By Denis Jjuuko
Everyone wants to become rich… isn’t it? So as 2020 starts, what are you going to do about it? Here are 10 flaky ideas…
1. Open a foreign currency account preferably a US Dollar – whatever you want to save convert it into dollars and deposit it into that account. Why a foreign currency account?
Because the Dollar value is the Dollar value… but most importantly you have to think of the hustle of withdrawing the money and then negotiating rates into Uganda Shillings…. and most ATMs won’t give you Dollars… so you are most likely not to touch Dollars same way as you use UGX.
2. Save for something – unless you feel happy seeing a lot of money on your account, you must be saving for something. It could be a vacation, car, phone, land or school fees… and if you have figured it out, deposit on it… let everyone close to you know… they will demand less when they know you are depositing on a new condo… or whatever. Your spouse will demand less if they know that the guy who sold you something is on your neck… replace spouse with any relative/friend.
3. Buy land – one way of saving money and actually investing it in Uganda is through land (as long as you don’t buy from thieves). Values go up quickly. Kampala and most ‘cities’ are expanding at high speed… actually ‘cities’ apart from Kampala have a lot of potential. Have you thought about Jinja, Gulu or Kasese? Ugandans love giving birth… population growth will put pressure on land driving up values.. Ugandans also love buying land/properties even when they don’t make business sense…. and Mark Twain is rumoured to have said that they no longer manufacture land… go figure! Before you buy, whatever the search at Ministry of Lands says, talk to the neighbors… they always know which land is ok or has issues or any incumbrance.
4. Observe the rich – List down 10-25 Ugandans you consider wealthy (they may have debts, they might be benefiting from handshakes in Entebbe)… just list them down… what do the majority on your list do? Whatever they have in common is where the money is… on my list, the majority are involved in some bit of manufacturing or value addition. What’s on your list?
5. Lend friends money you won’t mind losing – If somebody comes to you crying for a loan, lend them only what you won’t mind losing. And if anyone says lend me money I will return it tomorrow, know that they are lying… otherwise why not wait for tomorrow? And don’t lend money to anyone who has just joined your circle… why aren’t they borrowing from their former circle? Most likely because they have debts there. How have they been surviving before they met you? If you cannot answer that question, keep your money. Friends are easy to make when you have money.
6. If the deal promises super returns, it is a scam – if you do a business that can give you a 15% annual return, it is a super business. Do it. If somebody says bring Shs1m and I will invest it and give you Shs1.5m at the end of the month, just know that it is scam or a pyramid scheme. No genuine business can give you such returns.
7. Sometimes you have to let go – Sometimes you will make bad deals or bad decisions. Throwing money after bad money at one stage needs to stop. Count your losses and move on.
8. Be happy at home – If you aren’t happy at home, you won’t be happy anywhere else.
You won’t make money either. Ensure you are happy at home…or try as much. If you are no longer happy at home, find a solution. Avoid toxic relationships. And support family and real friends as much you can. Remember to keep your word. Don’t promise what you cannot deliver.
9. Always have data on your phone – read, watch TV/movies… listen to radio, play music… do whatever it takes to learn something new. CNN used to say you are what you know. So always have data on your phone and OTT or VPN.
10. Study the sector you want to join but not too much – it is always good to study the business sector you want to join… do feasibility studies but there must be a limit. Most businesses are profitable on paper. Most business plans show profitability at one stage. If you study the sector too much, you will see a lot of negatives… and you will never invest… what does your instinct say? If yes, dive in… but you don’t have to always test the depth of the river with both feet.
Have a lovely year/decade. Won’t you?
The writer is a Communication and Visibility Consultant. djjuuko@gmail.com. Twitter: @Denis_Jjuuko
