Tuesday 23 June 2020

Be Wealthy and Near To Humanity, Not Wealthy and Far From Humanity

Image by Paolo Trabattoni from Pixabay 
Overtime we have seen people who have made it from rag to serious riches. The story of how their wealth has been made is clear and well documented. Many of these wealthy people have practiced well known principles of hard-work, delayed gratification, investment, etc. And yes they are living the life that money people crave to have.

Along their journeys of either growing wealth or being born in it, some choose to remain humble while others choose to live a life that is full of pride. They tend to close out or help humanity, whatever their choice is, it is at their discretion. 

I listened to this mind boggling video and Chris Ryan, the author of 'Civilized to Death: The price of progress' says that Rich people have the tendency to distance themselves from people because pf their wealth differential. In this video he mentions quite a number of things that will cause you to "Think"

The nicest thing a wealthy person can do is to welcome people, accommodate them, share their knowledge, open their hearts, share a meal with those who they say of of low status, guide, impart, empower, and transform their lives. 

I recently had a chat with my wife and we were talking about a story that has been shared countless times on WhatsApp forums. The story is about a rich man who used to give his condolences (money, here in Uganda, we call it "Mabugo") instead of going for a funeral. His money would speak for him. One day he lost someone and his gate was wide open and no one entered, the locals decided to do the same thing he always did, they sent their "Mabugo-Condolence money" instead of going to mourn with him. Why did they do that? instead of walk through his gate. This kind of alienation brings about Isolation, when it is time for mourning, more than ever we need humanity more than money. 

It is written that it is better to be in the house of mourning than of laughter. In times of pain, people need a touch, words of kindness and comfort, they need warmth more than the material resources we send them and above all they need is "You"- 

People comfort better than money does, people have feelings, money doesn't. People understand, money doesn't, it only facilitates many processes, as you give money, give more of yourself. 

My encouragement to someone out there reading this is that as you grow, don't be far from humanity be close to it. Theodore Roosevelt once said, that, "No one cares how much you know until they know how much you care"

#Transform #Impact #Empower

Tuesday 16 June 2020

4 lessons I learned from not getting a salary for 3 months


Image by mohamed Hassan from Pixabay 

One of the greatest fears we have as men and women is the fear of not being able to provide for our families. In today's world, one of the toughest things to be is a "Salary Earner" and that is because the only means of survival is that paycheck at the end of the month. With COVID19, we have seen how there have been news on many WhatsApp groups that some companies or institutions were going to pay salaries for certain months, such news can be devastating especially if it is the only means of survival. 
I know how it has been written that you can never grow wealth only on Salary, I totally agree but I also know it is the starting point for very many people. 
Even the ones who start SMEs or business ventures on the side, somehow they need employees, whom they will need to pay a salary, but yeah Salary Alone Isn't Enough, It's only too bad that the employer will be the one benefiting from the employee, so the onus is on the employee to know when and how to use their time as an employee effectively.

No salary norms prescribed for private schools: Govt | Greater Kashmir

Many men and women towards the end of the month wait for that beep on their phone, if the money delays, that is the cause for stress because the demands that also keep coming in all need money to facilitate the processes. It is dangerous not to receive money you expect. At one point wifey is saying, "We need this", the children are saying they need to go swimming, etc. and all those queries need money to facilitate the process.

It isn't so long when yours truly had an experience of no salary for about 3 months. It was an interesting experience because hey! I did learn a ton of lessons. The experience I had was like that of someone who is so used to getting something and then all of a sudden it is no more. It's like knowing in Uganda we shall always have food then suddenly famine befalls us for way longer than expected. It is like a child waiting for their favorite dish but they have to go along with baked beans or porridge without sugar.

These are the four things I learned.

1. A day will come when the Salary Job will be no more, it could be at retirement time or during the process of my lifetime

With this in mind, you always have to work planning your exit or knowing that the system will kick you out when you reach a certain age. When you still have the opportunity to make the money and you are still young, this is when you can afford to venture into something, you shouldn't have to be afraid to make mistakes because in any case how will you learn. By the time you retire, you shouldn't be asking yourself what you should do with the money you will have got, you will be probably boosting what you already have. You just can't do certain mistakes when you are of age. So do something now. If it's putting up those rental units, this is the time, not when you are retired or about to retire.

2. If the job is no more, can I live and sustain the kind of lifestyle I desire

We always have a certain lifestyle we live in. When the job is no more, can you still live the way you have been living? If you don't have other income streams bringing the same amount of money or more, you won't be able to sustain, you will only have to cut or scale down your life.

3. The bills will keep coming and they need to get cleared

I realized that I had to pay bills, yes salary wasn't coming but the bills were, so this forced me to think and do something that could enable me to get money. I started a business of selling trays of eggs to people within my circle and I also signed up for Uber, so I became an uber driver. 

4. Can I do other things to make money aside from what I have been used too (This calls for having a Skill)

For some people when money isn't coming as expected. They will resort to quick loans with the hope that when we get paid, "we shall pay the money". This way of thinking isn't sustainable because you jump from one problem to another and debt can become a trap you don't want to get hooked too. As I wrote above, I started a small business of selling trays of eggs and it was good and profitable. Uber brought in much-needed money which enabled me to pay rent, take care of my wife and two children, and a maid at that time. 

