Edgar Mukasa
I recently had an insightful discussion with the team at National Water and Sewerage Corporation (NWSC) on personal financial wellness and wealth creation.
The conversation challenged us to reflect on our financial habits, investment decisions, and long-term aspirations.
Here are some of the mind provoking questions that emerged from the discussion:
💡 Understanding Our Spending Habits
What are the top five things you spend money on every month?
If your salary were reduced by half, which of those expenses would you eliminate first?
If some expenses can easily be eliminated, why are we spending on them today?
💡 Building Additional Sources of Income
If you became unable to work today, how much income would still come in?
What are you doing after 5:00 p.m. and on weekends to create additional income streams?
What opportunities around you have the potential to multiply your earnings?
Further, we contemplated about learnings on the “5 laws of Gold” as anchors one of the greatest self help books ever written “The richest man in babylon”
⚓ The First Law of Gold: Save Consistently
What percentage of your income do you put aside each month?
Can that percentage increase?
What changes can help you save more effectively?
⚓ The Second Law of Gold: Make Money Work for You
What are you doing to grow the money you have saved?
Are your savings invested in opportunities that create value?
Are you postponing your dreams, business idea, or passion project until retirement, or are you taking action today?
⚓ The Third Law of Gold: Seek Wise Counsel
Do you have a trusted financial advisor or mentor?
How do you make investment decisions as an individual or family?
⚓ The Fourth Law of Gold: Learn from Experience
How many of us have invested and lost money?
What lessons did those experiences teach us?
How can we share those lessons to help others make better financial decisions?
Financial wellness like alot of other things in life is rarely achieved by chance. It begins with intentional decisions about saving, investing, learning, and creating value beyond our primary source of income.
The question is not just about how much we earn, but how effectively we manage, multiply, and protect what we earn. And clearly, there is always going to be a nugget to pick up in such discussions on this never ending journey to financial independence.
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Written by
Edgar is an Associate Director in KPMG Uganda with over 13 years experience working as a tax advisor in KPMG.
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