WHAT IF EVERY FAMILY HAD AN INVESTMENT CLUB OR SACCO?

On a good note there is an increase in financial awareness in most communities. Many people are talking about accumulating wealth so as to prepare for an unpredictable future. Who remembers the torrid experience the world went through during Covid 19 and the lockdown? I remember two young men burning themselves up because they could not cope with the high cost of living. This means financial issues are a matter of life and death, The statistics from National Social Security Fund are also not very inspiring. It is estimated that over 30% of the saver's savings are depleted by the second year of retirement. Many dreams have been forfeited simply because of financial hardships.

A close look at families that have built successful businesses and have stood the test of time should give us a lesson so that we learn from them. We all know that the basic unit of society is a family. The question is, how can we use our family unity to enhance our finances? Africans have a strong social bond and this means we can use it to build wealth. The major tendency is when the chief family member passes on there are family disputes over property. How can we have a paradigm shift so that our wealth can benefit generations to come? When the head of Aga khan passed on I did not hear of any succession disputes or wrangles over the big business empire. Their business empire spans industries and countries and that means that any dispute can lead to loss of jobs and government revenue in form of taxes.

The Indians are intentional in training their children about money issues at a young age. Therefore they get to learn that saving and working should also be focused on protecting family interests. Though it is true that money has the potential to divide a family or society when handled well it can enhance so many lives and create wealth for the generations to come. We need to consider saving and investing as families to tap into economies of scale.

For individual and corporate financial literacy training contact:

Coach Phillip Kiryowa 

Personal Finance Coach (CPC)

Certified Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916.

For Financial Freedom and Sustainable Enterprises 


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