FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 Of late in the News papers there have been discussions of the aid freezes to Africa. It got me thinking that in my personal life am I ready for economic shocks? What can happen in case I have an emergency ? Am I ready for such a time. Do I have an emergency fund to cater for unexpected uncertainties? These are pertinent questions. This is because we live in volatile, uncertain ,complex and Ambiguous(VUCA)  times that require utmost attention and reflection. As life is when the going is good we tend to relax and forget to put contingencies. With such aid freezes perhaps it is an opportunity for us to reflect our financial lives. During Covid 19 period and lock down there are two young gentlemen who killed themselves. This was because they could not cope with life's pressures. The cases of domestic violence and mental health increased .This shows the importance of money in our lives. Without adequate finances managing life becomes a tall order for the majority in society. Dur...

 There are so many reasons that have been given for the lack of advancement in our financial lives. True many are valid because life is tough. But then there are people who have been in more extreme financial hardships and have made it. In Think And Grow Rich: A Black Choice, Dr. Dennis Kimbro points out several black Americans who were born in poor families but ended up wealthy. These include Oprah Winfrey, Dr. Washington Carver and Dr. Ben Carson . I believe that attitude towards life plays a critical role in determining our fate . We all have the potential to achieve our long term goals but the lack of inner belief always restrains our initiative. Many have attributed their lack of progress to past factors such as being born  in poor environments.  A close look at some of the most successful entrepreneurs makes us understand that circumstances should never stop us from dreaming big. At the age of 60 Colonel Sanders started KFC with a recipe that was rejected by many i...

 One of the least discussed topics is debt management. In a nation where resources are scarce it is inevitable to borrow to make ends meet. In fact some people borrow from more than one source. The key question that I want to pose is where do Ugandans borrow from? I may not have the answer but as a Financial Literacy Trainer it is my duty to prepare the community to practice responsibility when borrowing. Good borrowing practices are fundamental to a healthy economy. Last year we witnessed 2 financial institutions that were closed and this is at times caused by the bad borrowing practices. Since debt is a major part of our lives it is important for a customer to take the necessary steps in choosing the right company to extend credit to them. I have witnessed a number of trainees in agony because they went to certain loan sharks who lent to them and when they failed to pay they take their valuable property. We are living in a society that desires instant loans but then the question ...

 Everybody desires to have a better financial future. The question is how consistent are we in our savings journey? There was a group of women who were able to save 17 million Ugandan shillings and by December they distributed the money amongst themselves and spent it during the festive season. By January they were back to zero. Without a clear purpose for saving we are unlikely to hit our savings targets. We live in a society that is full of distractions and if we are not careful we can easily be side tracked. As a financial literacy trainer I have interacted with so many trainees who struggle with savings and I should say that saving is not easy in an economy where the cost of living is high and money is scarce.  Despite the economic hardships we need to find ways of surviving and reaching our savings milestones. When one reads about the most successful entrepreneurs their stories are not any different from us. They are consistent in their savings culture. They focus on the ...

 A recent media post showed that a number  of Parish Development Model beneficiaries had diverted the funds into unplanned expenses. This is an illustration that financial literacy training is not a luxury but rather a national good. A number of people see money as a seed to spend . That is why some youths always expect handouts as a way to survive. With a handout mentality very prevalent among the youths who are the majority in the country, there is a need for a paradigm shift. A generation that wants to achieve wealth as soon as yesterday requires training that great wealth requires consistency. When one reads about the entrepreneurs who have contributed meaningfully to the development of the world and the nation it can be summarized as a story of consistency. We are all victims of the predominant messages that true success can be achieved overnight. This has made many youths sell off land and buy boda bodas in the already congested Kampala. It has led to the rise in gamblin...

 As a writer Iam guilty of quoting companies from abroad that have scaled and created enormous impact in Uganda. The question that I put across is don't we have Ugandan companies that started small and have scaled? At a recent training they gave examples of Ugandan businesses that started small and have scaled over time. They might not be many but they are an indicator of what can happen if a Ugandan entrepreneur is focused and perseveres. Ugandans by their very nature are enterprising but it seems we take this unique gift for granted. If you want to witness the entrepreneurial spirit of Ugandans, try to pass down town Kampala and witness how women and young people are trying to market their products to customers. To show their resilience even when tax authorities run after them they do not quit. Studies show that though Uganda is one of the most entrepreneurial countries in the world, these businesses do not see their first birth day. The key question is, what is the missing link?...

