with a number of savings groups which have religiously saved money and shared it in December for consumption. Iam not against spending because society can not thrive without spending ...

 There are a lot of times when we doubt our individual financial decisions. Many times we want to relive our past. Did we know that even the richest people that we admire have made terrible financial mistakes? The difference is in their attitude and determination to improve. We are all a work in progress but many times self comparisons and self doubt prevent us from making the much needed progress in life. In my journey as a financial literacy trainer I have seen people who seemed to have little in terms of resources but their determination to become better financially made the life time difference. I have met market vendors who seem to earn less than the majority but overtime have been able to accumulate savings. The difference is that they took action on their dreams. Nothing is static in life and this means that our financial lives can also improve with the right attitudes. Many times people give up on saving for their goals after being discouraged by their associates. Harv Eke...

 I have had a chance to interact with a number of savings groups. Most of their discussions revolve around sharing their proceeds that they accumulated over the year . I should commend that many Ugandans are good at saving. It is not easy to save amidst the high cost of living and scarce resources. The question that I want to pose is, is the festive season reserved for only spending? Is the focus on spending the reason why January of the new year is such a hard month to deal with for many people?  There was a group of hardworking women who saved 17 million Uganda shillings and shared it amongst themselves. By the beginning of the year they had nothing left. It is good to enjoy the festive season because leisure is part of life. However there is a need to balance between saving and investment.  If the predominant behavior is to spend then investment will be neglected. For parents who have to pay school fees in the new year careful attention must be made to ensure that the...

  Anthony Robbins made a statement in his great book called Awaken The Giant Within . He said companies, societies and individuals transform when they raise their standards. When one reads about men and women who have changed the world at a certain point they raised their personal standards. They wanted to get more out of life and therefore they had to alter their expectations. These include Dr. Washington Carver who invented over 100 patents for potato. This was a son of a slave who studied under very difficult circumstances , sometimes using a candle. Oprah Winfrey who was molested at a young age but had that dream that one day she would be rich and famous. Dr. Myles Munroe of Bahamas Faith Ministries who was born in a poor family but read the Bible and it changed his life. By the time of his death he was an advisor to presidents around the world and a leading author. What about Dr. Ben Carson who was always the last in class but with hard work he became a neurosurgeon. How is ra...

 A certain youth asked why he needed  mentorship in managing his finances yet he is an adult. In the journey of financial literacy training I have discovered that no body arrives. In fact those people who are humble enough to seek guidance regardless of their level of experience and age are the ones who tend to master their finances. Most of us have made financial mistakes in different angles since we are human. However the biggest blunder would be in not picking the lessons. The most successful people are the ones who admit that they are human and are seeking to improve. Mentorship is a game changer when it comes to finances. A number of people have lost a lot of money not because they are "bad" in any way but simply because they lacked guidance in how to invest their money in safe investments. Today the financial services industry is changing at a very fast rate and one needs to know that they can not have all the answers to the pressing challenges faced. There are so many ...

 A certain youth was invited for a financial literacy training and he inquired whether they would refund their transport. To this end I ask a question what is the importance of financial literacy? Financial literacy training is a vey wide concept that has life long implications for any person. The reason why some times we suffer in life is because we lack access to the right principles. So many books that I have read about money have emphasized thoughts as the major predeterminant of a successful and wealthy life. Once I understood that concept I embarked on a life journey to discover the secrets of wealth creation. What I have found out is that great wealth is hidden in books. Napoleon Hill in his famous book Think and Grow Rich opened the door for self development gurus to discover the routes of wealth creation. Ask yourself why the wealthiest people are great leaders. These include Bill Gates and Warren Buffet. In his life changing book called Think And Grow Rich : A Black Choic...

 I heard someone make a remark that this year 2024 has been a very fast year. The question that I want to pose to the dear readers is, hw has been the financial journey? has it been easy, tough or promising? The road to financial advancement is always uphill. This is because money is a scarce resource. Even  America which is a super power uses its funds wisely. The lesson to us is that we might not have smooth sailing as we wish it to be. Dr. Robert Schuller wrote a book that Tough Times Never Last But Tough People DO . What a wonderful title.? It means that life will always be tough. The United States of America became a developed country through the sacrifice and sweat of so many people. In this fast changing world of technology we have been made to think that things are supposed to be simple. The youths are becoming attracted to get rich schemes. In fact a certain company used this same strategy to defraud many people of their hard earned savings. A number of youths have so...

