I guess the biggest question is WHY? As children, we learn by modelling what our parents and other influential people in our lives do. I have had a pretty awesome life if I must say. Given a lot of chances to grow up as an independent woman. A great deal of the decisions I make in life are by myself for myself. Just like most people managing money was not a discussion we had with our parents.
I think talking about money in African societies is taboo. My friends and I talk about how much we have for a night out or lunch but never how much we have for the month as a whole.
Contrasted to most African children in developed countries, they start working at the age of 15, pay their college tuition fees and usually at the age of 18, they are not expected back in their parents’ house.
In Uganda for instance, parents still fund you till the age of 28. You are not allowed to move out (mainly girls) till you are married. This usually means as young adults hitting the next phase of life we do not know much about managing money. All we know is spending. When we get jobs, it’s all about spending to sustain a lifestyle that was being funded by our parents who are usually richer than us. So how do you expect to get wealthy like this?
I started this training series, on Facebook and blog to encourage people to start having money conversations. Have them with your children, siblings and friends. The concept of creating wealth when understood is simple, it is the process before you start doing so. Having a regular income from your job or side hustle is good but you cannot save your way to wealth.
In this training series I discuss some of the barriers to poor planning & saving which I believe are the two biggest problems when it comes to creating wealth. Letting go of wanting to look rich so you can actually get rich in the future.
To invest is to commit time, money and energy for future economic gains. Investing is risky and should not be done before you have back up savings in case something goes wrong. Most people live their lives assuming everything will be the same, which is not true.
The world is dynamic the only thing constant about it is change.
In this series you are guided on how to create an emergency fund for these uncertain times. We also talk about the different investment vehicles because it is not only about putting money in physical businesses and you having to run it. You can also earn passive income, which is the easiest way of getting wealthy. Join us for the next cohort as we share wealth building experiences. Dates to be announced soon.
Aminah Balunywa
Finance Lecturer- MUBS