 Attention goes to whether as a society we emphasize financial literacy training at a young age as a nation. This is not to neglect the fact that there are so many intentional parents who whole heartedly devote shaping their children in all aspects of life and we commend them. Other stakeholders such as government and civil society have also played a critical role in nurturing society to save. There are so many grassroot movements that are influencing behavioral change among Ugandans and that is commendable. In particular Uganda Financial Literacy Association is playing a critical role .  While a lot is being done there is much more that requires our attention to safeguard the future of Ugandans in relation to their finances. Statistics show that 58% of Ugandans do not save at all according to the 2024 National Population census. The question is  why don't these Ugandans save? It should be noted that saving is not an easy task especially when one has competing priorities ...

 It is the desire of every person to advance every year. This is a noble goal. The question is it very easy? The answer is not straight forward but it is not. We are living at odd times where resources are scarce. Budgets are being cut and the international economy is unstable. So what should one do in such turbulent times? The answer is multifaceted but one of the key interventions is that we can not afford to develop in isolation. The advancement of technology is both a blessing and a curse. Technology has exposed us to very many opportunities but at the same time has led to a divided society.  In the past there was a lot of physical connection but today we can easily connect with a person on phone without seeing them for years. This has meant that a gap is created when the phone is our biggest friend or ally. What has this caused in personal development? It has created an impression that we are independent and wise enough to solve our complex life challenges. However does t...

  Attitude determines altitude . Dr. Victor Frankl witnessed many of his close family members being killed in gas chambers . What a horrible moment for any human being. On a daily he could see people who lost hope in living due to harsh circumstances . He notes that a person who is devoid of hope is likely to die. Hope is a key concept in life and in building our financial lives. As a financial literacy trainer I have interacted with very many people who have various views about money. I can attest that I have met some trainees who have a positive attitude towards life and are taking meaningful initiatives towards altering their finances. I have also met some trainees who have intentionally focused on sabotaging their financial lives. To them they feel the battle is already lost yet they are still alive. The role of a coach is to challenge a client's assumptions. The dominant beliefs that we hold determine the actions that we take in life. The question is why should we give up on ...

 As a Financial Literacy Trainer I have always been intrigued by the difference between wealth and rich. Wealth refers to a person's overall net worth that is assets , investments and financial resources. Wealth represents a more stable and long term financial situation built overtime through smart investments, savings and financial planning. Rich is defined as a person's temporary financial state often measured by income  or owning valuable assets but does not mean long term financial security. So the question is where the majority of Ugandans belong? I can not assert that I have an answer to this important questions but rather I can only give personal views. What I have observed is that Ugandans are very hard working and enterprising people. They want to earn money and this is very important because money is the currency of life. Without money one can even lose their lives. In the quest to earn money does this mean that most Ugandans are rich. Does it mean that when one has ...

Everyone desires financial advancement. A number of people have various approaches on how to improve their finances. However the dominant voices that I have heard relate to activities of making money instead of planning on how to create wealth. We all know that when a storied building is being built a lot of attention is placed on the foundation. Those buildings which are haphazardly built collapse in a short time. In the process of building wealth a number of people neglect the process of building healthy financial habits and they regard them as a "waste" of time yet these are very critical steps in building a sustainable financial base. A lot of literature has been written about the role of mindset in enabling a person to build their wealth. Unfortunately a number of people neglect this process. Harv Eker in his book Secrets of A Millionaire Mind noted that rich and successful people think long term . It means that they do not focus on their current circumstances. As a Fina...

 We are products of our thoughts. A friend of mine reminded me that the world is created by our thoughts . Many times we have allowed our circumstances to define us. Life is not static. The fact that we have seen people from less fortunate backgrounds change their financial fortunes is a reason enough to believe that no situation is too hard to change. We tend to forget the power of the mind in altering our life circumstances. As a Financial Literacy Trainer I have first had experience in that because I have trained thousands of people across the country. The stories we tell ourselves play a critical role in shaping our financial destinies. In his profound book called Think And Grow Rich : A Black Choice: Dr. Dennis Kimbro cites examples of several black Americans who came from less fortunate backgrounds and have contributed positively towards the economic development of America. They simply believed in the American dream. Some are immigrants who came to America as slaves. A case i...

 It is a great opportunity to make it into a new year. There are plenty of people who did not make it. What does the new year promise to offer us? It offers a blanket cheque of abundance. Life is a series of choices and it is up to us to decide what we want. If we choose abundance and are committed towards creating it will manifest. Unfortunately many time we do the contrary to our goals and aspirations. We have the power to realize our God given potential if we believe in it.   Why is financial planning critical in the journey to financial advancement? It is because just like any area of life without planning we can never realize our potential. When one reads books about financial advancement, they all relate to planning. Very few people have altered their finances through wishful thinking. Finances play a critical role in our lives and we can never leave them to chance. A financial plan redirects our efforts towards managing our finances better and we are able to make r...