 A certain youth asked a question during a financial literacy training session how fast he could get a loan? It was a noble question and from a financial literacy perspective it has very many connotations. Harv Eker is his book Secrets of A Millionaire Mind noted that each person has a financial blueprint. This means that money is a mental game. To take us a bit backwards when we were growing up most of the lessons about money involved instilling fear in the population. For some children are even severely beaten for even as low as 200/= So when such a child grows up he will have a negative phobia towards money. This explains why a number of people grow up they treat the money topic as sacred and very emotional. It explains why groups of youths would rather meet to discuss about politics and football without laying strategies on how to improve their financial circumstances. We live in a fast paced generation and gambling companies have capitalized on this to design packages that pr...

 It has been a moment of  joy for graduates of various universities such as Kyambogo. I am  extremely happy and I congratulate them upon this milestone. Having been once a student at university I know what it means to graduate. It is not easy. It requires patience and it costs money. Some parents even sell of their valuable property to educate their children. Congratulations to all the parents of the graduands. Education is key to the transformation of society. Universities play a critical role in nurturing future leaders of society. We applaud universities for the work that they are doing in transforming society. As we speak we have over 40 universities in Uganda. The key question that I want to put across is what awaits the graduands. When all the pomp and fan fare are done what does the recent graduate resort to?  What do statistics show about the employment trends among the youths? Are the previous graduates really happy? Are all of them employed? Do they have ac...

 A certain youth noted that he could not save simply because he was a student. I should say that saving is tough and hard. This is compounded by the hard economic times including unemployment. Life is hard but there are always exceptions to the rule. We have seen market vendors build houses out of their meagre savings . We have seen single parents pay tuition for their children up to university. This means that with the right perspective and mindset we can alter our financial landscapes. Without determination we can not take the right steps towards savings. Savings is built from down upwards. In financial literacy every coin counts. We live in a generation that undermines humble beginnings. Professor Muhammad Yunus an economist in Bangladesh noticed that there was a gap in financial services for the rural poor. To this he formed a microcredit project that culminated into a bank called Grameen. This bank is a pace setter for so many microfinance initiatives in the world. This is the...

 In a recent financial literacy training a youth asked whether he will ever achieve his financial goals. He is not alone. That is a question that runs in the mind of so many people who wake up every day to make ends meet. Though there are so many routes to financial advancement there are proven ones that have been shared by the wealthy people in this world.  One of them is acknowledging that each person is valuable and can achieve their financial goals. The mind can be an instrument for good or evil. This is why financial literacy training is very critical. we are living in a generation that is fast changing. Technology has not spared the field of finances. Every day there are financial scams being reported. These people play on people's psychology well knowing that if you capture a person's dominant thoughts he or she can do what you want them to do.  In the desire to become overnight billionaires the youths have lost even the little that they have. This an age group tha...

 A youth asked how he could improve his savings culture in a recent financial literacy training. The truth of the matter is that developing a savings culture is not a simple step. It requires patience, discipline and dedication. With a high cost of living there is a justification why we should push for financial literacy training. Making ends meet on a limited budget is never an easy process. Regardless of the circumstances we need to develop the culture of saving. It calls for sacrifices and a desire for a better future. In the developed countries children are taught to save from a young age . That is why they do not struggle a lot when they grow up. In our African setting some of the statements such as " eat your money like a fisher man" do not encourage the discipline of saving. Also parental behavior largely influences whether the children will save.  Students at university face a lot of peer pressure and some overspend to impress friends. Others do not have a budget to ...

 Why is it that leading businessmen in Kampala have a group called Bakwagalana Group ? It means that there is power in networking. As a mentor of youths I have interacted with many of them and asked whether they belong to any groups and  have been amazed that many answer that they do not. Should we blame it on our education system that makes us become so competitive yet real life requires collaboration. Most rich and wealthy people support each other to progress. This is a key lesson that we emulate is that we should be intentional in building social capital. It is said iron sharpens iron. Therefore living in isolation can not serve us well. We are living in a very competitive society and if we do not take time to support each other we are in danger. Most people get jobs on a referral basis. A number of youths focus on applying for jobs without taking any deliberate steps to join associations that matter.  I know of a group of university students who formed an investment ...

