Never Ever Quit - The Impossible Can Be Done

JUST DON'T QUIT

Have you ever felt like quitting, it happens to all of us but there are moments when instead of quitting, you just keep moving forward. God has built us in a way that we can have endurance, perseverance, grit etc, In-fact it is written that we shall reap in due season if we faint not. So don't give up the habit of doing good - it will reward you, your family, community, church and the nation at large. 

I find the message in this video very empowering. #JustDontQuit It can apply to any area of your life, pick out the principles and use them for everyday life.

After celebrating 55 years of Independence in my country Uganda which took place on the 09/10/2017, I pray for the day when you (my fellow Ugandans and readers from other parts of the world) and I will celebrate financial independence as well. 

I strongly believe that when we begin to take charge of our lives and lead ourselves with the truths that we have got to know, then nothing is impossible. The journey of a thousand miles starts with one step, and most importantly the steps ordered by God himself. Let the testimony and lives of others who have beaten many odds inspire you to do the same.

God has given us the tools to win in this area and other areas in life. Have the will and predetermination that you can break free of debt or come out of any fold. Our minds are the first ground we need to till, if we can soak our minds with truth, then freedom is sure.

#Impact #Empower #Transform

A Few Reflections When Faced With A Financial Crisis

I hope you are all doing well and enjoying the different resources that are being shared on this platform. You know it's not how much knowledge we have but how we use the knowledge - it's application is what brings transformation.

At the beginning of this year, I happened to be a witness to some truths about life. Where I do work, we hadn't been paid for some time and some allowances had also delayed for a long time and mind you, people had got loans best on the allowances that were to be paid and also the institution was closed indefinitely.

Despite people having salary loans, they also had loans from loan sharks and from colleagues within. The debt level increases because of multiple borrowing and also borrowing to service another debt.

When we were paid eventually some people were still indebted because of multiple borrowing since whoever was owed wanted to be paid there and then.

There a few lessons I learnt from this period in time.

1. Financial literacy is important

I have been reading up on articles from the likes of James Abola, First of all his book MAKE SENSE OF YOUR MONEY is one we must all have, you can get it from bookstores around or contact him by visiting this site for more. I have learnt about saving, budgeting, investing etc. Empowerment comes from what has been revealed, it's like searching for truth and you find it, it releases you there and then. 

I read his articles from prosper magazine, that's in the daily monitor. In that period, instead of waiting for salary or allowances, I resolved to do something instead of just sitting home doing nothing. I did some transport business and also continued (trading) selling yellow york eggs - you know this is passive income and it comes in handy. Some people sit back saying i have no work or nothing to do which basically means they have suspended their brains. We all have brains that need to be put to work.

2. Have an Emergency Fund 

I learnt the value of having an emergency fund. Of-course my wife and I already had one and it reminded me of what I have always heard, that it should be able to take you from 3-6 months of expenditure. It is good to be visionary, people who talk and write about these principles have so many reasons why, experience is the best teacher. Cutting out many luxurious things and having a mind of an entrepreneur is very important. Dave Ramsey teaches and says that you should build an emergency fund of $1000 which amounts to about 3 million Uganda Shillings plus depending on the dollar rate. By the way if you put your mind to it, its possible and it can bail you out in many tough moments.

3.Multiple Sources of Income

I learnt the importance of having multiple sources of income, because depending on one stream is total DISASTER as an individual, I explored SHARES even more. I bought my first shares many years ago in stanbic and recently i was called to see if i was getting my dividends, this encouraged me. I decided to buy in Umeme as well and this is in a way to widen my net. I am still thinking of more avenues, they are so many, I just need to understand what I am to invest in.

4. Work your way out of RENT

I also realized that many of the colleagues at the institution were renting just like me and the "CRYS" of the Land Lord knocking on their doors was the cry of the day, this taught me to start thinking of working on our goal of housing with my wife, we now have two young boys and things like shelter are a necessity, whatever it takes you have to provide it. 

Because of  many good practices, the Land Lord did not disturb us because my wife and I work together on our finances and this really is a STRENGTH because when one is down, the other lifts you up, and when we are all UP, it gives us the opportunity to do more. In the long run, we would love to become Land Lords and be on the receiving side. As I write this, we have made great strides on our shelter, and with time I will be sharing more about this.

5. One reading, One Seminar isn't enough, we need constant learning

I also got to realize that financial literacy is something people to need to hear more and more so that it can improve their lives, some people turn a deaf ear but you know its a choice at the end of the day if you want to see things change. My wife Martha and I are a big testimony of the things we learnt and put to practice and let me say this, these principles work, you just have to tell yourself, am going to do this, it will discipline you but you will learn and help others as well.

6. keep the right company

Always keep the right company, you will get good advise, wisdom to conquer many problems, if you are around negative energy, you end up complaining and doing nothing.

#Impact #Empower #Transform

Do You Only Have One Saving Buffer like NSSF

“Don’t only look at NSSF as your only Savings, Create Other buffers & Invest to have more cash flows”

Recently NSSF Uganda announced it’s annual interest rate of 11.23% for financial year 2016/2017. This rate is  lower than the 12.3% paid out for FY2015/2016.

