If we manage our personal finances then we won’t have corruption because we wont spend what we do not have!!!!
Reflection Questions!!!
How much money do you have now?
How much money do you expect to get today tomorrow or next month?
How do I grow it for the next 2-6 months, 1 year, 3 years or 10 years?
Every one has a beginning point!!!
The beginning point is the amount of cash you have……
It could be 100k, 200k, 300k 1,000,000k… or Zero shillings...
It can be cash at bank, cash at hand or under the pillow.
The onus is that we add onto whatever we have and the reason why we should add on is that our potential is unlimited, inexaustable, in the infinity. Whatever we have is smaller than our potential.Our mind has never got full despite studying from kindergarten to having our first degree to a PhD!!!!
Your potential is as big as your dream….
Dream=Current cash position + our collectables + dreams.
How do we start earning?
Dream Big
Value your dreams= let your dreams consist of monetary estimates
Communicate your dream to your target audience/ customer-Make sure you win the deal.Work on the deal to become mature.
Deliver work as per specifications (Quality, quantity, size, taste, etc) - Deadlines.
Ways to get money?
Picking money- how many times have you picked money?
Donations-It has donor fatigue.
Stealing-Do not even think about it!!!!
Working for the money or making money work for us. Start a business because It’s the way to go!!
The Art of debt Collection
-Issue out invoices
-Do remind and make it your habit
- Do make follow ups
-COLLECT WHAT IS YOURS!
Now when you have money (inflows)
How do you manage inflow or cash in
Avoid excitement
Work on budget
You may consider giving a TITHE on your cash to church because there is an almight God who protect us so that cockroaches’ do not crawl into our open nose at night when we are asleep.
You MUST SAVE a portion of your income before you spend.
Our Money goes into expenditures like school fees, rent, utilities, membership and subscriptions, personal grooming, bad practice etc
How to Grow your saved Money-The investment markets
Capital Markets
Most important for investment considerations
A market of shares and bonds and;
Long term and high yielding; relatively risky
Money markets
Low returns, less influential to investors
A market of treasury bills, fixed deposits; and
Short term and low returns; relatively safe
Property market
Long term and high yielding
But very illiquid and lump.
Start a business
Money cannot buy you happiness nor can it buy love as sang by the bettles
Saving will help
Have a good life after retirement
Investment opportunities
Livelihood of dependants
Bread winner becomes unemployed
Bread winner passes away
Money cannot buy happiness nor can it buy love as sang by the Beatles during the 1960s. But money certainly can help people enjoy a lively, dynamic retirement. The issue is not accumulating wealth for its own sake, but rather having access to the financial resources needed to be able to enjoy whatever particular activities and lifestyle people select for themselves.
Denis Lindo is the CEO of Small& Medium Enterprise Development Agency (SMEDA)
Contacts: Plot No 5 princess avenue Nakasero, P.O.BOX 8354 Kampala Uganda
Tel 031 2 287 283
Posted by Julius
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