If there are major
lessons I’ve learnt this year, they’re about income. From the last AUTHORS’
FORUM where we hosted LIVINGSTONE MUKASA and ETHAN MUSOLINI on the topic
CREATING MULTIPLE STREAMS OF INCOME, it came out clear that income can come
from various sources – salaries, wages, commission, business, investment, self
employment e.t.c. The Forum kicked off with Uncle Bob treating us to
interesting jokes about 5 types of salaries: “The first one is the ‘Onion
Salary’ – you look at it and tears begin running down. The second one is
the Menstrual
Salary – that one comes once a month and stays for only 4 days. The third one
is a Magic Salary – you see it but before you can hold it, it has already disappeared…”
Now let’s get to the key points from the panel discussion.
Livingstone, the lead panelist, used his cleaning business to
illustrate the advantages of having multiple streams of income: “As the
entrepreneur behind Clean Consults if I earn UGX 1m from 10 clients, each of
them paying UGX 100,000 and on the other hand there’s an employee earning UGX
1M by working for one of my clients 1m, on the surface, we are earning the same
amount. But if that client closes business, who suffers more to replace the
lost income? Remember in Uganda jobs are so scarce that to find one you need a
torch during the day.” Many people get stuck in jobs for security but
Livingstone emphasized “Job security is a lie. No human being can guarantee you
a job. Even the government can run broke, fail to pay and lay off some
employees.” No doubt Livingstone is a man who earns from multiple sources. He
is the MD of Clean Consult, owner of Mulyazaawo Bus Service
(4 coasters), Director Semats Suppliers, Board Chairman Najja Modern Primary
School, Board Chairman Partners Worldwide Uganda, Founder & Lead Business
Trainer for Living Business Education, and author of a tantalizing book titled
‘ENJOYABLE RETIREMENT’ which is available at WORLD OF INSPIRATION at only 20k.
“When you look up at a mountain, you can find that it has many
small streams, but as they go down they keep joining each other and at the
bottom they create a big river. That’s how our income should be,” said Ethan,
the second panelists at this magogomus inspirational event that has taken over
Uganda. Ethan has 4 published books that bring him daily income, he has 8
kindle books selling on Amazon, he is a motivational speaker who is heavily
paid to train groups, he runs a boda boda
business, he owns a high-resolution video camera business and he writes a
weekly newspaper column. All these streams of income collect and pour into his
bank account and so when he speaks about multiple streams of income, he knows
what he’s talking about.
Livingstone asked the audience to name the rivers and streams
that pout into Lake Victoria and those that take out. It emerged that the lake
has a number of inlets, but only one outlet (the Nile). “Just like Lake
Victoria,” explained Livingstone, “we should have various sources feeding into
our pockets while we spend less. Imagine if it were only one stream pouring
into Lake Victoria and somehow it got blocked while the water continued to flow
out. Some Ugandans think they are failing to save because of low income when in
fact it’s lifestyle. I recently met an Indian who told me he earns 300 dollars a
month but saves 200; that’s three quarters of what he earns. Never eat all your
eggs if you want to have chicken. If you keep killing your soldiers you can’t
become a General… Also, leant to use your savings, as your first source of
investment capital, not loans. My first deposit on a bus was UGX 500,000 but
the total bill was 80m. My wife couldn’t understand me. She’s the kind that
can’t take heavy risks, so she is employed; I take heavy risks and I am in
business. I have lost money, sometimes hundreds of millions, but at the end of
the day I earn more than she does! For those who are married, evaluate
yourselves and let the one who can take more risks join business while the one
who can’t get employed. Well, my wife was shocked by my decision but I worked
so hard and when I managed to deposit a total of 40m the seller gave me the bus
on partial credit, with no interest. I started working hard as I paid back till
I completed.”
“In order to create multiple sources of income,” explained
Ethan, “you must be extremely good at something and that becomes your major
source of income. Then you keep developing other areas slowly by slowly to
create other streams of income. Maximize one stream before going to the next;
don’t scatter yourself everywhere. To strengthen my ability to earn more, I
spend 40% of my income on self development. I attend seminars, read books,
watch inspiring DVDs, listen to audios, e.t.c. Some people easily buy very
expensive clothes, accessories, and other luxuries, but feel pain when it comes
to paying for something meant to develop their minds. In fact there are those
who are worth a UGX 1 million moving liability just by appearance on the road
but they can't afford a book of UGX 50,000! … After investing, be patient. It
takes about 10 years of serious work for a business to grow to the desirable
level. In the past I lost lots of money to people who would come claiming to
know of deals which can bring quick returns (kagwilawo). Avoid starting a
business saying ‘Let me try this for a year and see whether it works.’ Most
probably it won’t work because you won’t give it your all and you are not
patient enough.”
As we look left and right for opportunities to create sources of
income, Livingstone’s advice comes in handy: “Invest in what allows you sleep
at night. One time I invested in online forex trading and I couldn’t sleep.
This does not mean that you should fear risks because no one who fears risks
can invest. When you arm yourself with facts, you are in a better position to
take calculated not blind risk.” And let no one say there are no opportunities
in Uganda because no matter how hard the situation is, there are always
opportunities and the prepared will always tap them. Ethan did something that
jolted many Authors’ Forum members out of their comfort zones. He asked: “How
many of you here have something you can sell to get money?” Just a few put up
their hands. He then categorically stated: “If you don't have anything to sell,
don't complain that there's no money in Uganda. Never say money is scarce if
you do not have what you can use to attract it.” And this ends the little I
could share, which is like 0.0001% of what we who were present learnt. But you
can get everything by ordering for a video recording of the whole event – each
DVD goes for only UGX 15,000. You can call me (Bake) on 0704666851 or Winnie on
0774107287.
And of course, if
you enjoyed this, you should make it a point never to miss again the AUTHORS’
FORUM if you are in Kampala or the surrounding areas since this is monthly
event (for those in Mbarara we have an Authors’ Forum chapter there and it’s happening
this Sunday 27th Sept, 2-6pm, at Mbarara University Inn). But for those
in Kampala, plan to attend the main Authors’ Forum slated for Wednesday 7th Oct, 6pm
to 9pm, at The Hub (Oasis Mall). We shall be hosting business mogul DR PATRICK BITATURE, the 2nd
richest Ugandan according to Forbes, and a 90-year-old entrepreneur and
investor JOSEPH
BYANYIMA
on the topic THE POWER OF A DREAM. An amazing book has been written on the life of Mzee BYANYIMA, by
her daughter DR ROSEMARY BYANYIMA, and we shall launch it that day.
If you are a subscribed member,
you don’t need to pay; just come and present your membership card and enter. Remember annual
subscription to the Authors’ Forum is only UGX 250,000. This weekend we are
giving 2 inspiring DVDs to anyone who pays up their subscription. We are also giving
couples or any 2 friends or colleagues or relatives to subscribe at UGX 400,000
instead of 500,000. For the rest, to attend the Authors’ Forum, you need to
contact WORLD
OF INSPIRATION (Luwum Street, MM Plaza T33) and secure your ticket at UGX 40,000. You can also use
the numbers already given above to pay by Mobile Money or to ask us to deliver
the ticket to you (delivery in Kampala is free).
Till then, stay blessed and inspired!
ROBERT BAKE TUMUHAISE,
MD, World of Inspiration
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