The bad economy sighted as one of the reasons for the drop on the fixed income earning portfolio,however it has been declared that the interest rate is still higher than the 10 year inflation rate of 8.68%.

I believe members who save with NSSF must have been very happy to receive message alerts on their phones about the interest that they were paid. I happened to tell my wife to do one thing. I asked her to divide that interest by 12 months and that she would know how much she would have earned per month. We did the division and came to the breakdown of how much she earned per month. Of course those who started working early and started saving early have surely benefited that tells you that they have been helped in many ways.

------------------- Interest is money made, more can be made though ------------------------------

The one good thing is that at least the money is gaining interest however small it is, you can even save directly as an individual just dial *254* on MTN and register and send money through mobile money, however when you sit down to articulate these issues, you get to realize that you can do much more with the money in the account by investing in other ventures but the only problem is that my wife has to wait until retirement age. At a personal level, where I do work am not getting any NSSF, what would someone like me do? I need to wake up at an individual level, I need to do the uncomfortable things of sacrificing and putting money aside, not only for me and my wife but also for the children, I need to think about investments, create passive income, production etc.

Economy isn’t steady, increased debt, high inflation

The only problem I have seen so far with our economy, is that it isn’t as steady as we think, we have been promised middle income status by 2020 but the signs are deem. You would expect interest to keep rising every year, why should it drop? what can be done to avoid the drop? What comes to my mind is that we need to create other savings streams to allow us make money work and grow. As much as your company/Institution/Organization/Church is saving for you, you also need to have your own savings, have your own investments so that when retirement comes, it finds you grounded doing something already instead of waiting to do things later in life - live with purpose, it will help you put your time to use.

Plan for your savings now, not when you're retired

It is so sad to hear of the fact that people’s savings have been depleted within a year or two of acquiring it, normally after retirement that is when people are thinking of what to do with the money and many times people’s plans and business aren’t well researched, you find they want to do each and everything and they end up becoming broke with no other way to go. Start thinking early while working, start venturing into different things, get out of your comfort zone, try and fail now but fail forward, create other streams, you could live longer than you expect, do the difficult and uncomfortable things now and life will be easier instead of doing the comfortable or easy things now otherwise life will be difficult.

We need to remember that Uganda’s debt continues to increase, I saw in one of the papers recently that the government has 2.7 trillion in domestic arrears, such figures are worrying, not so long, it was declared that every Ugandan would pay 1 million in regards to the national debt.

We need to move from a consumer mindset to investment mindset, our expenditures at a personal level need to be checked if we are to start changing at a personal level. I believe what we do as individuals contributes so much to the economies around us, a nation whose debt is so high points to the fact that there is no production, which means also no jobs, which means increased borrowing and many others. It has been written, “The wise store up choice food and olive oil, but fools gulp theirs down”

Reference:

1. https://www.independent.co.ug/nssf-members-get-11-23-interest-fund-size-compliance-grows/
2. http://businessguideafrica.com/nssf-announces-12-3-interest-rates-on-members-savings/

The Long View Matters

The Long View Matters

One of the worst things in life is to be short sighted. When you are short sighted this means you can only see what is near and not what is far. When we plan our lives only thinking of today, we end up living for today but when we plan thinking of the future, whatever we do is on purpose and it has a long term tag to it. 

Some of the things that always are hard for people to put into practice is the habit of saving, I have often encouraged people to have a saving lifestyle and some will tell you such a thing isn't possible in the 21st century, people will still tell you, "I earn too little" or "My lifestyle can't be contained in a box, I have to live and enjoy life now because I can pass away anytime". Such narrow mindedness has made people do crazy things and spend their heads off, to make it worse, they live long enough to regret their mistakes when it is now too late.

I encourage someone out there to be wise in their actions. Dave Ramsey says, "Personal finance is 80% behavior and 20% head knowledge", Check out this link on make sense of saving here

Learn to sacrifice, learn to put some money aside for a rainy day and for a long term goal, of-course don't hoard money, don't serve but master it so that you can control what it should be used for instead of it telling you what to do. 

The story I am posting below is from Dave Ramsey's blog, be inspired by the story of these people, there are some points I listed below as a matter of what I see from their story line.

Points to note:

1. Think Long term - People without a vision perish or cast away restraint. Be goal oriented
2. Work on a budget - Be diligent in your spending plan and commit to it even when the desire to spend on luxuries is shooting through the roof (remember ask yourself if you really need that thing).
3. Grow slowly - Don't be in a rush to gain stuff, you could end up being corrupt in the name of getting rich. Dishonest wealth/riches dwindles away. Take it little by little.
4. Have Patience - It's one of the most important virtues
5. Don't grow wings, Don't be Proud - let your story inspire others and be a blessing to others, our life doesn't consist in our possessions

Check out this story and be inspired, Click here.