 We live in a society of self comparisons. Everyone wants to be better. This is good because that is how society develops . However in interacting with people especially university students I have realized that many times we undermine our value. We limit creativity to musicians and artists. Everyone was created in God's image and He created us to manifest our brilliance to the world. Had Thomas Edison listened to his critics perhaps we would not have seen the light bulb. It is said he failed several times. What about Dr. Ben Carson who was always the last in class and today he is a neurosurgeon. Talk about the power of persistence . Through history most people who have changed the world also had inner doubts in them but they persisted that they could make a difference. The Wright Brothers were not engineers but they had inner belief in them that they could add value to humanity.  I have met very many young people who have various ideas that can solve social challenges but they...

 A certain youth was desperate to pay the remaining school fees balance . Since he was in a desperate situation he went to a loan shark and borrowed funds without reading the terms and conditions of the loan. In the end he lost his laptop. We are living in a society where the demand for instant loans is high. Loans are very critical for the development of businesses and improving our social economic lives. However as financial literacy trainers it is our duty to educate the nation about the important principles of responsible borrowing. First of all a financial institution lends customer funds to capable borrowers. However it is important for the borrower to carefully study the terms and conditions such as the loan tenure, the collateral required, the interest rate, the loan processing fees . I have observed that customers who have benefitted from bank loans are the ones who take time to build a relationship with the bank. Banking is a service and it is relationship based. Customer...

 So many university students have great ideas that can change the world. But what stops them from implementing them? The biggest enemy is fear . Fear is that limiting belief in us that reminds us that we are not good enough. But let me ask who was born with confidence? We all come into the world as vulnerable as we are . But how come a minority of people are able to set goals and achieve them. How come all the wealth in the world is owned by 20% of the population? Where does a person embrace the fear of stepping into the banking hall. Does he or she know that taking a step of faith is the starting point to personal transformation? Did you know that fear of the unknown has killed so many dreams. Did we know that Bill Gates dropped out of university to build up Google and today he is a billionaire. How many youths who have plans of setting up companies are waiting for graduation to start building their ideas? How many university students have given up on attaining first class degrees...

 I met a gentleman who said that he was poor since he did not have cash in his pocket. I have been in constant arguments with various people about the fact that ideas or vision are more important than money. We live in a generation that wants to first see to believe(Iam in trouble with some readers of this statement). In fact there are times when certain youths are invited for financial literacy trainings and they demand for transport refund. In simple terms they value money more than the knowledge that the acquire. Is it surprising that in this generation many people have been duped by get rich schemes and they take off with their hard earned money. A case in point was a certain company that promised instant returns to many Ugandans last year and it closed off. Some "invested" their pension funds in this company. What am focusing on is whether if a person does not have physical cash he must be branded poor. Without the right money principles even those who have a lot can los...

  A certain university student asked himself a question that why was he doing the course that he was undertaking . It seems he is not alone. This dilemma seems to be faced by a number of youths. A number of youths are at a crossroads and they need help. Remember over 70% of Ugandans are below 30 years. The youths face many challenges and they need guidance from a number of stakeholders. I have seen university students who chose courses because their best friends advised them. I have seen students who have taken courses because they are "cheap and easy". Some students never even make use of their career guidance masters. This casual approach ends up costing us dearly.   The point of the matter is that there is no "useless course". According to Ambrose Kibuuka in his book After University What Next , he notes that Music Dance and Drama was once one of the most undermined courses at university. In fact he says that students who offered this course were a laughing stock...

 On 6th December 2024 I was invited as a chief trainer at a certain financial literacy training for over 100 youths. As these youths were introducing themselves I realized a wealth of experience that these youths had gained. They had been skilled in various options such as computer, music and art. In my view with mentorship and guidance these youths have what it takes to take the economy to the next level. The government has done a lot in skilling the youths and in fact the education reforms point to that. It is the way to go. Our education system for long has been blamed for producing graduates with irrelevant skills in the market place. Each year over 400,000 graduates are produced by universities and they even hold graduation parties but after the parties the graduates face the reality of the job market. Recent studies showed that over 500,000 graduates are boda boda riders. Another article in the New Vision showed that over 15% of graduates are unemployed. Behind these statisti...