 A brand new year is a season of new beginnings. However we need to be careful how we approach life in the new year. It is easy to enter the new year with an old mindset and it will upset our progress. If we hold on what failed in the old year no matter what we do in the new year will not succeed. Our mind plays a very critical factor in ensuring our success. If we focus on the negative side of life we are likely to achieve negative results.  Each and every person is full of potential. But those who excel in life are those who make intentional decisions that despite their imperfections they will choose to do the right things so that they can alter their lives. Life presents a lot of opportunities but the key question is are we ready for them. The youths have plenty of opportunities but I have interacted with a number of them who confess that they do not see the opportunities. One of the biggest challenges that the youths face is that they want ready made job opportunities yet ...

  In coaching we are trained to always shift perspective. There may be so many wrong things happening in our lives and it even happens to the president of the United States of America. The people who make great feats in life are those who intentionally shift their perspective from the negative to the good or positive. The mind is always drawn to the negative no matter what we do. That is why a number of people may not immediately accept and appreciate the good things that are happening in their lives. If we are to accomplish great things in 2025 we must transform our thinking from limiting beliefs to empowering thoughts that will take us to greater heights. Every person has something good in them that they can offer to the world. Unfortunately as Brian Tracy noted in his great Book The 100 Absolutely Unbreakable Laws of Business Success that doubt and fear are some of the greatest enemies of success. The limiting beliefs will stop a person from starting to save. The limiting belie...

 Everyone wants money and indeed they are right because without money life becomes a tall order. But in pursuing money there are various means to financial advancement. One of the common statements from today's youths is what is in it for them ? Iam not trying to mean that one does not deserve money after providing a service. What Iam trying to focus on is the predominant notion that youths want to be paid before they even work . A number of  youths including those are university have an entitlement mentality which is making them lose glaring opportunities.  We all know how scarce money is but a number of youths have placed their faith in get rich schemes . I do not know of any economy that has grown due to gambling. But today we have some youths who have become experts in get rich schemes as a way of survival. Two years back I saw on Television a group of youths who wanted to beat staff of a sports betting company because they had not been paid for their returns . Such y...

 We live in a generation that tends to undermine the small coins. Did we know that an ocean is made up of small tributaries that feed into it? This concept should make us appreciate that small efforts towards our financial advancement matters. So many times we are only excited when we make bug changes in our finances but the small and seemingly insignificant progress must never be discounted.  For example it is common for some university students to spend all their money on unplanned ventures and at the end of the day they wonder where their funds went. This is majorly because our education system makes us only appreciate the big wins. The small wins also matter. Even a strong building starts with a strong foundation. Today we have so many youths who resort to gambling as a source of income. The question is, how sustainable is gambling. Today we have youths who want to earn without working and some youths do not see the value of having accounts in financial institutions. In th...

 A certain youth took time to explain to me the standing of the English Premier League. It is good to watch football. This is because it relaxes the mind . As a financial literacy trainer I wanted to ask some personal questions regarding finances. So I asked this youth whether he has ever read any book on personal finance? He had no automatic reply. I bring to your attention that all leading financial trainers note that money is a mental game. There are countless books that have been written about the topic of money. There is a lot of literature concerning finances on social media. The important question is how many people take time to internalize this information and make changes in their lives. It is said that what sinks a ship are the small leakages . In the same way we have seen many examples of leading sportsmen and women who had a lot of money and they are paupers today. This should explain to us that we should never take financial literacy training for granted. A number of y...

 We all have the potential for greatness. Unfortunately so many people have been beaten by life's struggles that they have given up on their dreams. I see it on a daily  basis in my work as a financial literacy trainer. We all have both strengths and weaknesses. But the biggest mistake that most people make is to focus on their weaknesses. No leader of influence has changed the world when they focus on their weaknesses. I talk to so many university students and so many of them have a lot of potential but the blunder that most make is to focus on their weaknesses. In their talk they do not believe in the beauty of their dreams . They speak without faith. History is dominated by men and women who almost had nothing and today they are billionaires. I want to bring to your attention the story of Oprah Winfrey who was born from a poor family but had a vision that one day she would become an important person. Today she is among the wealthiest women in the world. Her story is well ar...

