Monday 4 June 2018

How To Brace Yourself For Worse Economic Conditions


Image by Gerd Altmann from Pixabay 
I have been reading a lot lately and also hearing so much about our economy in the news. We all know that the Parliament of Uganda has passed the Tax on Social Media, Mobile Money Tax, and many others.
We have come from a recent economic meltdown where a bag of cement was going for almost 40,000 UGX or $10.6, the cheapest you would get was probably 35,000 UGX or $9.28, it has reduced but it's affecting the development of infrastructure, I know of people who have put the construction on hold just because of these high costs, imagine if you wanted to move to your place, what would you do? some just go in however bad the situation is, others wait.

They say our taxation hasn't hit a high ceiling but even when you are buying a loaf of bread or fueling your car, you will realize that the normal fuel of 20,000 UGX or $5.30 can no-longer do you good like it used to, now you need 10,000 UGX or $2.65 more on top of the $5.30. We also know that there are groups that are fighting this tax tooth and nail.

We have seen political actors try to increase or double their pay, remember they don't even pay taxes but this is when we see some of them rise up like never before, this what Robert Kiyosaki said, 
"History reminds us that dictators and despots arise during times of severe economic crisis"
Imagine the pressures in a home because certain needs can't be met, couples are failing to support one another because it's the other person's duty, my encouragement in this area is finding a way of working, for us Our Motto is "My money is her money, and her money is my money, so it is our money" this enables us to plan together. This combined force has enabled us to sail through hard times.
These economic times are going to demand a seriousness on your side like never before. If you haven't been a good planner, it might teach you to become one, if you haven't thought of passive income, that could also be an awakening, if you haven't thought of investments, it could be the time to reevaluate and cut back on consumerism. I read this statement and it made it a lot of sense 
"Man is born free, and everywhere he is in debt" - Paul Mills

The debt our country has is bad but the debt individuals have is bad too.

With all this conundrum happening in our country today, I sit back and ask myself, "Will things get any easier?" and my answer is, "I don't think so". The people managing this economy probably have forgotten where they came from. Almost every corner around Kampala or in areas that we live in has someone running a mobile money stall, some of you on this platform are affected too. Can you imagine how many will be kicked out of business especially in a time when unemployment is so high? 
While listening to Radio-one talk-back, interesting views came in concerning this issue and I agree that this tax should be scrapped however we are at the mercy of the leaders of this great nation Uganda.
In other words, I am writing to let you know that as much as the economy won't get any easier, this is also when the best entrepreneurs arise, especially when our backs are against the wall. 

Could you be that person beaming with some creative idea, my prayer is that you will stand strong and not waver. It takes hard work to prevail through certain things, don't stop digging those wells even if you are chased from one after the other, you will eventually find one and have peace with it and you draw your own water that you will use to replenish others as well.
Let me end with this quote from John Mcain
"You raise taxes during an economic crisis time, as we did in - back in the time of Herbert Hoover, you send the country into a depression "
Remember this, A FOOL SPENDS WHATEVER HE GETS (Proverbs 21:20), don't be a fool.

This is what James Abola said on 24 June 2016, principles could apply today see video

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