You might be having skills that have been dormant, is it creating websites, baking, teaching, etc. This could probably be the time to harness your skills and keep nurturing it by learning whatever it takes to improve.

The last thing I want to say is that Salary is good but it can also enslave. Our minds can be glued to that as the only source yet we have been gifted with talents, opportunities but we somehow don't explore them for one or two reasons. As you work and get that beep at the end of the month, ask yourself how you can earn the same and much more even while still working. Receiving a salary isn't paying yourself, you have to use that same money to pay yourself too before the bills get paid.

#Transform #Impact #Empower

COVID19 & Saving


It seems impossible to save but there those who are actually doing it. Besides money, they have saved on quite a number of things that have enabled them to increase their savings amounts. Another thing that has been done is that the investment goals have become clearer and saving is now not for just saving, it is with a clear purpose. COVID has also pushed people to create alternative streams of income.

When you talk about money in this period, somehow you will hear the line, "Things are tight, there is no money, I got to learn how to save, I need to start a side hustle, I need to make my money work, I can't depend on a salary only, Since I am not paying fees, let me enjoy it now, etc."

Yes, it's is about time that we woke up to the fact that we can do certain things and that if the discipline is maintained, the word possible begins to surface.

While reading the book, How To Secure Your Financial Future by Dr. Sunday Adelaja, he says that "Every month, you should have a goal of the amount to be set aside for saving. For people who are not married, take advantage of your singleness and save as much as possible now, even 80% of your income. For married people, you should strive to start and get to 30% of your net income quickly. You should agree with your spouse on how much to set aside each month".

If you were already a good saver, ask yourself then how you can invest. That's a key question to answer.

Saving shouldn't only be the end goal but should be the starting goal. It's a good discipline to cultivate, don't rush trying to grow wealth, take it one step at a time while asking questions every day. A critical mind will get clear answers.

For parents saying there is no school fees to pay now, use it as an opportunity to put that money aside, you can invest it and let it grow by putting it in myxeno.com, you can have an educational goal with them. Your money shouldn't be stagnant in a bank account.

#Transform #Impact #Empower

Monday 8 June 2020

13 Lessons From My Experience Partnering With Someone in a Business Venture During COVID 19

"During the 1950s, Aristotle Onassis and I formed what grew to be a close friendship and association in several business ventures" - J Paul Getty

Ever since the Lockdown began. I kept telling my neighbor that he needed to revive a business he used to do. His business was in supplying Pork to people within and outside our estate. He has farming experience so some of these things really come naturally to him. So as we kept talking during this time, we realized that this is a great opportunity and it must be seized and other categories of meats(Goat, Chicken, etc.) could be added there was time and the idea had to be worked on.

I kept telling him that he needed to revive the delivery of Pork. Then just like a blast of a bomb Booooom!! One day, he calls me and says, "Arthur, I need to start this thing", Are you in? and I am like "I am in", I needed to put in a percentage of money that would enable us to procure the orders from the clientele within our community.

It is now a month and some days since we started this thing and these are the lessons I have so far learned in this journey 

"Too much talk won't do the work, actualizing the idea by making clear cut and concrete decisions on when and how to start the venture is important, and in that the key thing is to begin". I promised him to design flyers but I saw that I was delaying and I told him you know what, the design will come later, just start posting the messages.

1. Do The Market Research

"I love marker research because you really have an idea what consumers are looking for" - Aerin Lauder
"We don't believe in market research for a new product unknown to the public, so we never do any" - Akio Morita

One of the key things we were looking at was an everyday service and also stemmed from the fact that we ourselves were looking for the same service and hoping that someone could start it. However, we said why can't we do this? that's when we started talking more and engaging in different modalities.

We had already done market research and one of the challenges was finding a butcher service. Since the places that we could easily get good choice meat were like 3-4kms away, meeting this need was of great importance because we would be filling that gap and providing the much-needed service.

2. Have a Clear Need You Are Meeting

"Every moment each human being is doing the best we know at that moment to meet our needs. We never do anything that is not in the service of a need, there is no conflict on our planet at the level of needs. We all have the same needs. The problem is in strategies for meeting the needs." - Marshall B. Rosenberg

Just like this powerful quote from Marshall Rosenberg suggests. Is that we should never do anything that is not in the service of a need. So realizing the need around the community with the challenges of the Lockdown reinforced the idea of starting this venture. 
Yours truly would ride to Najjera, Wakiso District to buy his favorite meat from one of the butchers. There is a family that badly wanted to eat meat and I told them when I ride to my butcher, then I could go buy them so. 

3. Test The Market

"The gap between what is expected and what you deliver is where the magic happens, in business and in life" - Jay Baer, Founder of Convince and Convert

One of the good things we were banking on was the fact that the market was already tested. But it was such a long time and still, the good news is some of the old clients kept asking when deliveries would start again. We were cognizant of the fact that we would get new clients and also get new feedback which has indeed happened, most of the feedback has been good but we have also had some shoot down moments, where a client says they did not like this or that but those comments were necessary for our improvement.

