A couple of weeks ago, I was approached by Business Focus Online Magazine to write a weekly column. It has taken me a bit of time to compose this piece. For a while, while am a prolific writer, I kind of had a writer mental block and also my schedules can be punishing sometimes.
I majorly write or are concerned with how to help people make economic progress.
I tend to view business as a ministry, not a zero-sum game of ‘when I win, they lose’ rather ‘when I win, they win too’.
So in this first piece, I want to help you look at whose money is your money. I take it that you have a source of income, that periodically you have money getting into your hands (account), but have you ever wondered how long it stays there before it flies to somewhere else?
It’s a known fact that for those in salaried employment, the average time money stays on their account is 5 to 10 days.
These accounts only exist to receive and drain money. What if you changed the game and decided that for whatever gets into your hands, 10% of it is yours to keep? Wouldn’t you by the 10th month have a month income saved or even more?
You see you’ve got to take a moment and ask: Who do I work for? Or better still who enjoys my sweat more? Say you receive UGX 1 million: Landlord takes 20%, Transport takes 20%, Food takes 20%, Tithe takes 10%, Giving takes 5%, Clothing and Leisure takes 10% and Bank loan also takes 20%. By now you have spent 105% and absolutely saved nothing.
Do you realize that you are working for other people and in reality they own your money?
No one wants to be a slave of another, but in reality whoever owns your money can make a slave of you.
Livingstone Mukasa, CEO-Mazima Retirement Plan. Twitter@MukasaMulya FaceBook@Livingstone Mukasa