 As a financial literacy trainer  I have listened to so many people who have allowed their past to determine their financial future. They put their focus on the good old days. Others focus on the financial mistakes they made several decades ago. The truth is that every human being has made financial mistakes. Actually if one reads books about the most successful entrepreneurs in the world they have made mistakes . The only difference is that they do not allow their mistakes to define their future. They simply learn from the mistakes. That is the source of real progress in humanity. The ability to evaluate personal behaviors and make better financial decisions in the future.  We are living in an exciting generation where new opportunities are emerging everyday but the world is dominated by pessimism. negative news seems to run faster than positive news. How can we live in a generation where some people murder other with the intention of earning wealth/ Last year two youths...

 Humans are goal seeking creatures. According to Brian Tracy only % of adults set clearly defined goals. Now this is a pathetic statistic. Why is setting goals important in our individual lives? It is because they give us clarity and direction. Without clear goals life is uninteresting. We tend to focus on unimportant issues that lead to a waste of our potential and resources. Countless men and women have began with nothing apart from a clear vision and ended up establishing world empires. This explains the importance of setting clear and meaningful goals. In fact the mere exercise of setting up goals changes the thought patterns of the person. Setting up goals is a wake up call for any one who has been running the race of life without direction. Why is the process of goal setting very vital in financial advancement. It is because it forces us to think long term. Harv Eker in his book Secrets of A Millionaire Mind noted that rich and successful people think long term. Without clea...

 Life is tough. Last year there was a student who almost missed national exams simply because the parents did not have money for school fees. I have seen university students who miss graduation simply because they lacked money for sitting exams. Lives have been lost due to lack of funds for medical treatment. What does this call for? A emergency fund is critical for each individual especially due to the fact that we live in a Volatile, Uncertain, Complex and Ambiguous world. Who remembers the tough times of lock down. There was a rise in domestic violence and mental health issues. This was because families could not cope up with the reality that they could not wake up to look for money. I remember there were two incidents where 2 men burnt themselves since they not fend for themselves. The absence of money during emergencies can lead to a lot of pressure that people are forced to sell off their valuable assets to meet the costs of the emergencies. This brings our attention to the i...

 Why do little things matter in the journey of financial advancement? It is because little waters sink a ship. A certain youth lost his property after getting a loan from a loan shark. He did not take time to read the terms and conditions and it cost him his property. We are living in a fast world where loans are provided in seconds and that is what society wants. Little preparation is made and at the end of the day people get "bad loans". In financial literacy training we aim at teaching society the fundamentals f responsible money management. We know that money management is an emotional and personal issue. No one wants to be taught how to use their money. This is especially true for adults The more we evade learning about money the more we risk our future. There are so many scams waiting to con people of their hard earned money. They promise high returns to unsuspecting public. Indeed two years back there is a company that duped the public of billions of shillings after pr...

 We all want to be successful in life. This is a noble aspiration. The major question that I am posing is who determines your success? It seems success is relative. A wrong definition of success leads to wastage of potential. Last year there were two youths who gunned down a prominent business man and they were netted by the locals. These youths ended a life . Is this success? We are living at odd times where success is measured in most cases by material increase. We are living in a generation that wants more every second. A recent university graduate wants to build a house in a month. A university graduate cheats their way into a good degree. What is success? Success is relative and unique and there is no universal answer. One definition that captivates me is that success is the gradual realization of a worthy goal. This means even if one is not a billionaire he or she has the potential to be successful. However we are living at odd times where if one does not have a lot of money ...

 Financial advancement is a tough journey. The question is there any easy journey in life? Countless people have given up on dreaming big when they are still alive. One person finds one setback and gives up on seeking their financial goals. Each person has been given an infinite potential by God. However the ignorance of purpose leads to its abuse. I have witnessed so many youths who discount the power of humble beginnings. They despise the little coins not knowing that a journey of a thousand miles begins with one step. I have witnessed market vendors who started humbly but due to determination and patience they have built houses and started retail shops. We live in a generation that discounts humble beginnings. This is even very common with university students who say that they are overqualified for small jobs. Part of the reasons for the high rate of unemployment is because the youths undermine small tasks. It is common to find youths gambling early in the morning. Other able bo...

 The financial journey is full of ups and downs. In fact life is tough generally. No wonder Dr. Robert Schuller wrote a book Tough Times Never Last But Tough People Do . All successful people have gone through troubled times in relation to finances. What social media portrays are photos of fancy lives that are devoid of challenges. Since we live in a technology world and over 70% of the population is below 30 years most youths are easily captivated by the success at the top schemes. It is no wonder that sports betting is on the rise. The mindset in most cases is influenced by what it sees most of the time. So a number of youths have sold off valuable property to gamble their way into success. However I have never seen a country whose foundation is premised on gambling. I saw a scene on media where a group of able bodied youths wanted to beat up staff of a sports betting company for having failed to pay their return on investment.  We applaud all those Ugandans who have focused...

