GREAT WEALTH CREATION REQUIRES PREPARATION

 We are living at odd times where everything is needed in an instant. Fast foods and everything is required in a hurry. Where as speed is important, it has some shortcomings when it comes to wealth creation. A few years a go a certain company vanished with a lot of hard earned money after promising them abnormal profits. Some people used their retirement funds to invest in these risky ventures. On 24th May 2025 there was a headline in Daily Monitor that a number of youths were addicted to gambling. These are all indicators of some of the dominant beliefs in society. A report by Parish Development Model showed that many of the beneficiaries had diverted the funds to unplanned ventures. Remember that this is tax payers' money.

A close observation of the wealthiest people in the world shows that they value preparation more than the physical cash. How come the likes of Madhvani, Mukwano and Agakhan empires have lasted for many years and for most African empires crumble after the demise of the founder. It could be related to the fact that a number of Africans prefer to make quick money than learning lessons on how to make lasting wealth. 

In the financial literacy trainings that I conduct I have observed that most trainees do not prioritize budgeting for savings . The question is what if an emergency occurs, how well prepared are we? We remember during lock down most families were very vulnerable to the extent that two youths burnt themselves to death because they could not cope up with life's increasing expenses.

HOW TO MANAGE OUR MONEY WISELY

1.Have a long term view towards finances.

2.Create an emergency fund

3.Seek financial mentorship 

4.Research before you invest.

5.Save as you earn

6.Automate savings 

7.Embrace life long learning.


Great wealth is not achieved in an instant. It requires painstaking preparation. Great companies are not built overnight. As shared above we need to develop a long term view towards wealth creation.

For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa

Personal Finance Coach(CMA)

Certified Master Trainer ,Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises

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