I see Ugandans bragging about buying assets in cash without borrowing a single coin.
Mbu, I built my house with my hard earned money, And then you go to the bond and buy a toyota prado TX (260Million) cash😳
Who bewitched you my people?
You find a Ugandan with a good job who has access to great credit saying this nonsense.
Given the opportunity to use other people’s money(Bank money) Why should you use your own money to buy or build a an asset that brings no returns( A house which you sleep in or a car that actually depreciates)
If you don’t have access to credit, it is okay, save your ka money and build the house on cash basis but if you have good credit, use it.
What borrowing to build those assets does is it frees up your money to invest elsewhere, this is how wealth is built.
So here is a sample game-plan if you have good credit, pick a loan from your bank and build a 3 floor apartment of mizigos (2 BHK units on each floor), take the top floor for yourself, the rent from the 2 floors below will pay the loan. Now those savings(the cash you wanted to use on a family house), put that in a good investment fund and watch it grow.
@nssfug also has a savings fund called smart-life, put your money there osolike. It gives interest per month, so just pick the interest and leave the principle there.
Banks are literally begging to give some of you money and you are refusing so you can brag to your drinking buddies mbu “I am Debt free.” Debt free biki nga oli mwavu.
If you can use someone else’s money to build wealth, use it.
Bwoba otya loan, settle for lower class, maybe middle class if you work weekends and even holidays. Awo munange ne ku christmas gwe oba olina okukola, anti toyagala loan.
But eby’obugagga byesonyiwe. Less than 1% of you will become rich off your little savings and the chances of you being part of those few self made billionaires is almost Zero.