 Savings are very vital for life. Without adequate savings life becomes tough. A certain youth got an accident and nearly lost his life .This was because he could not afford treatment. In fact so many lives have been lost due to lack of an emergency fund. In most cases so many people live at the mercy of God. It was very evident during the lock down that we need to put a lot of emphasis on savings for the future. Two men burnt themselves because they could not cope up with life. Without savings dreams are shattered. There are very many brilliant students whose dreams have been shattered due to lack of school fees. In fact I heard a story of a young girl who had to be married off at an early age of 14 years since there was no school fees. This can be linked to lack of money to save for school fees. Without adequate funds society is forced to barely survive and this leaves it vulnerable to external shocks . As a Financial Literacy Trainer I have travelled across the country and reali...

 Life is tough. No one is immune from financial setbacks. We might find that the most successful entrepreneurs have faced most obstacles in their lives. This should be a lesson to us that if we are to redeem our financial landscape in 2025 we must embrace courage. As a financial literacy trainer I have heard trainees point out that they have fear for banks. Now such an assertion has long term implications on our financial journey. If one does not have the courage to approach financE professionals then he or she may prolong their financial miseries. Today we are privileged to have access to a lot of almost free financial advice and it is upon the customer or individual to choose the right source of advice. Many people have faced financial setbacks not because they are less capable but because of either lack of awareness or failure of seeking advice. Did we know that even presidents of countries have advisors? This is an indicator of the need to seek advice. No body on earth knows ev...

 Humans are goal seeking creatures. Let me give you an example.  Have you ever woken up and you have no clear aim in life? Without goals we have no energy to push on. We only survive but not thrive. Goals give us clarity on where we are to go and we become inspired to take action. Goals are not a magic bullet to success but they play a critical role on the road to success. Without a clear aim life is frustrating. Brian Tracy noted that only 4% of adults have clearly written down goals . Isn't that a scary statistic?  I have personally seen the power of writing down goals. It is a transformative experience. It focuses us more than ever before. When we are goal oriented we tend to use our time more effectively. I have seen some youths who are able bodied but lack clear direction in life. In the end they join bad groups not because they want but because they lack clear goals. Many peoples' lives have been  changed after the simple process of setting goals. Goals enable ...

 In 2023 there was a company that closed and vanished off with several peoples' hard earned money. The scenes on media channels of this bad experience require an article to warn the public that investment is risky and requires due diligence. To worsen the matter some of these people used their retirement benefits to invest in this company. That shows us the complexity of investment. It is a risky venture. In 2008 there was a financial crisis that was caused by the mortgage crisis in the United States. The experienced bankers took precaution out of the window and started lending recklessly. In the end it affected the whole world negatively. If this could happen in a developed country like the United States then as Ugandans we need to be cautious as we invest. As a financial literacy trainer I have experienced it first hand the hate that some people have towards investing due to the previous negative experiences. Many people especially in rural areas have been conned of their hard ea...

 This is a new year. The question is what will make it different and better than the previous year? So many times we set big goals and by the third month we are back to normal. This is majorly because change is always hard. The seemingly insignificant activities are what matter in the grand scheme of life. As humans we tend to focus on the top and neglect the small build up activities.  As a Financial Literacy Trainer I will put my focus on personal financial management in this particular article. We all know how money is important in life but then we neglect the simple processes such as developing a budget. We neglect building positive money habits not knowing that habits can make us or break us. There is a tendency to use money as if it is a static resource. So in a nation where most of the population is below 30 years there is a tendency to spend more than they earn .That is a trap that we need to avoid in this new year. The question is why spend to impress people who have ...

 Mindset plays a critical role in changing our financial destinies. When I learnt this I waged a war on my mindset and I have no apologies for it. Who would not want to get rid of the poverty mindset. With poverty our lives are at a risk and we are likely to despised. Though there are so many factors that lead to poverty some of which are beyond our control such as landslides , there are some factors that are within our control. The most exciting one is our mindset. Countless books including the Bible place a lot of attention on transforming our mindset. This means changing our mindset must be given a lot of attention. I have observed that a number of people place their efforts on looking for money without first focusing on the critical issue of mindset. In addressing the issue of poverty which is a big challenge in Africa the mindset can not be given a casual look. This is because billions of shillings have been sunk into anti poverty campaigns but with minimal impact. In fact in ...