WHAT WOULD BE YOUR REACTION IF YOU GOT ONE BILLION SHILLINGS?

 At a recent financial literacy training that I conducted on behalf of Bank of Uganda, I asked the participants what they would do if they go one billion Uganda shillings. The different reactions to the questions got me thinking. In particular there was one lady who asked what is one billion? Another said she would run mad. What does this teach us about money? We all have different reactions and attitude towards money. Without a clear plan and adequate plan for money it is a recipe for disaster. We have either read or witnessed stories of entrepreneurs who started with little capital and have built vast empires. We have also witnessed stories of international sportsmen and women who earned a lot of money and are now broke. The lesson is with a wrong wiring for money, regardless of amount it will soon be gone.

A recent report about the Parish Development Model funds shows that a number of beneficiaries diverted funds to unplanned ventures. What is the cause of this? Why is it that some university graduates divert tuition to gambling? Why is it that an Indian can come to Uganda with almost no capital but within one year they have set up a successful business. Why is it that some savings groups save money and all they can do is to share it for spending on festivities at the end of the year? Why is it that many Ugandans find it hard to invest in themselves for financial mentorship and coaching but find it easy to spend their hard earned money on other ventures? Why is it that some youths can easily spend on luxurious events but when called for a financial literacy training few turn up? Why is it that if people are called for events where there is a promise of "free money" the turn up is high but when there is a free entrepreneurship skills clinic few may turn up?

The above are questions that make us reflect on our attitude towards money. Many people want to receive and spend money but as a nation our discipline of saving and long term planning towards money is wanting. The rise in gambling companies is a signal that as a generation we prefer quick money. Many youths have sold off land in their villages to invest in get rich schemes. We all know that great wealth creation is a long term game but very many youths lack patience for such talks. A youth wants to become a billionaire overnight. This has been worsened by the rise in technology and media which shows the youths fancy lives yet in reality real wealth is a result of hard work.

We are living in a generation that expects instant results and if a youth does not get instant returns they regard themselves as "failures". I take time to mentor university students especially in the area of finances but I have observed a growing lack of patience among the youths regarding wealth creation. A number of them believe that the university degree is the shortcut to the world of wealth. The fact is that if one has a degree and is financially illiterate he or she will not become wealthy. We have seen so many students who were average in class and are now employing colleagues who were academically successful. The point is financial literacy is very key in preparing youths and society for financial advancement.

HOW TO BECOME FINANCIALLY LITERATE

1.Think long term

2.Think Big

3.Associate with successful people

4.Seek financial mentorship and coaching

5.Join a Mastermind

6.Research before you invest

7.Learn from past mistakes

8.Live with in your means

9.Create a budget

10. Make wise use of debt.

11.Celebrate your wins


What would be your reaction if you got one billion shillings is a thought provoking question. Uganda is one of the nations with a poor savings culture. Millions of shillings have been lost in get rich schemes.In fact there is a company that defrauded thousands of people of their hard earned savings and closed.

For individual and Corporate financial literacy training contact:

Coach Phillip Kiryowa (CMA)

Personal Finance Coach

Master Trainer, Bank of Uganda

Founder, Advanced Empowerment Link

+256752615916

For Financial Freedom and Sustainable Enterprises.



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