Nabuguzi. Kiwanuka
Last week had me thinking a lot about finances and how very financially illiterate I am.
Some days ago, NSSF had a conversation about the different ways someone could invest. I had already created my NSSF Smart life but I had also withdrawn my money almost as soon as I deposited it because… Well!
By the time the conversation ended, I decided that I’d take more time this year to learn about money – mostly because of how I see some people play with these numbers with so much ease.
Last week came and it’s major pressing need was how to get the 800k balance on Favour’s and Fabian’s school fees. For a while now, I’ve been looking for ways to create a reliable “pot” which wouldn’t have me biting my fingers every time a new term started. I made a few calls here and there but all that I was told wasn’t anywhere close to what I was imagining.
In February one of the people I pool funds with casually said “you’re smart, you’ll figure it out” and that same day I thought that maybe creating termly events would be a good idea.
I asked for two things last week.
1. To help me cover up the 800k balance for this kiddos (0742 733 433 – thank you in advance)
2. To guide me on the best way to pool funds.
In 24 hours, I had two people reaching out. One pledged to send 50k this coming week and even asked to be involved in the termly contributions. The other saved me from one of those education packages insurance companies offer. She guided that a unit trust would be a safer bet. In the middle of the week, I learned that NSSF Smart life can easily be equated to a unit trust and the moment she confirmed this, I decided to take 10% off of the 100k contribution she sent for the 800k balance. I created another goal under my NSSF Smart life and named it “Favour and Fabian”.
This conversation took me down a rabbit hole that had me creating more goals under my Smart life account. Things that we always need yet we barely plan for.
Last month a friend shocked me when she told me that she has a 6 months emergency buffer. That in the event she’s out of work, her life (financially) would not be affected in the 6 months that follow the loss of a job. Every once in a while I think about that because the only time I found the need to prepare myself financially was when I decided to quit employment. I planned for a figure that I estimated would carry me through 3 months because I knew by then, I’d have figured something out. I did not think people do this while they work.
You remember that NSSF conversation I talked about up there? Raymond Mujuni is the one who moderated it and if my memory serves me right, he said that investments are what have kept him unshaken for the last 1 and a half years he’s been out of work. Mwe!
We need more conversations on money especially under a system that works day and night to milk us dry.
Today’s random thought in line with financial preparation, is a “savings portion” dedicated to condolences.
There are moments when a friend loses a loved one. You want to step in for them but in many of those moments, it requires you to forego your own necessities.
What do you think of it or even everything in this post?
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Written by
Lawyer. Founder, Director, CEO at Equate Foundation. Podcaster - Hash Time with Nabuguzi Kiwanuka. Drawer. Dance lover. Music lover. Risk-taker. Daily learner.
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