4. Gather the Finances You Need

"My philosophy is that If I have any money, I invest it in new ventures and not have it sitting around" - Richard Branson

When it came to the money part. One of the most important things is that the first currency we had was the agreement to work on this venture. We also had and continue to have the emotional tenacity and the will to release the monies we had sitting around. We agreed on how much we would bring for the first partnership. From the first day this venture kicked off, after making profits, we have found ourselves re-investing the capital back and even more.

To be continued...

5. Always re-invest the Capital
#Transform #Impact #Empower

Tuesday 2 June 2020

3 Things I have learnt from The Concept of Paying Yourself

Pay yourself
Image From bizcover.com

COVID 19 has taken a big toll on many people's finances. For those who have been prudent with their money, having emergency funds or even investments, somehow are navigating this COVID storm. The wise people who paid themselves are clearly seeing the benefit and as Lockdowns are being eased world over, getting this piece of financial education and living by the principles could help many of us. I once read somewhere that a wise man sees danger and takes precaution, so I can firmly say that another crisis will befall us but we need to take the lessons in this period and have them at heart.

Whenever we walk into a mall, grocery shop, we are paying the owners of the business. When we pay utility bills or rent, we pay the utility companies and the landlords. Yes, money moves faster than it came in and the only missing link on the payment schedule is you and I. How can we pay ourselves? to avoid living from one income to another, to break the cycle of being broke at the end of the month or day, some people have more months at the end than money.

“When you don’t pay yourself, you are trapped working for others” – Dr. Sunday Adelaja

John a young man in his mid-30’s earns 1000 Usd a month. However, whenever the month ends, he is always saying, he can’t wait for his end of month payment and this is because his account is bleeding and if the payment doesn’t come in the shortest time possible, he will have to borrow to enable him to survive as he awaits his payment. John shouldn’t be experiencing financial difficulty with the amount of the money he earns but his situation isn’t different from many people who live from paycheck to paycheck. With that amount of money, you would expect John to be more financially secure but a Janitor or waiter who earns 80 to 100 Usd and has been paying his or herself could be doing so much better than John.

While reading an article from Medium.com by Nicolas Cole about 5 serious things you should know about money before you turn 30”, at the age of 23, he sought out a family friend who was a trader and money expert to be taught about money, from one of his points, he mentioned that the fastest way to start saving and investing money is to “Tax” yourself. I hadn’t had of the concept of taxing oneself but I read through and said this is a good concept or analogy.

"We normally pay taxes to the government but never to ourselves" he said. He reiterated by saying that, “When trying to build wealth for yourself, habits are more important than “quick, high-yield investments”. I totally agree with that concept because the Get-rich-quick mentality has burned many hands, spoilt many relationships, and destroyed many people’s financial futures. To analogize the “Tax” concept, he quoted O’Leary who wrote the book, “Truth On Men, Women, and Money: 50 Common Money Mistakes and How To Fix Them”- O’Leary says people really struggle to save or invest money because they live in a constant state of thinking they don’t have enough money, to begin with. He said that O’Leary said that if one-day Government decided everyone was going to be taxed $100 per month, then people would somehow figure out how to get an extra $100 per month. Nicolas says someone would pick a side hustle, choose to eat out a few times or make sacrifices that reduce expenses so that the $100 can be realized. So Nicolas’ question is why not self-impose that same tax and pay yourself?

From the Book, “How To Secure Your Financial Future” by Dr. Sunday Adelaja, here are a list of 3 key points I learn about the concept of paying yourself, this can be applied by anyone who earns a monthly, daily or quarterly income, it can also apply to those who have no money at all.

Having a salary or an income is not equal to paying yourself

Dr. Sunday Adelaja says that the first thing that happens when your income is allocated to you is that the Government pays itself, through taxes. Depending on your country or workplace, there could be other deductions like loan payments, insurance, social security, union or association fees, etc. He reiterated and said that even pensions that are removed from your income aren’t enough when you retire.

To pay yourself does not mean to “REWARD” yourself by buying yourself liabilities that stroke your ego

Because people work so hard, normally a vacation is a perfect way to reward themselves. Dr. Sunday says that isn’t paying yourself. He says paying yourself means you must acquire assets and reduce liabilities. Dr. Sunday explains this concept based on the character Raj and says that. “If Raj had saved the vacation money and took his family on a more modest holiday, he would have been able to set aside over $10,000 to buy assets. Liabilities are those things that take money from you. When you put aside money for your future you are paying yourself and building a secured financial future. When you set aside money for your children’s future; for school fees and such, you are paying yourself.

 Paying yourself is not limited only to those who are employed

Dr. Sunday says small and medium enterprises make up the larger part of the economic growth across Africa and developing countries. He says some people do work as freelance and don’t have a regular income but to be able to secure one’s financial future, they need to know their necessary expenses at a given month and hence save all amounts above one’s necessary expenses. He says when income is low in low seasons, it necessitates why someone has to build passive income from investments so that relying on one income isn’t the norm. He encourages people to pay themselves by putting aside 30% towards future savings and investment.

#Transform #Impact #Empower

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