Decide Today, Make Those Sacrifices or Be Comfortable – There Is A Result

It’s is ironic how we are inclined to comfort, we normally want things the easy way and technology has done a great deal to bring comfort to people. While listening to a gentleman talk at a recent event, he mentioned something that gripped my heart and has stuck, he called it the rule of life and I thought I could share a few personal insights from this quote.

“Do the easy and comfortable and life will be difficult, do the difficult and uncomfortable and life will be easier”

When it comes to matters of personal finance, sometimes we will be excused for being young and naive because in most instances we either weren’t taught or we just put good advice away by saying "I will do this when I am earning this much" or "I will do this when I grow" etc. When we are young (age, physically, emotionally), we are bound to make a lot of mistakes like buying out of impulse, desiring to have the latest trends of things which in simple terms just enslave us. However, I want to bring hope and light to those who are reading this piece to encourage them that they can start all over to avoid making mistakes that many have made.

Life is About Sacrifices

Life is about sacrifices. I am encouraged by my mother who sacrificed a lot of things to make sure we had a good education. There are times she would say, “I am not having new clothes all the time, just because I want you to study.” These words touched me so deeply and there is a life lesson I learned and that is, the day you get children, you stop living and working for yourself but so much you do is for and about them. God bless my mother.

Working and Earning

When I started working and earning, there was pressure by my peers or just the corporate class to go chill out, hang out and just spend spend spend spend… and spend but I was already a grounded guy and knew what to do with money, however, this doesn’t mean I haven’t had my fair share of mistakes, and to me, they are learning points, Still, I have seen this evil under my eyes where a young corporate lady or guy will tell you that, I can’t save because I earn little, however, they are the same people hanging out every Friday or over the weekend and to make it worse they even borrow to sustain such a lifestyle, they do nothing to increase their money but do everything to spend it – how foolish. It is sad and we still see such things happen.

From my savings, the first mistake I made was to buy a car. I had two options in my mind and the other was to buy land. I did not buy the land and as much as I was happy with the car, I look back and regret that decision. I chose comfort at the expense of investing, who knows what that land would have done for me or my family, I was short-sighted and I encourage any out there to look beyond your comfort while making decisions, look at the bigger picture.

When we choose to do the difficult and uncomfortable things now, for example, saving for a rainy day, saving to invest or start a business and delaying gratification, or avoid to spend to impress someone who doesn’t have an ounce of care towards us or just trying to keep up with the status quo, it puts us in a place where we have control of certain things in our lives.

There so many difficult decisions in life that have to be taken, and such decisions aren’t based on how strong or how weak we are, they are based on the fact that we can see the end result or see the end from the beginning – that’s being visionary. Life is quite predictable and on a personal note, I think it stems down to the decisions we make in life keeping all other factors constant.

Decide Today

Decide today to live purposefully, to plan, have a vision, have a goal, decide to save and decide to invest; when you make such tough decisions now.

• You will be required to do away with certain things that you have been so hooked to.
• You will have to put some friends away and get those who are willing to make you grow.
• You will have to take the high road even if you are alone, along the way, you will find those who believe in your dream.
•  You will have to start living on purpose and not out of pressure to appease a few.

#Transform #Impact #Empower

What Inspires Businesses or Companies (The WHY, not The What)

One of the biggest questions to ask on earth is Why? It normally points to the purpose of a thing. I had been taking some time off to read and study a few things. I was encouraged by Ojara Andrew to read the book "START WITH WHY by Simon Sinek" with a caption "How great leaders inspire everyone to take action'.

There is already a wealth of information that is flowing. I really get the notion that so much wisdom is hidden in writing and if the culture of reading and studying can continue, I believe we can beat so many odds.

While reading about Manipulations and Inspiration, I have learned so much about how companies or businesses are surviving and indeed the biggest thing they are doing is MANIPULATION which is quite costly and by the way, it really works. However the writer points business people, companies to the fact that people should always look to inspire other than just manipulate.

The writer says that "if most companies don't really know why their customers are their customers or why their employees are their employees, then how do they know how to attract others and encourage loyalty among those they already have". He says that the reality is that most businesses today are making decisions based on a set of incomplete or worse, completely flawed assumptions about what's driving their business. He then says that there only two ways to influence human behavior: you either Manipulate it or you can inspire it."

Simon Sinek says, "Leadership is the ability to rally people not for a single event but for years" and he says in business leadership means that customers will continue to support your company even when you slip up. He pauses and asks a question, "if manipulation is the only strategy, what happens the next time a purchase decision is required? What happens after the election is won?

Finally on Manipulation vs Inspiration. He says that there is a big difference between REPEAT BUSINESS and LOYALTY. Repeat business is when people do business with you multiple times. Loyalty is when people are willing to turn down a better product or a better price to continue doing business with you.

Loyal customers often don't bother to research the competition or entertain other options. Loyalty is not easily won. Repeat business, however, is. All it takes is manipulations. I guess we have seen this with people loyal to their telecom companies or suppliers etc.

I hope you get some insight from this, otherwise, keep the culture of reading and studying alive, it won't only help you but others as well.

I live you with that quote on Entrepreneurship.

Be blessed

#Impact #Empower #Transform